Vallis reaps €90m on Elevo exit

The deal saw Nacala fully acquire the business four years after Elevo's foundation and was based on a €90m EV, which included the acquisition of shares, a capital increase and the purchase of debt.

The GP's Sicav vehicle, Vallis Construction Sector Consolidation Fund, fully exited the asset after a five-year holding period. The fund is domiciled in Luxembourg and focuses on restructuring and turnaround investments in the engineering and construction sectors. According to the GP's website, the vehicle raised €540m.

Previous funding
Elevo is the result of the acquisition and merger of mid-size construction companies Edifer, MonteAdriano, Hagen and Eusébios, led by Vallis Construction Sector Consolidation Fund. The consolidation process started with Vallis's acquisition of Edifer in March 2012 and ended with the merger of the four companies in May 2013.

Company
Based in Lisbon and established in 2013, Elevo focuses on construction and engineering services, specialising in foundations and geotechnics, metal structures and industrial woodworking, as well as environmental and energy services.

With 4,500 employees, the company has a presence in Portugal, Africa and Latin America, and posted a turnover of €450m in 2016 with an 11% EBITDA margin. The business generates 80% of its revenues across international markets.

People
Vallis Capital Partners – Pedro Gonçalves (CEO).
Nacala Holdings – Gilberto Rodrigues (CEO).

Advisers
Vendor – SRS Advogados (legal).
Acquirer – FCB Legal (legal).

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