Miura et al. sell Grupo BC to L-GAM

José Rojo
04 December 2015

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Grupo BC, a Spanish mortgage document outsourcing business backed by Miura Private Equity and Talde Capital Riesgo, has been sold by the duo to investment holding L-GAM.

L-GAM, an investment firm backed by Liechtenstein's ruling family, has acquired Grupo BC alongside the company's management team; the managers will remain as majority shareholders, unquote" understands.

As part of the agreement, both parties have financed a capital increase, which the business will dedicate to its expansion worldwide. Under L-GAM's tenure, the company has expectations for growth as its clients, predominantly financial entities, are increasingly keen on outsourcing document management functions.

The takeover comes five years after Miura and Talde bought a joint minority stake in Grupo BC. According to unquote" data, the duo secured a 40% holding at the time; 30% was sold by VC Inova Capital, while 10% was obtained via a capital increase. Meanwhile, Grupo BC's management team kept the remaining 60%.

The deal, sealed in December 2010, followed an auction process intermediated by corporate finance boutique Impulsa. It saw Miura draw equity from its maiden fund, which closed on €100m in July 2008.

Under Miura's and Talde's five-year ownership, Grupo BC claims to have boosted turnover from €70m to €100m and almost tripled its €4m EBITDA reported in 2010. The company has carried out 10 bolt-ons in Spain during the period and launched two new business lines.

Debt
L-GAM's takeover was supported by a facility underwritten by BBVA Leveraged Finance Group and a mezzanine package from Oquendo Capital.

Company
Founded in 1975, Grupo BC specialises in the outsourcing of mortgage-related document processes for financial clients. Headquartered in Madrid, the business operates out of more than 100 offices across Portugal, Greece, Mexico, Colombia, Peru, Chile and Brazil.

Employing 2,000 staff, the company claims to process an average of 350,000 documents every year and recently posted €100m in revenues.

People
Investment directors Marc Baehet and Jordi Alegre led Talde's and Miura's work on the 2010 deal, respectively. Santiago Bellver is Grupo BC's current chairperson.

Advisers
Equity – BBVA Corporate Banking (Corporate finance); PwC (Corporate finance).
Company – Socios Financieros (Corporate finance); RCD (Legal); Cuatrecasas (Legal).
Debt – Clifford Chance (Legal).