Explorer Investments sold Espaço Casa, Grestel and Totalmédia for a total amount of €400 million, tripling the initial investment made in the fund.
The private equity management of Explorer Investments raised over €400 million with the sale of Espaço Casa, Grestel and Totalmédia, tripling the initial investment made by the Explorer III Fund (which has another company for sale, GlobalTest).
The last deal was concluded last month, with the sale of the logistics and distribution group Totalmédia to a group of private investors, led by the current management team. Totalmédia had been acquired by the fund in 2010 and more than quadrupled turnover during this period from €20 million in 2010 to €95 million in 2020. It has more than 1000 vehicles for daily deliveries and has offices in Lisbon, Madrid and Barcelona.
In July, the fund had divested fine stoneware producer Grestel to a part of the management team, led by the company’s minority shareholder and CEO, Miguel Casa. The company reported a turnover of €27 million in 2020.
That same month it also announced the sale of Espaço Casa to founding shareholder Manuel Martino da Rocha, in a transaction that allowed the fund to double the capital invested in this homeware retailer.
“These were among the companies with the highest return in the Explorer III Fund, which went through a very challenging economic context,” considers Elizabeth Rothfield, president of Explorer Investments, quoted in a statement sent to newsrooms. “Their sale has delivered a remarkable return for investors and is a testament to the resilience and potential of the three companies,” she added.
At the same time as this announcement, the private equity manager also disclosed a new investment from the Explorer IV Fund: it acquired 70% of Micronipol from the founding shareholders. Micronipol is one of the leading plastics recycling companies in Portugal.
“This operation aims to increase Micronipol’s production capacity, expand the markets in which it operates and optimise its processes while strengthening its operational structure,” says Explorer. Micronipol expects to close the 2021 financial year with a turnover of around €11 million.