Nazca has acquired Terratest from Platinum Equity
The transaction, the largest carried out by Nazca to date, has been closed after a six-month negotiation period with the previous majority stakeholder, Platinum Equity. Nazca, with a majority control following the transaction, is backed by Aberdeen Standard Investment – investor in Nazca funds since 2009, one of the largest global fund managers and a leading private markets investor– as main co-investor together with Nuova Energia and Oquendo Capital. Nazca will count on the company’s current management team, led by Enrique Torres as Chairman.
Founded in 1959, Terratest is the fifth largest international engineering group specialized in geotechnical, ground improvement and tunnelling solutions for large infrastructure and building projects. With headquarters in Spain and presence in over 25 countries, it develops over 80% of its business outside Spain. Projects span throughout Europe, US, Latam, Middle East and Africa. During the period from 2015 to 2017, the company’s Sales and EBITDA annual growth exceeded 57% and 79% respectively. In 2018, the company expects to reach by year end, Sales and EBITDA of circa €220m and €32m, respectively.
Terratest’s business plan is based on further international growth, with a strong development of key geographies such as the US, and the engagement in large scale infrastructure projects globally.
Lincoln International acted as the sole M&A adviser to Nazca and its co-investors on this transaction, supporting the acquirers in all aspects of the transaction – including process management, valuation, due diligence and negotiation support.
Lincoln’s deep experience in business services and specifically its knowledge of the geotechnical solutions market helped us in analyzing a complex target and sector. Lincoln worked as an extended arm of our team.
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