The General Shareholders’ Meeting of TALDE PROMOCIÓN Y DESARROLLO, S.C.R., S.A. which has been recently celebrated, has approved to move profits of the financial year to Reserves and to distribute an interim dividend out of the 2017 earnings, of 0,15€ per share.
In the last 17 years, the company has paid more than 77 million Euros to its shareholders, over a capital of 20 million Euros, many of which have been reinvested in enterprises.
The company was set up in 1976, when there was no regulation for Private Equity companies, as a result of the initiative of a series of businessmen and financial institutions, with an initial capital of 100 million pesetas. During the first years, it provided advisory services to companies together with the activity of Private Equity, and has become involved in the participation in more than 150 companies in almost all sectors, reaching a capital of 19 million Euros by 1999, after several capital increases.
The legislation that appeared in year 2000, brought the Private Equity company to create a management company to where the staff was moved and which continued with its management, keeping its decision-making bodies, such as the Board of Directors and the General Meeting of Shareholders, and which also promoted the creation of different Private Equity Funds.
In 2011, the merger of the Basque Savings Banks meant that, the resulting institution, Kutxabank, held a majority stake in the company’s share capital, which supposed serious complications in relation to the compliance with Basel regulation. With a view to help it avoid this problem, TALDE proceeded with a capital increase in which Kutxabank did not participate and so lost its majority stake in the company’s share capital. The capital increase was made in a short period of time and in the hard times of the economic crisis, when it was very difficult to raise money. The success of the capital increase showed the confidence of the shareholders existing at that moment and of those new ones that were incorporated. After the significant distribution of dividends and reserves made last year (2,23 €/share) and in order to increase the company’s financial resources, a capital increase of 3M € has been carried out, which was subscribed by the shareholders, except for Kutxabank, and new shareholders were incorporated.
In the General Meeting, tribute was paid to Mr. Rafael Barbier, who currently assists as a shareholder in his personal capacity but, in due course, he assisted as the General Manager of Caja de Ahorros Vizcaína, among the founders.
It should be noted that the adviser of Economy and Treasury of the Basque Government, Mr. Pedro Azpiazu, attended the Meeting and addressed a few words to the attendees, congratulating himself for what was first a private entrepreneurship with a long term vision. At the same time, he transmitted an optimistic view about the situation of the Economy, informing attendees about the different initiatives that the Basque Government is carrying out to support businesses and the overall Economy.
Currently, Talde Group manages more than 150M € and, this year, it is expected to carry out three divestments and three new investments, with a view to continue supporting the growth of businesses and to achieve enough returns so that it continues attracting new investors that, at the same time, allow to continue with the investment processes and to give support to companies. Since November 2015, it has two vehicles in investment phase: the historical vehicle, Talde Promoción y Desarrollo, SCR and the new fund Talde Capital Crecimiento, F.C.R.
Talde Group has, among its portfolio companies, the following: Rotecna (design, manufacture and marketing of plastic products applied mainly to the equipment for pig farms), Deltalab (manufacture and marketing of single-use laboratory products), Ñaming (preparation and distribution of fresh ready to eat sandwiches), Retineo (restoration of outstanding buildings and monuments) and Residencias Nostem (operation and management of two nursing homes and two adult day care centers). Recent divestments include those of Biopolis, Palacios Alimentación, Noa Visual Group, Grupo Neo (Telecommunications services), or BC Group, recently awarded as the best Expansion Capital operation in 2015 by the Spanish Association of Capital, Growth and Investment.