N+1 makes 3.5x on ZIV sale

N+1 made the original investment through the Dinamia Capital Privado and N+1 Private Equity Fund vehicles, with each acquiring a 37.5% stake. The Dinamia fund reaped a 3.5x return on its investment. Proceeds returned to the fund total €40.7m.

Crompton Greaves is an electrical equipment and services provider and is listed in India. The firm made the acquisition through holding company CG International BV.

Previous funding
In 2007, N+1 acquired a 75% stake in the firm for €22.5m. The deal was leveraged by a package arranged by IKB.

Company
Founded in 1993 and based in Zamudio, ZIV designs and manufactures digital systems and equipment. The company provides products and services to smart grids, electrical meters for industrial, commercial and residential use, and grid-based communication products and services.

International sales accounted for 32% of total revenues in 2011, with markets in Brazil, Mexico, the US and India of particular importance.

People
David Santos is a partner at N+1.

Advisers
Vendor – Lazard (Corporate finance); Ashurst (Legal); PricewaterhouseCoopers (Financial due diligence).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Southern Europe
• Technology
• Exits
• Spain
• PricewaterhouseCoopers
• Ashurst
• Trade sale