MADRID and WASHINGTON, July 29, 2024 /PRNewswire/ — ACON Southern Europe Advisory, S.L. (“ACON”) today announced that it has completed the full divestment of their interest in CONTENUR (the “Company”), one of Europe´s leading manufacturers and servicers of containers for municipal waste collection and recycling, to Nexxus Iberia Private Equity Fund II (“Nexxus”), a Spanish private equity fund. Financial terms of the transaction were not disclosed.
Founded in 1984 with the launch of its first plant in Madrid, Spain, the Company has played a key role in the containerization of urban waste collection in Spain and has successfully expanded internationally, becoming the largest manufacturer in Spain and the third largest in Europe. CONTENUR´s products are now sold in over 50 countries through 14 affiliates. It is supported by four manufacturing facilities in Spain, Poland, the United Kingdom and Brazil. The Company´s total sales reached €170 million in 2023, primarily comprised from its activities in Spain and the rest of Europe. In addition, it continues to grow its business in Latin America and execute its strategy of opening up new markets for its products and services.
In its next stage of development, the Company will continue to be headquartered in Getafe, Spain, just outside of Madrid. It will continue to invest in R&D in order to secure its position as a leader in the usage of recycled materials, which are widely used throughout its production process, and in manufacturing methods that promote the sustainability of its products.
Joining Nexxus as equity partners in this investment are Schroders, an alternative asset manager, and the European Investment Fund (“EIF”). The existing management team will continue leading CONTENUR and will retain its position as a significant shareholder.
Pablo Gallo, founding partner of Nexxus, stated, “We are excited to have completed the second investment by our fund. Further, we are pleased to be partnering with a management team that has led the Company for 30 years and in which we have complete confidence. Already among the largest European companies within its sector, we look forward to helping the Company become a leader worldwide. This investment is consistent with our strategy of supporting firms that promote sustainability and energy transition. CONTENUR´s products are 100% recyclable and improve quality of life in urban areas by facilitating the separation of waste at its source, an important first step towards recycling.”
Ramón Lafuente, CONTENUR´S Chairman added, “We are pleased to enter into this strategic partnership, which validates our unique business model and our approach to business. We look forward to accelerating our geographic expansion, improving our product catalogue and reinforcing our commitment to sustainability in all aspects of our business. We are grateful for the confidence and support provided by our former partners at ACON and look forward to working closely with our future partners at Nexxus.”
Marcos Semmler, Managing Partner at ACON, highlighting the tremendous progress achieved by the management team over the last six years, commented, “We executed on our investment thesis which focused on consolidating existing markets and developing new white space around the globe. This resulted in a significant impact on sales and EBITDA. CONTENUR illustrates the competitiveness of medium-sized businesses in Spain.”
Nexxus was advised by Pinsent Masons (legal, tax, labor), Banc Sabadell (M&A), Alvarez & Marsal (financial DD), E&Y (ESG DD), Cornerstone Fund Placement and Marsh (insurance DD). ACON was advised by Hogan Lovells (legal), Harris Williams (M&A), KPMG (financial) and Roland Berger (Commercial). Management was advised by Baker McKenzie (legal).
About Nexxus Iberia
Nexxus Iberia is a private equity fund manager formed in 2016 with a focus on supporting small & medium sized businesses in Spain and Portugal realize their potential and expand internationally in Europe, Latin America and the US. The team is led by former partners of 3i Group and partners of Nexxus Capital of Mexico.
Nexxus Iberia is a partnership between Nexxus Capital, a leading manager of alternative assets in Mexico with over 25 years of experience investing in small & medium-sized firms. The firm has raised over $1,600 million through its funds focused on growth equity, venture capital and private debt and has supported over 60 companies in México, the US and Iberia through Nexxus Iberia. Nexxus Capital stands out among alternative managers in Latin America having taken seven of its portfolio companies public.
Nexxus Iberia Private Equity Fund II achieved a final close in the first half of 2014 and has committed capital of €241 million. Together with its previous fund, Nexxus Iberia has raised total commitments of €500 million.
About ACON Investments
ACON Investments, L.L.C. is a Washington, D.C.-based international private equity investment firm that manages private equity funds and special purpose partnerships that make investments in the United States, Latin America and Europe. With professionals in Washington, D.C., Dallas, Los Angeles, New York, Bogotá, Madrid, Mexico City and São Paulo, ACON has managed $7.0 billion in assets since inception and has a 28-year track record.
ACON has been investing throughout Southern Europe since 2017 after the U.S.-based firm and local partners launched a platform dedicated to investing in medium-sized companies in the region. ACON aims to support its portfolio companies in their expansion into international markets. Since entering Europe, ACON has invested capital in excess of €250 million across various sectors through its interests in Contenur, Germaine de Capucini, Salesland, Alsur, Formación Alcala, Siex 2001 and Romar Global Care.
For more information, visit www.aconinvestments.com.
Media Contacts:
ACON Investments
Marcos Semmler
Managing Partner
[email protected]
Meena Thever
Partner, Head of Capital Formation and Investor Relations
[email protected]
SOURCE ACON Investments, L.L.C.
