Alantra advised the founders of Mecalux on a €265m financing for the share buyback of minority shareholders

Apr 2019

Debt refinancing

Value €265 million

Alantra acted as sole financial advisor to the founders of Mecalux, a leading provider of integrated warehouse solutions, on a €265m financing for the share buyback of minority shareholders, representing 37 % of the group. Founded in 1966 and listed on the Spanish stock exchange from 1998-2010, Mecalux is a leading provider of integrated warehouse solutions. Headquartered in Barcelona, the company has 11 production facilities (380,000m2) in Spain, Poland, US, Mexico, Argentina and Brazil with manufacturing capacity of 2,160Tn/day. Mecalux has an extensive commercial network consisting of c. 400 professionals with sales of €670m in more than 70 countries and EBITDA of €55m as of FY18.

The transaction has been carried out through two long-term financing contracts totalling €265m. One of the loans has been structured at Mecalux through a senior unsecured banking tranche, with a 6-year maturity. This loan has been complemented by a Revolving Credit Facility (RCF). These two loans have been underwritten by Banco Santander. The transaction has an additional financing tranche at the HoldCo level with a 7 years bullet structure, fully underwritten by Tikehau Investments.

Mecalux will continue with its strategic plan to double the total turnover in the next 5 years, with projected growth of up to €1.4b in revenues. The plan will be based on organic growth in the different divisions and current markets of the company, although possible strategic alliances and technological investments will be studied.

This transaction is the largest deal closed by Alantra’s Spanish DCM & Debt Advisory team. It positions Alantra team as the number one player in the alternative financing space in Spain. By offering companies with a “one stop shop” solution, incorporating funds and banks, we provide an integrated and optimal structure to our customers, making Alantra the best partner.