GED buys GTT from Realza

The deal saw GED acquire a 75% stake in the business, while alternative lender Oquendo Capital and the management team invested in the business for a combined 25% stake. According to a source close to the matter, Oquendo also provided a mixed financing of mezzanine debt.

According to a statement, Realza made a cash-on-cash return of 3.2x and an 35.3% IRR on the investment.

Following the acquisitions of frozen octopus producer Discefa, plastic products manufacturer Araven and ice cubes maker Cubers, the deal is the fourth acquisition for GED's fifth vehicle, GED V España.

The vendor, Realza, is currently in the market raising its second fund, Realza Capital II, which has attracted €170m of commitments to date. Oquendo is currently also on the market with its Oquendo III fund.

Previous funding
Realza acquired a 90% stake in November 2012 via Realza Capital I.

Company
Founded in 1998, GTT specialises in advisory, consultancy and training services for public authorities, and focuses on tax collection and cadastral management. Based in Alicante, the company has 600 employees and posted a €33m turnover in 2016.

Advisers
Equity – King & Wood Mallesons (legal); EY (financial due diligence).
Vendor – Arcano Partners (corporate finance); Garrigues (legal).

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• Topics
• Buyouts
• Exits
• Southern Europe
• Support services
• Secondary buyout
• Spain
• Realza Capital SGECR SA
• GED Capital
• Oquendo Capital