PKF Attest

Corporate Finance

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Nutritienda Healthcare & Beauty S.L., a company based in Madrid and specialized in online health and beauty commerce at national and international level, has acquired the company Grup Perfumeries San Remo, S.L. for an undisclosed amount.

Grup Perfumeries San Remo S.L., based in Barcelona, is a company dedicated to the retail sector with 31 physical perfumery and beauty stores.

With this operation, Nutritienda incorporates an important player to promote an ambitious strategic plan whose main objective is to expand its business lines and product catalog.

The PKF Attest team has advised Nutritienda in the purchase process, which has included the analysis, the valuation of the company and the negotiation of the economic terms of the contract. Additionally, PKF Attest has carried out the corresponding Due Diligence process.

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SEGURCAIXA ADESLAS (SCA), a leading health insurance company in Spain and part of the Mutua Madrileña Group, has recently acquired a controlling stake (close to 75%) in GRUPO IMQ, whose reference company is the Igualatorio Médico Quirúrgico.

Igualatorio Médico Quirúrgico, founded in 1934 in Bilbao, is the oldest medical insurance company in Spain and is the undisputed leader in health insurance in the Basque Country. In addition to the insurance company, the group is made up of a series of companies in the health and social-health fields, including the Zorrozaurre Clinic in Bilbao, the Igurco subgroup, dedicated to the care of the elderly in residences and day centers, and the subgroup dedicated to the prevention of occupational hazards, forming a business group that serves more than 384,000 people, directly employing more than 2,750 people, with a medical staff of more than 1,700 professionals and an aggregate annual turnover of more than 330 million euros.

The transaction, which values the Group at nearly 300 million euros, was particularly complex due to the group's shareholder composition (more than 1,100 shareholders with different sensitivities and personal situations, grouped on various platforms), as well as the fact that it required the authorization of the supervisor (Directorate General of Insurance), as insurance is a regulated and supervised activity, and the authorization of the competition authorities due to the size of the buyer and of the IMQ Group.

The transaction guarantees the survival of the IMQ group and solves the internal problems arising from the very high concentration of shareholders who are retired or close to retirement, and is the culmination of a collaboration with Adeslas that began more than 15 years ago.

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Fiatc grows in the Basque Country with the acquisition of a majority stake in Igualatorio de Previsión Sanitaria de Seguros (IPRESA).

The acquisition is part of Fiatc's growth strategy in the health insurance business, which currently reports more than 170 million euros in premiums, according to data from the same mutual.

The operation will enable the company to strengthen its presence in the province of Guipúzcoa, where Ipresa has a strong market penetration.

In addition to the insurance business, Ipresa owns and manages the Arrasate Medical Center, located in the center of San Sebastian. 

The transaction was closed on December 29 following an agreement formalized by both entities.

PKF Attest, on behalf of Ipresa, and Priscus Iberia and Hogan Lovells, on behalf of Fiatc, acted as advisors.

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Pandea Global M&A is an alliance of expert M&A advisory firms present in 28 countries through 48 offices, with a cumulative experience of 2,150 transactions with an aggregate value of 27 billion euros and currently has 250 professionals fully dedicated to this activity.

In this first face-to-face meeting, after Covid-19, we were able to share news, best practices, ongoing mandates and ideas to strengthen our way of collaborating and conducting business to maximize the quality of our services for our clients. We have had two guest firms from Japan and Georgia, and we have also had the presence of Henko Partners, who have shared with us the objectives of growth through acquisitions that they have for their 4 recent investments.

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Basque group Auxitec strengthens its shareholding with the entry of Talde Private Equity and KCE

Talde and KCE acquire a majority stake in Auxitec, a pioneer and leader in the new online retail model. The objective is to build a large international project with presence in the US, USA and UAE, and will continue to be led by its founding partner, Pascal Gómez, in his capacity as reference shareholder and president of the company.

The Auxitec Group is a group specialized in the distribution and supply of products for online commerce, as a strategic partner of the market leader, both in the national and international market, in sectors as diverse as industrial, sports, baby, beauty, automotive, home, health and personal hygiene.

Based on its commitment to technology and digitalization ("supply tech"), it has managed to develop first-class logistics and a level of competitiveness that has enabled it to position itself as one of the most outstanding companies at European level, with great growth prospects based on a successful business model that has already been proven.

In this new stage together with Talde and KCE, in addition to consolidating the strong growth experienced in recent years in Europe, the Group intends to promote an ambitious strategic plan. The main objective of this plan is to expand internationally, focusing on other European countries and new geographies such as the USA, UAE and Latin America. Additionally, the Group plans to develop new verticals to expand its product portfolio and is working on a new line of services with great growth potential.

Auxitec's ownership has been advised in the financial and legal areas by PKF Attest and Garrigues, respectively, with Deloitte being the financial and legal advisor to the investors.