N+1 sells 70% of Dinamia’s portfolio to Access for €57.2m

Pending approval by N+1's shareholders, the agreement will see the firm fully divest the stakes Dinamia held in five different companies from the industrials sector.

All five stakes will be sold by N+1 for an upfront €40m payment, followed by a further €10.7m and €6.5m in 2016 and 2017, respectively. Put together, the €57.2m purchase price represents an 11% premium on the last recorded NAV for the assets.

N+1, which will continue managing the portfolio, explained the sale comes as part of a strategy to reduce its portfolio exposure while having its investment banking and asset management arms generate most of its earnings.

After the sale, the firm will retain control over Dinamia's existing stakes in High Tech Hotels & Resorts and Grupo Gestión Integral Novolux International, among others.

As part of the agreement, Access Capital, which targets secondaries transactions as one of its four core investment areas, committed €35m as part of the current fundraising for N+1's third vehicle.

The portfolio sell-off follows the merger between N+1 and Dinamia, which went ahead in July 2015. The transaction saw N+1's shareholders secure a 57% stake in the resulting group, while Dinamia's picked up the remaining 43%.

Companies
The holdings, acquired by Dinamia via co-investments alongside N+1's second fund, include the firm's remaining 23.79% stake in surgery equipment distributor Grupo MBA. Dinamia originally bought a 38.2% interest in the company for €30.1m in 2008.

Two 24.75% stakes in electronic system designers Rymsa and Teltronics, acquired for €40m in June 2011, will also be exited. In addition, the package features a 24.34% stake in newco Global Abbasi, which controls Portuguese plastic band manufacturer Probos following a €75m SBO, and a 5.5% interest in Spanish electronic lock designer Salto System.

People
N+1 was represented by partner Iñigo de Cáceres and Francisco Albella.

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