GED scores 2.3x on Aleastur exit

As part of the deal, Aleastur's current management team will remain shareholders alongside the new investor, the Bahrain Mumtalakat Holding Company. Bahrain's sovereign wealth fund took a 49% stake. The fresh funding will be used to open a new production unit in Bahrain and expand the business in the Gulf region.

According to Spanish media reports, Aleastur has an estimated EV of €30m, implying a deal value of €15m. Following the transaction, GED fully exited its 36% stake, while the remaining 13% was sold by family offices.

Previous investment
GED acquired a minority stake in the business in a €4.5m MBO in 2001. Family offices, headed by CEO José Martínez, took the remaining stake. During GED's investment, Aleastur expanded its production in Europe.

Company
Established in 1985 and headquartered in Avilés, Aleastur specialises in the manufacturing of aluminium grain refiners and master alloys in rod form and ingots. The company generates 88% of its revenues from exports.

People
GED Capital – Felix Guerrero (managing partner); Rafael Lopez Armenta (partner).
Aleastur – José Martínez (CEO).
Bahrain Mumtalakat – Mahmood Hashim Al Kooheji (CEO).

Adviser
Vendor – King & Wood Mallesons (legal); Araoz & Rueda (legal).
Equity – KPMG (financial due diligence); Clifford Chance (legal).

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