DIF Capital Partners (DIF) announced that DIF Infrastructure VI has closed the acquisition of Grupo Itevelesa from Hayfin.
DIF has also secured long-term debt financing for the refinancing of Itevelesa and to partially finance the acquisition. The debt financing was fully underwritten by Santander Corporate & Investment Banking which was also involved in hedging the interest rate exposure between signing and completion of the transaction.
Groupo Itevelesa has a network of 72 stations nationwide serving around 2.3 million customers annually. Itevelesa is a Spanish independent provider of periodical technical inspection services for vehicles, which are conducted under contracts with regional governments of which the majority is concession-based. Itevelesa operates 72 fixed locations and 20 mobile units across 11 autonomous communities, as well as provides industrial safety, metrology and environmental inspection services, playing a relevant role in ensuring ESG standards. With the long-term support of DIF, Itevelesa will aim to continue its strong growth path and further consolidation of its relevant market position.
DIF has been advised by Cantor Fitzgerald (Financial), Herbert Smith Freehills (Legal), Roland Berger (Commercial), PwC (accounting and tax) and WTW (insurance). Hayfin has been advised by Alantra (Financial) and Linklaters (Legal).