Spanish private equity firm Nazca Capital exits Spain’s largest private postal operator
Nazca has reached an agreement with Deutsche Post for the sale of its holding of 33% that it had in Unipost, the largest private operator in the Spanish postal sector.
The acquisition of the private equity firm’s holding will be effective from the end of October 2004 once Spain’s equivalent of the Monopolies Commission has authorised it.
Nazca’s investment was made 18 months ago in June 2003. The transaction was for an undisclosed amount, but Nazca stated it had obtained a return significantly higher than the market average, exceeding its own expectations.
Carlos Carbó and Álvaro Mariátegui, Chief Executives of Nazca Capital, said: “Nazca’s entry 18 months ago allowed the merger of the main regional postal operators and assisted in the creation of the first private national operator. As investors we were betting on a solid management team, an ambitious growth programme and top level partners, which have generated profits substantially in excess of our initial expectations.”
Nazca Capital is one of the most active venture firms in the Spanish market. In recent years it has led investments totalling €200 million in sectors such as the food industry (Cosecheros Abastecedores and Dibaq), distribution (Rodilla), cosmetics (Svenson, Hedonai) and logistical services (Unipost).
