Spanish private equity firm MCH signed an agreement last to acquire a majority stake in Fermax, owned by family office Magister, made up of members of the Maestre Azcón family, a global leader in the residential communications business. The closing of the transaction, which could be valued at close to €100 million, is pending regulatory approvals.
The company, founded in 1949 by Fernando Maestre in Valencia, specialises in the manufacture and sale of electronic door entry systems, digital video door entry systems, home automation and access control systems. The group is the absolute reference in Spain, with a market share of around 40%, and is among the four or five largest companies focused on this business globally. The company employs more than 450 people. Its annual turnover is around €70 million and, according to market sources, ebitda is around €10 million. Although the switchboard business could be considered a cyclical business due to its link to construction, the fact is that the operation and maintenance of the devices – as is the case in the lift sector – protect it from the ups and downs of the economy.
Fermax has seven international subsidiaries, located in Belgium, China, France, Poland, two in the UK and Singapore. It also has representative offices in Colombia, United Arab Emirates (UAE) and Portugal and its teams are present in more than 70 countries.
Garrigues advised the sellers with a team formed by partners Francisco Soler Caballero and Alejandro Micó, together with associate Sol Sánchez Bacharach.