Spain’s GED strikes first close for $175m-targeting sixth buyout fund

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Lower mid-market Spanish private equity firm GED is more than halfway to its goal for a €175m-targeting sixth buyout fundraise through a first close.

The €100m close for GED VI España will see the firm continuing the strategy of its predecessor vehicle,  deploying equity tickets of between €15m and €20m in companies with €3m to €7m EBITDAs.

All of the LPs backing GED’s latest fund so far invested in the predecessor vehicle, which launched in 2015 with €80m and was eyeing up to €150m, although the firm has not publicly revealed its closing total.

That vehicle has been fully deployed in seven platform investments and 12 bolt-on acquisitions.

GED said it plans to use the new fund to make between eight and 10 investments in medium-sized industrial companies with high-growth potential.

Fund V’s portfolio includes stakes in Procubitos Europe, Discefa, Araven, GTT and Vitro, among others.

Enrique Centelles Satrústegui, managing partner at GED, said, “The recent launch of GED España VI has been very well received by the investors in our previous vehicle, all of whom have made commitments to the new fund.

“Our plan is to continue with the successful strategy of the fifth fund, creating value in our portfolio companies through internationalisation and buy-and-build.

“Additionally, our pipeline is full of investment opportunities thanks to the extensive proprietary network that we have built over more than two decades in the lower end of the Spanish mid-market.”

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