The bottom Ergon Capital has just signed the purchase of Satlink , a Spanish engineering company specialized in telecommunications via satellite by land, air and sea, as financial sources have revealed to El Periódico de España, newspaper of the same group, Prensa Ibérica, as this newspaper. Until now, it was owned 60% by Artá Capital ( the former venture capital fund of the March family ) and by its founder, Faustino Velasco , who held 30% of the capital. The same sources indicate that Velasco will continue to lead the company with a minority stake. The transaction is still subject to approval by the corresponding competition authorities. At present, Ergon Capital only maintains one investee in Spain , Indo (manufacturer of ophthalmic lenses), after selling Palex Medical to Fremman, the fund 30% controlled by Santander.
This is the first draft divestment carried out by Artá since the departure of the March of the manager last June. The company has a turnover close to 55 million euros , of of which 30% come from the Spanish market, and a gross operating profit (ebitda) of 21 million. Among its clients it has well-known companies such as Nueva Pescanova, Balfegó or Salvamento Marítimo . The cutting-edge technology that it develops has been one of the aspects that has most attracted investors to participate in the competitive auction, coordinated by PJT Partners, with three candidates reaching the final phase: Ergon itself, Platinum and Orbcomm.
The same sources indicate that it has been one of the most competitive processes of the second half of 2021 after receiving almost twenty letters of interest from the company of a profile Variety of investors: from national and international venture capital funds, as well as other companies in the sector. Satlink is a world leader as a technology provider in the fishing business and markets buoys with satellite communications . The same sources indicate that the amount paid by the buyer would value the company in a price range of between 200 and 250 million euros .
In addition to its great technological potential, in favor of The transaction has also played the strong international growth potential of the firm, which began its expansion outside the Spanish borders in 2006 with the opening of a office in Seychelles. Later, it came to the American continent with the aim of growing in Latin America through Ecuador. It currently also has an office in Fiji.
Artá Capital, the former venture capital manager of the March , entered the shareholding of this company in 2017 taking a majority stake and it is the second divestment to close in the last twelve months, after the sale from the largest Spanish distillery (Alvinesa) to the British fund Intermediate Capital Group (ICG). It should be remembered that Corporación Financiera Alba left the management company last June, in such a way that it began to function as an independent company managing assets worth 800 million euros.