New funds in February: Nexxus, Torreal, TowerBrook, Peninsula and Providence

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Integral service around a transaction
BY : Diego GutiérrezMarch Wed, 2018

Find out about the new funds and deals completed by the main private equity firms in February. We analyse the first closing of Nexxus Iberia, the purchase of Aernnova by Torreal, TowerBrook and Península, and the exit of Providence in MásMóvil.

Find out about the new funds and deals completed by the main private equity firms in February. We analyse the first closing of Nexxus Iberia, the purchase of Aernnova by Torreal, TowerBrook and Península, and the exit of Providence in MásMóvil.

Nexxus Iberia completes its first closure

The venture capital firm Nexxus Iberia has successfully completed the first closing of Nexxus Iberia Private Equity Fund I with €130M committed against a target of €200M. This first closing was attended by recurring Nexxus investors, institutional investors, family offices and individual investors from Mexico and Spain. They were also joined by FOND-ICO Global, Banco Sabadell and the EIF. All these players have relied on the experience and solid background accumulated by the team in Iberia and the previous Nexxus funds.

The main objective and differential angle of Nexxus Iberia is to strengthen the links between Spanish SMEs and Latin America, taking advantage of the fact that its partnership with Nexxus and the fact of being part of its platform provide it with the support of its entire infrastructure.

Nexxus Iberia expects to complete its first investment in the coming months and make the final closing of the fund by the end of 2018, which will invest in between 8 and 10 Spanish companies with high growth potential, with investments of between €10M and €25M, through both majority and significant minority stakes.

According to Maite Ballester, Managing Partner of the firm, "we are really excited to reach a first close with more than half of the fund's target. The vehicle has a very interesting portfolio of Spanish companies with great growth potential and solid business fundamentals that have allowed them to weather the Spanish economic crisis of recent years. He also says it is easier to take advantage of Latin American growth from Spain than from any other European country.

Since its foundation in 1995, Nexxus has a track record of 5 funds, 25 investments and 11 exits, 5 of them through IPOs. The firm is one of the leading alternative asset management institutions in Mexico and one of the most successful in Latin America.

Torreal, TowerBrook and Peninsula take control of Aernnova

The investment consortium led by TowerBrook has closed the purchase of a stake of close to 70% in AernnovaThe company inherited from Gamesa's aeronautics business. The equity value (per 100%) would be close to €900M, debt not included.

The percentage was held by SpringwaterThe management team, led by Iñaki López Gandásegui (Chairman and CEO) and Pedro Fuente (Deputy Chief Executive Officer), who partially divested by selling more than 20% and maintaining a significant majority of close to 29%.

This entry into Aernnova is also the first major transaction in Spain for the venture capital firms TowerBrook and Peninsula Capital.


Providence initiates its exit from MásMóvil

Providence has begun its gradual exit from MásMóvilafter selling a 14.03% stake in the telecommunications operator through an accelerated placement with institutional investors of 2.8 million shares for €245.7M, which translates into a price per share of €87.75 and a capital gain of €190.96M. Following this sale, Providence holds 3.97% of the capital and a package of bonds convertible into 8.11 million MásMóvil shares at €22 per share. Thus, if it decided to execute these bonds, it would obtain an additional 26.91%.

The private equity firm became MásMóvil's largest shareholder in 2016, after obtaining a 18% stake in the company by subscribing to a capital increase 160m to finance the acquisitions of Yoigo and Pepephone. In addition, it subscribed a €165m convertible bond issue.

MásMóvil was created in 2014 as a result of the merger by absorption of Más Móvil Telecom by Ibercom. The telecommunications company was floated on the MAB in 2012 and has since multiplied its share price thanks to a selective policy of organic growth and acquisitions of other operators: Tecnologías Integrales de Telecomunicaciones, Telechoice España, The Phone House Móvil, Xtra Telecom, Neo Operador de Telecomunicaciones, Yuilop and Embou, among others. Turnover for the first nine months of 2017 reached €949.2M, with ebitda of €168.4M and net profit of €45M.

Headquartered in Rhode Island, Providence also has offices in New York, London, Hong Kong, Singapore and New Delhi, and currently manages over $$50 billion in private equity and credit. Since 1989, it has invested in 160 companies in the media, communications, education and information sectors.

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