3i sells Esmalglass to Investcorp

Last year, the British buyout house contracted BNP Paribas to find a buyer for Esmalglass. Investcorp bid for the business at the start of July.

Investcorp was attracted to the company due to its franchise in emerging markets. Half of its revenues are generated in Latin America, the Middle East and Asia.

The deal is Investcorp's first transaction in Spain.

Previous funding
In 2002, 3i acquired a 49% stake in Esmalglass in a management buyout valued at €230m. BNP Paribas provided a senior debt facility to support the deal, €80m of which was funded by equity.

Company
Founded in 1978 in Villareal, Esmalglass produces ceramic glazes and colours as well as inkjet inks. The firm sells its products to around 450 customers and has manufacturing plants in Spain, Brazil, Portugal, Italy, Russia, Indonesia and China.

Esmalglass employs around 1,000 members of staff and generated revenues of approximately €270m in 2011, 50% of which came from emerging markets.

People
Oscar Gomez is a director at 3i. Daniel Lopez-Cruz is a managing director at Investcorp.

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• Topics
• Southern Europe
• Buyouts
• Exits
• Consumer
• Spain
• 3i
• Investcorp
• Secondary buyout