SPAIN- Codere flirts with private equity again

It is understood that the Martinez-Sanpedro family, which controls around 90% of the business, has been in talks with a number of private equity investors, although no agreement has been reached yet. Other options to raise extra capital would be an IPO or a partnership with institutional investors.

Codere is already familiar with private equity. The restructuring process of the company in 2006 saw the exit of co-founder family Franco and private equity investor Monitor Clipper Partners (MCP). The Martinez-Sanpedro bought back a minority share of 11.1% in the business for around EUR 105m, providing returns to MCP of 3x its original investment.

A sector leader in Spain, Codere also has a predominance in the gambling industry in Argentina and Mexico. The company's turnover in 2006 exceeded EUR 650m.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Southern Europe