SPAIN - Permira halts Dinosol sale

News sources suggest that the scarce interest the business has attracted from industrial buyers due to its price - believed to have been set at more than EUR 1bn - influenced the decision. Additionally, it is understood that sale coordinator JP Morgan has encountered problems in facilitating the leverage for potential private equity buyers.

During its ten-year existence, Dinosol (formely Ahold) has made more than 25 add-on acquisitions. However, it has recently failed to get its hands on rival chain Caprabo, which was sold a couple of weeks ago to sector player Eroski. Caixa Capital Risc, the private equity arm of La Caixa, sold Caprabo alongside its founders for a total amount believed to be around EUR 1-1.3bn (including debt of approximately EUR 200m).

In December 2004, Permira acquired Dinosol from Koninklijke Ahold BV. The total transaction size was EUR 895m including debt, which is believed to be mainly amortising. A recapitalisation was completed in November 2005.

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• Southern Europe
• Industrials