Advent to sell Spanish real estate advisory service provider, Tinsa, to Cinven

Advent International, one of the largest and most experienced global private equity investors, has announced that it has agreed to sell its investment in Tinsa, a leading provider of property valuation, analysis and real estate advisory services, to Cinven. The value of the transaction has not been disclosed.

Tinsa, established in 1985 and headquartered in Madrid, Spain, provides appraisals for commercial and residential properties to banks, corporates (including real estate investment firms and local authorities) and individuals.

Advent acquired Tinsa in November 2010 from the company’s original shareholders made up of 35 Spanish savings banks along with the Spanish Confederation of Savings Banks (CECA).

With Advent’s support, Tinsa has become the largest real estate appraisal firm in Spain and Latin America. It now operates in over 25 countries worldwide, in particular, Latin America with offices in Argentina, Chile, Peru, Mexico and Colombia, as well as Portugal.

Tinsa has been one of the firms leading the market in the development of more accurate and time-efficient proprietary IT solutions for clients, as well as ancillary services including energy audits and property development monitoring. The Group employs 580 people and has a network of around 2,000 valuation experts. It undertakes 300,000 property valuations annually and has around 100,000 clients including over 90% of the Spanish banks.

Carlos Santana, Head of Advent International in Spain, commented: “Tinsa has gone through an impressive transformation and the current management team, in partnership with Advent, has done an excellent job of consolidating the company’s market position in Spain, whilst driving its international expansion. We leave the company in an ideal position to continue growing successfully, building upon its international market leadership and maximise its potential going forward.”

Ignacio Martos, Chairman and CEO of Tinsa, added: “Over the past few years, Tinsa has become one of the largest property valuation businesses in Spain and Latin America. Tinsa is renowned for its proactive, client orientated approach and its multinational footprint. I would like to thank our employees for their continuous commitment during these years and Advent International for the valuable support in aligning our business and positioning it for further growth.

Cinven’s investment will enable us to continue improving the level and range of services we provide to our customers, maintaining and extending our IT investments for deployment within their businesses and helping our clients to improve the speed and accuracy of their property valuations.  I am delighted to be working with Cinven, who share my vision for the Group, and I believe that together, we can achieve significant growth for the business. ”

The transaction is subject to the approval of the anti-trust authorities and the Central Bank of Spain.

Advisors on the transaction included: Rothschild and Socios Financieros (financial), Uría Menéndez (legal advisor to Advent), Clifford Chance (legal advisor to Cinven), Oliver Wyman (commercial sell-side), McKinsey (commercial buy-side), KPMG (accounting), Deloitte (tax), Garrigues (labour).

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in more than 300 private equity transactions in 40 countries and, as of December 31, 2015 has €27 billion in assets under management. With offices on four continents, Advent has established a globally integrated team of over 170 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecom. After more than 30 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

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Source: Advent International

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