GED Capital buys Habock

The transaction was conducted via a capital increase subscribed by GED alongside the company's founders, the Fernandez family, and Habock's chairperson Luis Miñano.

A source familiar with the situation told Unquote that Miñano retained a 40% stake and the founders the remaining 9% holding in the company.

Unquote understands that part of the financing was deployed by Bankiter, and a mezzanine debt facility was provided by Alantra's private debt fund Alteralia. The vehicle previously backed the company, deploying a €25m financing package in March 2017 for the restructuring of Habock's liabilities, to help the company meet its operating commitments and support its expansion plan.

Habock plans to consolidate its position in the national market and boost its international expansion, especially in Latin America, by expanding in Peru, Colombia and Cuba. In addition, part of the capital will be used to finance the acquisition of the aeronautical aircraft leasing company Finance Copter, signed in March. Following this deal, Finance Copter's president, Luis Miñano, joined Habock's board as chair.

The deal marks the seventh acquisition for GED's fifth vehicle, GED V España, which held a final close in December 2017 on its €150m target. The fund deploys equity tickets between €15-25m per deal and targets companies with EBITDA in excess of €3m.

Company
Habock was founded in 2015 as a result of the merger between Catalan business TAF and Madrid-based Coyotair. Since then the company has acquired and integrated 11 businesses and has specialised in the medical emergency, sanitary transport and civil protection sectors.

Habock is based in Madrid, operates a fleet of 76 helicopters and eight aircraft, has a presence in Spain, Portugal, Chile, Argentina and Italy, and employs 400 staff. The company generated revenues of €35m in 2017 and, following Finance Copter's acquisition, expects to reach a turnover of €50m in 2018, a source told Unquote.

People
GED Capital – Enrique Centelles Satrustegui (managing partner).

Advisers
Equity – King & Wood Mallesons (legal).
Company – EY (financial due diligence, legal); Broseta (corporate finance).

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