Aurica Capital backs Flex's SBO from Artá Capital

Amedeo Goria
07 April 2017

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Spanish private equity fund manager Artá Capital has sold its 19.75% stake in mattress manufacturer Flex Equipos de Descanso to the founding family and Aurica Capital.

According to a statement, the founding Beteré family acquired a 6.7% stake for €20m and will increase its overall stake to 80.8%. Aurica, the private equity arm of Banco Sabadell, acquired a 13.1% stake for €39.2m.

Artá reaped 3.3x returns on its initial investment, representing a 22% IRR. The deal is subject to approval from the Spanish authorities and is expected to complete in Q2 2017.

The deal is the third divestment for Artá's maiden vehicle, Detá Capital, which held a final close on €350m in 2008. Other investments from the fund include Pepe Jeans and Ocibar.

Previous funding
In 2011, Artá acquired a 26% stake in the business through a capital increase. The GP drew its capital from the Deya Capital, Deya Capital II and Deya Capital III vehicles. The remaining 74% of the share capital was retained by the Beteré family.

Company
Founded in 1912 and based in Madrid, Flex produces mattresses under several brands, including Flex, Vi-Spring, Mash and Molaflex. The company has three production plants in Spain, with additional manufacturing sites in Portugal, the UK, Brazil, Chile and Cuba.

According to media reports, the business employs a staff of 1,900 and posted €320m of revenues in 2016.

Advisers
Equity – Cuatrecasas (legal); GBS (corporate finance).
Vendor – Uría y Menendez (legal).
Company – Impulsa Capital (corporate finance); Clifford Chance (legal).