ProA Capital acquires Neoelectra in SBO

Unquote understands that the transaction was valued at around €120m. The value equates to 4.4x the company's 2017 EBITDA, which, according to press reports, amounted to €27m.

The sale process was handled by Alantra and saw other bidders including energy company Veolia and infrastructure fund Cube taking part in the auction.

ProA is deploying capital from its second fund, which was launched with a €350m hard-cap and held a first close on €260m in September 2014.

The SBO ends a four-year holding period for Sandton, which bought Neoelectra out of insolvency for around €24.5m, surpassing the offers made by three other bidders, Cristian Lay, Springwater and ProA itself.

Previous funding
US-based ArcLight Capital Partners invested in Neoelectra in 2005. The company filed for insolvency in 2014, badly affected by the ongoing energy reform in Spain. Sandton, which targets companies in special and distressed situations, acquired the business out of its insolvency procedure. 

Company
Headquartered in Barcelona, Neoelectra provides electricity, heat, steam, water, food-grade CO2, and energy back-up services. The company employs 180 staff and generated EBITDA of around €27m from revenues of approximately €90m in 2017, according to press reports.

Advisers
Acquirer – Alantra (corporate finance).

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• Topics
• Buyouts
• Exits
• Southern Europe
• Industrials
• ProA Capital
• Alantra
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• Secondary buyout