
GED, Oquendo sell GTT to AnaCap
AnaCap Financial Partners has acquired Gestión Tributaria Territorial (GTT) from Spanish private equity firm GED Capital and private debt specialist Oquendo Capital.
The deal gives the business an enterprise value of around €100-120m, which equates to approximately 10x its EBITDA, Unquote understands.
GTT's management team will remain as minority shareholder and continue to lead the business in partnership with AnaCap.
In February 2020, GED mandated Rothschild to run the sale process for GTT, which attracted interest from several private equity firms, including Carlyle and Oakley Capital, according to press reports. The deal between GED and AnaCap was negotiated almost entirely remotely by all parties during the Covid-19 pandemic.
AnaCap intends to deploy its expertise in managing tech-enabled businesses to help GTT increase its turnover and expand its market share in Spain and internationally. The GP plans to support the company's growth, both organically and through additional bolt-on acquisitions, by identifying a pipeline of strategic opportunities in the second half of 2020 and in the coming years.
This is the first private equity investment made in Spain by AnaCap. The firm specialises in investing in the financial sector, targeting European mid-market businesses via its complementary private equity and credit platforms.
The GP is currently investing via AnaCap Financial Partners III, which closed on €850m in 2016. The fund acquires controlling stakes in financial services businesses, including insurance, factoring, healthcare receivables, debt collections and consumer credit.
In addition, the firm is managing Anacap Credit Opportunities IV, which held a final close on its €1bn hard-cap in September 2019. The vehicle targets performing and semi-performing European credit assets, focusing on small and medium-sized enterprises and deploying €15-75m.
The sale of GTT ends a three-year holding period for GED, which acquired the company from Realza Capital. The GP bought a 75% stake in the business, while Oquendo invested alongside GED for a minority interest, and the company's management team retained the remainder. Realza made a cash-on-cash return of 3.2x and an 35.3% IRR on the investment.
Under GED's ownership, GTT grew both organically and inorganically, increased its EBITDA and boosted its internationalisation, according to the GP.
Company
Founded in 1998 and headquartered in Alicante, GTT specialises in developing tax management software for local and regional public administrations.
The company's client base includes 3,300 institutions throughout Spain and Latin America, providing them with management tools tailored to their specific requirements.
People
AnaCap – Nassim Cherchali (managing director).
GED Capital – Enrique Centelles Satrústegui (private equity managing partner).
Oquendo Capital – Daniel Herrero (founding partner).
Gestión Tributaria Territorial – Fernando Plaza (CEO, founder).
Advisers
Acquirer – AZ Capital (corporate finance); Cuatrecasas (legal).
Vendors – Rothschild (corporate finance); KPMG (financial due diligence); Arthur D Little (commercial due diligence); King & Wood Mallesons (legal).
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