Garrigues, Deloitte Legal, CMS and KWM advise on the sale of Procubitos Europe to Magnum Capital
Garrigues, Deloitte Legal, CMS and KWM have advised on the sale of 50% of Grupo Empresarial Hervaz stake in Procubitos Europe, together with GED Capital as selling partner of the other 50%, to Magnum Capital.
Image: Miguel ángel López Mateo (Garrigues partner corporate), Eduardo Queipo de Llano (Deloitte Legal partner), Ignacio Zarzalejos (CMS partner) and Pablo Díaz (KWM partner).
GED’s investment in the ice manufacturer dates back to the 2017 financial year, when the entity acquired Cubers Premium with the aim of leading the consolidation of a highly atomized market in Spain and Europe and supporting the company’s organic growth.
A year later, it merged Cubers with Procubitos, founded by Grupo Hervaz and already a European leader at the time, to subsequently continue alongside the family with sector consolidation through seven additional acquisitions (add-ons, including a purchase in Italy) and the opening of a new factory in Germany.
Following the transaction announced today with Magnum, GED fully divests its position in Procubitos Europe, while the Hervaz Group remains in the capital with a minority stake, partnering with Magnum in the next phase of the company’s growth, betting on a strong and clear European leadership.
Garrigues has advised Magnum Capital with a team formed by Miguel Ángel López Mateo (partner corporate), Bartolomé Úbeda (partner tax), César Herreras (partner tax), David Guerras (principal associate) and Rogelio Jiménez (associate).
Deloitte Legal has advised GED Capital and Grupo Hervaz. The transaction was advised by the tax team: Eduardo Queipo de Llano (partner), Alberto Maldonado (senior associate) and Eva Hilillo (associate). From the corporate M&A Legal team: Susana López Claver (director), Marina Silva (counsel) and José María Ortiz (associate). On behalf of the regulatory department: Carlos Tallón (senior associate) and Fernando González (senior associate). In the labor department: Covadonga Roldán (partner), Beatriz Prieto (counsel) and Berta Martín (senior associate).
CMS has advised Grupo Empresarial Hervaz and they have also accompanied them in the reinvestment of part of the funds obtained, acquiring a minority stake. The team has been led by Ignacio Zarzalejos, together with Ana Vázquez.
KWM has advised GED Capital with a team formed by partner Pablo Díaz, together with associates Enrique Murillo and Álvaro Paniagua.
