Tikehau IM Finances with a Unitranche the Acquisition of Centauro Rent a Car by Portobello Capital
May 30 2017 - 8:55AM
Business Wire
Regulatory News:
Tikehau IM, (Paris:TKO) a leading pan European asset manager
and subsidiary of Tikehau Capital, today announced its fourth debt
financing transaction in Spain with the arrangement of a Unitranche
in support of Portobello Capital’s acquisition of Centauro Rent a
Car (“Centauro”), a leading provider of car rental services in the
Iberian Peninsula.
Headquartered in Benidorm, Spain, Centauro is a leading provider
of low-cost car rental services in the Iberian Peninsula, with 15
rental offices across Spain and Portugal. The company operates
primarily through off-airport locations in the major touristic
destinations in the Mediterranean and Portuguese coast.
Over the past years, the Centauro exhibited an impressive
expansion to reach a leadership position in the Spanish low-cost
car rental market, managing a fleet of more than 18,000. Portobello
Capital acquired a majority interest in Centauro from the Devesa
family. Alongside them and the existing management, Portobello’s
strategy will be to consolidate Centauro’s competitive position and
grow in new locations, to significantly increase its market
share.
Tikehau IM acted as sole arranger of the Unitranche, providing a
tailored-made and flexible financing package to support the
development of the company.
This transaction represents the fourth debt transaction of
Tikehau IM in Spain over the past two years, and the second one in
2017, having recently arranged a Unitranche financing for Terratest
(May 2017), which demonstrates Tikehau Capital’s commitment to the
Spanish private debt market.
Erik Devesa, CEO of Centauro, commented: "Portobello’s
investment and Tikehau’s flexible financing further strengthen our
position to grow Centauro and consolidate it as one of the
companies of reference in the European rent-a-car industry.”
Carmen Alonso, Head of Iberia at Tikehau IM, commented: "We are
delighted to support Portobello in their acquisition of Centauro.
The financing will facilitate the expansion plan initiated by
Centauro to continue taking advantage of further market
opportunities.”
About Portobello Capital
Portobello Capital is a leading private equity fund manager in
the Spanish Middle Market, managed by a strong team led by its
founding partners Íñigo Sánchez-Asiaín, Juan Luis Ramírez, Ramón
Cerdeiras and Luis Peñarrocha.
The Portobello Capital Fund III, the largest in Spain in recent
years, was closed in 2014 at €375 million that have been invested
in seven companies: Vitalia Home (elderly care homes), IAN (canned
vegetables and ready-to-eat meals under the Carretilla brand), EYSA
(technology services and solutions aimed at improving mobility in
cities), Iberconsa (frozen seafood products), Laulagun Bearings
(large bearing for windmills), Ramón Sabater (processing and
distribution of paprika, spices and herbs) and Trison (digital
signage).
About Tikehau Capital
Tikehau Capital is an asset management and investment group
which manages €10.3bn of assets, with shareholders’ equity of
€1.5bn. The group invests in various asset classes (private debt,
real-estate, private equity and liquid strategies), including
through its asset management subsidiary Tikehau IM, on behalf of
institutional and private investors. Controlled by its managers,
alongside leading institutional partners, Tikehau Capital employs
170 staff members in its Paris, London, Madrid, Milan, Brussels,
and Singapore offices.
Tikehau Capital is listed on Euronext Paris, compartment A (ISIN
code: FR0013230612; Ticker: TKO.FP)
www.tikehaucapital.com
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version on businesswire.com: http://www.businesswire.com/news/home/20170530005636/en/
Press Contacts for Tikehau
Capital:Julien Sanson, +33 1 40 06 18
40jsanson@tikehaucapital.comorLeslie Jung, +44 781 864 18
03ljung@image7.uk.com
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