EY Abogados has advised Portobello Capital on the closes the sale of Grupo CTC, a Spanish company dedicated to the outsourcing of services for the industrial, logistics and commercial sectors, for 80.5 million euros to the Dutch multinational Randstad, specialised in temporary employment and human resources.
Randstad NV, the world’s largest talent company announces that it has signed an agreement to acquire Grupo CTC in Spain. Grupo CTC provides outsourced industrial, logistics and sales & marketing services to customers in its home market of Spain and in Portugal. The company currently operates from 14 regional offices and 11 owned logistics facilities, servicing over 200 customers.
Demand for these services is growing significantly in Spain and, with the proposed acquisition, Randstad will continue to expand its leadership presence in the region. The move is in keeping with Randstad’s broader strategic objective of strengthening its capabilities in value added services for customers in key markets.
Grupo CTC generated revenue of €230 million in 2022. The enterprise value of the acquisition is €80.5 million. This transaction is aligned with Randstad’s growth strategy, whilst ensuring that the transaction is EVA accretive within a three-year period. The completion of the transaction is subject to several conditions, which parties expect to be fulfilled in the coming weeks.
The team was led by Mar Ares (partner), Elena Mas(partner) (financial DD), Manuel Paz (partner EY Abogados) , José Enrique Padilla (senior manager) (tax DD, tax structuring, tax advice on SPA), Susana Gomez Badiola (partner EY Abogados), Carmen Esteban (senior manager EY Abogados) (legal DD) and Raúl García (partner EY Abogados), Miguel Prado (senior manager EY Agobados) (labor DD).”