Recent transactions – Divestments
GSS
Business
Global Sales Solutions (GSS or “the Company”) is a Spanish leader in the telemarketing, CRM (Customer Relationship Management) and field marketing (external sales force, sales point management, promotions and investigations) sectors.
The Company was incorporated in May 1999. In 2000, its first complete year of activity, its sales amounted to € 1.8 million. In 2007 it closed the year with sales of € 49.7 million.
Transaction
In June 2000, an ad hoc fund advised by Capital Alianza acquired a 20% shareholding in GSS through a combined purchase of existing shares and a share capital increase.
In December 2001, Capital Alianza carried out a partial divestment, reducing its shareholding in the Company to 15.2%.
In December 2007, the listed Italian outsourcing group, Omnia Network, acquired a majority interest in the Company. In this transaction, Capital Alianza disposed of 51% of its interest in GSS and reached an agreement with the new majority shareholder to sell its remaining 7.5% shareholding, within a maximum of three years.
As a result of these two partial sales, Capital Alianza has already significantly multiplied its total investment in the Company, and still holds more than a third of its initial stake.
Since its initial investment in GSS, Capital Alianza became involved in the Company’s medium and long-term strategy. This, together with the founding entrepreneur’s huge capacity and effort, has enabled the business to significantly grow in Spain and abroad, with a considerable rise in sales and profitability.
UNIÓN ESPAÑOLA DE EXPLOSIVOS
Business
Unión Española de Explosivos (“UEE”) (now “maXam”), is the third most important manufacturing group in the world of civil explosives, registering a turnover of € 350 million in 2005.
Transaction
In 1994, Capital Alianza’s team (Pallas Invest Ibérica at the time) acquired from Ercros 100% of UEE, carrying out a share capital increase that also gave entry to its executives, with a 20% capital participation.
In 2001, Pallas Invest Ibérica achieved a very profitable sale of its interest through a recapitalization, in which Capital Alianza’s team, together with a series of investors, re-invested in UEE through the company Reef.
In March 2006, Reef sold its interest in UEE, thereby concluding a long and hugely successful investment relationship.
During the 11 years Capital Alianza’s team has participated in UEE, the company has undergone a spectacular transformation and internationalization, allowing it to hold factories in over 20 countries worldwide and to sell its products in more than 90 countries.
MAHESO
Business
Grupo Maheso is a leading company in the manufacturing and distribution of frozen food in Spain and, in particular, of prepared and pre-cooked dishes. In 2005, Grupo Maheso’s sales amounted to € 78 million.
Transaction
In 1996, Capital Alianza’s team (Pallas Invest Ibérica at the time) acquired a minority shareholding in Grupo Maheso through a combined share capital increase and share purchase.
In June 2006, Ibersurgel, a fund advised by Capital Alianza, disposed of its interest in the Maheso group and sold it to the founding partners and majority shareholders of the group.
FUN & BASICS
Business
A company dedicated to the design and retail sale of handbags and accessories (shoes, fashion jewellery, wallets, etc.), under the “fun&basics” brand, through privately-owned and franchised shops, corner stores in El Corte Inglés and multi-brand shops. In 2007, fun&basics registered sales of € 17 million.
Transaction
In February 2005, an ad hoc investment vehicle advised by Capital Alianza acquired a minority shareholding in fun&basics through a combined purchase of existing shares and a share capital increase.
In May 2008, Capital Alianza sold its stake in fun&basics to a group of private investors led by the founding partner.
During the investment period, fun&basics carried out an expansion plan throughout its domestic market, which enabled it to increase its points of sales from 34 in 2004 to 80 in 2007. In addition, fun&basics expanded its product range to new market segments (men, kids and babies).
ARTENAY - SEVENDAY
Negocio
Artenay-Sevenday was a French company dedicated to the manufacturing and sale of breakfast cereals and cereal bars for the private label market, with a strong presence in the south of Europe (France, Spain and Portugal). Sales of € 60 million in 2009.
Transaction
In June 2005, an ad-hoc fund advised by Capital Alianza acquired a minority interest in Sevenday (a French manufacturer of breakfast cereals) through a subscription to a capital increase.
Soon after this transaction, Capital
Alianza identified and negotiated the acquisition of 100% of the shares
of Artenay (a French manufacturer of cereal bars) by Sevenday. In order
to partially finance this acquisition, Capital Alianza increased its
equity investment.
Both companies merged in 2007 (the resulting company being named
Artenay-Sevenday) and were integrated into Seda group, Capital Alianza
maintaining its interest in Artenay-Sevenday.
In January 2010, Capital Alianza sold its interest in Artenay-Sevenday to Seda group in the context of two corporate transactions which involved the sale of the former Sevenday’s business to a German competitor and the signing of a joint-venture with a Spanish food group to further develop the cereal bars business. After these transactions, the company changed its name to Artenay Cereals.