SPAIN. Leading global private equity firm Advent International has confirmed its interest in a possible acquisition of Spanish travel retailer Aldeasa.
Advent, the majority owner of Aldeasa’s Swiss rival Dufry since last February, confirmed to The Moodie Report: “In light of the press reports that appeared today, Advent International, a leading global private equity firm, announces that it is analysing the possibility of launching a tender offer to acquire Aldeasa.
“However, Advent International has not made any decision yet and does not intend to comment on this issue. In the event of a positive decision, Advent International will announce it pursuant to the applicable regulations.”
Founded in 1984, Advent International is one of the world’s largest and longest-established international private equity groups. Globally, Advent has invested in over 500 companies in 35 countries. In Europe, where Advent has the broadest pan-European reach of any private equity firm, the group has invested in over 120 companies, representing a combined enterprise value in excess of €10 billion
Notably, Advent told The Moodie Report that it is “strongly committed to the Iberian market”. Advent was one of the first international private equity houses to start investing in Spain. It opened a Madrid office in October 2002.
Other Advent International investments in Spain include Parques Reunidos, a leading Spanish and European leisure park operator; Jazztel, Spain’s first competitive local exchange carrier; Human Group, Spain’s leading independent recruitment and outsourcing supplier; and Alcalá Farma, one of Spain’s leading integrated pharmaceuticals companies, sold in 2003 to Chiesi España and Pliva Pharma Holding.
Aldeasa’s share price closed tonight at a long-term high of €33.00, up 0.78 (+2.42%).
Earllier, the Spanish stock market regulator approved the proceeding of a €609 million takeover bid for Aldeasa by a consortium comprising Spanish investment holding company Corporacion Financiera Alba and two private equity firms, Mercapital and Omega Capital. Tabled in December, it valued Aldeasa at €29 per share. Just as importantly the regulator’s approval effectively set the clock ticking for counter bids. The first appears to have been quick in coming.
MORE ON THE ADVENT INTERNATIONAL INTEREST IN ALDEASA
Dufry parent Advent eyes Aldeasa bid – Spanish newpaper quotes ‘Dufry sources’ – 19/01/05
MORE ON THE ALDEASA TAKEOVER BID STORY – AND BACKGROUND ON ADVENT AND DUFRY
ALDEASA
Aldeasa takeover bid underlines private equity interest in upswinging market – 14/12/04
Latest update: Aldeasa ownership in the balance as investors launch shock takeover bid – 13/12/04
ADVENT AND DUFRY
Dufry deal valued “around US$200 million”; Advent closing in on more acquisitions? – 04/03/04
Advent names Julian Diaz new Dufry CEO as acquisition is completed – 01/03/04
Advent International to acquire majority stake in Dufry – 09/02/05
