Corpfin Capital makes 2.5x on Duplex sale

The founding family has purchased the minority stake sold by Corpfin.

The investor first backed the firm in 2009 in a transaction supported by debt financing from Banesto, Caja Madrid and La Caixa. 

The deal saw Duplex acquire a significant part of the maintenance portfolio of trade competitor MP Ascensores, including 12 of its branches. 

The successful integration of MP Ascensores enabled the GP to exit the firm a year ahead of schedule. "The company had deleveraged so quickly that the early exit made sense," explained Alvaro Olivares, partner at Corpfin. 

The acquisition of MP Ascensores in 2009 expanded the firm from a single presence in Madrid to branches across Spain. Inefficient and loss-making branches were sold off during the holding period, boosting the deleveraging process. 

Company
Based in Madrid and founded 37 years ago, Duplex Elevación is a lift maintenance and installation firm. The firm reported a turnover of around €30m in 2012 and employs 240 members of staff. 

The company manages the maintenance of more than 15,000 lifts across Spain.

People
Alvaro Olivares led the original 2009 acquisition and the divestment for Corpfin. Carlos Lavilla is managing partner of Corpfin. 

Advisers
Vendor - Garrigues (Legal).
Company - N Nominus (Legal).  

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