Inveready takes control of Enerside with 15.89% stake and €25M debt
What's the deal? Spanish private equity firm InvereadyDealroom has a profile for this one. Try Dealroom → has become the largest shareholder in energy company Enerside EnergyDealroom has a profile for this one. Try Dealroom → after surfacing a 15.89% stake, overtaking Laurion GroupDealroom has a profile for this one. Try Dealroom →'s 15.3% holding.
How is it structured? Most of the stake — 12.23% — runs through the fund Inveready Growth Opportunities VIIDealroom has a profile for this one. Try Dealroom →, whose sole shareholder is Azahar Inversiones CapitalDealroom has a profile for this one. Try Dealroom →, the family office of the Conesa Alcaraz family that owns refrigerated transport group PrimafrioDealroom has a profile for this one. Try Dealroom →. The Inveready Alternative MarketsDealroom has a profile for this one. Try Dealroom → fund holds a further 3.6%, and Prestige InversionesDealroom has a profile for this one. Try Dealroom → 0.067%.
Why it matters. Beyond the equity, Inveready Growth Opportunities VII has taken on €25 million of Enerside debt previously held by AndbankDealroom has a profile for this one. Try Dealroom →. That makes it the company's main creditor, controlling over 50% of the liabilities under a restructuring plan Enerside is negotiating with lenders including CaixaBankDealroom has a profile for this one. Try Dealroom → and Banco SantanderDealroom has a profile for this one. Try Dealroom →.
What could go wrong? The move coincided with the July 31 resignations of two board members: Tiago Moreira, representing Laurion, and Alejandro Alorda, representing Mass Investments Ark 2021Dealroom has a profile for this one. Try Dealroom →. In their resignation letter, the pair warned that “certain actors” sought a “concealed takeover of the company,” a veiled reference to the Inveready fund, which they did not name.
They cited an “experience lived in the recent past with such actors” and the aim of avoiding possible “conflict of interest situations” as reasons for stepping down.
Who else is in? Enerside's remaining shareholders include Loptevi InvestmentsDealroom has a profile for this one. Try Dealroom → (11.15%), Antoni Gasch InvestmentsDealroom has a profile for this one. Try Dealroom → (11.04%), Mass Investments Ark 2021 (9.2%), and Alternative Green EnergyDealroom has a profile for this one. Try Dealroom → (6.53%).
The signal. Inveready, led by Josep Maria Echarri, has paired an equity foothold with creditor leverage — a route that gives it outsized influence over Enerside's restructuring while the company's other backers openly resist.
Read more: Expansión
Image credit: peretzp
