Largest secondary buyout in Spain completed

3i has exited Spanish security company Segur Ibérica in the country’s largest secondary buyout. 3i and local private equity firm MCH purchased a 70% stake in 1999 for an undisclosed sum, and the company was sold to a Nmas1-led consortium of investors for €52.5m

Nmas1 Private Equity Fund and Dinamia Capital, a listed Spanish vehicle managed by Nmas1 have bought 36.2% of the company for €19m. Madrid-based Corpfin Capital purchased an equal share for the same price.

Espiga Capital and MCH hold a 24.7% interest, and the management retained a 2.9% share.

The Nmas1 Private Equity Fund reached a final closed in April 2003 on €175m.

Corpfin invested from its €135m Corpfin Capital Fund II, which is over 25% invested. Espiga’s contribution comes from its €33m Espiga Capital Inversion fund, and MCH’s investment comes from its Iberian Capital Fund I.

The transaction was financed with a combination of debt syndicated by Caylon’s capital markets division which was created as a result of the Credit Agricole Indosuez and Credit Lyonnais merger.

Segur Ibérica was founded in 1978 and operates a group of security companies providing security services including the installation of security system alarms. It also designs, installs, markets, and maintains security systems and alarms primarily to serve large security projects.

Since the 1999 buyout by 3i and MCH, Segur Ibérica increased revenues from €76.3m to €159.3m.