Spanish lower mid-market firm GED Capital has reached a EUR100 million first close for its new private equity vehicle GED VI España. The fund, which was registered with the National Securities Commission (CNMV) earlier this month, has a target size of EUR175 million.
All of the LPs in GED’s latest fund invested in the predecessor vehicle, including insurance companies, mutual funds and family offices. GED VI España follows the same strategy than its predecessor, deploying equity tickets of between EUR15 million and EUR20 million in companies with EUR3 million to EUR7 million Ebitdas.
The fund expects to make between eight and 10 investments in medium-sized industrial companies with high-growth potential. During the holding period GED will develop its portfolio companies through the internationalisation and sectorial consolidation strategies that characterise the firm.
GED VI España comes to the market after the previous fund has been fully deployed in seven platform investments and 12 bolt-on acquisitions. The portfolio of GED’s fifth private equity fund includes stakes in Procubitos Europe (leading European group for the manufacture and distribution of ice), Discefa (world leader in the transformation and sale of high quality octopus), Araven (manufacturer of professional catering and transport of purchase equipment), GTT (professional services and development of tax management software), Vitro (development and sale of products and equipment for in Vitro Diagnostic), ENSO (producer of PET packaging for food) and Eliance (helicopter and fixed wing aircraft operator for emergency services).
Enrique Centelles Satrústegui, managing partner at GED, says: “The recent launch of GED España VI has been very well received by the investors in our previous vehicle, all of whom have made commitments to the new fund. Our plan is to continue with the successful strategy of the fifth fund, creating value in our portfolio companies through internationalisation and buy-and-build. Additionally, our pipeline is full of investment opportunities thanks to the extensive proprietary network that we have built over more than two decades in the lower end of the Spanish mid-market.”
