GPF Capital buys Gestair from Nazca

Alessia Argentieri
18 October 2019

Tweet
Facebook
LinkedIn
Google plus
Send to

GPF Capital has acquired Spanish aviation specialist Gestair from Nazca Capital.

The GP deployed capital from GPF Fund II, which held a final close on €150m in January 2018. The fund targets Spanish lower-mid-cap companies with EBITDA in excess of €3m and revenues of up to €150m.

The deal values the company at around €40-60m, which equates to 8-12x its EBITDA, according to press reports.

Gestair's management team will reinvest in the business alongside the GP and retain a minority stake.

GPF intends to boost the company's growth, further develop its aviation and maintenance services across Spain, bolster its expansion in the rest of Europe and in Latin America, and open a second hangar at the Adolfo Suárez-Barajas Airport in Madrid.

Nazca acquired Gestair in 2014 from the founding Macarrón family via its Nazca III fund, which closed on €190m, exceeding its initial €150m target.

Under Nazca's ownership, the company grew both organically and via new acquisitions, and increased its revenues from around €60m in 2014 to €150m.

Nazca is currently investing from Nazca Fund IV, which closed on €275m in 2017. The vehicle deploys equity tickets in the €15-50m bracket to acquire majority or significant minority stakes in Iberian companies operating in a wide range of sectors – primarily business services, retail, industrials, logistics and healthcare – with revenues of €15-200m.

In addition, Nazca has recently closed a lower-mid-market-dedicated fund, Nazca V, on its €150m target. The vehicle acquires majority and significant minority stakes in small Iberian companies, and deploys equity tickets of €7-20m.

Company
Founded in 1977 and based in Madrid, Gestair manages private aircraft and aviation terminals, and provides base maintenance services, including charter services and operations support, as well as economic, auditing and reporting aircraft services.

The company manages a fleet of 35 private aircraft and jets, and generates EBITDA of around €5m from revenues of €150m.

Advisers
Equity – EY (corporate finance); Uría Menéndez (legal).
Vendor – Socios Financieros (corporate finance); KPMG (financial due diligence).