Springwater acquires Imtech España

Springwater Capital, an independent private investment firm, and the trustees in the bankruptcy of Royal Imtech NV, a Dutch quoted engineering and construction services group, have reached an agreement for the acquisition of Imtech’s Spanish subsidiary, Imtech España, including its subsidiaries in Chile, Peru and Morocco, by Springwater. The sale is subject to approval of the Spanish merger authorities.

This transaction fits well into the strategy of Springwater to create a national engineering services champion in Spain with a critical size to compete internationally. Springwater acquired Bilbao based Nervión Industries a year ago and announced a buildup strategy in this sector. Since then Springwater has acquired the Asturian Group Daorje from 3i as well as Fivemasa from its family shareholders.

The acquisition of the Spanish Imtech Group and its subsidiaries strongly compliments Springwater’s industrial services portfolio and its strategy in this sector and forms a group which generates close to 500 million in sales.

Martin Gruschka, Founding Partner of Springwater said: “Springwater has been impressed by the quality of the operations and employees of Imtech and welcomes them to our group. We are also pleased to have successfully completed this competitive auction process in a very short period of time. We have been able to achieve this because of the broad experience and excellent relationship of our team in this sector and trusted partnerships and reputation we have built. We were also able to address all stakeholders’ needs by offering a flexible and accommodating deal structure”.

As stated by Javier Llanos, CEO of Imtech in Spain: “We are very pleased that Springwater Capital has chosen Imtech Spain as a benchmark company in the building and industrial sectors. After acquiring our organization, a new stage begins, ensuring the stability of our company in order to continue growing and creating value for our stakeholders.”

Notes to editors
Springwater Capital LLC is an independent private investment firm founded in 2002. The company invests in companies from various sectors in different European countries and works closely with its portfolio companies’ management teams in the development of its businesses in order to achieve long-term sustainable returns. Springwater has performed over 30 acquisitions and its current portfolio includes more than 15 companies or platform companies with more than €2.5bn in sales. In Spain Springwater has invested in companies such as Delion, Wamos, Unipapel, Aernnova, Nervión Industries (Monesa), Daorje, Miró, Fivemasa, Ceyde or Think Textil.

Imtech España has over 1,700 employees and achieves an annual turnover of €150m. The company is made up of two divisions that offer technological solutions for the building and industrial sectors. Imtech Spain provides installation and maintenance services for projects of high technological value. The extensive experience gained over forty years and the employees’ continuous training enable Imtech Spain to offer a highly professional team and to guarantee the most effective solution to each project. Imtech Spain´s headquarters is located in Madrid and it also has offices in the main Spanish cities, as well as subsidiaries in Chile, Peru and Morocco.