Corpfin exits Acuntia, picks up Eurogamma

The Spanish mid-market firm booked 4x through the sale at the end of 2015.

Spanish mid-market firm Corpfin Capital has sold its stake in communications infrastructure provider Acuntia to Spanish lower mid-market firm GPF Capital, according to a statement. A minority stake remains in the hands of company executives. 
  
The transaction had an enterprise value of around €50 million and is understood to have generated a return of 4x for Corpfin Capital Fund III. Corpfin acquired the company in June 2011. 
  
Fund lll, a 2005-vintage vehicle that closed on €223 million, is in divestment mode and is expected to announce another sale by March. The fund could be fully divested by the first half of next year. 
  
GPF invests equity tickets of €10-15 million in management buyouts and growth opportunities in Spanish small and medium sized enterprises, the firm said. The acquisition made in December was the firm's second investment from a fund of more than €100 million with investors from Spain and Latin America, it said. 
  
Acuntia's customers include telecommunications operators, large corporations, and public institutions for which it designs, installs and maintains communications networks, as well as distributing hardware and software. 
  
Corpfin invests in companies growth potential, including buyouts and expansion capital, with an enterprise value of €20-200 million. 
  
It closed its fourth fund in April on €255 million, through which it acquired a 51 percent stake in Eurogamma SPA Group, in December. The transaction had an enterprise value of around €75 million. 
  
The investment was its fourth from the fund following its investment in Spanish logistics company FCC Logistics, now Logiters, as reported by Private Equity International, health and safety company Groupo Preving, and bakers and catering company El Fornet. 
  
Eurogamma owns natural food dye manufacturer Secna, which operates manufacturing facilities in Spain, Italy and Turkey. The firm's goal is to grow the company by reinforcing the sales team and expanding the global presence of its products, it said. 
  
The stake was acquired through a management buyout, including shareholders, the firm said. In 2014, Eurogamma reported consolidated revenues of more than €50 million.