Mediterrania Capital Partners et al. Sell Grupo San Jose & Lopez

The GP, alongside African private equity peer AfricInvest, sold the business to Investec Asset Management, which will wholly own the company. According to Spanish-language publication Expansión, Mediterrania sold its 40% stake in the business, while AfricInvest exited a 60% stake, in a deal valuing the business at €75m EV.

According to a statement, the company increased its revenues by 38% and tripled its EBITDA during the GPs' ownership period, expanding its business across the Maghreb market, including Tunisia.

Mediterrania recently launched its third North Africa-focused vehicle, Mediterrania Capital III, with a €250m target.

Previous funding
In June 2013, the GPs acquired an aggregate 49% stake in the business. More recently, they acquired the remaining controlling stake from the three founding families in August 2014.

Company
Co-headquartered in Oiartzun, Spain, and Tangier, Morocco, SJL offers road freight transportation and operates across Europe and the Maghreb area. The company also offers logistics and storage services.

Founded in 1948, SJL posted €108m of revenues in 2015, with a reported €13m EBITDA, and employs a staff of 650.

People
Meditarrania Capital Partners – Hatim Ben Ahmed (partner).
AfricInvest – Brahim El Jai (senior partner).

Advisers
Vendors – Lazard (corporate finance); Allen & Overy (legal); Deloitte (commercial due diligence).

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