N+1 receives dividend recap payout from Mivisa

The amount returned equates to 65% of the total investment in the firm by N+1, which invested via Dinamia Capital Privado and the N+1 Private Equity Fund II to buy an 11% stake in 2011.

N+1 bought its stake in the company as part of a secondary buyout alongside Blackstone. The GPs acquired the firm from CVC in a deal with an enterprise value of €850m-€900m, €300m of which was equity. Blackstone acquired a 90% stake via the Blackstone Capital Partners VI fund.

The buyers beat rival interest from Apollo Management, Bridgepoint Capital, Carlyle Group, Cinven, Ball Corporation, Silgan and US can manufacturer Crown Holdings.

Barclays, Deutsche Bank, Goldman Sachs and Morgan Stanley arranged a senior debt package worth in excess of €630m (or 4.5-5x EBITDA) to support the transaction.

Since the investment in 2011, the firm has opened factories in Peru and Hungary and now generates 58% of its revenues outside of Spain. In the 2010-2012 period, revenues have grown by 5.4% and EBITDA by 6.1% annually.

Company
Founded in 1972 and based in Murcia, Mivisa Group is a producer of canned food. The company employs more than 2,000 people and has a presence in more than 70 countries. Mivisa has 10 factories across Spain, the Netherlands, Hungary, Morocco and Peru.

People
Lionel Assant, senior managing director, led the 2011 deal for Blackstone while Gonzalo de Rivera, investment director, led the deal for N+1.

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• Topics
• Southern Europe
• Industrials
• Exits
• Spain
• Blackstone Group
• Refinancing