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Date: 23/03/2017
Category: Investments

AURICA CAPITAL AGREES WITH ARTÁ CAPITAL THE PURCHASE OF 26,3% IN FLEX GROUP.

Aurica Capital, private equity manager of Banco Sabadell Group, along with the company’s current shareholders, has signed an agreement with Artá ​​Capital, March’s Group venture capital development manager, to purchase 26,3% in Grupo Flex (Flex Group) for an amount close to 80M €. The funds managed by Arta Capital took this share in May 2011 through a capital increase, mainly intended to finance the Group’s international growth plan. Aurica Capital along with other co-investors will take a 19,16% share and current shareholders will increase their participation to 80,84%.

Over the last few years, with their shareholders support, Flex has accelerated its internationalization project, becoming the largest manufacturer in resting equipment in Spain and Portugal, being world leader in the luxury segment, and achieving an excellent positioning in the United Kingdom, USA, Chile, Brazil and Cuba. As a result, the company has been able to increase its sales from €200M in 2011 to €320M at the end of 2016, with more than two thirds of its profits generated in international markets.

The shareholders decision to remain in the company, demonstrates their maximum confidence in the Grupo Flex growth plan and in their international expansion continuity, concentrated in America and Asia.

Impulsa Capital has acted as financial advisor to Grupo Flex. Cuatrecasas and GBS have acted as advisers to Aurica.

Flex Group

Flex Group, founded in 1912, is one of the top10 global groups in resting industry and is a world leader in luxury segment. The company’s brands include Flex®, Vispring®, Kluft®, Aireloom® and AndSoToBed®. In addition, the Group has about 100 stores network under the brands Noctalia, Plumax and And So To Bed (UK and Middle East). Flex offers a wide range of products related to rest, including mattresses (springs, foam, hospital beds, etc.), bases and accessories (pillows, duvets, mattress covers), as well as bedroom furniture.

Flex currently operates 11 factories in 7 countries, and produces more than 880.000 mattresses a year. It has approximately 1.900 employees worldwide. Among its main clients are: El Corte Inglés, Carrefour, Conforama, Macy’s, Bloomingdales, Falabella, John Lewis, Zara Home, Harrods or NH Hoteles, among others.

Aurica Capital

Aurica Capital, Private Equity managing company of Banco Sabadell Group, currently has more than 300 million euros in assets under management. Aurica specializes in taking minority equity in Spanish companies’ capital with ambitious growth plans and a high international presence.

Since its early stages, Aurica has made more than 20 investments for more than 400 million euros, taking a minority interest in all of them, making Aurica the Spanish leader in the minority segment.

Aurica is currently investing in the new Aurica III fund, after completing a First Closing in the 2016 third quarter; it is expected to complete the fund raising process with new institutional investors and family offices in this coming summer.

Artá Capital

Artá Capital, capital Management Company of March Group, aims to invest in non- listed companies in the Iberian Peninsula, leaders in their sector and with expansion projects that requires a partner incorporation. By mid-2016 Artá ​​Capital made the first close of its second fund, Artá ​​Capital II (obtaining commitments from investors for 300 million euros), since then, they carried out their first 2 investments in Gascán and Alvinesa.

In its first fund, Artá ​​Capital I, Artá ​​Capital has interests in Mecalux, Panasa / Berlys, In-Store Media, EnCampus and Terberg Ros Roca, having already divested its interests in Pepe Jeans, Ocibar and Flex.

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