Nazca sells Cinelux to GED, completing the first divestment of its V Fund

Nazca sells Cinelux to GED, completing the first divestment of its V Fund

  • Cinelux is the Spanish leader in professional lighting services for the audiovisual sector and expects to reach a turnover of €20m by 2022
  • After a successful project of inorganic and organic growth and development of new business, Nazca completes the first divestment of its Fund V, a €150m fund focused on SMEs that currently has another 4 portfolio companies
  • David García maintains his stake in the capital and, together with GED, will continue to focus on maintaining the growth trend of recent years and the development of an inorganic project

Madrid, 24 February 2022.- NAZCA CAPITAL, a private equity fund management company specialised in the Spanish mid-market, through the Nazca V Fund, a €150m vehicle that invests in family-owned SMEs with growth projects, has sold its stake in theCinelux Group to GED Capital.

This transaction represents the first divestment of the Nazca V Fund (raised in the first half of 2019) and follows a successful project of organic, inorganic growth and development of new business areas, which has resulted in a 60% turnover growth in 2018-22.

Founded in 1988, and with headquarters in Madrid, 2 subsidiaries in Barcelona and 1 subsidiary in Galicia, the Cinelux Group is the national leader in lighting services in the audiovisual sector. Since the entry of Nazca in July 2019, the Cinelux Group has consolidated its leading position in lighting services for the audiovisual sector, significantly increasing its presence in the fiction segment. The company has the largest lighting park in Spain, with a constant commitment to investment in technology and innovation, and state-of-the-art equipment.

Organic growth has been driven by the increased demand for content from streaming platforms and the commitment of television channels to outsourcing and more spectacular live productions (e.g. Operación Triunfo or The Voice). In addition, Cinelux has also reinforced its commitment to new technologies and sustainability with the first virtual set in Spain and the commitment to sustainable initiatives such as the replacement of traditional lighting with LEDs and the incorporation of elements with a lower environmental impact.

The Cinelux Group, together with Nazca, has inorganically strengthened its position in fiction. In 2021 it acquired the Galician company Filamento Iluminación and has recently reached an agreement with Secuoya to become the preferred supplier for all productions made on the Madrid Content City sets being built for Netflix.

Celia Pérez-Beato, Partner of Nazca, comments that “Grupo Cinelux represents our first divestment from the Nazca V Fund. Together with David García and the Cinelux team, we have developed a project that has combined inorganic growth, the improvement of the company’s positioning in fiction and the development of new business areas. We are convinced that GED Capital is the perfect partner to continue developing the company’s leading position in the long term.

David García, son of the founder and Managing Director of the Cinelux Group, will remain involved in this new stage of the project together with the new buyer, and comments: “We are very grateful for these three years, in which we have been able to count on the experience of Nazca, who has helped us to further strengthen our position in the audiovisual market. We are also very excited to be able to count on GED and their support in this new stage of growth. We are sure that they will be a fundamental pillar in the development of our future industrial plan“.

Santander Corporate & Investment Banking and Perez Llorca advised the sellers on this deal.