Nmas1 Private Equity and Corpfin Capital have acquired security business Segur Iberica from the UK’s 3i and Spain’s MCH Private Equity for €38 million ($46 million).
3i and MCH bought a combined 70 percent stake in Segur Iberica for an undisclosed sum in 1999. The company has since made two small acquisitions and has increased revenues from €76.3 million in 1999 to €159.3 million last year.
The new deal sees both Nmas1 and Corpfin take 36.2 percent stakes each, with co-investor Espiga Capital and existing investor MCH holding 24.7 percent between them. The management team holds a further 2.9 percent.
Segur Iberica provides security services, including the installation of security systems including alarms. MCH partner Jaime Hernandez Soto told The Daily Deal MCH was retaining a minority stake in the business because of its growth prospects.
The largest secondary buyout in Spain previously was ABN Amro Capital’s €30 million acquisition of Labiana, a pharmaceuticals services business, from 3i in December 2003.
Nmas1 Private Equity closed its latest fund at €175 million in April last year. It invests in parallel with Dinamia, a listed €154 million investment trust also managed by Nmas.
Corpfin Capital invested from its €135 million Fund II, which is over 25 percent committed.