Ahorro Corporación Desarrollo, SGECR, SA

Transcription

1 , SGECR, SA Ahorro Corporaci ón Desarrollo, S.G.E.C.R., S.A. Paseo de la Castellana, Madrid ESPAÑA Tel: Fax: July 2012

2 Executive summary Ahorro Corporación Desarrollo (ACD) is the Private Equity management company of Ahorro Corporación PE Managemen t Company ACD ( was founded in 1999, and belongs to Ahorro Corporación ( ACD is structured as a Sociedad Gestora de Entidades de Capital Riesgo (SGECR), ruled by the CNMV Offices in Madrid, Málaga, Valencia and Valladolid Team composed by 10 experienced professionals in private equity PE funds under managemen t ACD manages 7 PE funds, with a total committed capital of 345 M. All funds are already invested ACD has mainly invested in Small and Medium Enterprises (SMEs) in Spain Geographically, 3 funds were invested nationwide and 4 in several specific Spanish regions (Andalucía, Castilla y León, Valencia) Investment history ACD has invested in 41 companies for a total amount of 264 M (without considering acquisition debt) ACD has successfully investing in different sectors, with different investment structures (growth capital, replacement capital, MBO, MBI, LBO and start-ups) ACD holds majority or minority equity stakes, depending on the requirements of the transaction At present, ACD has divested from 24 investee companies, for a total amount of 207 M The divestments have been agreed with the rest of shareholders, after an average 5 years holding period, and carried out through trade sales to other companies, financial investors or to the rest of the shareholders ACD currently manages a portfolio of 17 companies, including all funds under management 3 out of the 7 funds under management have already fully reimbursed total capital disbursed by investors 2

3 ACD as equity partner Subscribing capital increases in companies, in order to fund: growth projects investments acquisitions of other companies the restructure of the capital-debt balance Equity Investor Acquiring equity stakes in companies to: provide partial or total liquidity to certain shareholders solve shareholder conflict of interest and facilitate transition in family owned companies supporting the acquisition of the company by its management (MBO), or others (MBI) Combining both, to provide liquidity to shareholders and funding for the company Shareholder Reinforcing the equity of the company before institutions, banks, competitors and clients Supporting shareholders and management in the analysis and execution of strategic decisions Demanding a highly skilled management structure Promoting growth through mergers and acquisitions Improving management and financial controlling methods in the company Participating in the funding strategy with bank loans Promoting relationships with other companies, directors and institutions 3

4 Investment strategy Search for investment opportunities Analysis of investment opportunities and Investment execution Investment management Divestment ACD generates investment opportunities for its funds through different ways: Continuous analysis of economic sectors and companies Creating a network with experienced directors and professional associations Establishing long-term relationships with advisors, bankers and consultants Identifying experienced managers in certain economic sectors and MBIs ACD analyses the target company, business plan, management team and market ACD analyses the business plan execution and the future exit strategy Target companies Small and medium sized Spanish enterprises All sectors, except finance and construction With potential growth and improvements Experienced management Structuring the investment Depending on shareholders requirements: Majority or minority stakes Acquisition or capital increase Active member in the board and shareholders meeting Involve in all strategic decisions Supporting management, without interfering in daily business, in order to execute the business plan Pre-planned exit strategy Involvement in the divestment execution Divestment agreed with the rest of shareholders ACD leverages its searching for opportunities based in its 4 offices across Spain Equity amount depending on fund-size. Total invested amount could be increased with debt o equity co-investors Investment time horizon: average 5 years Establishing equity incentives for management 4

5 Funds under management (all fully invested) Nationwide Funds AC Capital Premier II, F.C.R.+AC Coinversión Fund raised in 2006 : M Investors: 20 saving banks, Ahorro Corporación, other investors 6 companies in portfolio and 1 divestment AC Capital Premier, F.C.R. Fund raised in 1999: 63.1 M Investors: 23 saving banks and Ahorro Corporación Fully divested (9 companies) Inversiones en Telecomunicaciones, F.C.R. (for IT companies) Fund raised in 1999: 20 M Investors: France Telecom, European Investment Fund 1 company in portfolio and 3 divestments Regional Funds Castilla y León Capital Desarrollo I, F.C.R. (for CyL region) Fund raised in 2008: 67 M Investors: 6 local saving banks and a regional public entity 4 companies in portfolio located in the Castilla y León region CPE Capital CV, F.C.R. (for Valencia region) Fund raised in 2005: 20 M Investors: 2 local savings banks 3 companies in portfolio located in the Valencia region Andalucía Capital Desarrollo, F.C.R (for Andalucía region) Fund raised in 2002 : 36 M Investors: 6 saving banks, European Investment Fund, IFA, AC 4 companies in portfolio and 5 divestments Andalucía 21, F.C.R. (for Andalucía region) Fund raised in 1999: 18 M Investors: 5 saving banks, Instituto de Fomento de Andalucía (IFA) Fully divested (9 companies) 5

6 Portfolio of investments (1 of 3) 6

7 Portfolio of investments (2 of 3) Investee companies Fund Equity stake Transaction Investment date Postigo Group AC Capital Premier II 21.3% Growth May 2011 NRSur Group AC Capital Premier II 34.0% Growth July 2010 Vaughan Group AC Capital Premier II 55.0% Replacement July 2010 Geroresidencias CPE Capital CV y AC Capital Premier II 86.7% Replacement April 2007 / March 2010 Flight Training Europe AC Capital Premier II 49.0% Replacement February 2008 Litalsa AC Capital Premier II 85.8% MBO/LBO February 2007 BIOTRAN Gestión de ResiduosCastilla y León Capital Desarrollo 48.0% Growth October 2011 Metales Extruidos Castilla y León Capital Desarrollo n.d. Growth March 2011 Iberfresco Castilla y León Capital Desarrollo 45.9% Growth October 2010 Endaki Tecnocast Castilla y León Capital Desarrollo 22.5% Start-up October 2009 ATEC * CPE Capital CV 15.0% Replacement February 2009 ABC Arquitectura Modular CPE Capital CV 15.3% Growth January 2008 Omega Seguridad Andalucía Capital Desarrollo 35.0% Replacement Septembre 2006 Puerta de Almería Andalucía Capital Desarrollo 25.0% Start-up May 2006 Balneario de Lanjarón Andalucía Capital Desarrollo 75.0% MBO June 2005 Williams & Humbert Andalucía Capital Desarrollo 45.0% Replacement May 2005 Safelayer Inversiones en Telecomunicaciones 24.7% Start-up August 2000 *Jointly with the infrastructure fund AC Infraestructuras we own 100% of the company shares LBO: Leverage Buy Out MBO: Management Buy Out MBI: Management Buy In 7

8 Portfolio of investments (3 of 3) Fund AC Capital Premier II Postigo Group Diversified group that operates in urban and road equipment, engineering and manufacturing of electric metalic structures NRSur Group Leader in the Andalusian Quick Service Restaurants segment. The Company manages 45 Burger King and 33 Dunkin Coffee Vaughan Group Leader in the English language training industry in Spain, through on-site training, publishing and media Geroresidencias Manages 12 residences and 6 adult day-care centers for elderly people in the Valencia region Flight Training Europe Training school for commercial airplane pilots, located in the international airport at Jerez de la Frontera Litalsa Leader in metal-sheet printing for packaging (mainly food cans), located in Oyón (Álava) Fund Castilla y León Capital Desarrollo I BIOTRAN Gestión de Residuos Management of industrial and medical waste. Awarded with the SIGRE contract for pharmaceutical waste Metales Extruidos Manufactures and sales a broad range of extruded aluminium profiles with an installed capacity of 35 thousand tons per year Iberfresco Leader in Castilla y León region in producing and commercializing frozen vegetables with 29 thousand tons per year Endaki Tecnocast The factory, located in La Robla (León), was built in 2009 and manufactures large foundry pieces (up to 60 tones) Fund CPE Capital CV ATEC Company granted with a concession to manage vehicle inspections in the Valencia region (6 facilities and 2 mobile stations) ABC Arquitectura Modular Located in Valencia, the company manufactures prefabricated modular units (offices, living units, etc) for sale or rent Fund Andalucía Capital Desarrollo Omega Seguridad Provides security services and sells alarm systems, mainly for shopping centers in the Andalusia region Puerta de Almería Development company for the Puerta Almería shopping centre, which will manage 40 thousands square meters for rental Balneario de Lanjarón Thermal bath spa located in Lanjarón (Granada). The company owns a 4 stars hotel Williams & Humbert Distillery for wines and brandies from Jerez (Dry Sack, Canasta, Gran Reserva Gran Duque de Alba) Fund Inversiones en Telecomunicaciones Safelayer Develops security software, mainly PKI and SET (digital certificates) 8

9 Divestments Divested companies Fund Equity stake Transaction Investment/Divestment date Travelsite Inversiones en Telecomunicaciones 37.0% Start up April 2000/August 2002 Inversora de Bebidas Naturales Andalucía % Growth December 2001/June 2003 Molinare Inversiones en Telecomunicaciones 96.6% MBO August 2001/August 2003 Tegraf Andalucía % Growth July 2002/November 2003 Kelkoo Inversiones en Telecomunicaciones 2.0% Start up June 2000/April 2004 Persan Andalucía 21 y AC Capital Premier 30.0% MBO/LBO November 2000/July 2004 Grupo Famosa AC Capital Premier 24.4% MBO/LBO October 2002/September 2005 Xfera Móviles AC Capital Premier 0.6% Start up October 2000/June 2006 Addenda Soluciones Integrales Andalucía 21 y AC Capital Premier 90.0% Growth December 2000/June 2006 Arión Consultores Integrales Andalucía % Growth March 2001/February 2007 Grupo Cervezas Alhambra Andalucía 21 y AC Capital Premier 13.8% Growth October 2001/March 2007 Postres Montero Andalucía Capital Desarrollo 60.0% Growth April 2003/April 2007 Fradir Inversiones Andalucía Capital Desarrollo 60.0% Buid up January 2004/November 2007 Fabrica Electrotécnica Josa (BJC) AC Capital Premier 51.0% MBO/Growth December 2004/June 2008 World Sec Andalucía % Growth November 2001/November 2008 Aurgi AC Capital Premier 65.3% LBO December 2004/December 2009 Harlequín Nature Graphics Andalucía % Growth November 2003/December 2009 Freigel Foodsolutions AC Capital Premier 78.1% Growth March 2000/May 2010 Demas Andalucía Capital Desarrollo 94.2% MBO March 2007/December 2010 Neocodex Andalucía % Start-up July 2003/May 2011 Musgo AC Capital Premier II 87.5% Substitution April 2006/January 2012 Celogal Uno Andalucía % Start-up March 2003/March 2012 Hitecsa AC Capital Premier 20.0% MBI/LBO December 2001/ 2012 Axesor Andalucía Capital Desarrollo 30.0% Replacement Septembre 2006/june 2012 LBO: Leverage Buy Out MBO: Management Buy Out MBI: Management Buy In 9

10 Significant divestments Persán, S.A. ( ) MBO/LBO: Leveraged acquisition of 100% shares, together with the CEO of the company ACD (30%), two savings banks as co-investors(10%), the company CEO (50%) and other investors (10%) Following the business plan the sales grew from 102 M in 2000 to 195 M in 2004 The divestment was in 2004, through the sale of ACD equity stake to the CEO The IRR of the investment was 55%, equivalent to a multiple of 5.0 times the investment amount Grupo Famosa ( ) MBO/LBO: Leveraged acquisition of 100% shares, together with the management of the company ACD (24%), Inveralia (31%), Torreal (24%) and the management team (20%) Because of the strategic plan with a steady income of 119 M, the company Ebitda doubled in The divestment was in 2005, through a secondary sale to other private equity (Vista Capital) The IRR of the investment was 45%, equivalent to a multiple of 2.6 times the investment amount Grupo Cervezas Alhambra ( ) Growth capital: subscribing a capital increase to refinance the acquisition debt from the previous MBI ACD (14%) and two savings banks as co-investors(7%). The remaining 79% belonged to the CEO As a result of the business plan, the sales grew from 53 M in 2001 to 67 M in 2006 The divestment was in 2007, through a trade sale to a competitor (Mahou) The IRR of the investment was 27%, equivalent to a multiple of 3,9 times the investment amount Fábrica Electrotécnica Josa, S.A. BJC ( ) MBO/Growth capital: acquisition of a 88% equity stake, and subscribing a 4 M capital increase ACD (52%), a Catalonian saving bank (36%), and the management team (12%) Due to a new business plan, the revenues grew from 24 M in 2004 to 52 M in 2007 The divestment was in 2008, through a trade sale to a competitor (Siemens) The IRR of the investment was 47%, equivalent to a multiple of 3,9 times the investment amount 10

11 Team and Contact details Madrid Tel Málaga Tel Valladolid Tel Valencia Tel Rafael Pérez Benayas Managing Director Fernando Ramírez Director in Andaluc ía Carlos Plaza Director in Castilla León José Manuel de Bartolomé Director in Valencia m Diego Giménez-Arnau José Morán Carlos Losana Ignacio María González Investment Director Investment Director Investment Executive Investment Executive jmoran@ahorro.com imgonzalez@ahorro.com Iñaki Sasiambarrena Dionisio Polo Investment Executive Investment Analyst dpolo@ahorro.com 11