Gransolar discards the IPO and seeks a sale to a fund

Gransolar parks its possible IPO. The group – manufacturer of solar trackers, project development and other services – has now chosen to explore a sale to a private equity fund. The valuation range is between 500 and 1,000 million.

Grupo Gransolar is controlled by a group of directors –Domingo Florian Vegas, Iván Higueras and Marta Soto– who add up to 38%. In seniors, the CEO, Juan Pedro Alonso, has 14%. The Diana Capital fund has another 35%.

All of them have decided to change the shareholding of the company. They have hired Bank of America and AZ Capital. At first, they structured the process as a dual track, between an IPO and a sale to a fund. However, the first alternative was quickly bypassed, according to financial sources to CincoDías.

Unlike other operations in Spanish renewables in recent months –such as the sales of Plenium, the photovoltaic plants of Brookfield, Eolia or T Solar–, this time the powerful international infrastructure and pension funds will not be the protagonists of this operation. Gransolar, although it has 1.3 GW in solar developments, around 50% of the turnover comes from the manufacture of solar trackers under the PV Hardware brand. And that industrial component makes the company more attractive to venture capital funds.

Shareholders have already received the first signs of interest from the greats of private equity. They hope to collect the first offers in the coming weeks. And close the process before summer. The sources consulted point to Bridgepoint, Advent, Cinven, KKR or CVC as some of the interested parties.

The company recorded an ebitda of 28 million in 2020, for 24.5 million in 2019, and a profit of 20 million. He hopes to make the big leap this year and close with a profit of 30 million. He hopes to make this important leap this year due to the collection of projects stopped during 2020 by Covid-19, the start-up of new projects in the construction of solar plants and others in storage and development. Thus, the valuations that are handled are between 500 and 1,000 million.

In addition, it has a box of 23 million. And a healthy debt position. It has a promissory note program registered with MARF for an outstanding balance of 30 million euros. It also has other bank loans, so its gross financial debt is 54 million.

Gransolar also has an important international presence. In the solar developments section, of its 1.33 GW built, 420 MW are in Spain; 775 MW are located in Brazil, and another 500 MW, in Mexico. It is currently looking to make the leap to the US market and also to launch into the manufacture of batteries and storage solutions.

Gransolar is the second Spanish company to decide to cancel its IPO in just one week. Last week Capital Energy did the same, although in this case it already had a brochure sent to the CNMV, it had initiated contacts with potential investors. Gransolar was at a much earlier stage in the process. On the other hand, Ecoener informed yesterday of its intention to go public and the operations of Acciona Renovables and Factorenergia are also progressing at a good pace.


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