Alantra Investment Managers has agreed to sell its 49 per cent stake in private asset manager Access Capital Partners (ACP) to Bankinter Investment for €115.1m (£99.9m).
The €12.8bn manager said the divestment will allow the firm to redeploy capital into high-growth investment opportunities and is in line with its strategy of rotating assets once they reach maturity.
The transaction is expected to generate a capital gain of approximately €69m for Alantra’s shareholders and represents a 3.4-times return on the initial investment.
Alantra became a shareholder in ACP in 2019. Over this period, Alantra has supported ACP’s development, notably by originally introducing Bankinter as a client to the firm.
Investment manager Alantra pools the Alantra Group’s alternative asset management activities and is backed by Mutua Madrileña as a 20 per cent strategic partner.
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“We are entering a new phase of growth and are focused on building a leading alternative asset management platform in Europe by leveraging our capabilities, increasing investment in our own products, and inorganic growth opportunities,” said Patricia Pascual-Ramsay, chief executive of Alantra Asset Management, and Jacobo Llanza, executive chairman of Alantra Asset Management. “With around €50m in cash, plus the proceeds from this transaction, we have the firepower to play an active role in the consolidation of the market.”
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Alantra said its growth strategy focuses on pursuing expansion by capitalising on consolidation opportunities in the European market, strengthening its investment and distribution capabilities, and increasing its commitment to its own products to better align with investors.
“We aim to invest in specialised asset managers with a certain critical mass, supporting their growth, including helping them achieve first closings, while also leveraging and further strengthening our distribution capabilities,” both Pascual-Ramsay and Llanza said.
The completion of the sale is expected in the second half of the year and is subject to the relevant shareholder and regulatory approvals, the firm said. The transaction will be submitted for approval at Alantra Partners’ annual general meeting, scheduled for 28 April.
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