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Spain’s Terratest bought out by private equity firm

Spain-based geotechnical firm Terratest has announced that it has been by private equity fund Nazca Capital.

Terratest is expected to turnover €220M (£198.7M) this year with EBITDA of around €32M (£29M), which it says makes it the world’s fifth largest geotechnical solutions provider.

“Terratest is uniquely positioned as one of the five global leaders, with a long track-record as a specialist in complex geotechnical solutions, and with the capacity and flexibility to undertake major infrastructure projects globally,” said Nazca partner Carlos Pérez de Jáuregui.

“It is a very attractive moment to invest in the infrastructure market on a global perspective and we are very excited of participating with a great management team that has successfully transformed a local company into one of the largest international operators with the highest growth potential.”

Terratest CEO and president Enrique Torres described the acquisition as a “very exciting phase” for the business. “Supported by the current shareholders, we can pursue an ambitious business plan with great confidence and consolidate our position in key markets such as the US,” he said. “We believe Nazca is a perfect partner for this venture and we are highly motivated by the support and confidence placed in the project and in the fantastic team of professionals that makes it possible.”

Terratest was formed in 1959 and operates in 25 countries with 80% of its business coming from projects outside of its home nation of Spain. The business has undergone rapid growth with sales and EBITDA increasing 57% and 79%, respectively, between 2015 and 2017 after securing major projects such as France’s Grand Paris metro scheme.

Through the investment the business intends to pursue further international growth, particularly in the US, and increase its engagement in major infrastructure projects.

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