Atlas Capital completes MBO of Adea
Atlas Capital has acquired 98.2% of Adea, the document management subsidiary of Spanish IT firm Indra, for around €15m. The transaction includes both equity and debt.
The management will retain a 1.8% stake in the company.
The investment will underpin plans for the organic growth of the company in Spain and Portugal.
Debt
BBVA provided debt to support the transaction.
Company
Founded in 1999, Adea provides document management services including creation, classification, digitalisation, safekeeping and conservation. In 2006, Indra acquired the company.
The company currently employs 100 members of staff across five centres; four in Spain and one in Portugal. In 2011, turnover exceeded €10m and EBITDA was around €3.5m.
People
Alvaro Cobo is investment director at Atlas Capital.
Advisers
Equity - Araoz & Rueda (Legal); PwC (Financial due diligence).
Company - Ambers & Co (Corporate finance).
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