Houlihan Lokey Advises Cinven

Houlihan Lokey is pleased to announce that Cinven Capital Management General Partner Ltd. (Cinven) has acquired a majority stake in Amara S.A. (Amara NZero), a leading energy transition player focused on decarbonisation, electrification, energy efficiency, and digitalisation products and services, from ProA Capital (ProA) and other shareholders. Houlihan Lokey served as a buyside M&A advisor to Cinven. The transaction closed on 1 August 2023. Financial terms were not disclosed.

Founded in 1957 and headquartered in Madrid, Amara NZero is a key B2B partner in energy transition products and services and a leading expert in sustainable energy solutions. The company serves as a value-added supply chain partner, offering a comprehensive portfolio of products and services across three divisions: renewables (solar, wind, and hydro), electrification, and energy transition services. With a strong presence in Spain, Italy, and Brazil, and a growing footprint in the US, Mexico, and other countries, Amara NZero is directly exposed to the worldwide decarbonisation process by effectively responding to its customers’ national and international needs. In addition, the company’s proven management team leads the commitment to the global energy transition and fosters a strong corporate culture and ESG values.

Cinven is a leading international private equity firm focused on building world-class global and European companies. Its funds invest in six key sectors: business services, consumer, financial services, healthcare, industrials, and technology, media, and telecommunications. Cinven has eight offices across Europe and the US and has raised funds in excess of €39 billion invested across more than 140 companies since its inception.

The acquisition of Amara NZero adds to Cinven’s strong business services and B2B distribution expertise and builds on Cinven’s proven track record in Iberia following investments in Ufinet, Restaurant Brands Iberia, Masmóvil, Planasa, Hotelbeds, and Tinsa.

Cinven has acquired a majority stake in Amara NZero, partnering with ProA and the company’s CEO Gonzalo Errejón and Chairman Pablo Arnús, who retains minority stakes as part of the transaction.

The acquisition of Amara NZero enables Cinven to invest in a leading player in the energy transition space, working alongside its existing shareholders and management with the aim to build the global technology-agnostic energy transition partner of choice for clients, suppliers, and employees. With a proven platform and leading positions in its core markets, Amara NZero is expected to continue expanding its service offering and footprint both organically and through acquisitions.

Founded in 2007, ProA Capital is a leading Iberian middle-market firm, currently managing three investment programs and two continuation funds totalling over €1.5 billion of assets. The investment team has participated in more than 30 transactions since its inception across the healthcare, technology, and food sectors, among others, having deployed over €2.5 billion in investments across Iberia and Italy.

Houlihan Lokey served as the buyside M&A advisor to Cinven. The transaction highlights Houlihan Lokey’s continued success as a preeminent advisor to international financial sponsors when investing in the Iberian market. The transaction follows other recent successful assignments in the Spanish market, such as the sale of Indo Optical (an Ergon Capital company) to Rodenstock (an Apax Partners company), the acquisition of Kids & Us by Charterhouse Capital Partners, and the acquisition of Natra by CapVest, among others.