Abac Capital exits Metalcaucho to trade

According to press reports, the deal was valued at around €150-200m. Abac hired Greenhilll for the sale of the company in December 2019.

The sale ends a five-year holding period for Abac, which owned a majority stake in Metalcaucho. The GP invested in the company via Abac Solutions, a €320m vehicle closed in May 2016 that is almost fully deployed.

Abac has recently launched a new fund, Abac Sustainable Value II, with a €350m target. The vehicle invests in majority stakes in Spanish mid-sized companies with an enterprise value in excess of €30m, operating in the consumer, energy, industrials, technology, media and telecommunications sectors. It deploys equity tickets in the €20-50m range and plans to complete 8-10 transactions.

Under Abac's ownership, Metalcaucho boosted its growth both organically and via new acquisitions, including the bolt-on of Barcelona-based auto parts producer Caudex.

Previous funding
EQT Credit provided a debt facility to support Metalcaucho's product development and international expansion in January 2018. The GP drew capital for the financing from the €530m EQT Mid-Market Credit Fund, which held a final close in April 2016.

Company
Established in 1987 and headquartered in Barcelona, Metalcaucho is an automotive spare parts designer and distributor focused on rubber, plastic and metal components, supplying 12,500 stock-keeping units across Europe with a catalogue of 7,000 parts.

Metalcaucho distributes its products in 50 countries worldwide and generates EBITDA of around €18m from revenues of approximately €50m. International exports account for more than 60% of the company's total sales.

People
Abac Capital – Oriol Pinya (managing partner).

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