Constructel Visabeira secures €200m growth capital from Goldman

Constructel Visabeira has secured €200 million in growth capital from Goldman Sachs Asset Management

pjimage 2022 01 28T082255.111Constructel Visabeira S.A. (“Constructel Visabeira”), a subsidiary of Portuguese multinational and multi-sector holding company Grupo Visabeira, SA (“Grupo Visabeira”), announced it has signed an investment agreement for €200 million in growth capital from Goldman Sachs Asset Management, in exchange for a minority equity stake. The proceeds from the investment will be predominantly used to further accelerate organic growth and to undertake targeted M&A to support an accelerated growth strategy.

Constructel Visabeira is a leading service provider in the telecommunications and energy sectors with more than 40 years of extensive experience. The Company has differentiated know-how in designing, engineering, building, maintaining and operating network infrastructures. Constructel Visabeira’s integrated skills and wide range of “turnkey” solutions make it a market leader and favoured partner to incumbent operators internationally; the Company is present in Portugal, France, the United Kingdom, Germany, Belgium, Denmark, Italy, Spain and the United States of America.

The ongoing migration to full fibre solutions, increasing focus by operators to roll out 5G networks, IoT solutions, datacenters and the evolution of electricity and gas network infrastructures, are all set to drive further demand for Constructel Visabeira’s services across key target markets. To assist in this next phase of growth, Grupo Visabeira has elected to partner with a well-known global investor while maintaining its independence.

Nuno Terras Marques, CEO of Constructel Visabeira and Grupo Visabeira, said: “Goldman Sachs rapidly became the ideal partner for us: the alignment on our strategic objectives, the breadth of their international platform and their sector expertise will enable us to realize our full potential.”

The Goldman Sachs Asset Management team led by Michele Titi-Cappelli, Jose Barreto, and Mihir Lal, commented: “Constructel Visabeira is at the forefront of the secular macro trends of increased digitalisation and transfer of information, as well as the current overhaul in energy infrastructure and shift towards renewable energy. We have been impressed by the vision, execution capabilities and innovation of Constructel’s management team and are delighted to be backing an industry leader, under the leadership of Nuno Terras Marques, in this critical acceleration phase of its growth trajectory.”

Isabel Fernandes (pictured left), General Legal Counsel at Grupo Visabeira, led the entire process of Legal Due Diligence and contractualisation inherent to the investment, with the external collaboration of Vieira de Almeida. The team fom VdA included Helena Vaz Pinto (pictured right) partner, Sofia Bobone coordinating associate and Pedro Sassetti Coimbra senior associate.

Fernandes said: “It is really a remarkable project for a Portuguese multisectoral Group, but with a strong international presence (16 countries; exports products and services to 109 nations), with a very complex investment operation (even from a legal point of view) and that clearly tries to contribute to the Group’s organic growth in the telecommunications and Energy sector within the current context of investment in telecommunications infrastructure (eg 5G) and energy transition, among others!”

Alvarium and Nau Securities acted as corporate finance advisors, Ernst & Young provided financial and tax advice and Vieira de Almeida & Associados provided legal guidance to Constructel Visabeira. Oliver Wyman, Linklaters, and Deloitte LLP advised Goldman Sachs on the transaction.

The investment is subject to customary competition and regulatory approvals.

Michael Heron