N+1 buys majority stake in Secuoya

The deal gives the company an enterprise value of €40m. The GP has also committed to providing a further €20m in follow-on funding.

The investment was completed through Dinamia Capital Privado, a listed private equity fund holding €124m, which injected €4m, and N+1 Private Equity Fund II, which closed on €304m in 2008 and committed €12m to the firm.

The fresh capital will support the firm's expansion into international markets and strengthen its management structure with the hiring of the former management of listed company Vértice 360º, one of Secuoya´s direct competitors, led by Jose Mari Irisarri.

N+1 told unquote" that the growth will come primarily from the outsourcing of TV broadcasters, especially for the full externalisation of regional broadcasters, to be completed in the coming months.

Company
Founded in 2008 and based in Madrid, Grupo Secuoya's core business is the provision of audio-visual services and content production. The firm provides post-production services, produces content for entertainment and fictional programming, and offers event marketing, communication and organisation.

In 2011, the firm generated revenues of €24.4m and an EBITDA of €4.1m, representing year-on-year growth of 19% and 72% respectively. Net debt stood at 1.5x EBITDA.

People
N+1 CEO Ignacio Moreno and partner and investment director Mariano Moreno led the transaction.

Advisers
Equity – Sabadell Corporate Finance (Corporate finance); Linklaters (Legal); Deloitte (Financial due diligence).

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• Topics
• Southern Europe
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• Buyouts
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