Miura buys 90% stake in SOR Ibérica MBO

José Rojo
01 December 2015

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Spanish mid-cap house Miura Private Equity has acquired an estimated 90% stake in refrigerated semi-trailer manufacturer SOR Ibérica as part of the company’s MBO.

SOR Ibérica's enterprise value was not made public, but Miura typically seeks companies valued below the €50m mark.

The GP acquired its 90% stake from the founding families Suñer and Martinavarro following an auction process, according to a source close to the deal. Meanwhile, the management team, which owned shares prior to Miura's takeover, will hold the remaining 10%.

Under Miura's tenure, SOR Ibérica will look to bolster operations both domestically and in existing markets such as the UK, Italy, the Netherlands and Scandinavia, with plans to enter the CEE and North Africa regions.

Over the next few years, the company expects increasing appetite for its refrigerated semi-trailers as the segment grows on the back of mounting demand and stricter transport regulations.

The deal is the third to be financed via Miura's second fund, which closed on its €200m hard-cap in September 2014. Fundraising for Miura Fund II began in late 2013 and took six to seven months to complete.

Prior to SOR Ibérica, the mid-market-focused vehicle financed the buyouts of visual merchandising specialist The Visuality Corporation and fresh food distributor Cutting's in September 2014 and August 2015, respectively.

Debt
The deal was financed with a unitranche facility provided by Muzinich & Co Corporate Credit.

Company
Founded in 1970, SOR Ibérica manufactures and sells customised refrigerated semi-trailers to distributors and logistics clients. In addition, the business designs undercarriages and provides vehicle maintenance services via the Chasis Levante and Alman units, respectively.

Headquartered in Alzira, near Valencia, the company employs 250 staff and expects to end 2015 with €50m in revenues. Its EBITDA figure remains confidential, but Miura typically backs companies where profits exceed €3m.

People
Luis Seguí and Juan Leach are managing partners at Miura.

Advisers
Equity – Uría Menéndez (Legal, tax); PwC (Financial due diligence); EY (Commercial due diligence); AON (Insurance due diligence); ERM (Environmental due diligence).