Magnum Capital acquires Itasa

As part of the deal, the GP acquired a controlling stake in the business via its second vehicle Magnum Capital II, while the company's management team will continue to lead the business alongside the founding families, which will retain a minority stake.

According to press reports, the GP saw off competition from several deal makers interested in acquiring the business, including Portobello Capital, Alantra and ProA Capital.

Spanish lender BBVA acted as underwriter and sole bookrunner for the financing of the transaction.

Company
Based in Andoain, near San Sebastián, Itasa manufactures release liner products, focusing on the mobile, graphic arts, medical, personal hygiene and aviation sectors. Founded in 1974, the company has three manufacturing plants in Spain, Malaysia and Mexico, and employs 180 people.

According to a statement, the company currently exports 85% of its production and saw its revenues grow by 35% since 2012. It expects to post a turnover of €83m in 2017.

People
Magnum Capital Industrial Partners – Angel Corcóstengui (founding partner).
Itasa – Francisco Javier Pagola (director).

Advisers
Equity – EY (financial due diligence); Herbert Smith Freehills (legal); ERM (environmental due diligence); AON (other due diligence).
Company – Lincoln International (corporate finance).

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• Topics
• Buyouts
• Industrials
• Southern Europe
• Spain
• Magnum Capital Industrial Partners