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Qualitas Equity Partners exits Garnica for 3.7x return

9 Apr 2014

madrid 30_sqQualitas Equity Partners has sold its investment in Spanish plywood group Grupo Garnica Plywood after eight years of ownership.

The Madrid-based private equity firm made a return of 3.7 times on its initial investment in 2006.

Garnica currently has five production facilities with a total capacity of 200,000 cubic metres of board production.

The company exports more than 75 per cent of its production, mostly to Germany, Holland, France, Portugal, Italy and the UK.

Last year Garnica posted an EBITDA of €7.4m on revenues of €44m.

Last November AltAssets reported that Qualitas was nearing a first close of over €50m for its latest fund.

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