Wed 12/01/2021 07:09 AM
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FY’20 Results

Spanish manufacturer of extruded plastic netting Intermas Nets is working with DC Advisory on a sale and has started to informally approach potential lenders, sources told Reorg.

The plastic nets manufacturer focuses mainly on packaging, gardening and agriculture. The group is being marketed off EBITDA of €17 million and the first round of bids is due mid-December, sources said. Information memorandum was received last week.

On June 29, 2020, the company reorganized its financial bank debt, extending its maturities and securing additional financing, according to its financial report.

In July, 2020, Intermas Nets secured a €46 million ESG-linked loan from BBVA, partially guaranteed by Spain’s Instituto de Crédito Oficial, or ICO, according to a release at the time.

As of Dec. 31, 2020, the company's total outstanding debt was €44.5 million, of which drawn bank facilities amounted to €40.5 million, including an €11.5 million ICO loan. Undrawn bank facilities amounted to €27.2 million, which included an undrawn RCF of €11.9 million.

In the year to Dec. 31, 2020, the group and its subsidiaries reported a year-over-year revenue increase of 15% to €165 million.

The group is owned by Spanish business services New Plus 3, which controls 58.51% of the shares, according to the company’s financial report.

Founded in 1957, Intermas Nets is based in Barcelona. The group has presence in more than 70 countries through 10 subsidiaries in the U.S, France, the Netherlands, Italy and Eastern Europe. The company employs 267 people.

--Lucía Camblor
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