Suma acquires 48% of GEC and takes control

Caixa Penedès, until now a partner through its subsidiary Vector Capital, has sold all its shares to Suma. Previously, Vector and Suma each held a 48.5% stake in GEC. The remainder was held by GEC's management team, led by CEO Francesc Fàbregas. The investors plan to develop the company's international presence.

Previous funding
Vector and Suma acquired GEC from Universitat Oberta de Catalunya (UOC) and La Caixa in 2009. The university held 65% of the shares and La Caixa owned 35%.

The transaction was sourced via a controlled auction led by Caixa Corporate Finance and was completed in six months. Suma invested via its Wind Private Equity SCR and Wind Private Equity I SCR funds.

Company
Founded in 1996, GEC currently employs more than 100 people. The company designs, produces and provides e-learning courses to employees in large companies.

GEC, which has more than 200,000 users, has offices in Barcelona, Madrid, Paris and London. It acts in the banking, insurance, automotive, telco, utilities, pharmaceuticals and public sectors. In 2008, GEC had a €10m turnover and a €2m EBITDA.

People
José Cuevas led the deal for Vector and Enrique Tombas and Pablo de Muller worked on the deal for Suma.

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• Topics
• Expansion
• Southern Europe
• Technology
• Spain
• Suma Capital