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Thursday, September 21, 2023

Law firm trio on TTR´s deal of the month: PAI Partners´€500m acquisition of Uvesco

TTR´s April´s deal of the month in Spain is PAI Partners´acquisition of a majority stake in Spain´s Uvesco for €500 million, announced in December 2021 and closed in April 2022, with the advice of Gómez.-Acebo & Pombo, Garrigues and Linklaters

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PAI Partners, a pre-eminent private equity firm, through its fund dedicated to mid-market opportunities, PAI Mid-Market Fund, signed an agreement to acquire a majority stake in Uvesco, a leading food retailer in the North of Spain with a significant presence in Madrid. PAI MMF acquired the stake from the company’s current shareholders, who will continue to hold a relevant interest in the business, with a view to supporting its growth plans and acquisition strategy. The company’s headquarters will remain in Guipúzcoa.

Headquartered in Guipúzcoa (Basque Country) and founded in 1993, Uvesco is a leading regional player in the Spanish FMCG and food distribution sector with a strong presence in the Basque Country, in Cantabria, in Navarra and in La Rioja, and a growing position in Madrid. The company follows a differentiated model based on a high-quality offering, including a significant fresh product component that is locally sourced and sold through a network of 277 convenience stores across six regions, representing a total shop area of 197.015m2. Uvesco operates under two brands: BM Supermercados (249 stores) and Super Amara (eight stores). The 20 remaining stores are franchises operating under the BM Shop brand. Additionally, it has five logistics platforms in the North of Spain: two central distribution platforms and three fresh product distribution platforms.

GA_P advised PAI Partners with a team formed by Pablo Fernández Cortijo (partner), Álvaro Mateo Sixto (partner), Constantino Pérez-Salgado (of counsel), Andrés Castro Isla (associate), Carolina Posse Van der Laat (associate), Javier Reyna Santana (lawyer) and Patricia Pérez Beade (lawyer). The core team was assited by Irene Fernández Puyol (partner), José Ángel Cano Muñoz (partner) and Miguel Troncoso Ferrer (partner).

Garrigues advised Grupo Uvesco with a team made up of Íñigo Esquiroz Marquina (partner), Javier Romero-Girón (partner), José María Ruiz Ilundáin (partner), Gorka Esnal (principal associate), and Maite Azpiri (senior associate).

Linklaters advised Barclays, Jefferies US, Sumitomo Mitsui and Rabobank on the Acquisition Finance matters with a team formed by Alejandro Meca (partner), Juan Barona (partner), Álvaro Albiñana (managing associate), Jaime Pelegrí Souviron (associate) and Lucia Montes (associate).

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