In the largest financial transaction carried out this year in the Spanish audiovisual market, excluding the merger of Planeta’s Antena 3 and Mediapro’s laSexta, N +1 has acquired a majority (55%) stake of Spain’s audiovisual company Grupo Secuoya.
The move will see the firm embark upon a 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, said Raul Berdonés, Grupo Secuoya CEO, the largest group in the Spanish audiovisual content market.
The Group is present in the generation of content through its subsidiaries Pulse TV, 2ble Filo, New Atlantis and enminúscula. It also manages information services IB3, Balearic regional television, the postproduction of Antena 3 TV and all delegations of news and programmes of the national chain, and provides the ENG equipment and programs for Telemadrid.
Following the entry of N +1, the sequoia 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 will be shared between the free float and the treasury.
The current management team, led by Chief Executive and CEO, Raul Berdonés, and Pablo Jimeno, CEO, will remain in place, ensuring continuity management of the company in accordance with the strategic objectives.
Commented Ignacio Moreno, CEO of N +1 Private Equity: "Sequoia has an excellent positioning and a strong management team to address the growth opportunities that are opening up in the audiovisual sector…the project contributes decisively strengthening sequoia capital structure, management resources and providing our experience in build-up processes developed in other sectors. "
Grupo Secuoya is booming despite the economic carnage that is happening in Spain: at the end of 2011 it posted an EBITDA in 2011 of €4.08 billion euros, 72% more than in the previous year.