The Spanish fund Artá Capital sold the Portuguese gas company Gascan to a fund managed by UBS bank, for over €100m. The company distributes gas to over 70 thousand clients in Portugal.
Propane gas distributor company, Gascan, was bought by a fund managed by the bank UBS, in a €100m transaction, according to the Portuguese newspaper Jornal de Negócios. The deal was made this week, and the decision for the Spanish to sell Gascan was linked to the fact that all the goals set for the Portuguese company had already been fulfilled.
With over 20 years of presence in the Portuguese market, Gascan will now be sold to a different fund, managed by UBS. Gascan has over 90 employees, from Lisbon, to Setúbal, Faro, Évora and Santa Maria da Feira. It distributes annually around 13 thousand tonnes of propane gas to over 70 thousand clients in the whole country.
Artá Capital’s decision was linked with two main aspects, as the newspaper Negócios announced: on one hand, there is a vested interest in seeking an international infrastructures fund, and on the other hand, the Spanish fund’s plans for the gas company have all been accomplished.
The Spanish fund acquired Gascan to another fund (Explorer) in 2017, and it has since then been investing in the gas market, having bought over 12 operators in the country. Despite the deal, Artá Capital assured that it “intends to continue investing in leading Portuguese companies, with great performance and which are led by very experienced managers.”