Alantra, Magnum acquire Roq from Explorer Investments

The deal was valued at around €150m, including an undisclosed debt package provided to support the transaction.

The buyout ends a five-year holding period for Explorer, which acquired the company in 2013.

Alantra is currently investing from its Alantra Private Equity Fund III, which was launched in July 2015 and held a final close on its £450m hard-cap in February 2017. The fund mainly targets companies with yearly EBITDA of up to €40m and €80-300m enterprise value.

Magnum is deploying capital from Magnum Capital II. The vehicle was launched in October 2014 with a €500m target and held its first close in January 2015 at €250m.

With the fresh capital, Roq intends to expand by acquiring other companies operating in the same industry. In addition to this, the company will reinforce its position within the Direct Print to Garment (DTG) niche and support the development of its new products, such as its hybrid machines successfully launched in 2017.

According to the firms, the transaction is expected to close by the end of February 2018.

Previous funding
Explorer Investments acquired Roq in 2013, using its third fund Explorer III. According to Unquote Data, the firm launched Explorer III in 2009 with a target of €300m and held its final close in 2011 on €270m.

The fund attracted European institutional investors, mainly from Iberia, and invests in Portuguese companies with growth potential through internationalisation or sector consolidation. Explorer III is larger than the firm's predecessor fund, launched in 2007, which closed on €200m.

Company
Founded in 1983 and based in Braga, Roq specialises in producing screen-printing devices for the textile and packaging industries, employing around 430 staff.

In 2017, Roq generated an EBITDA of more than €20m from a turnover in excess of €54m, reaching a 28% growth in sales over the last three years. The company is present in 70 countries worldwide, with around 90% of its total revenues coming from international markets.

People
Alantra Private Equity – David Santos (partner).

Advisers
Vendor – GBS Finance (corporate finance).

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