Restructuring fund activity in Spain
08/09/2015
Diego Gutiérrez
Restructuring fund activity in Spain
Restructuring funds are active, and in recent months we have witnessed both successful divestments, such as Sherpa Capital's divestment of Polibol, and buyouts, such as Phi Industrial's purchase of Barloword logistics.

 

Sherpa sells Polibol

Sherpa Capital has sold PolibolThe company, which manufactures flexible packaging for the Spanish multinational Saica.

The Polibol takeover was based on a 100% valuation of the company's equity of around €50 million, which is five times what Sherpa paid to buy it.  

The sale of Polibol is Sherpa's first divestment and the fund has already beaten the total amount of commitments it raised when it launched its Spanish private equity business in 2010, which amounted to $30m. As a result, all divestments from the portfolio built with this inaugural vehicle from now on will be for pure profit.

Phi buys barloword logistics

PHI Industriala financial group specialising in the turnaround of industrial companies, has acquired Barloword Logistics SA, the subsidiary for Spain and Portugal of the South African logistics services group Barloworld, with a presence in the automotive and petrochemical industries.

PHI will integrate Barloworld as a new division of Atrian Technical Services,. Following this operation, the new company will specialise primarily in data destruction machines, both for private individuals and industry. It will also offer transaction management software, as well as mailing and mail stream production products, such as enveloping machines, franking machines, folding machines and stamping machines, inherited from Pitney Bowes.

"This is the third operation that PHI Industrial has closed since July 2014, when it strengthened the business of its investee Hitecsa with the purchase of a Catalan company, Adisa, and another in France, Wesper. At the end of September, it announced the acquisition of a former Henkel plant in Sant Adrià del Besòs to reinforce its project with La Antigua Lavandera, which started in Seville with the purchase of another bleach and detergent factory from Henkel", comments Diego Gutierrez of Abra-invest

Oaktree sells Panrico to Bimbo

The restructuring fund I am buying Panrico in2011 decided to exit the company and sell it to Bimbo.

 In this way, Bimbo reinforces its leadership in the sliced bread sector with a market share of close to 50% and will make a great leap forward in the sweet bakery sector, the main value that the Catalan firm will bring to the company.

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