GPF Capital has acquired Gestair from Nazca. No financial terms were disclosed. Socios Financieros and KPMG have advised Nazca Capital on the deal while EY advised GPF Capital. Based in Madrid, Gestair is an executive aviation company.
Madrid, 18 October 2019.- Subject only to the approval by the National Commission on Markets and Competition, GPF Capital would thus close its seventeenth transaction since its launch in 2015 with the acquisition of Nazca’s controlling stake in Gestair.
Founded in Madrid in 1977, Gestair is the leading company in Spain in executive aviation and was the first Spanish company specialized in providing the full range of comprehensive operating and management services. In 2006, Gestair expanded its operations by also offering the maintenance of executive aircrafts, becoming today the company with the broadest maintenance services portfolio in Europe, and with technical capacity to maintain 90% of the executive aircrafts available on the global market.
In the last five years the company has undertaken a growth process of in the Spanish market led by Nazca Capital with a 35 aircraft fleet under management and a gross revenue close to €150 million, including maintenance services for own and third-party aircrafts. Gestair is recognized as the Spanish market leader and one of the leading companies in the European market. During this period, the company has reached key milestones such as the integration of Executive Airlines in 2015 or the opening in 2018 of the first executive aviation hangar in Madrid-Barajas, which has a surface of 8,500 m2. Gestair has a solid and long-standing relationship with blue-chip customers (large corporations).
With the acquisition of Gestair by GPF Capital, a commitment is made to the total continuity of the current management team that has a unique knowledge of the sector. This team is led by Carlos Gericó (Managing Director, who will also become the Chairman of the new Board of Directors), Rafael Melero (Aviation Manager), Ricardo Tercero (Maintenance Manager), Anabel Azor (Legal Manager) and Cesar Ovelar (Chief Financial Officer). All of them will also become shareholders of the company in this transaction.
Together, GPF Capital and the management team will develop a new strategic plan whose pillars are: (i) to maintain, strengthen and expand all aviation and maintenance services in Spain, (ii) the opening of a second hangar in Madrid Barajas to increase up to 20,000 sqm the capacity of maintenance and hangaring services and (iii) the internationalization of the Gestair brand throughout Europe and Latin America.
Socios Financieros and KPMG have advised Nazca Capital in this transaction and EY has advised GPF Capital. In addition, Uría Menéndez has been the legal advisor.
About GPF Capital
Founded in 2015 by Martín Rodríguez-Fraile, Ignacio Olascoaga, Lorenzo Martínez de Albornoz and Guillermo Castellanos, GPF Capital is an investment group specialized in investing in SMEs in Spain. With the acquisition of Gestair, GPF Capital has now 17 transactions in this period (7 from GPF II) and advances firmly in its commitment to support the development of the Spanish mid-market. It has an investor base composed exclusively by UHNW/Family Office investors from Spain, Latin America and US. Since 2015, GPF Capital has invested more than € 300 million in Spanish SME and plans to double that figure up to about €500 million at the conclusion of the GPF Capital II investment program. GPF Capital has invested in the last five years in a portfolio of companies that includes Acuntia, Aurgi Stores, Motortown, Pacha Group, La Flauta Group, Vicarli, Malasa, Noa Group, EDT Group, Golderos, Quimir Romar, Xiomara, etc.
Nazca is a private equity fund management company, specialized in the Spanish mid-market. Nazca leads its market segment, both by volume of deals and by profitability of its investments. Since 2001, Nazca has invested the entirety of Funds I, II and III with a respective size of €100, €150 and €230 million, having accomplished 66 transactions: 29 direct investments in companies, 18 additional acquisitions through portfolio companies and 19 divestments.
Nazca currently manages Nazca Fund IV with a total commitment of €275 million and Nazca Fund V of €150 million for investments in smaller SMEs, both funds sponsored largely by international institutional investors. Nazca’s portfolio is comprised by 10 firms: Grupo OM (visual merchandising), FoodBox (retail food), Distribuciones Juan Luna (food), Caiba (PET packaging), McBath (cast marble shower trays), Phibo (implantology and prostheses), Herbex (fresh aromatic herbs), Terratest (geotechnical and tunnelling solutions), Diater (biopharmaceutical) and Cinelux (lighting equipment rental). Nazca has divested from (asides from Gestair): Svenson, Rodilla, Dibaq, Unipost, Vinartis, Lizarrán, El Derecho, Guzmán, Acens, Hedonai, Elogos, Fritta, Autor, IMOncology, Logifrío, Agromillora, El Granero Integral, Eurekakids and Gestair.