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The Artetxe family will maintain control of the group after the IPO

Bilbao, Jun 11 (.) .- The CEO and president of Arteche, Alexander Artetxe, has stated that the objective of joining BME Growth (formerly Mercado Alternativo Bursátil, MAB) is to “raise funds to accelerate growth” of the group, without the family losing control of the company.

In an appearance before the media to explain the details of the operation before ringing the bell on the Bilbao Stock Exchange, Artetxe explained that the IPO represents “a historic milestone” for the company in the year of its 75th anniversary. , which will represent the beginning of a new stage.

It is, he added, “to take advantage of the sweet moment of the electricity sector” due to the global trend of decarbonisation and expansion of renewables, which “affects the expansion of the electricity grid throughout the world.”

Arteche has a “vocation to continue growing” and goes public “with the aim of raising funds to accelerate its growth”, although “maintaining control of the family project in this new stage” and that the Artetxe family continues to lead the group with the majority of the capital, since 52.5% is reserved.

The Biscayan group “is present throughout the world” and sells equipment in more than 170 countries and will try to strengthen its activity especially in Asia and the United States.

Specifically, it is intended to increase capital to promote inorganic growth focused on continuing with its geographical expansion, increasing the product portfolio and improving the value proposition, positioning itself closer to its customers in order to grow faster.

Arteche goes out to BME Growth, “the market that adapts to its size and condition”, but, it has indicated, that growth can take them “to another place”.

At the moment, the group “does not contemplate” the merger with other electricity companies, “but nevertheless, if opportunities appear along this path” it will not “close down to study them”, if they fit with its future plan.

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The portfolio of the new shareholders is “quite balanced”, with about 90 investors, including managers, private banks and institutions, he reported. The SPRI of the Basque Government was already listed within its capital.

The strategic plan presented to investors reflects a year-on-year growth of 8% in the next 3 years.

The group, specialized in the design and manufacture of electrical equipment, obtained a turnover of 265 million euros in 2020, with an ebitda of just over 11%, and as of today it has joined the aforementioned market with a value of 225 millions of euros.

Artetxe has announced that the group participates in five smart grid projects that are eligible for Next Generation funds, of which three are jointly with other groups and the other two presented with Arteche together with Ormazabal,

Currently, the firm has 11 factories in Europe, America and Asia, including 6 centers dedicated to research, and 2,000 employees, of which 600 work in the Mungia (Bizkaia) and Vitoria plants, and a hundred in Madrid.

The group foresees the need to increase its workforce, especially professionals qualified in new technologies and R&D.

(c) . Agency

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