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Advent International acquires Spanish property valuation firm

Private equity firm Advent International has acquired Tinsa, a Spanish property valuation firm, from its founding partners.

Advent International has taken a 94.5 per cent majority stake in the business, with the remaining capital held mainly by the management team.

The transaction is valued at EUR100m and has been approved by the Bank of Spain.

Founded in 1985, Tinsa specialises in property valuation, analysis and real estate advisory services.

In 2010, the company expects to carry out over 240,000 valuation reports – representing a total valuation volume of more than EUR160bn – and forecasts a turnover of EUR80m.

Until now, its shareholders consisted of 35 Spanish savings banks along with the Spanish Confederation of Savings Banks (CECA).

Advent International’s strategy for Tinsa will focus on increasing its domestic market share through organic growth and complementary acquisitions, while also expanding its international geographical reach.

Tinsa currently operates in Europe through its offices in Portugal and France, as well as Spain. In the Americas, the company provides services in the US, Mexico, Argentina, Chile and Peru.

Carlos Santana, director of Advent International in Spain, says: "Advent International has extensive investment experience in the financial services sector and has been analysing investment opportunities in Spain for some time. We believe that Tinsa’s outstanding leadership position in the property valuation sector will enable it to continue innovating through its products and improving the quality of the service it offers clients. We are looking forward to working with the management team to increase the long-term value of Tinsa."

Luis Leirado, managing director of Tinsa, says: “We are very pleased to welcome Advent as a financial investor and we look forward to working closely with the Advent team on the value creation plan and the development of new business opportunities in Spain and internationally.”

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