Luis Molowny
Norgestion
Ares Capital
Deal Type
Company sale
Sector
Business Services
Completion Date
1st February 2018
Deal Value
Not disclosed
Company Background
Founded in 1992 by Mr. Juan María Ortigüela Tellería and Mr. Ramón Ortigüela Tellería, Ares Capital was a company engaged in the private hired vehicles business. By the time of the transaction, Ares Capital was the holder of over 600 licenses aimed at providing PHV services within the Spanish territory. Before the Omnibus law came into force (2011), the industry was controlled by the traditional taxis and PHV players were subject to a very restrictive regulation. The Omnibus law supressed quantitative constrains affecting PHV industry and therefore, the company took advantage to request more than 4,000 additional licenses to expand its activities across Spain (certain licenses were initially denied by the relevant Regional Administration and subject of several disputes).
Two years later, the Spanish authorities set up new and different restrictions forbidding the issuance for new licenses; Ares Capital became then, the largest PHV licences holder in Spain.
Deal Summary
King Street is a global asset management firm with approximately USD $19 billion in assets under management. The Firm is based in New York, with additional offices located in London, Singapore, Tokyo and Virginia and employs over 200 people.
In August 2017, King Street took part in the sale process organized by Norgestion as sell-side advisor of the Ortiguela family, in connection with the sale of up to 100% of the shares of Grupo Ares. In September 2017, King Street was granted an exclusivity to perform a Due Diligence review of the companies, which was completed in April 2018. With this transaction, King Street intends to create one of the leading PHV operators in Spain.
Ares Capital deal contacts
Key members of the Norgestion deal team crucial in the Ares Capital transaction
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