GED sells Grupo Sendal, reaps 2x return

The exit is the first divestment from GED's sixth fund – a secondary tail-end fund raised in 2012 that acquired the portfolio of its first fund.

The first of GED's direct secondaries fund, the 2012 transaction was made possible in part by proceeds from the IPO of Corporation Dermoestetica and the exit from Rioglass Solar, which yielded a 9x return.

GED first backed Sendal in 2003, with a capital injection of €8m, according to unquote" data.

Company
Founded in 1977, Sendal produces and retails disposable medical products. The firm operates in 35 countries either via a subsidiary or its global network of distributors. Roughly 50% of its sales originate abroad.

The company ended 2012 with revenues totalling €24.5m. Its production plant is located in Almarez, though the firm has facilities in Spain, France, Portugal and the UK. The company began operations in China in 2007.

People
Enrique Centelles Satrústegui is a partner at GED and worked on the deal with Rafael López.

Advisers
Vendor – SJ Berwin (Legal).
Buyer – Baker & McKenzie (Legal); Norgestion (Financial due diligence).

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