A&O, KWM advise on ICG´s acquisition of Alvinesa

Allen & Overy has advised Intermediate Capital Group (ICG) on the acquisition of Alvinesa Natural Ingredients S.A, with King & Wood Mallesons advised the seller

Intermediate Capital Group (ICG) has acquired a stake in Alvinesa Natural Ingredients, a Spanish wine products specialist, from Grupo March-backed Artá Capital.

The shareholders of Alvinesa Natural Ingredients have agreed to give entry, as a partner of the company, to London-based fund ICG, in a deal in which closing is only subject to the fulfilment of the usual conditions in this type of transaction. Jesús Cantero will remain the current president of the company as a reference shareholder, which guarantees the continuity of the company’s project in the future. The transaction will also mean that Artá Capital, which depends on the March family, will end its investment phase that began in 2017, having transferred all of its shares.

Corporación Financiera Alba, through its development capital vehicle Deyá Capital IV SCR, (managed by Artá Capital SGEIC) reached an agreement for the sale of its 16.8% stake in Alvinesa, together with that of other shareholders of the company, according to the CNVM communication.

Alvinesa, based in Daimiel (Ciudad Real), has the largest industrial complex in the world dedicated to the integral use of grapes, launched in 2015, and is a world leader in the production of natural ingredients from this raw material. Likewise, Alvinesa’s activity is based on a business model based on the processing of wine by-products (more than 250,000 tonnes in the last year), allowing the wine industry to be 100 per cent circular and sustainable.
The new partner of the company has won in a bidding process in which Goldman Sachs, Riverside and a consortium between Freeman and Torreal participated in the purchase of the package owned by the March family´s fund, and that different economic media have placed in an amount around €350 million, though no official amount has been disclosed.

The company’s new partner, the British fund ICG, manages more than €45 billion with a presence in 15 countries in Europe, Asia-Pacific and the Americas, including Spain, where it has stakes in Grupo Garnica Plywood, Konecta, Suanfarma and DomusVi.
The deal´s final price will be adjusted once the authorisation is granted.

A multi-disciplinary team of Allen & Overy advised ICG with M&A parter Ignacio Hornedo (pictured top left), M&A associates Elena Cortina and Regina Mozo de Rosales, B&F partner Juan Hormaechea (pictured top right), B&F senior associate Sara Sanz, B&F associate Marina Jiménez, Tax partner Adolfo Zunzunegui (pictured bottom left), Tax senior associate Rafael Giménez Reyna, Competition counsel Jaime Rodríguez and Public Law associate Óscar Vives.

King & Wood Mallesons advised Alvinesa´s shareholders with a team led by Commercial/M&A partner Pablo Díaz (pictured bottom right), together with senior associate Gonzalo Fernández and associate Rosa Chen.

Desire Vidal