Spain’s largest private equity deal for 2003 included legal counsel from a team of Squire, Sanders & Dempsey L.L.P. lawyers. The Squire Sanders lawyers leading the deal included Joachín Echanove, Maria Pilar García and Juan Pićon.
The deal involved Nazca Capital, a Spanish private equity firm, and Cosecheros Abastecedores,S.A., a USD 133 million (€116 million) Spanish winemaker. Nazca Capital invested €61 million (USD 70 million, including equity and debt) in Cosecheros Abastecedores, S.A. and took a 53 percent stake in the company. Other private investors and Cosecheros Abastecedores management hold the remainder of the share capital in the company. Debt providers BBVA and BNP Paribas financed 61 percent of the acquisition. KPMG also advised Nazca Capital on the deal, performing part of the due diligence of the company.
“We’re pleased to have been a part of the country’s largest private equity deal to date this year,” said Squire Sanders partner Juan Picón. “Clearly, the Spanish private equity market is making a strong comeback. For the overall health of the economy, we hope that this is just the first of many such private equity deals.”
According to the Spanish Venture Capital Association, £415 million was invested in the Spanish market during the first half of 2003 – a 25 percent increase over the same period last year. This deal is significant because most activity in the Spanish market focuses on deals under £10 million.