CCMP, Corpfin exit Volotea

Alessia Argentieri
08 June 2018

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Spanish GP Meridia Capital, alongside investment firms Rijn Capital, Rocinante, US-based Elysium and US family office HRS Management, have bought a stake in Spanish low-cost airline Volotea from CCMP Capital and Corpfin Capital.

CCMP and Corpfin, which backed Volotea in 2012 by acquiring around 60% in the company, are now exiting the investment. Meanwhile, Axis Participaciones Empresariales, which also took part in the initial investment, retains its stake in the business.

Volotea founder and CEO Carlos Muñoz and the company's management team, who collectively owned a 26% stake, increased their holding in the company.

To finance the transaction, Meridia deployed capital from its Meridia Private Equity I fund, previously known as Meridia Growth I, a €100m vehicle launched in 2016 that targets companies headquartered in Spain.

Volotea is the fourth investment made by the fund, following the acquisition of a 79% stake in food ingredients producer Sosa Ingredients in 2016, the acquisition of a minority holding in restaurant chain Grupo Andilana in 2017, and the acquisition of around 45% in Futbol Emotion, a retailer of football equipment, in 2018.

Previous funding
CCMP, Corpfin and Axis Participaciones Empresariales invested around €50m in the company in 2012 to support the launch of its operations. Following the transaction, CCMP owned a 49% stake in the business, while Axis and Corpfin acquired a combined 25% holding, and the company's founders, Carlos Munos and Lazaro Ros, retained a 26% share.

Subsequently, the three shareholders injected a fresh €10.5m into the company in November 2013, as the airline expanded its network with new destinations. This second round did not feature any changes in the company's shareholding structure.

Company
Volotea is a low-cost airline founded in 2009 and headquartered in Barcelona, which connects small and medium-sized European cities that are not currently well served by direct flights. The company, which employs 875 people, generated revenues in excess of €300m and carried 4.8 million passengers in 2017. The airline opened 58 new routes in 2018 and expects to carry between 5.7 and 6 million passengers, and to create 250 new jobs by the end of the year.

People
Meridia Capital – Javier Faus (founding partner, CEO); David Torralba (partner).
Volotea – Carlos Muñoz (founder, CEO).

Advisers
Company – Morgan Stanley (corporate finance); Pérez-Llorca (legal).