Salvepar buys Catalunya Banc’s stake in Baring PE

Catalunya Banc is currently disposing of its unlisted assets. Disposals are expected to be complete by 2015, according to guidelines proposed by Brussels. The bank is also expected to reduce its stake in listed company Applus.

Launched in 2002, Baring II closed on €97m in 2004 and originally had a portfolio of 15 companies. Its maiden investment was a capital commitment to Iberchem, now owned by Magnum, which the GP exited in 2008. Its final investment was the €27m buyout of Cotsina, according to unquote" data, which occurred in 2005.

LPs in the fund included the European Investment Fund and NovaGaliciaBanco. The vehicle was advised by Cuatrecasas.

Baring's most recent investment came earlier this year, with a commitment to Valencia-based electrical engineering company Grupotec. The GP drew down capital from Baring Iberia III, which holds €152m and closed in 2008.

Salvepar has simulataneously announced the purchase of an 11.7% stake in Catalunya Banc's stake in Boniquet Sparchim, a manufacturer of pharmacy products and cosmetics backed by Baring in 2006, and a 21.6% stake in Baring-backed Navec.

Salvepar paid €11m to acquire all the holdings formerly under Catalunya Banc's ownership.

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• Topics
• Southern Europe
• Spain
• Baring Private Equity Partners