CatalunyaBanc Tranfers Stakes in Investees to Salvepar

2/07/2014 – Expansion

CatalunyaBanc continues shedding all stakes in non-listed industrial companies it owns before Frob (the Fund for Orderly Banking Restructuring) abandons the holding.

The entity chaired by José Carlos Pla has come to an agreement with French fund Salvepar which last year raised €130 million for new investment and minority stakes in mid-market firms, planning its first transactions in Spain. The fund belonged to Société Générale but was sold to another French fund Tikehau in 2012.

The total value of the operation reaches €11 million.


Firstly, CatalunyaBanc sold a 11.67% stake in Catalonian Boniquet Sparchim, manufacturer of parapharmacy and dental hygene products for pharmaceutical laboratories which are highvolume and distribution customers. Secondly, the bank transferred a 21.6% holding in Navec, also Catalonia-based, that is an industrial plant assembly and maintenance company. Finally, it shed 22.3% in venture capital firm Baring II, once encompassing 15 companies in its portfolio, for example Adelte-EFS, Forus, Grupotec, Avanza, Gasesa, Unitronics, Grupo Losan or Mirada.

Urged by Brussels, Catalunya Banc shall shed its stakes still before 2015. For this reason, the bank is planning sales of a 43.7% holding in European Biofuels 012 and trimming the stake in Applus+ to 3.3%.

Moreover, it has just  closed the transfer of its real estate servicing firm to Blackstone Real Estate which paid €40 million for management of the €9 billion worth of assets and expects arrival of its 150 employees.

Frob awaits the offers for CatalunyaBanc by July 14th. Totally, a bank with €60 billion in assets is going to change hands.


Original article: Expansión (by D. Badía & J. Orihuel)

Translation: AURA REE