Miura sells Noa Visual to Porterhouse

Following the deal, Miura will retain a minority equity stake in the company, while remaining shareholder Talde Capital Riesgo and the original founders have sold their entire holding. Noa's management team will continue to lead the company.

Talde acquired a 33% stake in Noa in July 2011 from Miura, which took Miura's shareholding down to 34%.

Miura acquired merchandising business Marcelo Vilá in a deal valued just less than €25m in February 2010. It invested via its Miura Fund I, which closed on €100m in 2008. The acquisition was part of a €30m project in which the buyout house planned to create a merchandising group well-positioned to serve the European market, by merging the company with Grupo Atrezzo. Caixa Galicia and Deutsche Bank provided a debt facility to support the acquisition.

The initial deal saw Miura take a 70% stake of the newco, with the balance owned by Grupo Atrezzo (acquired by Miura in 2008), the founders and the newco's management team. Following the merger, the business began operating under the name Noa Visual Group.

Under Miura's ownership, Noa Visual has developed a production plant in Olot (Catalonia) and established a subsidiary in China with a logistics platform and local industry partners.

Company
Noa manufactures visual merchandising products for fashion retailers including mannequins and busts. The company operates through a showroom in Barcelona and stores in Madrid and Barcelona. Its sales force is distributed throughout Europe.

Its Marcelo Vilá brand was founded in 1900. Noa operates under three brands in total: Marcelo Vilá, which designs and distributes visual merchandising solutions, from interior design to the installation of fittings in outlets; Atrezzo, which offers personalised products; and Pop, which produces more basic and affordable items.

The company employs over 200 people.

People
Marisa Tendero is CEO of Noa while Alejandra de Silva is its commercial director.

Advisers
Equity – Freshfields Bruckhaus Deringer (Legal); Arcano (Corporate finance); Deloitte Abogados (Legal); KPMG (Financial due diligence).

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