Élogos (Spain) - Nov 2007

unquote
01 November 2007

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Nazca Capital has taken a 45% stake in e-learning business Élogos in an MBO reportedly surpassing the €50m mark. The family Baratech, original founders of the business, have re-invested in return for the remaining stake. BBVA arranged the senior debt facility for the transaction, which encompasses a small working capital element.

Company

Élogos was founded in 2005 through a merger of two educational consulting businesses, FYCSA and Grupo Doxa, combining a total of 20 years’ experience in the market. It provides both tailored presential and distance learning solutions to its customers, specialising on the governmental, banking and finance, energy, telecommunications, ICT sectors as well as public administration and social agents. The company has a presence across Spain, including branches and local offices in Madrid, Barcelona, Galicia, Valencia, Baleares, Andalucía, Murcia and Bilbao. It also serves South America with headquarters in Santiago, Chile and São Paulo, Brazil. Élogos employs around 250 professionals and 200 freelancers. Its client list includes telecom businesses Telefónica and Vodafone, the national railway agency RENFE, banks Caixa de Cataluña, BBVA and others. Sales are forecast to reach €36m and EBITDA of around €9m; with the support of the new backers it intends to double that figure by 2010. To that end, it will reinforce its existing client relationships via the offering of new services, as well as reinforcing the corporate training side of the business.

People

Carlos Carbó and Daniel González de Vega of Nazca Capital led the investment in Élogos.

Sourced from: Southern Europe unquote" 70 (Jan 2008)