EYSA, with revenues exceeding €60 million, is one of the benchmark companies in the sector of car parks in Spain. Its main activity, which represents more than 80% of its sales, is the management, operation, control and maintenance of on-street surface parking areas (so called “ORA”) as well as the development and implementation of computer applications related to mobility within cities. The company currently manages over 120,000 spaces in over 60 cities in the Spanish territory, including regulated on-street parking areas and off-street parking spaces. Additionally the company manages municipal tow services in several locations.

The company, supported by funds managed by N+1 Private Equity and its management team, will continue to pursue the development of global mobility solutions for cities through the management of on-street parking spaces and by providing technology solutions to city councils and municipalities.

Investment rationale:

• Defensive sector with high visibility over revenues and growth prospects in the coming years.
• Leading positioning in the on-street segment, being one of the only two players with full national presence.
• Organic and inorganic growth potential.
• Close-knit team with deep sector knowledge and proven track record.

Teltronic and Rymsa Teltronic is specialized in designing and manufacturing electronic equipment and systems for professional radio market and Rymsa designs, manufactures and distributes antennas and components for the telecommunication industry.

Both complementary businesses are characterized by having a range of activities falling under the scope of the design and manufacture equipment and high technology systems, with strong export vocation, with a vision for growth on an organic and inorganic way and mainly aimed at key sectors of economic activity (telecoms, space, etc..), more specifically the communications sector.

The project is based on integrating into a single company both complementary businesses and achieve a unique Group dedicated to the design and manufacture of electronic systems. Currently, the Group employs more than 500 people and exports more than 70% of its sales.

The deal was structured as a buyout leaded by Nmás1 Private Equity.

Investment rationale:

• Outstanding management team, responsible for the internationalization of the Group.
• Excellent brand recognition based on technologically advanced and high value added products.
• Leading positions worldwide in professional, niche, global and growing markets.
• Both inorganic and organic growth possibilities.

Mivisa group is the leading Spanish manufacturer of tinplate containers and the third largest group in Europe. The Company founded in 1972, based in Murcia is present in more than 70 countries, has more than 2,000 employees and nine factories in Spain, the Netherlands, Hungary and Morocco.

The deal was structured as a buyout leaded by Nmás1 Private Equity and The Blackstone Group together with the management team.

The company’s strategic plan is based on the on-going consolidation of its market positioning and continuing international expansion into new countries.

Investment rationale:

• Outstanding management team, that has been responsible for the company's success over more than 20 years.
• Mivisa’s leading position in a very well structured and predictable sector not very exposed to economic cycles.
• Relevant diversification through its broad customer base, extensive product range and sales to more than 70 countries.
• Distinctive production model in the sector, offering it a higher return compared with its competitors.

MBA is the leading independent distributor of surgical orthopaedic products in Europe. Founded in 1988, the headquarters are located in Asturias and the group operates in Spain, Portugal and Italy. MBA is the fourth player in Spain (just behind international manufacturers) and is specialised in the distribution of hip, knee and column implants as well as external fixation devices. The group also has a biological product line commercialised under the BIOSER brand. MBA distributes its products under its own brand on an exclusive basis as a result of the long term and solid relationship with international recognised suppliers (mainly from US and UK). Public Hospitals are their main clients, representing more than 80% of the group’s sales.

The deal was structured as an MBO leaded by the management team and the local managers, all of them with broad experience in the sector and the company.

Investment rationale:

• Resilient sector with great visibility and growth future perspectives.
• Excellent brand recognition based on technologically advanced and high value added products.
• MBA has a solid and complementary management team strongly motivated with the project.

Xanit Xanit is a healthcare project that aims to create one of the benchmark hospital groups in Spain. The Group is currently made up of Hospital Xanit Internacional, located in Benalmádena (Malaga).
The Xanit hospital was opened in January 2006. It has since become one of the main hospitals in the south of Spain and is renowned for a number of specialties, such as oncology and heart surgery. The hospital operates from a 13,000m2 five-floor building, with capacity for a total of 150 patients in fully equipped individual rooms and suites. The hospital also has a peripheral medical centre in Fuengirola.

The hospital group is headed up by a renowned management team with extensive sector experience, spearheaded by Mercedes Mengíbar, a former Managing Director of USP Marbella.

Investment rationale:

• A fragmented sector with an outlook for future consolidation
• Defensive profile: resistance to cycle changes and rapid growth
• Health centres of reference in their markets

ZIV is one of the leading manufacturers, distributors and installers of safety, control, metering and telecommunications products for power utilities. ZIV’s products are critical to the proper functioning of substations and electricity networks; accordingly, ZIV’s revenues are highly correlated to utilities’ spend on transmission, distribution and telecommunications equipment.

This transaction took the form of an MBO led by ZIV’s management team, which has stayed on in the key management positions under the leadership of Norberto Santiago Elustondo.

Investment rationale:

• Outlook visibility for ZIV’s target market based in utilities companies investment 
• Positioning among Spanish utilities in the protection and control, telecommunications and metering segments; one of the sole suppliers to guarantee its clients adequate flexibility
• Highly rated by its clients in terms of its product quality and customer service

Alcad founded in 1988, is engaged in two main lines of business: (i) high frequency, spanning the R&D, design, manufacture and commercial launch of digital and analogue television signal reception and distribution products for residential buildings; and (ii) entry control, including entryphones, videophones and intercommunication systems. In relation to the outlook for the high frequency segment, it is worth highlighting that recent digital terrestrial television (DTT) legislation stipulates an analogue blackout by 2010, which means that, although analogue broadcasting dominates today, DTT television will be the only broadcasting technology in use by 2010.

The deal was structured as an MBO in which the vast majority of the management team came on board. Antxon Galarza has served as General Manager (and continues to do so) since the company was founded. Mr Galarza previously worked as sales manager for IKUSI. In 2008 Francisco Navarro (former head of manufacturing) was appointed the company’s General Manager. Mr. Galarza, meanwhile, will spearhead international expansion.

Investment rationale:

• Strong competitive positioning in its operating sector
• Growing market with TDT boom envisaged before the analogical blackout
• Significant entry barriers in the high frequency segment 

Since it was formed, Colegios Laude has been one of the largest chains of private, bilingual schools in Spain. Pupils are aged between two and 18. The chain currently includes seven schools and nine centres in different Spanish towns, in addition to a school in the United Kingdom.

The core transaction team has extensive experience in the management and acquisition of private schools.

Investment rationale:

• Demand exceeds supply. There is growing demand for private schools due to:
  • Growing concern for education, leading medium-high income families to seek a higher quality education for their children.
  • Saturation of preschool classes in public schools and private subsidised establishments.
• Opportunity to consolidate the sector. Sector development is limited, professionalism is low and the market is highly fragmented.
• Growth sector. The number of pre-university students grew by 2.7% in 2009, particularly in preschool education (+7.7%), where private schools are gaining market share with respect to private subsidised and state schools.

The Grupo Bodybell has 240 stores after Juteco competitor acquisition in 2007 and is the leading perfumeries and cosmetics chain in Spain and the number two retailer of high end cosmetics nationwide. The group retails select perfume and cosmetics goods and wholesales consumer health and beauty products. The company’s strategy is based on intensifying the pace of growth successfully executed to date, both organically and through selective add-on acquisitions.

The transaction was structured as a BIMBO, led by Francisco Martín-Consuegra (current CEO), who has extensive experience in the retail sector. Before launching this project, he held management positions at Leche Pascual. Two other key managers stayed on: Mr. Carballo (General Manager) and Mr. Cabanas (CFO), both with longstanding experience at the company and in-depth knowledge of the perfumery and cosmetics sector.

Investment rationale:

• Solid growing market
• Fragmented sector with consolidation opportunities
• Strong market positioning and brand image

Grupo Novolux, through its Cristher, Dopo and Venezina, brands, is the  only pure-play, retailer in the private exterior lighting sub-segment in Spain.

The group has two strong brands which are reference for installers, electricians and electrical stores.

This position has enabled the group to develop a captive retail channel which, combined with a top class delivery service, a broad catalogue and a network of international manufacturers exclusive to Spain, has underpinned a  strong brand image vis-à-vis customers and suppliers.

Investment rationale:

• Good channel positioning. Installers act as Cristher and Dopo products prescribers  due to the large amount of references available in the catalog and the obtained discounts
• Strong barriers to entry. Two established brands to prevent possible entry of other competitors, good sales force and supplier fragmentation 
• The delivery service and the catalog wide product range are other differentiation factors versus competitors

High Tech Hoteles & Resorts, SA, is a hotel chain focused on the 3-star and higher segment in the urban business traveller and tourist segments. It currently has 47 hotels in operation or in the pipeline, located primarily in Madrid (26 of the total) and in the main regional capitals. 31 of these are already operational while the remainder will be opened as their refurbishment is completed.

The company is headed up by five executives from the Tryp chain. The team left following the acquisition of Tryp by Sol Meliá to launch their own hotel chain, leveraging their vast sector experience and total commitment to the project.

Investment rationale:

• Well defined and flawlessly executed business model
• Close-knit team with vast sector knowledge
• Highly fragmented segment, with solid fundamentals and good medium-term perspectives