Bridgepoint And JPMorgan Partners Sign Definitive Agreement To Acquire Seur Madrid
NOTE – THIS ACQUISITION DID NOT HAPPEN. SEE LATER ARTICLES (JULY 04)
The shareholders of Servicio e Información Urgente de Transporte, S.A. ("SEUR Madrid") have signed a definitive agreement with the investment funds managed by Bridgepoint and JPMorgan Partners to sell 100% of the company, which also includes a 21% stake in SEUR, S.A.
– This acquisition marks the successful closing of a selection process to find an investor to support SEUR Group's future
J P Morgan
The Yúfera family, majority shareholder of SEUR Madrid and founder of the SEUR Group, has successfully completed a thorough process to select an investor ensuring the continuity of SEUR Madrid's business management and the long-standing good relationships with the other franchises of the SEUR Group. SEUR, S.A.'s Founder and Chairman, Justo Yúfera, will continue to work in the company along with the current management team led by Manuel Molins, whose invaluable experience endorses the continuity of the company's successful track record.
SEUR Madrid is the leading courier and express delivery company in the region of Madrid and part of the SEUR Group, market leader in the Iberian Peninsula. In 2003, SEUR Madrid reported sales of EUR115 million.
Commenting on the transaction, the SEUR Group's founder Justo Yúfera said: "This transaction culminates many years of hard work to create the Spanish leader of the express delivery market and paves the way towards a new stage of expansion and development for the SEUR Group. The new partners of SEUR Madrid have demonstrated during our talks their closeness and commitment to the philosophy that has governed the group since its inception and to the group's leadership position together with the strengthening of the organisation, which I deem necessary to compete in the current market environment."
Managing Director of SEUR Madrid, Manuel Molins, said: "The management team is delighted with the entry of Bridgepoint and JPMorgan Partners. These new shareholders will provide SEUR Madrid with stronger financial capabilities, and bring additional experience to the SEUR Group to consolidate its leading position in the Spanish market. With the new shareholding structure, SEUR Madrid will continue working closely with the rest of the SEUR Group to enhance the brand and to consolidate our growth in the domestic market".
Commenting on the transaction, Bridgepoint's partner responsible for investment activity in Spain, José María Maldonado said: "We believe that SEUR Madrid has an enormous growth potential based on its good management team, whom we will fully support to help them achieve their goals".
JPMorgan Partners' Managing Director Timothy Purcell added: "SEUR Madrid has achieved a significant growth over the last years and we are convinced that it will continue to be a reference for its sector. We believe that SEUR Madrid's success is mainly due to the SEUR Group's business model and the excellent management of SEUR, S.A., which we would like to see continuing in the future".
Advisors
JPMorgan was the financial advisor to SEUR Madrid. Garrigues was its legal advisor.
Eneas Corporate Finance and Socios Financieros were the financial advisors to Bridgepoint and JPMorgan Partners, respectively. Linklaters was the legal advisor to the acquirers.
Company descriptions
SEUR Madrid:
SEUR Madrid, founded in 1942 by Justo Yúfera, is the leader in the express delivery market in the Autonomous Community of Madrid, with a 31% market share in the courier sector and sales in excess of EUR115 million in 2003. The company is part of the SEUR Group, the leading express delivery company in Spain. The SEUR Group is formed by a network of 85 franchises and a franchising company, SEUR, S.A., jointly owned by 70 of these franchises. SEUR Madrid is the biggest shareholder of SEUR, S.A. with a 21% stake.
The SEUR Group is the leading private express delivery group in Spain, with a 17% market share in the courier sector and sales of over EUR420 million in 2003.
The SEUR brand is one of the Group's main assets, as it has the highest recognition of the sector in Spain. It is so popular that for many users and non-users the brand is the first reference in the sector, as market research has revealed. "SEUR" has become a generic name for courier services in Spain.
The SEUR Group operates in more than 225 towns and has more than 330 points of sale in Spain and Portugal, thereby offering a 100% coverage of the Iberian Peninsula as well as all the towns therein.
Bridgepoint:
Bridgepoint is a leading European private equity firm focussing on investments in mid-market companies valued up to EUR500m. With some EUR4 billion under management and seven offices in the UK, France, Germany, Italy Spain and Sweden, it has completed over 150 management buy-outs in the last 10 years.
In 2002, Bridgepoint closed its Bridgepoint Europe II fund at just over EUR2 billion with investors from Europe, North America and the Far and Middle East. In 2003, it invested EUR360 in seven new investments.
www.bridgepoint.es
JPMorgan Partners:
JPMorgan Partners (JPMP) is a global partnership with approximately US$21 billion in capital under management (as of September 30, 2003). It is a leading provider of private equity and has closed over 1,300 individual transactions since its inception in 1984. JPMP has more than 130 investment professionals in eight regional offices throughout the world. For additional information, please visit our website at www.jpmorganpartners.com
For further information: Bridgepoint, James Murray, +44 (0) 207 374 3670. JPMorgan Partners, Stephen Welton, Partner +44 (0) 207 777 0368, Sebastian Howell, Media Relations +44 (0) 207 325 4874
