Springwater buys 30% of Aernnova

The deal is reported to value the firm at more than €500m, with an equity commitment of around €150m. 

Springwater bought the stake from Portuguese bank Banco Espírito Santo and Spanish bank EBN. Spain's Fondo de Garantía de Depósitos – the Deposit Guarantee Fund financed by retail, cooperative and savings banks – has retained a stake of around 40%. The remaining stake is held by the management team. 

The deal is Springwater's first minority transaction in Spain. Recent deals in the country saw the GP buy the industrial business unit of Adveo for €16m and acquire an 80% stake in internet operator Saranet for €14.3m.

Company
Founded in 1993 and headquartered in Alava, Aernnova is an aerospace company that provides engineering services, metallic parts and repair services for international customers. The company is the strategic partner of aircraft manufacturer Airbus and has around 20 plants and engineering centres in Spain, the US, China, India, Mexico, Brazil, the UK and Romania. 

Aernnova has an annual turnover of around €530m and employs more than 4,000 staff. 

People
Martin Gruschka is a founding partner at Springwater.

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• Topics
• Southern Europe
• Expansion
• Industrials
• Spain