GPF Capital closes its twenty-seventh transaction since its launch in 2015 with the acquisition of an 80% stake in Lezama Demoliciones, one of the leading Spanish operators in the fields of demolition, recycling and rehabilitation of industrial soils. The Company has diversified its customer base, concentrating its activity in the petrochemical, chemical, civil works and thermal power plant sectors.
Founded in Vizcaya in 1995, with headquarters in Trapagaran (Vizcaya) and commercial delegation in Madrid, Lezama operates mainly at the national level, having also conducted occasional international demolitions. The main services in which it focuses its activity are: (i) decontamination, environmental management, sustainability and circular economy, (ii) demolitions (dismantling, demolition, scrapping and valorization of industrial facilities); (iii) soil decontamination (soil excavation, foundation demolition, earthmoving, selection and conditioning of contaminated land, off-site and on-site treatments); (iv) recycling of construction and demolition waste; and, (v) integral project management (licenses, environmental declarations, legal proceedings and construction management).
Over the last few years, Lezama has demolished more than 60 chemical plants. Currently, operations are focused on the demolition of thermal power plants, recently including two thermal power plants: Foix and Anllares. Additionally, current projects include La Robla, owned by Naturgy, which has an installed capacity of 655MW in Castilla y León; Narcea, owned by Naturgy, which has an installed capacity of 530MW located in the Principality of Asturias; and Litoral, owned by Endesa, with an installed capacity of 1,159MW located in Almería. Lezama expects to reach revenues of €40 million in 2022.
The demolition sector is undergoing a phase of strong expansion, driven mainly by the closure and decommissioning plan for coal-fired power plants and the trend towards environmental regeneration. One of the main reasons for success has been the approval of measures on energy decarbonization at the European level. In 2018, it was announced that all thermal power plants that had not made the corresponding investments to reduce their CO2 emissions would be shut down. The same process was initiated in Spain in 2010. The decommissioning execution of these plants started in 2018 and is currently underway. Of the 21 thermoelectric power plants that were in operation in 2010 in Spain, only 3 remain in operation, which are scheduled to be closed by the end of 2022. Estimates claim that by 2025, only 6 plants will be left pending decommissioning.
With the entry of GPF Capital in the shareholding of Lezama Demoliciones, the company is committed to the continuity in the capital of the company's management shareholders, led by Germán Pardo and José Fernández, who have a unique knowledge of the sector. The company's shareholding is completed with Enrique Palomino Bilbao, who has a seat on the board of directors due to his vast experience in the energy and industrial sector.
"The entry of GPF Capital consolidates the extraordinary evolution that the company has undergone in recent years. This move allows us to continue offering the best service to our clients, ensuring them a personalized service, close and tailored to each client, as well as ways of internationalization to other countries. We have an ambitious project ahead of us with important prospects".
Together, GPF Capital and the management team will develop a new strategic plan whose pillars are: (i) to maintain and strengthen its competitive position in the current market by ensuring maximum quality and efficiency in its services, (ii) to expand its know-how and experience in the industrial and energy sectors, and (iii) to consolidate a plan for international expansion and expansion in the nuclear sector.
Founded in 2015 by Martín Rodríguez-Fraile, Ignacio Olascoaga, Lorenzo Martínez de Albornoz and Guillermo Castellanos, GPF Capital currently has more than €1 billion of capital under management between the GPF Capital I, GPF Capital II and GPF Capital III funds and GPF Capital Real Estate. All funds are exclusively owned by private investors from Spain, USA and 13 Latin American countries (Mexico, Brazil, Colombia, Argentina, Peru, Chile, Venezuela, Bolivia, Panama, Salvador, Guatemala, Nicaragua and Costa Rica).
Lezama Demoliciones has been advised by Deloitte, as financial and legal advisor, while GPF Capital has been advised by Norgestión, EY, PwC and Uría Menendez
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