Só Peso Group (Portugal) - Dec 2007

unquote
01 December 2007

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Espírito Santo Capital and Sigefi Private Equity have acquired a 71% financial stake in Só Peso Group through their SES Iberian I fund. The buyout deal, valued at c€6m, consisted of a €3.5m equity investment by the financial sponsors, with an additional €500,000 contributed by the management team, reinforcing its stake to 29%, and the remaining financed through financial debt. The company has an enterprise value of c€10m. Só Peso and the investors were matched by International Investments Group 2 iG, a Spanish placement agent. The deal was secured by SES Iberian I due to its international context and the common view regarding the company’s development. The analysis, structure, due diligence, financing and closing of the deal took approximately eight months.

Company

Lisbon-based Só Peso Group was founded in 1997 and currently owns 16 restaurants, located in major Portuguese shopping centres. The restaurants focus on the concepts of fixed cost per dish and/or a per weight menu. Só Peso Group holds a significant market share in its segment and represents one of the main restaurant groups operating in Portugal. In 2006, the company reported a turnover of over €14.5m and expects a turnover of €15.2m for 2007. The investors target a high growth strategy with the opening of 14 restaurants in new shopping and business centres by 2012; the refurbishment of some of the existing ones, maintaining the high quality standards and the diversified supply in terms of products, including traditional and grilled food, soups, salads, desserts and fruit.

People

João Arantes e Oliveira and Isabel Duarte Lima led the investment for Espírito Santo Capital.

Advisers

Equity - Banco Espirito Santo de Investimento, (Corporate Finance)Equity - Garrigues, Leónidas, Matos & Associados , (Legal)Equity - PricewaterhouseCoopers, (Financial Due Diligence)Vendor - International Investments Group 2 iG, (Corporate Finance)Vendor - Sousa Machado, Ferreira da Costa & Associados , (Legal)

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