Sherpa Capital has won the award for the best middle market operation during the 12th Edition of the Private Equity Awards in Spain granted by ASCRI (Spanish Association of Capital, Growth and Investment), Deloitte and IESE Business School.
Sherpa Capital has obtained this prestigious recognition after the sale of its majority stake in Indo Optical to the private equity firm Ergon Capital Partners III ("Ergon"). During the five years in which Sherpa Capital was the majority share holder of the company, Indo went from a negative Ebitda of 3 million euros to a positive Ebitda of more than 6 million euros.
As part of the strategic plan for Indo, Sherpa Capital redefined the company's business units by carving out the R&D division and creating a new company called Horizons. In this way, the company grew at double digits in the segment with the highest added value in the last five years and went from a complex situation to becoming the independent leader in Spain, Portugal and Morocco.
In addition, with the sale of its majority stake in Indo, Sherpa Capital generated an excellent return for its investors with a multiple greater than 5 times the capital invested. After this transaction, Sherpa Capital maintains a minority stake in Indo together with Ergon, Oquendo III and the management team with the aim of accompanying the company in a new stage of growth in which itexpects to almost double the results.
Founded in 1937, Indo is Spain's leading independent manufacturer of ophthalmic lenses and one of the largest distributors of medical equipment for the optical and ophthalmicchannels. In addition to its position in the domestic market, the company has hada consolidated presence for more than two decades in North Africa, mainly in Morocco, a market of great potential.
Eduardo Navarro,CEO and Executive President of Sherpa, said: "It is an honour to receive the award for the best middle market operation for our investment in Indo, a leading company in Spain, with a track record of more than 80 years and an excellent reputation. Indo operates in a very attractive sector since it relieson very favourable socio-demographic trends, such as the aging population andthe constant increase in the use of digital devices. Sherpa Capital is proud to have been able to identify these growth levers to help Indo in moving on from a complex situation to becoming the independent leader in Spain, Portugal and Morocco.”
About Sherpa Capital:
- This is a private equity firm managing funds of more than 250 million euros, pioneer in Spain and specialized in investments in middle market companies, which combines the capabilities and financial resources of a private equity firm to use with the business experience of an operating team unique inthe sector.