Nazca Capital backs Phibo

Alessia Argentieri
13 June 2018

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Nazca Capital has acquired a 55% stake in dental implant specialist Phibo from the company's founders, the García Sabán family, which retained a 40% holding.

The transaction was conducted via a €12m capital increase subscribed by Nazca and Phibo's management team and an additional purchase of shares by the Spanish GP.

The fresh capital will be used to support Phibo's expansion by increasing its production capacity and R&D capabilities, and by consolidating its market position in southern Europe and Latin America. The company is also considering the possibility of growing through new acquisitions of companies that may complement or expand its offer, consolidate its geographical expansion and allow its access to additional strategic sectors.

The GP told Unquote that, as part of the transaction, €17m of Phibo's existing bank debt was refinanced with the same banks, including Sabadell, BBVA, Bankia, Santander, Ibercaja and Deutsche Bank. The refinancing was based on an amortisation schedule to support Phibo's short- and medium-term growth.

Nazca drew capital from its Nazca IV fund to finance the acquisition. The vehicle held a final close on its €275m hard-cap in June 2017. Phibo is the seventh company bought by the fund, following the acquisitions of Grupo OM, Gestair, FoodBox, Distribuciones Juan Luna, Caiba and McBath.

Company
Founded in 1986 and based in Barcelona, Phibo specialises in manufacturing dental implants and prosthesis. The company generated EBITDA of €6.2m from revenues of €32.5m in 2017, of which 20% came from outside Spain. The company sells its products in 25 countries, including Mexico, Colombia and Chile, and employs 275 staff. It has two production facilities located in Sentmenat del Vallés, near Barcelona, and in Bogotá, Colombia.

People
Nazca Capital – Carlos Carbó (partner).
Phibo – Nacho Mestre (CEO); Juan Carlos García Sabán (board member).

Advisers
Equity – Deloitte (corporate finance); Garrigues (legal); PWC (financial due diligence).
Vendor – KPMG (corporate finance); Baker & Mckenzie (legal).