DC Advisory's European Mid-Market Private Equity Round-Up: Spain Q1 2019 Highlights

Higlights

Spanish mid-market buyout volumes this quarter reached the same record breaking levels as Q1 2017, and EBITDA multiples continue to soar in the region. We believe that PE activity in Spain will continue on this positive trajectory, particularly in Consumer, Leisure & Retail, but we are more cautious than in 2018, since corporate mid-market transactions are not immune to the current capital market situation and macroeconomic uncertainties.

It is true that there is still a lot of liquidity in the system and that private equity set a new investment record in 2018. However, this is explained, to a large extent, by the value of large investments. The question is whether we will continue to see a similar volume of macro-deals during this year.

The key transactions that took place during the period include:

Consumer, Leisure & Retail

• Alantra Private Equity acquired Frias Nutricion, the private label manufacturer and distributor of vegetable-based drinks, for an undisclosed consideration (DC Advisory advised on this transaction >)
• Corpfin Capital sold Arenal Perfumerias, the perfume, cosmetics and parapharmacy retailer, to Sonae, for an undisclosed consideration (DC Advisory advised on this transaction >)
• Platinum Equity acquired Grupo Iberica de Congelados (Iberconsa), the provider of frozen seafood products, from Portobello Capital, for an estimated consideration of €500M

Healthcare

• EQT Partners acquired Igenomix, the provider of genetic testing services for reproductive health patients and clinics, from Charme Capital Partners, Amadeus Capital Partners and Aleph Capital Partners, for an estimated consideration of €400M

Industrials

• The Carlyle Group acquired Jeanologia, the producer of machines for the garment-finishing sector, from MCH Private Equity, for an undisclosed consideration