N+1 advises Chequers Capital on the acquisition of Spandex from Gilde Buy Out Partners
The German office of N+1 supported Chequers Capital during the entire M&A process as well as in structuring the acquisition financing in form of a combination of senior debt and subordinated debt to be provided by a consortium of Commerzbank, IKB Deutsche Industriebank, NIBC Bank and UBS Switzerland as well as Crescent Capital Group.
Istanbul / Madrid, January 2016-. N+1 has advised Roca, Europe's largest sanitary ceramics and fittings manufacturer, with over 21,100 employees and 75 production facilities in 18 countries, in the acquisition of NSK, Turkish company involved in faucet manufacturing and commercialization, for €40mn. With this transaction Roca returns to the Turkish market and reinforces its faucet production capabilities consolidating its faucet production capabilities in excess of eight million pieces per annum across the world.
Established in 1965, NSK has approximately 300 employees in its production plant at the industrial zone of Eskisehir, 325 km away from Istanbul. With a total area of 34,000 square meters, NSK has state-of-the-art equipment for the production of top-quality products including PVD finishing faucets, complementary to Roca’s current product offering.
The transaction was co-executed by N+1’s Turkish and Spanish teams.
Madrid, February 2016 -. N+1 advised Ibercaja on the sale of Gestión de Inmuebles Salduvia, its real estate asset management platform, to Aktua. As part of this transaction, Ibercaja has also reached a servicing agreement with Aktura, which includes the management and commercialization of the present and future REOs of Ibercaja and the real estate collaterals of the bank’s non-performing loans, for an aggregated volume in excess of €2.5bn and approximately 14,000 units.
Ibercaja is Spain’s eight largest banking group, with a solid presence in Aragón, La Rioja, Guadalajara, Burgos and Badajoz, and also present in Madrid and the Spanish Mediterranean coast.
Established in 2008, Aktua Soluciones Financieras is one of the reference special servicing platforms in Spain, with 24 commercial delegations across the country and more than 20,000 real estate units sold during the last years. The servicing platform increases the volume of Assets under Management by nearly 40% (up to more than 42,000 units) and incorporates a real estate management team of 46 employees.
Madrid, February 2016 -. N+1 advised the Spanish control and inspections group Atisae in the divestment of the 54.80% stake of the founding partners to the owner of the remaining 45.20% stake, German company Tüv Süd. As part of the agreement, the selling shareholders have additionally divested the 38% that they owned in Atisae Castilla y León.
Established in 1964, Asistencia Técnica Industrial S.A.E. (Atisae) is one of the leading providers of testing and inspection services on the Iberian peninsula. The company, with a workforce of over 1,300 employees and revenue of over €84mn, operates in three fields of activities: industrial safety, vehicle inspection and automotive consulting.
In a statement released by Tüv Süd, Prof. Dr.-Ing. Axel Stepken, Chairman of the Board of the company, said that “by acquiring Atisae we will sustainably strengthen not only our business operations in Spain, but also our position in western Europe”. “This acquisition, the largest in our company’s history, will give us access to an important and exciting market”. Besides being the fifth largest national economy in the European Union, Spain is the second largest car manufacturer in the EU, has the longest network of motorways in Europe and ranks fourth worldwide in terms of installed wind power capacity. Offering a broad portfolio of services, ATISAE operates in many sectors of industry and is thus a perfect match for the Tüv Süd Group. After the acquisition, the German corporation employs around 24,000 staff around the world, with international employees accounting for over half of the workforce.
Paris, 17 November 2015 – N+1 has acted as the sole financial advisor to the Pierre Hermé Paris Group (house of fine patisserie) and its shareholders, on the transaction completed with Log Investment, the entrepreneurial fund founded by L’Occitane Groupe. Log Investment has subsequently purchased a stake and replaced minority shareholders, including CM-CIC Capital Privé, who had an equity interest in the Pierre Hermé Group since 2010.
Created in 1997 and having shown significant growth, notably internationally since 2010, the Pierre Hermé Paris Group employs more than 500 staff and has a global retail network located mainly in Europe, Asia and the Middle East.
As majority shareholders, the founders of the Pierre Hermé Paris Group will be relying on their new partner to accelerate the growth of their network of boutiques, in France and internationally, and to develop synergies.
This is the third deal advised by N+1 in France since its official launch on 29th September this year (following the sales of DSO Interactive to Montefiore Investment and Quelle Energie to CertiNergy).
A high-quality and successful business. Founded 40 years ago and headquartered in Boston, C.W. Downer is a leading M&A firm in the US mid-market. During the last 4 years, C.W. Downer has advised 73 transactions (71% of which have been sell-side). The company expects revenues of $20mn and a pro-forma operating profit of c.$6mn in 2015.
C.W. Downer’s team is made up of over 40 professionals, based in Boston and five other offices: Frankfurt, Paris, Dublin, Mumbai and Shanghai.
C.W. Downer specializes in cross-border M&A transactions (62% of the deals advised in the last four years) and has a strong expertise in the following sectors: industrials, material handling, consumer, food & specialty ingredients and aerospace & defence
N+1 to become a global mid-market player. With this transaction, N+1 hits another milestone in its strategic goal of building a global midcap investment banking platform with strong local teams. As a result of this transaction, the investment banking division of N+1 will consist of 240 professionals in 13 countries
Growth in the US. Building on C.W. Downer’s platform and reputation, N+1 will be looking to grow in the US, the world’s largest M&A market with 52% of global deal volume, by opening new offices and incorporating specialized product and sector teams
Strengthening teams in Germany and France. With the addition of C.W. Downer’s professionals in Germany and France, N+1 strengthens its positioning in these countries, where it will have teams made up of 30 and 20 professionals respectively
The transaction, which is subject to FINRA’s approval, contemplates the full integration of C.W. Downer in N+1 through the payment of id="mce_marker"8.6mn over a 4-year period and the delivery of 1,262,652 shares of N+1 (shares have a 4-year lock-up), by which the 5 executive partners of C.W. Downer will become partners of the Group
Madrid, December 2015. The Private Equity team of N+1 has been awarded with the Gold Award in the Best Spanish LBO Fund category in the 14th edition of the prestigious Private Equity Exchange & Awards. This award comes one year after the Special Distinction in the same category.
Gonzalo Rivera, CEO of N+1 Private Equity, said “We believe this award is an acknowledgement of the very positive developments in our portfolio, the experience and drive of the team and our focus on delivering strong investment performance through the international growth of Iberian upper mid-sized companies”.
The Private Equity Exchange & Awards is a well-reputed event in the European Private Equity scenario and gathers each year 1,200 high-profile delegates and is dedicated to all players of these communities. It follows a rigorous process to recognize the leaders of the private equity industry. The jury member is composed of over 80 experts including some of the most reputed institutional and international investors and laureates lists in the different categories (please click here to see the members).