TA Associates, Meridia exit Kipenzi

Unquote understands that the company has an enterprise value of around €200m, which equates to approximately 15x its 2018 EBITDA.

Kipenzi's founders and minority owners, Javier Osa and Álvaro Gutiérrez, retained their stakes in the business.

TA Associates acquired an 89.4% stake in Kipenzi from Corpfin and Prince Capital in June 2016, while the company's founders retained the remaining minority holding.

Subsequently, Meridia invested in Kipenzi via a capital increase in April 2019 through its Meridia Private Equity I fund. The GP made a money multiple of 2x on this investment, Unquote understands. This is the first exit inked by Meridia Private Equity I, which is now almost fully deployed.

Previous funding
Austrian GP Prince Capital Partners acquired Kipenzi in 2008. Subsequently, Corpfin bought a majority stake in the company in May 2012, while Prince Capital retained a minority holding. Corpfin drew capital from its Corpfin Capital Fund III to finance the deal.

Company
Established in 2007, Kipenzi is a pet care specialist that operates 125 pet stores under the brand name Kiwoko, as well as a network of 75 veterinary clinics and eight veterinary hospitals across Spain and Portugal. The company is headquartered in Madrid, employs 1,300 staff and generated EBITDA of around €13m from revenues of €130m in the financial year ending in March 2019.

People
Meridia Capital – David Torralba (partner); Javier Faus (chair).
Kipenzi – Javier Osa, Álvaro Gutiérrez (co-founders).

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