Towerbrook et al. buy Springwater's stake in Aernnova

Towerbrook led the investors consortium, which reportedly acquired a majority stake in the business from Swiss turnaround firm Springwater Capital. Following the transaction, the company's chair Iñaki López Gandásegui, deputy CEO Pedro Fuente Arce and the management team will retain an undisclosed stake in the business.

According to El Confidencial, the sale process valued the business at €900m and saw other private equity houses interested in the business, including Carlyle, PAI Partners and Advent International. Financial terms surrounding the transaction remain undisclosed.

The deal is the first acquisition in Spain for Towerbrook, which opened an office in Madrid in 2016.

Previous funding
Springwater bought a 30% stake in the company in March 2014. The GP acquired the stake from Portuguese bank Banco Espírito Santo and Spanish bank EBN, in a deal reported to value the firm at more than €500m, with an equity commitment of around €150m.

Company
Founded in 1993 and headquartered in Alava, Aernnova is an aerospace company that provides engineering services, metallic parts and repair services for international customers. Currently the business has a presence in Spain, Mexico, the US, Brazil and Romania, and employs 4,700 people.

In February 2017, the company acquired its competitor Brek Manufacturing Company with the aim to strength its position in the US aerospace market.

In 2016, Aernnova posted €600m in revenues, according to its website.

People
Towerbrook Capital Partners – Ramez Sousou (co-founder, co-CEO).
Aernnova – Iñaki López Gandásegui (chair); Pedro Fuente Arce (deputy CEO).

Advisers
Vendor – Citi (M&A).

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