Advent sells Tinsa to Cinven for €350m

Amedeo Goria
07 April 2016

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UK-based buyout house Advent International has sold its investment in Spanish real estate adviser Tinsa to Guernsey-based private equity firm Cinven for €350m.

The Financial Times reports a deal value of €350m including debt.

Cinven's acquisition was made through its €5.3bn Fifth Cinven Fund, while Advent Global Private Equity VI is the exiting fund.

The fresh capital will allow the company to invest in IT and improve speed and accuracy of its valuation services, as well as to expand internationally, including further bolt-on acquisitions in Latin America.

Cinven said it was keen on targeting Spanish companies with strong growth opportunities in Latin America, as it was for the €510m investment in fibre network operator Ufinet – also known as GNFT – in June 2014.

Previous funding
In November 2010, Advent acquired a 94.6% stake in Tinsa for €100m from Caixanova and the Spanish Confederation of Savings Banks. The management team bought the remaining 5.4% of equity, according to unquote" data.

Company
Tinsa was established in 1985 and is headquartered in Madrid. The company provides property valuation, analysis and real estate advisory services to individuals, corporates and banks in Spain and Latin America. It operates in 25 countries worldwide, employing 580 people.

People
Cinven – Ben Osnabrug (senior principal); Jorge Quemada (partner).
Advent International – Carlos Santana (director).
Tinsa – Ignacio Martos (chair, CEO); Juan Guerra (CFO).

Adviser
Equity – Rothschild Socios Financieros (corporate finance); Clifford Chance (legal); McKinsey (commercial due diligence); KPMG (financial due diligence); Deloitte (tax); Garrigues (HR due diligence).
Vendor – Rothschild Socios Financieros (corporate finance); Uría Menéndez (legal); Oliver Wyman (commercial due diligence); KPMG (financial due diligence); Deloitte (tax); Garrigues (HR due diligence).