The US fund Silver Lake has closed the purchase of the Spanish leader in mortgage intermediation and outsourcing of jobs for the financial sector, Grupo BC. The firm was in the hands of the Portuguese fund L GAM and is valued in this operation at more than 500 million.
The company was founded in 1974 and is based in Madrid. Santiago Vellver will remain as president of the firm, while Xavier Costa will be the CEO. It is present both in the Spanish market and in Latin American countries such as Mexico, Brazil, Colombia and Peru, with a workforce of 5,300 workers.
The objective of Silver Lake is to increase the services and solutions provided by Grupo BC. It also seeks to grow in digital innovation, with a focus on software and data analytics. The operation is scheduled to close in November.
Socios Financieros and Canson Capital have been the financial advisers of Grupo BC and its shareholders, while dwf-RCD has been in charge of legal matters. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Uría Menéndez have worked for Silver Lake.
A few months ago, Grupo BC acquired Lexer, the legal platform specialized in recoveries. It was in the hands of the Mganum venture capital fund.