KPMG Abogados advises on the acquisition of the Covama group
KPMG Abogados has advised Sonepar Ibérica on the acquisition of the Madrid-based group Covama, which achieved sales of 90 million euros in 2023.
Covama Group
The Covama group (Covamani) started its activity in the electrical equipment sector in 1968 with a small point of sale in the Usera district of Madrid. It currently operates in the market with three companies (Covama, Matel and Dismeva) and the group stands out for seeking excellence in service, offering its customers technical, logistical, commercial and financial solutions.
In 2023, the Covama group achieved sales of 90 million euros and has 230 employees in 12 branches.
Through this transaction, Sonepar España will strengthen its market offer in the Madrid region and in the provinces of Toledo, Ciudad Real, Jaén, Valladolid, Burgos and Mallorca.
“Covama is a benchmark distributor in the Madrid region and in the rest of the cities where it operates,” said Bárbara García Florén, President of Sonepar Ibérica, who added: “Covama’s long-standing relationships with its customers have positioned it as a benchmark company in B2B distribution in the Spanish market. Moreover, its culture and values are perfectly aligned with those of Sonepar”.
“All of us at Covama are very proud of what we have achieved in our more than fifty years of history in the electrical distribution sector,” said Luis Collado, President of the Covama Group, who added: “We are excited to provide this opportunity for Covama to continue to grow thanks to the Group’s capabilities, resources and investments, thus ensuring the future of our employees and the development of innovative services for our customers.
The transaction has to be approved by the Spanish competition authorities.
Advisors
KPMG Abogados has advised with a corporate team: Luis Mingo (partner, pictured left) and Jaime Gude; labour: Francisco Fernández (partner, pictured centre) and Ana Garriz; and tax: Álvaro de Silva (partner, pictured right), Maria Barciela Segovia, Blanca Cruces Romero and Blanca Cruces Romero.
