Founding shareholders and the management team of GRUPO BC, the leading manager of mortgage processes for financial institutions in Spain and Latin America, have joined forces with the international private equity fund L-GAM in order to implement the next phase of the Group’s ongoing growth project. To this end, L-GAM has acquired the shareholdings of both MIURA and TALDE in GRUPO BC and, alongside management, has subscribed to a significant capital increase in order to provide the Group with resources to continue and accelerate its expansion.
GRUPO BC www.grupobc.com is the leading provider in Spain and Latin America of outsourcing services specialised in mortgage management procedures and registry verification for financial institutions, real estate servicers and investment funds. Since 2010, GRUPO BC has combined its diversification into related BPO services with progressive introduction into new geographic markets. Thus, GRUPO BC is present in Spain, Portugal and Latin America, currently managing more than 350,000 mortgages per year, with very strong market shares in all geographies in which it is present. With regard to inorganic growth, GRUPO BC has positioned itself as the leading consolidator within the sector with ten acquisitions successfully completed in the last five years.
L-GAM www.l-gam.com is an international investment company founded in 2013 by its professionals in partnership with the Princely House of Liechtenstein and other major European, Asian and American families. Its unique and differentiated business model is based on a long term, industrial like investment focus in partnership with highly reputed SMEs throughout Europe.
The new partnership between L-GAM and GRUPO BC’s management team seeks to benefit from a market environment that favors additional outsourcing by large corporate customers. In this context, L-GAM offers GRUPO BC its extensive experience in developing investment projects in the international BPO environment, together with a long-term investment horizon and the ability to provide additional funding for further growth opportunities as and when these become available.
Socios Financieros has acted as exclusive M&A advisor to GRUPO BC, while legal advisory services were provided by RCD and Cuatrecasas. On the investment side, BBVA Corporate Banking and PWC have acted as advisers to L-GAM, while Kirkland & Ellis advised on financing. Debt financing has been underwritten by BBVA Leveraged Finance Group and a mezzanine debt tranche has been provided by Oquendo Capital, both advised by Clifford Chance.
Santiago Bellver, Chairman of GRUPO BC said: “The entry of L-GAM in GRUPO BC provides a new long-term strategic partner, able to ensure the financial support needed to continue our organic and inorganic growth, adding the key components necessary to continue expanding our service offering as and when required by customers.”
MIURA and TALDE representatives commented: “This transaction is a further example of our funds’ ability to support management teams and accelerate corporate development and international expansion, thereby facilitating the entry of a new prestigious partner such as L-GAM.”
Felipe Merry del Val, L-GAM Founding Partner said: “GRUPO BC is the perfect opportunity to capitalize on our significant experience in the BPO sector, investing in the leading group in mortgage management processes in Spain and Latin America. We are excited about the opportunity to partner with the management team of GRUPO BC and to continue the successful growth strategy which has been implemented by the Group in recent years.”