Advent buys Spanish RE valuation business

The mid-market private equity firm has acquired Tinsa for €100m.

Global private equity firm Advent International has acquired Spanish property valuation business Tinsa fromthe Bank of Spain in a deal valued at €100 million.

Advent will own a 94.5 percent stake in the business. The remaining equity will be kept by the firm’s founding partners, according to a statement.

The firm was previosuly owned by the founding partners and 35 Spanish banks alongside the Spanish Confederation of Savings Banks, however it was the founding partners who led the sale.

Advent said of the deal it had purchased a business in line with its strategy of investing in high-growth sectors where it feels it has a strong track record, namely financial services.

In Tinsa, Advent has purchased a business which offers property valuation, analysis and advisory services. Founded in 1985, the firm has grown into a business capable of carrying out more than 240,000 valuation reports a year. Its forecast turnover for 2010 is expected to be €80 million.

The company has offices in Portugal and France as well as Spain. Outside Europe it also operates in the Americas from offices in the US, Mexico, Argentina, Chile and Peru.

Carlos Santana, director of Advent International in Spain, described the company as having a “leadership position” in the property valuation sector. He said: “Advent International has extensive investment experience in the financial services sector and has been analysing investment opportunities in Spain for some time.”

“We believe that Tinsa’s outstanding leadership position in the property valuation sector will enable it to continue innovating through its products and improving the quality of the service it offers clients.”

Advent has raised €19.4 billion in equity for its buyout vehicles and has completed more than 250 transactions, 25 of which have been in the financial services sector, since it was founded in 1984.