NAZCA CAPITAL –one of the leading mid-market private equity funds in Spain– has reached an agreement (through Nazca Fund IV) with Ferrer to acquire its stake in DIATER, a Spanish biopharmaceutical company, pioneer in the field of allergy treatment with immunotherapy. The founders, Dr. Ricardo Palacios (Chairman) and José Ángel López (CEO), together with a few members of the management team, participated in the deal by reinvesting all their shares in DIATER.
Founded in 1999, DIATER specializes in the production of diagnosis tools and immunotherapy treatments (vaccines) for allergic diseases and has a broad and innovative product portfolio. It has an excellent reputation among allergists, professionals and the scientific community as a pioneer in the development of new products both in diagnosis products and in treatments, excelling in quality, safety and efficacy of its products. With more than 55,000 patients treated per year, DIATER is one of the leading companies in Spain and an international reference for its innovative solutions.
In this new stage, NAZCA together with the management team will develop an expansion plan focused on Diater strong R&D capabilities, developing new diagnosis products and immunotherapy treatments, and servicing new market segments, both nationally and internationally (currently, DIATER exports more than 20 % of its production). Thus, the company expects to invest in increasing capacity and reinforcing the production facilities to reach the growth plan. DIATER does not exclude the possibility of growing through the acquisition of companies to complement its product range.
Financial performance of DIATER in recent years has been very positive, reaching sales of c.17 million euros in 2018 and an EBITDA of approximately 5 million euros, which represent annual growth rates of +14% and +50% in 2015-18, respectively. In 2019, the company continues to show solid growth in the national and international markets and expects to obtain year-end sales of c.20 million euros.
Based in Leganés (Madrid), DIATER has 110 employees and more than 8,000 sqm of state-of-the-art production facilities divided into two manufacturing plants in Madrid from where it produces and distributes products for both domestic and international markets.
WindCorp Translink, PWC and Herbert Smith have advised NAZCA in this transaction and Deloitte has been the sellers’ advisor.
About Nazca
Nazca is a Private Equity funds management company, specialized in the Spanish mid-market. Nazca leads its market segment, both by volume of deals and by profitability of its investments. Since 2001 Nazca has invested the entirety of Funds I, II and III with a respective size of €100, €150 and €230 million, having accomplished 64 transactions: 28 direct investments in companies, 17 additional acquisitions through participated companies and 19 divestments.
Nazca currently manages Nazca Fund IV with a total commitment of €275 million and Nazca Fund V of €150 million for investments in smaller SMEs, both funds sponsored largely by international institutional investors. Nazca’s portfolio is comprised by 9 firms: Grupo OM (visual merchandising), Gestair (private aviation), FoodBox (retail food), Distribuciones Juan Luna (food), Caiba (PET packaging), McBath (cast marble shower trays), Phibo (implantology and prostheses), Herbex (fresh aromatic herbs) and Terratest (geotechnical and tunnelling solutions). Nazca has divested from: Svenson, Rodilla, Dibaq, Unipost, Vinartis, Lizarrán, El Derecho, Guzmán, Acens, Hedonai, Elogos, Fritta, Autor, IMOncology, Logifrío, Agromillora, El Granero Integral and Eurekakids.
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