Doughty, which picked up the company in 2007, completed six add-ons in the intervening years and completed a €490m bond issue in May this year.
Francisco Churtichaga, a partner at Doughty, said, “Since acquiring the business in 2007, Avanza has successfully navigated unprecedented, challenging economic conditions in Spain.
“We have enjoyed working with the management team, led by Jesus Lopez Torralba, and wish the Group well under new owners.”
The firm said its third exit from Doughty Hanson & Co V meant the fund had returned 65 per cent of LP commitments with five more investments to go.
A statement from Doughty added that the sale was its fifth exit in the past 12 months, including the IPOs of TUMI and Hellermann Tyton and sales of Vue Entertainment and Norit.
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