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Javier Poveda, founder of SF Almond Capital, decided to approach the private equity fund Nzyme to acquire Dental Ibérica. The scale of the operation, and particularly the intention to build up in the sector, compelled him to secure buy-in from almost all of his investors who stepped up (some private investors proceeded with the operation), choosing Nzyme for its first investment since its establishment several months ago. The private equity fund has acquired a highly significant majority, and the transaction was structured with leverage of approximately 30% of the Enterprise Value, financed by Caixa and Oquendo.
Dental Ibérica is a specialized distributor of dental materials and products with over 35,000 references from top brands and approximately 9,000 clients across Spain. With a workforce of 50 employees, the company achieved sales of €20M last year (sustaining double-digit growth since 2008) with an EBITDA in the vicinity of €2M.
Javier, now the new CEO of the company, comments, “With Nzyme’s support, we have the financial and human resources necessary to enhance our international growth and acquire new companies.” The company reveals that it will finalize its first acquisition in the coming weeks. Fernando Díaz Solís, Managing Partner at Nzyme, explains that “contrary to the typical approach in the SF world, and given the company’s relatively low leverage, the idea is to use a significant portion of the generated cash flow to transform the company, especially in the digitization aspect, while Nzyme will continue to contribute additional investment to finance future acquisitions”.
Advisors: DLA Piper & Lesayra (Legal), Grafton Corporate Development (DD), Gomez Acebo & Pombo (Legal banks)
