Spanish mega deal

BNP Paribas’ private equity group, PAI and Suala Capital Advisers have bagged Mivisa in Spain’s largest private equity deal of the year. The transaction also marks Suala Capital’s deal debut. Founded in 1972 and headquartered in Murcia Mivisa is Spain’s largest manufacturer of metal packaging containers for the food industry with sales for 2000 reaching e200 million and EBITDA at e39 million. PAI and Suala Capital Advisers each hold a 50 per cent stake in the company. Total value of the deal was undisclosed.

Mivisa’s sales have been growing at an annual rate of 14 per cent since 1996 and the company exports 45 per cent of its products mostly to France and Portugal. Prior to the buyout, Mivisa was a family-owned business with five manufacturing plants and around 1,700 employees.

Mivisa is the first investment made by the funds advised by Suala Capital. The fund was set up in January 2001 and has e200 million in commitments from selected international financial institutions and high net worth private investors. Investments will be focused on Spanish middle market buyouts in traditional industry sectors.

PAI has invested from PAI Europe III, a private equity fund focused on medium- to large-sized LBOs across Europe.

The transaction is being financed by a bank consortium led by Credit Lyonnais, Banesto and Barclays Capital.