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Mivisa's customer portfolio comprises leading Spanish and international firms. Exports represent approximately 50% of
total sales. The company's five factories are among the most modern in Europe and are equipped with the latest machinery and manufacturing
technologies. Mivisa has plants in Murcia, Aldeanueva de Ebro (La Rioja), Mérida (Extremadura), Ribadumia (Galicia) and Asturias. Transaction In December 2001 a group of investors led by Impala acquired 100% of Mivisa's shares. The operation was initially arranged by Impala, which subsequently invited Paribas Affaires Industrielles (PAI) to take a 50% stake in share capital. The Mivisa deal (total transaction value above 280 million euros) was one the most significant private equity transactions carried out in Spain in 2001. The sophistication of the capital structure employed is clear proof of Impala's innovative capacity and ability to complete deals. Mivisa had found itself on the horns of a succession dilemma, and Impala provided an ideal alternative in view of the lack of a second generation leader for this family concern. At the same time it was able to guarantee the continuity of the rest of the management team. As a result, Ignacio Dolz de Espejo was appointed Chairman and CEO to replace the former owner of the company. Dolz de Espejo has wide experience of the packaging industry and had already been the senior executive in charge of another investment made by the Impala team. |
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Rationale of the investment Impala understood that Mivisa would make an attractive investment for the following reasons, among others: 
A highly qualified management team, led by a senior executive with a proven track record and enjoying
the confidence of Impala.
Mivisa's business is highly profitable, generates stable cash flows, and has historically earned high
margins. The stability of the business over the past ten years guarantees significant recurring cash flow for the future.
The scope existed to optimise management of both working capital and the cost structure.
The company offered opportunitiess for growth both in the domestic and international markets and in
high value-added segments, such as easy-open caps and lids, where Mivisa is already well positioned, and in new market niches such as twist-off caps.
The disinvestment route was clear given Mivisa's size, profitability and leadership in its sector, making the
company attractive both to competitors and the stock market. |
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Exit In March 2005 Impala completed the sale of Mivisa to a wholly-owned subsidiary of CVC Capital Partners. The main strategic initiatives implemented since Impala's acquisition in December 2001 were the following:
Consolidation of Mivisa's leadership position in Spain, with a market share increase from 34% to more than 40%.
Strong growth in exports, which represented more than 50% of revenues in the year 2004.
Launch of new value-added products.
Profitability increase as a result of productivity improvements, due to processes automation, and cost
savings, via internalisation of certain production processes.
Capacity increase, with the opening of two new production facilities.
Significant improvement in working capital management, mainly through reduction of inventory levels and
average collection period.As a result of these initiatives, Mivisa reached sales of € 300 million and Ebitda of € 62 million in the year 2004, representing a compounded annual growth rate of 11% and 15% respectively since Impala Capital Partners' acquisition. The exit of Mivisa resulted in gross proceeds to investors of € 178 million, compared to € 39 million invested in the company, with implied times investment of 4.6x and 65% IRR. |
| Impala Capital Partners, S.L. Pedro de Valdivia 10, 4ª Planta 28006 Madrid. Spain. Tel:+34 91 411 92 90 Fax:+34 91 411 93 31 E-mail: info@impalacapital.com
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Mivisa Envases S.A. Ctra. de Churra Km 2. 30007 Murcia (España) Tlfno:+34 968 364 400 Fax:+34 968 364 442 Página web: www.mivisa.com
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