Oquendo buys Demeter and Axis's Suaval

The deal sees the founding family led by Guillermo Suárez-Valdés and Spanish alternative lender Oquendo wholly acquire the business. Financial details surrounding the transaction remain undisclosed.

Demeter and Axis fully exit the business after a three-year holding period.

Previous funding
Demeter and Axis acquired the business in April 2014. Demeter acquired its stake via Demeter 2 Fund, a France-dedicated investment fund specialising in renewable energy and the environment, while Axis was invested in the company through the ICOpyme Fund.

Oquendo acquired its stake in Suaval through its Oquendo III fund, which held a €180m first close in March 2017.

Company
Founded in 1978 and based in Carreño, Spain, Suaval produces isolation materials for thermal power plants, nuclear power plants, chemical plants and refineries.

The company has 350 employees and has a presence in 15 countries, including the US, Bolivia, Chile, Morocco, Dominican Republic, South Africa, Bangladesh and India.

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• Topics
• Buyouts
• Exits
• Industrials
• Southern Europe
• Secondary buyout
• Spain
• Demeter Partners
• Axis Participaciones Empresariales
• Oquendo Capital