Caja Navarra Corporation exits Ikusi
Caja Navarra Corporation (CAN), the private equity arm of Caja Navarra, has sold its 32% stake in audiovisual and electronics systems manufacturer Ikusi to Ormazabal.
Althought the value of the transaction has not been disclosed, the exit generated a 9% IRR for CAN.
Based in San Sebastian and founded in 1950, Ikusi produces technology capable of transferring satellite signals to visual images on television screens. It employs approximately 1,000 staff at sites in 10 countries and generated a turnover of €142m in 2009.
CAN acquired its stake in Ikusi from 3i in 2007 for a reported €33m.
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