Artá Capital exits Mecalux in €122m deal

Alessia Argentieri
02 May 2019

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Corporación Financiera Alba and its private equity arm, Artá Capital, have sold their 24.38% stake in storage specialist Mecalux for €121.9m to the company's management and its majority shareholder Acerolux, controlled by the founding Carrillo family.

The deal values the company at around €490m, which equates to 11x the company's 2017 EBITDA.

This 24.38% stake is composed of 8.78% directly held by Corporación Financiera Alba and 15.6% owned via Deyá Capital funds II and III, which are managed by Artá Capital and wholly controlled by Corporación Financiera Alba.

The sale generated proceeds of €26.8m for Corporación Financiera Alba and dividends of €15.8m.

In addition, Cartera Industrial Rea also sold its 6.64% stake in the company for €33.2m, while Bresla Investments, controlled by the Zardoya family, will maintain its 9% stake.

Tikehau Capital and Santander provided Acerolux with debt financing to support the purchase.

The sale ends a nine-year holding period for Artá Capital, which acquired a stake in the company alongside Corporación Financiera Alba from Acerolux. The deal was valued at around €55m at the time.

Company
Established in 1966 and headquartered in Cornellà de Llobregat, near Barcelona. Mecalux specialises in designing and manufacturing warehouse shelving, pallet racking and industrial storage systems. The company floated on the Madrid-stock exchange in 1999 and was de-listed in 2010.

The company operates 11 production facilities located across Spain, Poland, the US, Mexico, Brazil and Argentina, and sells its products in 70 countries worldwide. It generated EBITDA of €43m from revenues of €684m in 2017.

People
Mecalux – José Luis Carrillo (founder, chair).

Advisers
Company – Alantra (corporate finance).
Equity – Arcano (corporate finance).