Madrid-based Nmás1 Private Equity has completed its largest investment since inception by committing €43 million for a 60 percent stake in Bodybell, in a deal that values the target at around €72 million.
Nmás1 is joined in the deal by minority investments from funds advised and/or managed by General Electric Asset Management of the US and Swiss asset managers Partners Group and Lombard Odier. The vendor was Cadyssa, the Spanish household and perfumery goods wholesaler, which has sold its entire 100 percent holding.
Founded in 1977, Bodybell has 115 high street perfumery stores, delivered sales of €130 million in 2004, and has a market share of around seven percent. The firm operates exclusively in Spain, with a strong presence in Madrid, Castilla la Mancha, Andalucia, Extremadura and Castilla Leon.
In a statement, Nmás1 said it expected a sector growth rate in excess of seven per cent per annum to be maintained due to growing demand for beauty and premium products coupled with a take-off in demand for men’s care and cosmetics.
In addition, Nmás1 said it would support the firm’s incumbent management team in rolling out new stores, and would consider acquisitions of other chains to help Bodybell achieve its growth objectives. It added that Bodybell would also sign “new commercial agreements” with its suppliers.
Linklaters provided legal advice for the deal, which remains subject to Anti Trust Authorities Commission approval. Other participants included Caja Madrid (debt finance), PricewaterhouseCoopers (financial due diligence), and KPMG (commercial due diligence).
Nmás1 Private Equity advises the Nmas1 Private Equity Fund – which closed on €175 million in April 2003 – and manages Dinamia, a €154 million publicly listed investment trust.
In May 2004, Nmás1 was part of a consortium of investors that acquired Spanish security group Segur Iberica in a secondary buyout from 3i and MCH for €120 million. At the time, the deal was the second-largest buyout completed in the country.