Apax, Vista buy CVC’s Itevelesa

Apax Partners and Vista Capital have acquired Spanish vehicle maintenance company Groupo Itevelesa in a secondary buyout.

Private equity firms Apax Partners and Vista Capital have acquired Spanish industrial inspection company Groupo Itevelesa from European buyout firm CVC Capital Partners.

The value of the transaction, which according to a press release issued by Apax also saw minority shareholders selling their equity, was not disclosed.

Groupo Itevelesa is a Spanish company that performs the technical inspection and certification of vehicles. Established in 1982, it now employs 435 people and has an annual turnover of €42 million. It was acquired by CVC in 1999.

The deal was was cleared by the European Commission on November 11th. It was partially financed by a syndicated loan underwritten by RBS, Calyon, HBOS, ING and Caja Madrid, according to the press release.

The buyers received financial advice on the deal from BNP Paribas and 360 Corporate. Arcano Asesores Financieros advised the vendors.

The acquisition was made by an Luxembourg-registered subsidiary of Apax, Quijote Investments, and Vista Capital, which is controlled by Banco Santander Central Hispano.

Apax Partners operates in Europe, Israel, the US and Japan. It invests in both VC and buyouts and focuses on IT, telecommunications, healthcare, media, financial services, and retail. This is the firm's fourth investment in Spain this year. The others were in Vueling Airlines, Wisdom Entertainment, and DMR Consulting.