Investcorp acquires Fritta in SBO from Nazca

Under Nazca's stewardship, the business has undertaken an international growth strategy. The GP stated Fritta had delivered double-digit growth under its tenure.

Investcorp said it was attracted to the deal by Fritta's management team and recent product diversification, which has seen it expand its inkjet ink business.

The deal marks Investcorp's second acquisition in Spain, having bought Grupo Esmalglass-Itaca from 3i in July 2012 in a deal understood to be worth around €200m. Esmalglass-Itaca also produces ceramic glazes and colours as well as inkjet inks, though Investcorp stated both companies would continue to be run independently of each other.

Previous funding
Nazca Capital acquired a majority stake in Fritta in December 2013, in a deal giving the business an enterprise value of around €45m. The GP invested via Fondo Nazca III.

Company
Founded in 1973 and headquartered in Onda, Fritta produces inkjet inks as well as ceramic colours, frits and glazes for use in tile manufacturing. The business has a headcount of 300 across operations in Spain, Italy, Mexico and Vietnam.

Fritta is forecasting revenues of €100m and EBITDA of €16m for 2014. More than half of its turnover is generated from international sales.

People
Carlos Carbó is CEO of Nazca Capital. Daniel Lopez-Cruz is managing director in Investcorp's European Corporate Investment group.

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• Southern Europe
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• Unq2015Feb