Independent private equity investment firm, Luceiro Capital, led by Iván Varela, has closed its first deal by acquiring a majority stake in Safetop, a personal protective equipment company (Epis). In the transaction, Luceiro Capital Management, through its SME fund Luceiro Capital Partners I, partnered with the two founders of the company based in Oleiros (A Coruña).
The founders of Safetop, which was founded in 1989 as Loga Representaciones and one year later registered the current brand name, will continue as shareholders, as well as in the management of the company and its commercial development. The new plan with Luceiro in the capital is to promote Safetop’s international growth, to continue with the technical and safety innovations in its catalogue, and to maintain the comprehensive service to its more than 3,000 customers.
Safetop designs, manufactures and distributes a catalogue of over 1,500 certified products ranging from gloves, fall protection harnesses, safety footwear, respiratory protection, eye protection, hearing protection, helmets and workwear. In the last fiscal year, the company reached a turnover of over €10 million, and it is identified by Cepyme as one of the half thousand leading companies in terms of growth, solvency, innovation and international projection. 80% of its turnover corresponds to the domestic market, and another 10%, approximately, to the Portuguese market. The rest is divided between different countries in Europe and Latin America, so with Luceiro it is contemplating establishing commercial agreements with new clients in the international market. It has a direct and indirect workforce of around 40 people.
Bird & Bird advised Luceiro Capital with a team led by partner Lourdes Ayala, together with partner Montserrat Turrado, counsel Alberto Rodríguez and associate Monica Sangalli.