An Affiliate of H.I.G. Europe Completes New Equity Investment in Núter, a Leading Spanish Animal Feed and Nutrition Company
LONDON – September 8, 2010 – H.I.G. Europe and H.I.G. Bayside Capital, the European advisors to H.I.G. Capital, a leading global private equity firm, today announced that one of their affiliates has completed a new equity investment in Núter (formerly known as Saprogal), in partnership with the incumbent equity sponsor (Spanish private equity firm Mercapital) and other minority shareholders, including Grupo Leche Pascual, and Núter’s management team. The new equity investment will serve to bolster the Company’s balance sheet and to help fund future growth. Terms were not disclosed.
Núter is one of the leading animal feed and nutrition companies on the Iberian Peninsula, employing over 500 people and producing over 1 million tonnes of animal feed annually from its 11 manufacturing plants located in Spain and Portugal. The Company sells its produce to over 40,000 farmers both directly and via 1,500 exclusive distributors. Núter was formed in 2007 following the merger of Saprogal S.A.U. and Piensos Pascual S.A.U. Backed by H.I.G. and Mercapital, two leading European private equity firms, as well as Grupo Leche Pascual, one of Spain’s preeminent players in the food industry, Núter will continue to focus on realising profitable growth in the forthcoming years by diversifying its product range and strengthening its market position in the Iberian market.
Matthias Allgaier, Managing Director at H.I.G. Europe, commented: “We are extremely pleased to have completed our successful investment in Núter, which will enable the first-class management team to maximize the future growth potential of the business and harness its leading brand in the Spanish and Portuguese animal feed markets.”
Lionel Laurant, Principal at Bayside Capital, said: “This is H.I.G.’s first investment in Spain, and illustrates the flexible and creative approach we can bring to transactions. We expect to complete a number of similar transactions in the future.”
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than €7 billion of equity capital under management across a number of strategies, including buyouts, venture capital, distressed debt, and public securities. Since its founding, H.I.G. has invested in and managed more than 200 companies worldwide. The firm’s current portfolio includes companies with combined revenues in excess of €6 billion. With 200 investment professionals, H.I.G. has eight offices worldwide including London, Paris, and Hamburg. For more information, please refer to the H.I.G. Capital website at higcapital.com.