UK private equity giant 3i Group has sold its stake in a Barcelona-based funeral services company.
Memora, the biggest player in the Iberian market, has been snapped up by Canada’s Ontario Teachers’ Pension Plan.
FTSE 100-listed 3i first invested in Memora, which has 115 parlours, 24 crematoriums, 13 cemeteries and 91 retail outlets, in 2008.
The private equity firm revealed proceeds of £117m from the sale, comparing it with a valuation on the company of £86m in March 2017. 3i and funds managed by 3i bought Memora from Acciona and Caja Madrid, investing €187m (£164m).
Pablo Echart, a director at 3i Spain, said: “During our investment period, Memora has cemented its leading market position in the provision of funeral services in Spain and Portugal.”
Jo Taylor, a senior managing director at Ontario Teachers’ Pension Plan, added: “Memora presents a unique opportunity to invest in a sector we have extensive experience in and fits our investment mandate perfectly.
“By partnering with the market leader, we will build on Memora’s strong business foundations, and grow its geographical footprint, while supporting the delivery of a best in class customer relations model.”
Meanwhile, 3i completed its investment in German car parts company Formel D, with additional support from CITIC Capital. CITIC has invested €72m in the company, while 3i has put in €155m.