Nazca Capital in €45m Fritta buyout

The deal gave the firm an enterprise value of around €45m. The management team will retain the remainder of the shares.

The GP invested via Fondo Nazca III, which exceeded its €150m target to close on €190m in 2010. LPs in the fund include Danske Private Equity, Scottish Widows, IDeA Capital and Parish Capital, which committed €78m to add to AlpInvest's €35m and Nazca's €3m, according to unquote" data.

The company will focus on expansion into Asia, America and Eastern Europe. The funding will also be used to develop Fritta's digital technology products.

Company
Founded in 1973 and based in Onda, Fritta designs, manufactures and sells frits, glazes, digital inks and ceramic colours for ceramic tiles. The firm has production plants in Italy, Vietnam and Mexico and commercial activity in 40 countries. Main export markets include Egypt, Morocco, Russia and Saudi Arabia. Headcount currently stands at 250.

Total sales including subsidiaries reached €92m in 2013. More than 90% of the group's revenues depend on export.

People
Álvaro Mariátegui is a founding partner at Nazca.

Advisers
Equity - Rafael Ibáñez y Asociados (Corporate finance); Cuatrecasas (Legal); KPMG (Financial due diligence).

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• Buyouts
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