AC Desarrollo acquires 21% of Postigo

The investor, which made direct contact with the business through its Valencia office, aims to ultimately increase its shareholding to 31.2%. It was drawn to the company due to its solid track record and perceived potential to grow through new business lines.

AC Desarrollo recognises that growth within the road safety sector is likely to be modest due to the relatively consolidated nature of the market. However, it has identified a number of opportunities in the data management arena, which it hopes to harness by incorporating new products and services into Postigo's portfolio. In particular, it plans to improve its IT offerings in the areas of transport management and human mobility by developing a number of new systems and applications.

The capital for the investment was channelled via the vehicle AC Capital Premier II, which launched in 2006 with a target of £83m. Postigo's management team retains the remaining share capital.

Company
Valencia-based Postigo is a major Spanish firm specialising in road safety equipment and data transportation services. The companies in the group's stable are: Postigo Obras y Servicios, Funtam, Soluciones de Imagen Corporativa, Gestora de Energía Eléctrica, 3C Construcciones y Conservaciones Canarias, Ivent and Alba Electronic.

The business was founded in 1972 and generated a turnover of €70m last year. It has an EBITDA margin of 7% and expects to reach sales of  €77m in 2011. It employs a workforce of 300.

People
Jose Manuel de Bartolomé, who directs AC Desarrollo's Valencia office, led the deal and joins the company's board alongside investment analyst Pablo Gutiérrez Hernández.

Advisers
Equity – KPMG, Fernando Garcia, Alvaro Urquija (Corporate finance); Broseta Abogados, Juan Manuel Martin (Legal).
Management – Alameda 3 Abogados, Manuel Ferriol (Legal).

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• Topics
• Southern Europe
• Industrials
• Expansion
• Spain
• AC Desarrollo (Ahorro Corporación)