Alantra sells Tryo Group to Sener Aeronautica

The transaction marks the end of a seven-year holding period for the Madrid-based mid-market investor. A formal sales process had been initiated by the GP in 2017 with M&A adviser Houlihan Lokey.

Sener is an engineering and technology group formed in 1956 and headquartered in Getxo, Vizcaya. Tryo will join the aerospace division of the firm.

Previous funding
Alantra, formerly N+1 Private Equity, wholly acquired Spanish companies Radiación y Microondas (Rymsa) and Teltronic from IBV Corporation in June 2011. Following more than 16 months of negotiations with the vendor, the GP invested €40m in equity via the vehicles Dinamia and N+1 Private Equity Fund II. Dinamia contributed €10m of the total amount for 25% of the firms.

Company
Headquartered in Bilbao and Madrid, Tryo is an industrial group specialising in radio frequency and microwave technologies. It designs and manufactures equipment and offers services to operators and manufacturers in the aerospace sector, and other markets in which its technology is applicable.

The group was formed in 2011 when Alantra bought and merged two electronic equipment manufacturers: Madrid-based Rymsa, which was founded in 1974 and designs, manufactures and markets antennas and components for the telecommunications industry; and Zaragoza-based Teltronic, which was established in 1975 and specialises in the design and manufacture of electronic equipment and systems for the professional radio communications market.

People
Alantra – Gonzalo de Rivera (CEO).
Sener Aeronautica – José Julián Echevarrí (managing director).
Tryo – Andrés Nubla (CEO, aerospace flight segment)
Rymsa – Juan Carlos García-Taheño (CEO).

Advisers
Vendor – Houlihan Lokey (corporate finance).

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• Topics
• Exits
• Southern Europe
• Industrials
• Spain
• Alantra
• Trade sale