Eight Spanish private industrial investors have purchased 50.5% of the shares in passenger boarding bridge constructor Adelte Group from venture capital fund Baring Equity Group.
In 2011, Adelte signed an agreement with Baring Private Equity Partners to increase the company’s capital and to support its growth in the seaport passenger boarding bridge business, as well as the re-launch of airport passenger boarding bridges activity, while also increasing the service sector activity.
This agreement allowed the development of airport and port activities worldwide, expanding its presence in more than 37 countries and exporting 80% of its business through engineering solutions.
Today the Adelte Group is composed of the following shareholders – the new eight private industrial investors (50%), the founding families (45%) and members of the management team (5%).
Josep Maria Bartomeu, Adelte Group President, said: “We are very grateful for the contribution and support made by Baring Private Equity during all these years; they have been a great partner by allowing us to continuously improve our management systems.
“This change in the shareholding entails a strong commitment to Adelte and reinforces the company’s financial structure to undertake an ambitious and exciting business plan in the coming years. The executive team that has been doing a great job during these times of the pandemic will continue to be responsible for management of the Group.
“Although our current turnover continues to be affected by the pandemic, the plan is to reach pre-pandemic figures in the next three years,” he said.