Capzanine provides unitranche to Alantra's MBA

The fresh capital will be used to reorganise MBA's capital structure and finance its growth plans.

Capzanine said it was attracted to MBA due to its "strong position" in the market and its confidence in the sponsor, Alantra.

The firm drew capital from its latest mezzanine fund, Capzanine 4 Private Debt fund, which launched in early 2017 and is expected to close on approximately €950m in Q1 2018.

Alantra acquired MBA in a €160m buyout in July 2008; the deal was backed by an €80m debt package provided by RBS. At the time, MBA reported €18.9m in EBITDA from €71m in revenues.

The most recent publicly available financials show that MBA made an operating loss of €20m on revenues of €55m in 2015.

Company
Asturias-based MBA Incorporado was founded in 1988 as an independent supplier of surgical prosthetics in Spain. The company distributes knee and hip implants and provides operating equipment and training to surgeons. It has been accredited by the Spanish ministry of health.

People
Capzanine – José Tomás Moliner (head of Spain); Guillaume de Jongh (general manager); Jorge Antón (associate).
Alantra – Mariano Moreno (partner); Jaime Codorníu (principal).
MBA Incorporado – Carlos Marina (CEO).

Advisers
Company – Akerton, Francisco Camacho, Rodrigo Imaz, Carmen Florido (corporate finance); Dentons, Jabier Badiola, Luis Belart, Ignacio Fernandez (legal).
Debt – Goodwin, Arnaud Fromion, Laurent Bonnet (legal); Araoz & Rueda, Rafael Bazán (legal); EY, Pedro Rodríguez, Rafael Albarrán, Francisco Aldavero, Anca Butoi (financial due diligence).

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• Topics
• Refinancing
• Southern Europe
• Healthcare
• Alantra Private Equity
• Spain
• Capzanine