GED Capital has sold its shares in Nekicesa, a converter of folding cartons supplying the pharmaceutical end-market in Spain. The buyer was Essentra. No financial terms were disclosed.
Madrid, September 9th, 2019. Spanish lower mid-market firm GED Capital has announced today the sale of its shares in Nekicesa Packaging S.L. (“Nekicesa”) to FTSE 250-listed company Essentra.
With two well-invested facilities in Madrid, Nekicesa is one of the leading converters of folding cartons supplying the pharmaceutical end-market in Spain. The acquisition of Nekicesa adds manufacturing capacity and value-added service capability to Essentra’s existing site footprint in Barcelona.
Nekicesa has been acquired on a cash-free, debt-free basis, funded from existing facilities, and the transaction will be immediately earnings enhancing to Essentra.
With this transaction, GED Capital has fully exited its fund GED Iberian B, which closed in 2012. GED Capital is currently raising its latest private equity vehicle GED VI España, which reached a €100m first close in March 2019. The fund, which has a target size of €175m, follows the same strategy than its predecessor.
Enirque Centelles Satrústegui, Managing Partner of GED Capital, said: “Nekicesa has been producing secondary packaging solutions for the international pharmaceutical and cosmetics industries since 1965. It has been a great honour for GED Capital to support the growth of the company over the last few years via a buy&build strategy. The acquisition of Nekicesa by an industrial buyer demonstrates once again our firm’s operational capabilities and hands-on approach to add value to our portfolio companies.”
Commenting on today’s announcement, Paul Forman, Chief Executive Officer of Essentra, said: “With a proven track record of profitable growth under an experienced management team, Nekicesa is a great fit with our own business in Barcelona as we continue to focus on our strategic objective of being the leading dedicated supplier of specialist secondary packaging and value-added services to the global pharmaceutical, personal care and beauty industry. I would like to welcome all at Nekicesa to Essentra and wish them every success.”
GED: Alantra (Corporate Finance), Garrigues (Legal)
About GED (www.gedcapital.com)
GED is an independent fund manager founded in 1996 that operates in the lower mid-market segment. The firm currently manages more than €900 million through different vehicles of Private Equity and Infrastructure. It has a universe of more than 50 domestic and foreign investors, including pension funds, funds of funds, insurance companies, family offices and financial institutions.
About Essentra (www.essentraplc.com)
Essentra plc is a FTSE 250 company and a leading global provider of essential components and solutions. Organised into four global divisions, Essentra focuses on the light manufacture and distribution of high volume, enabling components which serve customers in a wide variety of end-markets and geographies.
Headquartered in the United Kingdom, Essentra’s global network extends to 34 countries and includes c. 8,000 employees, c. 45 principal manufacturing facilities, c. 30 sales & distribution operations and 4 research & development centres.