The Trilantic Europe fund is in advanced negotiations for the purchase of the Spanish company Gransolar, dedicated to the engineering and construction of photovoltaic solar plants, as confirmed by different financial sources. the Economist. The transaction would be valued at more than 600 million euros, according to the same sources, and the forecast is that it will be resolved in the coming weeks.
In this way, a process started at the beginning of this year, when the shareholders of the group decided to monetize their investment, will be put to an end, taking advantage of the boom in renewables in Spain. At present, Gransolar has more than 2.4 GW located in 107 plants in 17 countries such as Spain, the United States, Australia, South Africa, Mexico, Italy and Brazil.
In this context, they hired investment banks Bank of America and AZ Capital to analyze their options, at a time when the IPOs of renewable companies were in pure effervescence. However, as this newspaper revealed last February, the option that has always carried the most weight was the sale to a third party. Legal advice was in the hands of Allen & Overy and Latham & Watkins.
Currently, Diana Capital (35%) participates in Gransolar; the CEO of the company, Juan Pedro Alonso (14%); and a group of investors including its president, Domingo Vegas. The company closed the past financial year 2020 with a net profit of 15 million, 74% more than the previous year. Despite the coronavirus crisis, the engineer showed the strength of the world of green energies and achieved a gross operating result (ebitda) of almost 28 million, 12% more than in the previous year. Its income amounted to 340 million euros.
Looking ahead to fiscal year 2021, Gransolar’s forecast is to grow both sales and results above 50%. In fact, this growth potential is one of the most interesting aspects for the funds, which are looking for companies with businesses that can easily be exported to other countries. Thus, venture capital funds with different profiles participated in the competitive process, such as Blackstone, L-GAM (the manager of the Principality of Liechtenstein), HIG and the Spanish ProA Capital.
Return to the energy sector
If all goes according to plan, Gransolar will become the third investee that Trilantic Europe has in Spain and the only one in the world of national renewables, to which it returns just a few months after its departure. Founded by former directors of Lehman Brothers, this venture capital manager is a shareholder of the Pach Group, which it entered in 2017, and Talgo. Previously, he has participated in other well-known Spanish companies such as ITP Aero and Euskaltel.
Its landing in the national energy sector took place in March 2017, when it bought Vertex Bioenergy (Abengoa’s former bioethanol business) for around 140 million euros. This transaction, which was part of the strategic divestment plan of the Andalusian firm, includes the transfer of the companies Abengoa Bioenergy France, Biocarburantes in Castilla y Len, Bioetanol Galicia, Ecocarburantes Espaoles and Ecoagrcola. Last October, Trilantic sold Vertex to a Deutsche Bank infrastructure fund for 400 million.