Bridgepoint buys majority stake in Sapec for €456m EV

As part of the transaction, the company's CEO, Eric van Innis, will continue in his current role. According to a statement, the company aims to use the capital injection to boost its expansion entering new markets via strategic acquisitions, as well as further investing in its product development in order to launch new products.

Debt
According to a source close to the situation, a lenders syndicate consisting of BNP Paribas, Societe Generale, Crédit Agricole CIB, HSBC, Rabobank and Mizuho provided a €250m debt package, which included €190m of senior debt and €60m of retained cash flow, to support the transaction.

Company
Established in 1962 and headquartered in Lisbon, Agro Business manufactures crop protection products, such as herbicides, insecticides and fungicides, as well as specialty crop nutrition fertilisers, including micronutrients and biostimulants, under the Tradecorp brand.

The company claims to be the largest manufacturer of crop protection products and fertiliser in Portugal and the third largest in Spain. The business exports globally across 70 countries and in 2015 posted a turnover of €223m with €35m EBITDA.

People
Bridgepoint – Héctor Pérez (partner).
Sapec Agro Business – Eric van Innis (CEO).

Advisers
Equity – HSBC (corporate finance); PwC (financial due diligence, commercial due diligence, tax, other due diligence); Freshfields (legal); ERM (ESG); Willis (insurance due diligence).
Management – Jamieson & Basabe (corporate finance); KPMG (tax).
Vendor – Lazard (corporate finance); EY (financial due diligence, tax); Uría Menéndez (legal).

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• Topics
• Buyouts
• Industrials
• Southern Europe
• Portugal
• Bridgepoint