Plataforma Frigorífica/GyV (Spain) - Jan 2008

unquote
01 January 2008

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Nazca Capital has wholly acquired logistics firm Plataforma Frigorífica (PF), as part of a capital expansion deal with another industry player Transportes García y Villalobos (GyV) in a transaction valued between €20-30m, enterprise value. There was no debt package provided; the company possesses c€5m in operational debt. The shareholders at GyV will retain a stake in the combined entity.

Company

Madrid-based PF was founded in 1992 by a group of transport providers specializing in refrigerated goods. The company has reached sales of €18m with a 15% annual growth. Its mainly operates in central and southern Spain. The company employs 210 staff. Barcelona-based GyV was founded in 1980 by Fernando García Villalobos. It specialises in the provision of transport and warehousing logistic services of refrigerated goods. The company has facilities in Barcelona, Valencia, Alicante, Bilbao, with recent ones in Zaragoza, Navarre, Seville, Granada and Madrid. GyV generates sales of more than E23m. The reported a consolidated turnover of both companies sits at approximately €40m with an 8% EBITDA in 2007. The resulting merged company represents an 80% coverage of the Spanish logistics market in the refrigerated goods segment. The investors plan to further consolidate this position through the selective acquisition of smaller players in the market, increasing the company’s turnover to €100m by 2011. Nazca’s industrial adviser Francisco Bernal, will be joining GyV’s board. The backers foresee a trade sale to an international player as a viable exit strategy.

People

The Nazca team executed the transaction.

Advisers

Vendor - Clifford Chance LLP, Marcel Enrich (Legal)Vendor - Clifford Chance LLP, Francisco Bernal, Jose Fernandez (Other Due Diligence)Vendor - Deloitte, Lucia Rodriguez (Financial Due Diligence)Vendor - Deloitte, Guillermo Rujas (Other Due Diligence)Vendor - Ernst & Young, Eva Abans (Financial Due Diligence)

Sourced from: Southern Europe unquote" 71 (Feb 2008)