N+1 Mercapital sells Clece after 2-year holding

The sale sees N+1 return proceeds totaling €49m.

ACS Servicios y Concesiones is a subsidiary of ACS Group, the parent company of Clece.

Under the GP's ownership, Clece has grown its revenues to reach more than €1.2bn. Growth has been driven by diversification into complementary businesses and international expansion.

Previous funding
In 2012, the GP invested €152m to acquire a 25% stake in the business. In 2010, Clece had a turnover of €1.1bn, with EBITDA of €80m and a headcount of 45,000.

At the time of the investment, private equity firms including Apax, EQT, CVC, PAI partners and Permira were reported to be intersted in the asset. Permira and N+1 were later said to be in negotiations to buy a stake in the asset, which was valued at around €600m.

Company
Founded in 1993 as an independent division of the ACS Group, Clece is a facilities management company. The firm offers cleaning, maintenance, airport, environmental, hospitality and advertising services to its 5,000 customers.

Clece is headquartered in Madrid and now employs 65,000 staff.

People
Gonzalo de Rivera is CEO of N+1.

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