Portobello Capital's Stock Uno buys CTC from Suma

Amy King
04 April 2013

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Stock Uno, a logistics firm owned by Portobello Capital, has wholly acquired CTC Externalización, an outsourcing industrial and logistics services provider backed by Suma Capital.

The CTC acquisition is part of an acquisitive growth strategy for Stock Uno, outlined by Portobello, with the aim of consolidating the Iberian industrial outsourcing services market.

The transaction is the fifth bolt-on completed by Stock Uno since 2006, when the firm was acquired by Ibersuizas in a BIMBO from Espiga Capital, which valued the firm at around €30m. In 2011, Ibersuizas finalised the transfer of two of its funds (which included Stock Uno) to Portobello, a rival fund manager created by four of the Spanish private equity firm's former partners.

The newly enlarged company will report yearly sales in excess of €130m and will employ more than 6,000 members of staff. Headquarters will remain in Madrid and Barcelona.

Company
Founded in 1995 and based in Barcelona, CTC Externalización provides outsourcing services to the industrial and logistics sectors, under the management of CEO Juan-Cruiz Alcalde.

Suma bought a 75% stake in CTC Externalización in a management buyout in 2010. At the time, the firm generated revenues of €42m and an EBITDA of €2.6m. The GP has now fully exited the company. In 2011, the company bolted on Catalan outsourcing group OCA for an estimated €4m.

People
Juan Luis Ramírez is a partner at Portobello. Enrique Tombas is a partner at Suma. Both individuals worked on the transaction.

Advisers
Company (Stock Uno) – Lexworld (Legal); CW Downer (M&A).