The Electra Fleming/AB Asesores joint venture AB Asesores Electra (story, page 10) in January led a Pta 3 billion (ecu 18 million) buy-in of Ei System, a leading Spanish personal computer assembler and retailer. The company was acquired through New PC Holdings, established for the purpose, with backing from the newly quoted Dinamia private equity investment company together with an additional direct investment from Electra Investment Trust (EIT). Together, the two vehicles invested Pta 2.55 billion; Dinamia owns 38.5% of the equity in New PC Holdings and EIT 31.5%. The initial Pta 3 billion consideration paid for EI System could be increased to a total of Pta 3.6 billion dependent on profit performance in 1997 and 1998.
Ei System is one of the top five PC vendors in Spain, assembling and selling PCs both through its own megastores and through other retailers. Sales grew by some 50% from 1997 to 1997, reaching the Pta 13 billion mark. Two megastores, in Madrid and Barcelona, opened in 1997; further openings are scheduled over the next few years.