MERGERS & ACQUISITIONS NEWS NOVEMBER 2023

IMAP closed 7 corporate transactions in October, of which we highlight the following 3:

IMAP Portugal advises German investor group Mutares on the privatization of flagship Portuguese engineering and industrial group Efacec

IMAP Portugal is pleased to announce that it has acted as financial advisor to German listed private equity firm Mutares on the acquisition of Efacec from the Portuguese State. Mutares’ acquisition of Efacec marks the successful conclusion of the re-privatization process launched in late 2022 which followed the nationalization of 71.73% of Efacec’s capital by the Portuguese State, in the aftermath of the Luanda Leaks revelations, whereby debt-riddled Efacec was subject to a number of failed privatization bids.

Established in 2008, Mutares is an investor acquiring and actively developing medium-sized European companies with potential for operational improvement. Today, Mutares’ portfolio spans over 30 companies across four industry segments: Automotive & Mobility, Technology & Engineering, Goods & Services, and Retail & Food. In 2022, Mutares recorded consolidated revenues of €3.8bn and EBITDA of €181.5mn, with over 19,000 employees.

Headquartered in Portugal, Efacec is a flagship international industrial group specializing in the manufacturing and delivery of critical equipment and turnkey solutions across the Energy, Engineering, and Mobility segments. With a core expertise in energy efficiency and a workforce of over 2,000 people, Efacec is positioned to drive structural change in critical infrastructure within the energy transition and circular economy. Efacec recorded consolidated revenues of €160.9mn in 2022.

Following the acquisition, Mutares’ platform is expected to promote value-enhancing improvements and to drive Efacec onto a path of sustainable growth and recovery of its leadership position in the global market.

The IMAP Portugal team, comprising Gonçalo Vaz Botelho, Pedro Benites, Luísa de Castro Domingos, Bernardo Pena and João Brito, supported Mutares throughout the transaction, both in the negotiations with the seller and with Efacec’s creditors. IMAP’s advisory on the restructuring of Efacec’s debt was instrumental to the successful completion of the transaction.

IMAP advises on the sale of BAUM to US-listed Crane Company

IMAP advised Markus Baum, Managing Partner of BAUM lined piping GmbH (‘BAUM’), Europe’s leading manufacturer of highly corrosion resistant piping products as part of his external succession planning, to Crane Company (NYSE:CR). Through its acquisition of BAUM, Crane Company continues its strategy of both organic and external growth.

Nov 22, 2023

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