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Exit for PE firms in Isolux MBO

A number of European firms have achieved strong exits on the sale of Isolux Wat to management.

Bridgepoint Capital, along with European private equity firms including Dinamia, Baring Private Equity Partners, Corpfin Capital and Société General have achieved a successful exit from Spanish building contractor Isolux Wat.

Financial details of the transaction has not been disclosed, although based on the sale price of Dinamia’s stake – reported in Spanish daily El País to be in excess of E44m – Isolux sold for just under E150m. A spokesperson for Bridgepoint Capital confirmed the sale of the firm’s 30 per cent stake, saying that the firm had made a money multiple of three times on its original E15m investment in 1998.

The company has been acquired by management led by chief executive Luis Delso. Prior to its acquisition by private equity firms, the environmental and telecom infrastructure specialist was previously part of Corporación Banesto. Isolux reported revenues of E515m in 2001, an increase of 27 per cent on the 2000 figure.

Isolux Wat last year hired Schroder Salomon Smith Barney to conduct a review of the company’s strategy, and announced plans to conduct a sale of the company to management.