GED sells Nekicesa to FTSE 250-listed Essentra

In addition to the stake owned by GED, Essentra also acquired the remaining shares controlled by EBN Vaccaria, becoming the sole shareholder in the business.

The acquisition was made on a cash-free and debt-free basis, funded by existing facilities. 

Essentra has a presence in 34 countries worldwide and employs 8,000 employees across 45 manufacturing facilities, including one located in Barcelona. It generated adjusted operating profit of £91m from revenues of £1bn in 2018. With this acquisition, Essentra expects to further boost its market penetration in Spain and bolster its growth across Europe.

GED acquired packaging specialist Nekar in 2006 for around €28m, and cardboard boxes producer Icesa in 2007, before merging the two companies in a new entity called Nekicesa. The deals were made via GED Iberian B fund, which closed in 2012 and is now fully divested.

The GP is currently raising a buyout fund, GED VI España, which was launched with a €175m target and reached a €100m first close in March 2019.

Company
Established in 1965 and headquartered in Madrid, Nekicesa specialises in manufacturing folding cartons, cardboard boxes and labels for the pharmaceutical and cosmetic industries. The company operates two separate production facilities located in Spain.

People
GED Capital – Enirque Centelles Satrústegui (managing partner).
Essentra – Paul Forman (CEO).

Advisers
Vendor – Alantra (corporate finance); Garrigues (legal).

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