According to Spanish media reports, British venture capital fund ICG is currently gradually resuming the sale of Spanish plywood giant Garnica Plywood, with an initial valuation of about 500 million euros, which is expected to be favored by Spain’s large national private equity funds.
It is reported that ICG acquired Garnica Plywood in 2016 for an unknown amount. At that time, ICG valued Garnica Plywood at about 250 million euros (plus equity and debt). Shortly after the acquisition, ICG had hired US commercial bank William Blair as financial advisor to coordinate the sale of Garnica Plywood last year.
As a global leader in the poplar plywood industry, Garnica Plywood mainly produces industrial plywood, which accounts for more than 90% of its turnover.
