Alantra is finalising the launch of its new investment fund focused on taking minority positions in small and medium-sized listed companies in the Iberian market. This vehicle, the third of its kind to be launched by the firm, will have a size of between €150M and €200M. The firm will invest between €20M and €25M per company.
In which companies will the new fund invest?
Alantra invest in a highly concentrated portfolio (between 10 and 12 investments), with a long-term view (minimum tenure of 3 and 4 years), taking minority positions (between 5% and 8 %).
The new vehicle will invest in listed companies mainly in the continuous market, although it does not rule out investing in the Mab. In terms of investment sectors, the firm is open to any sector except real estate and financials.
Alantra to launch a new debt fund
In addition, the firm will also launch this month its second debt-focused investment vehicle, which will have a size of €150-€175M. Alantra thus becomes the first Spanish firm to launch a second vehicle focused on this market.
The previous one, which is almost fully invested, dates back to 2015, when the firm managed to raise €140m. So far, they have completed eight transactions.
The fund's objective is to consolidate its position as an alternative to traditional bank financing for small and medium-sized Spanish companies with a turnover of between €15 million and €150 million. Its strategy is to carry out between 10 and 12 operations, investing between €5M and €25M in each transaction.
Alantra has already completed more than 7 transactions with its first debt fund. One of the latest is the investment in Habock, one of the benchmark companies in the civil helicopter operator sector in Spain. The fund invested €25M, with the aim of financing the expansion of the company, restructuring Habock's liabilities.
Alantra: successful divestments
Alantra has recently made 3 exits. In June it sold for €99M the 100% of Probos from Surteco. Probos, based in Portugal, is the world's third largest manufacturer of glued plastic edging for the furniture industry. Alantra invested in this company in 2013, with an investment of €48M.
In 2015, it divested the 25% it held in Parking and Services (EYSA) for €20.5m. The total revenue from the transaction amounted to €28.7M, well above the money invested by N+1 in 2011 (€13.5M).
In 2016, N+1 also sold its 25% stake in High Tech Hotels & Resorts for €9M. This stake was carried at €nil in N+1's consolidated financial statements.
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