Dinamia trading discount narrows

Despite the significant reduction, the discount remains above its long-run average.

The fund closed 2013 with a net asset value (NAV) of €148.7m, equal to €9.13 per share. The value represents a growth of 13.7% in NAV adjusted for dividends.

The fund increased its investment pace last year, completing the sole buyout in Portugal: Dinamia committed capital alongside other N+1 funds in the €75m secondary buyout of plastic band manufacturer Probos from Explorer. Dinamia committed €11.5m to take a 24.3% stake. The vehicle also acquired a stake in electronic lock company Salto Systems, injecting €8.9m in exchange for a 5.5% interest.

Exits included the divestment of Nicolás Correa, a listed manufacturer of milling machines, through the sale of shares on the continuous market. The fund sold its 12.57% stake in the firm for €2.23m, a 110% increase with respect to the investment's NAV published in June 2013.

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• Topics
• Southern Europe
• GPs
• Spain
• Mercapital