N+1 et al. exit Serventa

N+1 decided to exit because it determined that further near-term value creation would be challenging in the wake of the slump in business volumes in 2010 coupled with the maturity of the investment. Returns details were not disclosed

The exit is part of Dinamia’s strategy to rejuvenate its portfolio, and includes the recent investments in Mivisa and the technology group made up of Rymsa and Teltronic.

Autobar Group has a presence in 11 countries and is a major player in the vending industry in Spain. The acquisition of Serventa, the second largest vending operator in the country, represents an opportunity to consolidate its position.

The Spanish vending market is highly fragmented. The largest companies account for only 20% of the market and the remaining 80% is divided among over 14,000 firms.

Previous funding
Serventa was first acquired in April 2006 in a deal valued at €30m. Dinamia invested €7.1m and Nmás1 co-invested the same amount. The financial partners injected a total of €14.4m in ordinary shares and a participating loan. Dinamia and Nmás1 both hold 48.86% of the shares. Serventa’s executive team owns 2.28% of the company.

Company
Based in Madrid, Serventa employs 750 people and manages more than 18,000 food and drink vending machines that serve approximately 4,000 companies throughout the Iberian Peninsula.

People
Carlos Odériz is general manager of Serventa.

Advisers
Vendor – Garrigues Abogados (Legal); Arcano Corporate (Corporate finance).
Acquirer – PricewaterhouseCoopers (Financial and operational due diligence).

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