Aurica buys minority stake in Babel

The GP invested in the business via its €200m fund Aurica III, which is dedicated to growth capital investments in mid-market companies with expansion and consolidation potential, generating at least 70% of their revenues from outside Spain.

The vehicle typically acquires significant minority stakes by deploying equity tickets in the €8-30m range and up to €50m when in partnership with its co-investors. Target companies are Spanish businesses with revenues in the €20-350m bracket.

Babel is the eighth investments made by the fund. Its portfolio includes solar tracker manufacturer STI Norland; restaurants operator Larrumba; outsourcing company Winche; and SamyRoad, a marketplace for digital creators.

Company
Established in 2003, Babel provides API management, cybersecurity, integration, business transformation, data and analytics to public administrations and large companies operating across the banking, insurance, industrials and telecommunications industries.

Babel employs 1,400 staff across its nine offices located in Spain, Portugal, Morocco, Mexico and the US.

The business generates annual revenues of around €85m.

People
Aurica Capital – Iván Plaza (principal).
Babel – Rafael López (CEO).

Advisers
Equity – EY (financial due diligence); Fide Partners (corporate finance); Garrigues (legal).
Company – Alemany Escalona & de Fuentes Abogados (legal).

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