COFIDES will support the international expansion of Molecor, a company specialising in the manufacture of pipes and the development of technology for pressurised water piping.
To this end, it has provided M€1.49 through COFIDES' share in a syndicated loan which the company has negotiated with its financial institutions. The funds will be drawn from the Fund for SME Foreign Investment Operations (FONPYME) and COFIDES' own resources, allowing Molecor to finance the acquisition of the production assets of a company called Adequa. This acquisition will increase Molecor's turnover and make it one of the leading companies in the piping market in Spain.
This deal will replace the joint venture loan through which COFIDES supported the company in 2018, facilitating its international development.
The Chairman and CEO of COFIDES, José Luis Curbelo, said that "it is important to support companies which, with their commitment to technology and innovation, contribute to resource efficiency, promoting their optimal management".
ABOUT MOLECOR
Molecor is the leading company in Molecular Orientation Technology applied to PVC and the manufacture of PVC-O pipes and fittings for pressurised water transport. Since its founding in 2006, its exponential growth and continuous improvement of products and processes, as well as its dual vision as a technology manufacturer and manufacturer of PVC-O pipes and fittings, have led it to become the current world leader in the sector. In 2020, MCH Private Equity acquired a majority stake in the company, engaging in a significant equity increase aimed at securing its future growth, which continues with the recent acquisition of Adequa's assets.
ABOUT COFIDES
COFIDES, a State-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims: internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).
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