MCH buys minority stake in Prosur

The deal gives the company an enterprise value of around €300m, equal to 15x its 2019 EBITDA.

The GP acquired its stake from Elena Hernandez, daughter of the company's founder Gines Hernandez.

MCH won the bid over ProA Capital and Intermediate Capital Group (ICG), which has also reached the final stages of the bidding process, according to press reports.

The firm is currently investing via MCH Iberian Capital Fund V, which held a €200m first close in April 2020. The fund was launched in 2019 with a €400m target to invest in mid-sized companies generating EBITDA of €5-15m, headquartered in the Iberian peninsula. It deploys equity tickets in the €20-50m range.

Company
Established in 1965 and based in Murcia, Prosur specialises in producing food ingredients for cooked, dry and fresh meat, fish and seafood, soups and syrups.

The company generated revenues of around €45m and EBITDA of approximately €20m in 2019.

People
MCH Private Equity  – Jaime Hernandez Soto (partner).
Prosur - Juan De Dios Hernandez (CEO).

Advisers
Equity - AZ Capital (corporate finance); Uría Menéndez (legal).
Company – Deloitte (financial due diligence).

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