| Private equity funds managed by Qualitas Equity Partners as well as members of the management team have acquired shares in the speciality plywood company Garnica Plywood. The previous shareholders, mostly members of the Garnica family, also have reinvested a part of their proceeds in the company. Pedro Garnica will continue as President and Managing Director of the company, while Guillermo Hernanz will continue as Sub Director. Banco Sabadell provided acquisition debt for the transaction.
Garnica Plywood is the leading European producer and seller of high value-added poplar plywood boards. The company closed 2005 with €44 million in turnover and forecasts €60 million in turnover in 2006. Garnica Plywood is well recognized as a prestigious supplier of poplar plywood to the caravan, parquet floor, recreational boat, and furniture sectors.
The entry of Qualitas into the shareholding of Garnica Plywood, together with the investment by certain managers of the company, aims to achieve two objectives: organic growth and acquisitions of other companies in the sector.
Eric Halverson, Partner of Qualitas Equity Partners, noted that “Garnica provides very high value-added solutions for its clients. There is no other popular plywood company in Europe that can compete with its products in terms of quality. Consequently, Garnica has stable and almost symbiotic relationships with its clients. Qualitas seeks to move the company into new markets through innovative solutions. We will consider selective acquisitions of other companies”.
Pedro Garnica, President of Garnica, underlined that “Qualitas is a fund with substantial experience in the management of industrial companies. We believe that they can help us to professionalise the management and administration of the company. Additionally, their entry provides an important financial support for future growth to the company.
Guillero Herranz, Sub Managing Director, explained that “the entrance of Qualitas provides the necessary resources for continuing our expansion and for serving better our clients in the future”.
Qualitas Equity Partners is a private equity fund manager focused on buy-outs of companies with turnover of €20-100 million. In the last year, Qualitas closed three acquisitions in the prefabricated concrete sector to form the Forte Group. Other companies in the portfolio of Qualitas include Azuvi, a leading company in the ceramics sector, and Bellsolà, a major pre cooked frozen bread company.
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