Ibersuizas looking to sell Maxam

The divestment is expected to take place in 2011, when Ibersuizas launches its third fund.

Maxam, which was formerly known as the Unión Española de Explosivos, is valued at €800m.

Ibersuizas completed a joint deal with Vista Capital in March 2006 to acquire 49% of the firm, which at that time was worth €500m. Ibersuizas took 27.4%, while Vista held 22.6% and the company's management team increased their stake to 50%. A €35m syndicated debt package was provided by Banestoque.

Since then, Maxam has pursued an international growth strategy which has involved acquisitions in Germany, Denmark and a number of Eastern European countries. The company has also considered expansion into the Asian market, due to 80% of sales coming from the region.

The consortium almost doubled sales at the business between 2005 and 2008 to €645m, while its EBITDA value increased from €50m to €84m over the same period.

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