Deal Information:

-Sector: Engineering & maintenance services 

-Country: Spain

-Sellers: Company founders

-Entry Date: March 2014 -Exit Date: December 2016

Company Overview 

Nervión is an engineering company headquartered in Bilbao with 60 years of experience in the construction and maintenance of industrial installations in Spain. The company is organized around 3 divisions: Assembly & Maintenance (construction and maintenance of industrial installations, blue chip client base diversified among different industries), Tanks (engineering project for storage tanks) and Clean Air Systems (engineering, manufacturing and assembly of installations for air pollution control)

Deal Highlights    

Acquired in March 2014 from the 5 founding families at an attractive valuation due to the uncertainty in the company’s succession plan and issues with profitability. SWC’s objective was to create the largest Spanish independent group in the engineering and industrial maintenance services field

SWC appointed Tier I external independent board members to support commercial activity and gain new contracts in Spain and abroad, in order to increase revenues from €50m in 2014 to €85m in 2015

A capital increase was provided by Grupo Amper (listed BME:AMP), resulting in dilution of SWC’s ownership. Fully exited in October 2018 after the sale of the remaining stake to Grupo Amper