Nazca buys Ovelar for €28m

The deal saw Tandem Capital sell its 38% stake in the company and several members of the founding family exit the firm.

The all-equity investment was completed through Nazca III, which closed on €190m in 2010.

The fresh funding will primarily support the firm's expansion into Latin America, where the firm has recently opened offices in Colombia and Chile.

Previous funding
In 2003, Spanish VC Corsabe acquired a 17.5% stake in Ovelar in a deal estimated at €6m. Following a later capital readjustment, the private equity house saw its stake go up to 42.5%.

In 2009, Tandem acquired a majority stake in Ovelar and its Mexican subsidiary in a deal valued at €21m, alongside the company's founding family. The acquisition saw Corsabe exit the company, enjoying a 2x money multiple.

The deal was the only one completed by Tandem's €40m fund, which ceased operations in 2011, three years after its final close. Corsabe moved away from private equity following the divestment of Ovelar, changing its business structure to a limited company.

Company
Founded in 1970 and based in Madrid, Ovelar provides visual merchandising solutions and point-of-sale promotion for the consumer goods and food retail industry in Spain and Mexico. The firm's client base includes local and multinational retailers.

Ovelar employs 135 members of staff and reported a €26m turnover in 2011.

People
Carlos Carbó is co-CEO of Nazca and worked on the transaction.

Advisers
Equity – Altium Capital (Corporate finance); Allen & Overy (Legal); KPMG (Financial due diligence, tax).
Vendor – Improven (Corporate finance); Garrigues (Legal).

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• Topics
• Southern Europe
• Support services
• Buyouts
• Exits
• Spain
• Tandem Capital
• Secondary buyout