Baring sells 51% of Adelte to a group of businessmen for 10 million

The venture capital fund Baring Private Equity formalized this Thursday the sale of 50.

NewsEditor
NewsEditor
08 July 2022 Friday 05:04
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Baring sells 51% of Adelte to a group of businessmen for 10 million

The venture capital fund Baring Private Equity formalized this Thursday the sale of 50.5% of the capital of Adelte Group, based in Barcelona and dedicated to the business of the walkways used by passengers to board at ports and airports, for about 10 million euros, according to financial sources. The buyers are "seven or eight businessmen and family groups who have taken very minority stakes," the sources explain.

Both the two founding partners – the Bartomeu (40%) and Almazor (5%) families – as well as the management team led by Jordi Mont (4.5%), the chief executive, have finally maintained their participation unchanged. The shareholding movement is produced by the liquidation of the Baring fund in Spain, a circumstance that investors have taken advantage of to join the project.

Adelte, founded in 1973, is a world reference in the sector of design, manufacture and supply of footbridges. It has a workforce of 700 workers and exports 80% of its sales. The turnover, affected by the pandemic, is around 60 million. This figure was maintained in 2021 and is not expected to be very far from 2022 because, despite the recovery, orders take time to materialize. The current plan is to re-enter some 100 million within two years.

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