in Garcia Baquero Spanish buyout specialist Mercapital has sold its stake in cheese manufacturer Garcia Baquero for an undisclosed sum. Management has acquired Mercapital’s 16.7 per cent stake, which it bought in 1996 for EURO9.62 million to help the company with its expansion plans.
In 1999 the company was hoping to list on the Spanish stock exchange but failed due to unfavourable market conditions. Subsequently, the company embarked on an aggressive expansion drive acquiring five per cent of wine producer Arco Bodegas Unidas and five per cent of Occidental Hoteles. It also invested EURO57 million in two new factories in Zamora and Alcazar de San Juan.
Mercapital, along with co-investor Caja Madrid, is also looking to sell its stake in logistics company Grupo Logistico Santos.