Springwater sells Delion four years after carve-out

Financial details surrounding the transaction remain undisclosed. However, the company's CEO, Ignacio Bazin, and two industrial investors are understood to have fully acquired the business. The deal saw Bazin acquire a 10% stake in the company.

Previous funding
Springwater carved out the business for €17m from Spanish multinational information technology firm Indra in July 2013. Following the spin-out, the GP named the business Delion Communications. The deal marked the GP's first investment in Spain.

Company
Founded in 2013 and based in Barcelona, Delion specialises in document process management and implementation of business-to-customer (B2C) communication channels.

It currently has 380 employees in four production centres: Barcelona, Bilbao, A Coruña and Madrid. It posted €33.4m in revenues in 2015, according to local press reports.

People
Springwater Capital – Martin Gruschka (founding partner).

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