Portobello and Vista sell Indas for €285m

The buyer, listed on NYSE, will repay the majority of Indas's €140m outstanding debt as part of the deal. Indas has trade accounts wortharound €25m due from local regional governments before year-end and the start of 2014 – repayment will also support the reduction in net debt.

The company's private equity backers had looked to sell the company in 2011, when they were thought to have mandated Morgan Stanley to explore exit options. At the time, the firm was reported to be worth around $1bn.

Lazard acted as sole investment banker to the company on the deal, which is expected to close by the end of the year subject to the approval of Spanish antitrust authorities.

Domtar designs, manufactures and distributes fibre-based products. The acquisition expands the firm's range of absorbent hygiene products in Europe.

Previous funding
In 2007, Vista and Portobello (then Ibersuizas) wholly acquired Indas from the Arochena family. The deal was valued at around €360m, according to unquote" data. Vista bought a 75% stake, with Portobello holding the remainder.

The transaction was underpinned by a debt package comprising senior and mezzanine debt provided by Royal Bank of Scotland.

Company
Founded in 1950 and based in Madrid, Indas produces adult incontinence care products in Southern Europe. The company also produces a range of absorbency-related hygienic and medical products. Indas distributes its products via three channels: pharmacies, hospitals and retail. The firm has a manufacturing facility in Toledo, Spain.

Indas has estimated annual sales of around €190m and an EBITDA of roughly €46m.

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• Topics
• Southern Europe
• Exits
• Consumer
• Spain
• Trade sale