Corpfin Capital sells Cunext Copper

Other minority shareholders including savings bank Caja Sur also sold their stake. The management team has retained shares in the firm.

Corpfin is currently raising Corpfin Capital Fund IV, which has a €200m target. The vehicle was among the first to receive the backing of Fondo ICO Global, Spain's €1.2bn state-backed fund-of-funds. The GP bought Spanish logistics business FCC Logistica for €32m earlier this month.

Previous funding
Corpfin took a majority stake in the asset in 2004, via the management buyout of the copper semi-transformation division of Atlantic Copper. The deal value stood at around €100m, according to unquote" data. The newco, Cunext Copper Industries, became the largest producer of copper wire rod and copper wire in Iberia following the transaction.

Company
Cunext Copper produces wire copper rods and wire copper, with a presence in north Africa and western Europe. Net revenues have risen from €27m in 2004 to €40m in 2013, with EBITDA increasing from €3.7m to almost €6m. 

The firm produces 175,000 tonnes per year and has production facilities in Cordoba and Lugones. Spain accounts for 30% of revenues, with Portugal representing 16%, Morocco 13%, Italy 10%, Algeria 8%, while France and Switzerland each account for 7%.

People
Fernando Trueba worked on the deal for Corpfin.

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• Topics
• Southern Europe
• Industrials
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• Spain
• Corpfin Capital