L-GAM, the fund owned by the Liechtenstein royal family, advances in the sale of Grupo BC, the Spanish leader in mortgage management. According to different financial sources to elEconomista, the fund of the Principality has entered into negotiations with the American Silverlake. The operation would involve the transfer of a majority stake in Grupo BC, valued at more than 500 million euros. L-GAM currently holds 70% of the firm.
Grupo BC, which manages more than 350,000 mortgages a year, has a broad presence in Spain, Italy, Portugal and Latin America. Hand in hand with L-GAM, which became a shareholder in 2015, the company has increased its growth both at an organic and inorganic level, the strong acquisition strategy carried out in recent years being noteworthy. Since its founding more than four decades ago, Grupo BC has carried out more than 35 acquisitions.
In this sense, one of the most notorious operations was the purchase of Lexer, Magnum Capital’s recovery business, earlier this year for 150 million. Lexer, for its part, is one of the large collection companies in Spain, after making different acquisitions such as the division for this business of the law firm Broseta and Cobralia. This new area of collections is one of the businesses on which the company now wants to focus its growth, due to its more anti-cyclical nature. At the time of the acquisition from Magnum, there was talk in the sector of an eventual IPO of the BC Group in the coming years as it continues to grow in size.
With more than € 1 billion in assets under management, L-GAM is one of the best-known venture capital investors in Europe where it has made acquisitions of well-known companies such as the Italian luxury brand Roberto Cavalli. Currently, its portfolio is made up of eight investees and Grupo BC is the only one in Spain. The rest are located in other European countries such as Italy and France. However, the fund is currently analyzing different Spanish companies after going through some processes such as the Gransolar renewables.
This venture capital manager is one of the youngest in Europe, as it was founded eight years ago hand in hand with the Principality together with industry executives from other well-known firms such as Investcorp or Bain Capital.
Strong growth
Now, his forecast is to close this year with a turnover of more than 230 million euros and a gross operating result (ebitda) of more than 58 million. In any case, the same sources consulted indicate that the transaction is not closed, so it would not be ruled out that a competitive process would be opened if the conversations with Silverlake do not come to fruition. The operation is being advised by Socios Financieros and Canson Capital.
Furthermore, the type of sector in which it operates makes Grupo BC very attractive both for other companies in the larger sector and for more specialized funds in the financial world, according to the same sources.
Different services
Before the entry of the Liechtenstein royal family fund, the company was 70% controlled by the Spanish funds Miura and Talde, which sold this stake to L-GAM, opening a new stage of growth in the company, which provides its services. to the main banks in the country. In addition, it also offers its services to other companies in the insurance sector, utilities and servicers.
With a network of more than 100 offices, Grupo BC integrates 100% of the companies Cibergestión, Bukit, BC Digital and iAhorro. In addition, it owns 60% of the consulting firm Gamma BC and 50% of the energy certification body Asecener. Along these lines, in addition to processing all the necessary documentation when applying for and processing a mortgage (from the preparation of the deeds to filing at the notary on the day of signing), it also handles other document outsourcing services. for other sectors such as energy.
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