BPEP acquires 48% of ADELTE Group and EFS

The share capital was purchased from Josep Maria Bartomeu, the vice-president of Barcelona football club, the management team and other minority shareholders. All parties have reinvested to retain equity in the new holding company established by Baring.

BPEP was attracted to the businesses due to their perceived growth potential, the strength of their technology and ADELTE's successful internationalisation efforts. The private equity firm's strategy is to support the companies in recommencing their production of passenger boarding bridges for use in airports, which they previously produced up until 2006. It will also support the continued manufacture of footbridges for ports, ground support equipment, passenger terminal solutions and aircraft recovery solutions.

The airport infrastructure market is expected to generate €100bn in revenues between now and 2020, while the cruise sector has also grown strongly. ADELTE and EFS are themselves present in 11 countries and export 40% of their products.

BPEP's investment was channelled via the Baring Iberia III fund, which held a first close on €152m in 2008.

In February BPEP contributed €7m towards the capital increase carried out by security company Castellana de Seguridad (Casesa).

Debt
This transaction was financed using equity only.

Company
ADELTE Group specialises in the manufacture and design of passenger boarding bridges for airports and marinas. It also provides maintenance and boarding services for cruise and ferry terminals. It was founded in 1991 and employs 450 people.

Equipo Facility Services also offers services in terminals and employs around eight people.

ADELTE and EFS will be combined to form a Barcelona-based group of engineering and services companies. In 2010 they achieved a consolidated turnover of €27m. They have also recovered an annual growth rate of 15% over the last few years, alongside an 80% export rate for their airport boarding bridges.

People
Investment managers Javier Bernal and Núria Bosch led the deal for BPEP and join the company's board. Josep María Bartomeu is the CEO of ADELTE Group and EFS.

Advisers
Equity – Deloitte, Javier Menor and Cristina Cabrerizo (Legal and corporate finance).
Company – Next Corporate, Jorge Olano (Corporate finance); Almazor & Espuny Abogados, Albert Almazor (Legal).

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• Topics
• Southern Europe
• Support services
• Buyouts
• Baring Private Equity Partners
• Spain