Nazca buys lighting rental business Cinelux

This is the first investment made by the GP via its Fondo Nazca V, which held a €150m final close in June 2019. The vehicle targets majority and significant minority stakes in small Iberian companies and deploys equity tickets of €7-20m.

In addition, Nazca also manages the €275m Fondo Nazca IV, which is currently around 60% deployed.

Cinelux managing director David Garcia will retain a minority stake and stay on with the business.

The GP intends to consolidate Cinelux's market position in Spain and further invest in new lighting equipment and product development. In addition, it plans to pursue a buy-and-build strategy by acquiring other companies operating in the lighting sector and adjacent segments with the aim of creating an audio-visual group for television and production companies.

Company
Established in 1988 and headquartered in Madrid with two offices in Barcelona, Cinelux is a lighting rental business that leases lighting equipment for films, TV shows, institutional events, conferences, corporate conventions, exhibitions, monuments and architectural displays. Its client base includes Mediaset, Televisión Española, Canal Satélite Digital, Globomedia, Vodafone, Accenture, Real Madrid CF and Madrid City Council. The company generated revenues of €12m in 2018.

People
Nazca Capital – Carlos Carbó (managing director).
Cinelux – David García (managing director).

Advisers
Equity – PwC (corporate finance); Pérez Llorca (legal).
Company – Santander (corporate finance).

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