Sidenor and JB Capital strengthen Bain’s Spanish block to buy ITP

The summer operation, that is, the bid for ITP Aero (a Rolls-Royce subsidiary), continues to bring new developments as the days go by. After meeting the Spanish consortiums formed by the two venture capital funds, Bain Capital has expanded beyond Sener and Indra (participation commitments) its perimeter of local allies.

The US fund has included in its offer to two other Spanish shareholders, to which it has assigned a joint participation of 10%. These are the Basque steelmaker Sidenor and the investment firm JB Capital, which also participates as an advisor to Bain Capital for its investments in our country, including the ITP operation.

Urkullu ‘places’ the Basque Sener in the operation to buy ITP Aero

C. H.

In this way, Bain Capital would shape its consortium with a similar structure to Cinven, offering between 25-30% of the capital of ITP Aero to Spanish investors. In the case of the British fund, its structure is similar, since the manufacturer Aciturri has a 20% and a group of Basque investors agglutinated in the Arraigo fund, another 12%.

The Ministry of Industry, through the general secretary of Raúl Blanco, has had the offers since last week. But nevertheless, the calendar that the Government manages is unknown to give the go-ahead to the candidatures, despite the original ‘timing’, scheduled for before the presentation of Rolls-Royce results, on August 5.

The formation of the candidatures has been kept secret until the last minute. In fact, Sener’s participation has been on the wing until the last moment, although Cinven’s offer is closed and Bain Capital’s has still pending to distribute a percentage of its part, although there is a commitment that it may be Indra or other.

Both offers meet the wishes of Rolls-Royce, which is pressing the calendar

Until now, there is no evidence of the positioning of the Industry on the offers, although there is also The opinion of the Lendakari, Iñigo Urkullu, will have its weight. In this sense, the decision of the Sendagorta family to enter the fray is attributed to the insistence of Lendakaritza, given the weight and experience of the family as a former shareholder of ITP Aero.

For its part, Rolls-Royce watches the clock and Industry at the same time, once the price objective (1,500 million) seems guaranteed. In your opinion, both offers for ITP Aero are tailored to your wishes and both, in turn, meet the requirements demanded by Moncloa and by the Basque Government. The only thing that squeezes it is the schedule promised to its shareholders.

The summer operation, that is, the bid for ITP Aero (a Rolls-Royce subsidiary), continues to bring new developments as the days go by. After meeting the Spanish consortiums formed by the two venture capital funds, Bain Capital has expanded beyond Sener and Indra (participation commitments) its perimeter of local allies.

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