MADRID and WASHINGTON, July 29,
2024 /PRNewswire/ -- ACON Southern Europe Advisory,
S.L. ("ACON") today announced that it has completed the full
divestment of their interest in CONTENUR (the "Company"), one of
Europe´s leading manufacturers and servicers of containers for
municipal waste collection and recycling, to Nexxus Iberia Private
Equity Fund II ("Nexxus"), a Spanish private equity fund. Financial
terms of the transaction were not disclosed.
Founded in 1984 with the launch of its first plant in
Madrid, Spain, the Company has
played a key role in the containerization of urban waste collection
in Spain and has successfully
expanded internationally, becoming the largest manufacturer in
Spain and the third largest in
Europe. CONTENUR´s products are
now sold in over 50 countries through 14 affiliates. It is
supported by four manufacturing facilities in Spain, Poland, the United
Kingdom and Brazil. The
Company´s total sales reached €170 million in 2023, primarily
comprised from its activities in Spain and the rest of Europe. In addition, it continues to grow its
business in Latin America and
execute its strategy of opening up new markets for its products and
services.
In its next stage of development, the Company will continue to
be headquartered in Getafe, Spain,
just outside of Madrid. It will
continue to invest in R&D in order to secure its position as a
leader in the usage of recycled materials, which are widely used
throughout its production process, and in manufacturing methods
that promote the sustainability of its products.
Joining Nexxus as equity partners in this investment are
Schroders, an alternative asset manager, and the European
Investment Fund ("EIF"). The existing management team will continue
leading CONTENUR and will retain its position as a significant
shareholder.
Pablo Gallo, founding partner of
Nexxus, stated, "We are excited to have completed the second
investment by our fund. Further, we are pleased to be partnering
with a management team that has led the Company for 30 years and in
which we have complete confidence. Already among the largest
European companies within its sector, we look forward to helping
the Company become a leader worldwide. This investment is
consistent with our strategy of supporting firms that promote
sustainability and energy transition. CONTENUR´s
products are 100% recyclable and improve quality of life in urban
areas by facilitating the separation of waste at its source, an
important first step towards recycling."
Ramón Lafuente, CONTENUR´S Chairman added, "We are pleased to
enter into this strategic partnership, which validates our unique
business model and our approach to business. We look forward to
accelerating our geographic expansion, improving our product
catalogue and reinforcing our commitment to sustainability in all
aspects of our business. We are grateful for the
confidence and support provided by our former partners at ACON and
look forward to working closely with our future partners at
Nexxus."
Marcos Semmler, Managing Partner
at ACON, highlighting the tremendous progress achieved by the
management team over the last six years, commented, "We executed on
our investment thesis which focused on consolidating existing
markets and developing new white space around the globe. This
resulted in a significant impact on sales and EBITDA. CONTENUR
illustrates the competitiveness of medium-sized businesses in
Spain."
Nexxus was advised by Pinsent Masons (legal, tax, labor), Banc
Sabadell (M&A), Alvarez & Marsal (financial DD), E&Y
(ESG DD), Cornerstone Fund Placement and Marsh (insurance
DD). ACON was advised by Hogan Lovells (legal),
Harris Williams (M&A), KPMG
(financial) and Roland Berger
(Commercial). Management was advised by Baker McKenzie (legal).
About Nexxus Iberia
Nexxus Iberia is a private equity fund manager formed in 2016
with a focus on supporting small & medium sized businesses in
Spain and Portugal realize their potential and expand
internationally in Europe,
Latin America and the US. The team
is led by former partners of 3i Group and partners of Nexxus
Capital of Mexico.
Nexxus Iberia is a partnership between Nexxus Capital, a leading
manager of alternative assets in Mexico with over 25 years of experience
investing in small & medium-sized firms. The firm
has raised over $1,600 million
through its funds focused on growth equity, venture capital and
private debt and has supported over 60 companies in México, the US
and Iberia through Nexxus Iberia. Nexxus Capital stands out among
alternative managers in Latin
America having taken seven of its portfolio companies
public.
Nexxus Iberia Private Equity Fund II achieved a final close in
the first half of 2014 and has committed capital of €241 million.
Together with its previous fund, Nexxus Iberia has raised total
commitments of €500 million.
About ACON Investments
ACON Investments, L.L.C. is a Washington, D.C.-based international private
equity investment firm that manages private equity funds and
special purpose partnerships that make investments in the United States, Latin America and Europe. With professionals in Washington, D.C., Dallas, Los
Angeles, New York, Bogotá,
Madrid, Mexico City and São Paulo, ACON has managed
$7.0 billion in assets since
inception and has a 28-year track record.
ACON has been investing throughout Southern Europe since 2017 after the
U.S.-based firm and local partners launched a platform dedicated to
investing in medium-sized companies in the region. ACON aims to
support its portfolio companies in their expansion into
international markets. Since entering Europe, ACON has invested capital in excess of
€250 million across various sectors through its interests in
Contenur, Germaine de Capucini,
Salesland, Alsur, Formación Alcala, Siex 2001 and Romar Global
Care.
For more information, visit www.aconinvestments.com.
Media Contacts:
ACON Investments
Marcos
Semmler
Managing Partner
msemmler@aconinvestments.com
Meena Thever
Partner, Head of Capital Formation and Investor Relations
mthever@aconinvestments.com
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SOURCE ACON Investments, L.L.C.