Springwater Capital has bought the industrial business unit of Spanish digital office products company Adveo and an 80 per cent stake in internet operator Sarenet, which is also based in Spain.
Sarenet said the stake was sold for €14.4m, while Sarenet was sold for €16m by Vocento. The assets being acquired by Springwater include Adveo’s manufacturing and distribution operations in Spain and its reprinting operations in France and Morocco.
The Swiss private equity firm could soon make another deal in the country as El Confidencial has said that it is circling printing company Service Point.
Springwater, which is based in Geneva, is focused on making non-operational control investments in European businesses that are “undervalued due to a perceived uncertain financial outlook.”
Recent deals in Spain included the acquisition of a 22 per cent stake in electronic locks maker Salto by N+1 Mercapital.
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