Apax sells Electro Stocks to trade

According to press reports, the company's enterprise value is approximately €70-80m.

Apax bought a majority stake in Electro Stocks in 2007 in a deal valued at around €350m.

Subsequently, ING agreed to a debt-for-equity swap in 2010. The deal saw ING convert €50m of the company's €210m debt into equity, taking a 25% stake in the business. Simultaneously, a further €130m was transformed into a "préstamo participativo" – a loan note composed of mezzanine and equity.

In addition to the debt-for-equity swap, Apax invested further €20m into the company in order to strengthen its balance sheet.

More recently, Apax acquired the remaining 25% stake in the company in 2016.

Company
Established in 1981 and based in Barcelona, Electro Stocks is a supplier and distributor of electrical components, including conductors, wires, lighting and switch gears. The company employs 900 staff and generates EBITDA of around €6m from revenues of €240m.

People
Apax Partners – Francisco Menjibar (partner).

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• Topics
• Exits
• Southern Europe
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• Apax Partners
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• Trade sale