N +1 buys into Grupo Secuoya
Iñaki Ferreras | 29-09-2012
The N +1 investment fund has bought a 55% stake in Spain’s big producer Grupo Secuoya. It will close the transaction in the coming days by submitting a purchase offer on the same terms to minority shareholders.
It is the largest financial transaction carried out this year in the Spanish audiovisual market, excluding the merger of Antena 3 and La Sexta.
N +1 has committed an additional €20m for Grupo Secuoya to conduct strategic projects, including the process of outsourcing of regional channels, the acquisition of new businesses within the value chain of the audiovisual industry and the creation of an international network of producers of Spanish-language content. All with a view to establishing, as Raul Berdonés, Secuoya CEO, explained: "the largest group in Spanish audiovisual content and services."
Ignacio Moreno, CEO of N +1 Private Equity, said: "Secuoya has an excellent positioning and a strong management team to address the growth opportunities that are opening up in the audiovisual sector. We hope this agreement will contribute decisively to strengthening Secuoya's capital structure, management resources and providing our experience in build-up processes developed in other sectors."
Following the entry of N +1, the Secuoya capital structure is divided as follows: N +1, with 55%, is the first significant shareholder; Raul Berdonés becomes the second major shareholder, and Pablo Jimeno the third shareholder. The remaining capital is shared between the free float and the treasury.
The current management team, led by CEO Raul Berdonés and MD Pablo Jimeno, remains as head of the Group according to a Secuoya management pact agreed between both parties, ensuring continuity management of the company in accordance with the strategic objectives.