“We think they are one of the few specialty advisory firms in this sector that sets realistic expectations and works hard to meet those expectations, and this gave us a lot of confidence. We asked other advisors, but (PCO Bookkeepers & M&A Specialists) were the ones we trusted the most and we thought they had the most knowledge of the market.”

Ignacio Santamarta, Owner

Ezsa

Company:

Ezsa

Headquarters:

Burgos, Spain

Title:

Owner

Company Size:

140 employees

Sold To:

Grupo Sasti

Transaction Date:

March 2022

Company:

Ezsa

Headquarters:

Burgos, Spain

Title:

Owner

Company Size:

140 employees

Sold To:

Grupo Sasti

Transaction Date:

March 2022

“We think they are one of the few specialty advisory firms in this sector that sets realistic expectations and works hard to meet those expectations, and this gave us a lot of confidence. We asked other advisors, but (PCO Bookkeepers & M&A Specialists) were the ones we trusted the most and we thought they had the most knowledge of the market.”

Ignacio Santamarta, Owner

Ezsa

How PCO Bookkeepers & M&A Specialists Facilitated One of the Largest Pest Private Equity Deals Done in Europe

Ezsa, one of Spain and Portugal’s largest pest control and sanitation firms with over 140 employees, worked with PCO Bookkeepers & M&A Specialists to craft a deal with Swiss private equity firm Ufenau Capital Partners.

Brothers and co-owners Alberto, Javier and Ignacio Santamarta sold majority interest in Ezsa, taking significant chips off the table. They maintain minority interest in the company, which will allow them to profit again in the future upon total exit.

This tactic is known as “getting a second bite of the apple” — and that they will as their new partner has plans to grow the company significantly. The brothers are second-generation owners who have worked in both the production and management sides of the family business over the last 18 years.

Connecting with a pest control M&A advisor

About a year ago they decided to explore the possibility of selling their company. They could have sold the firm to one of the larger pest management companies, but they were interested in determining if it made sense to sell off a piece while continuing to work in the business, sharing in the upside.

With that in mind they engaged PCO Bookkeepers & M&A Specialists (PCOB). The Santamartas met PCOB’s Managing Member Dan Gordon at PestWorld a year before and were familiar with Dan from his monthly newsletter and the PMP Industry Insiders podcast he co-hosts. Ultimately, they choose to work with the team at PCOB because of their expertise in the pest control market and their flexible, consultative approach.

“We think (PCO Bookkeepers & M&A Specialists is) one of the few specialty advisory firms in this sector that sets realistic expectations and works hard to meet those expectations, and this gave us a lot of confidence,” Ignacio says. “We asked other advisors, but (they) were the ones we trusted the most and we thought they had the most knowledge of the market.”

Closing the Deal

PCOB brought several potential partners to the table, but Grupo Sasti, the platform company Ufenau Capital Partners has used to enter the market, seemed like an excellent match and an opportunity to expand.

“It is a project that continues with the philosophy of Ezsa,” Ignacio says. “It fit a lot with the values and company culture that we have.”

Grupo Sasti acquired Ezsa in early 2022. “Now we are inside a much larger company, with more presence, which offers more services and there are greater possibilities for growth,” Ignacio says.

With the addition of Ezsa, Grupo Sasti will be among the top three players in the pest control market in Spain and Portugal, with more than 400 employees. The founders of Ezsa will reinvest significantly in the group and will continue to be on the leadership team, helping to manage the business.

Overall, working with PCO M&A Specialists throughout the transaction was a positive experience that instilled confidence in Ignacio and his brothers.

“From the first moment, PCO explained and helped us through every part of the process,” he says. “When you start a process like this, you always want to play it safe, and working with PCO M&A Specialists gave us a lot of confidence.”

“When you start a process like this, you always want to play it safe, and working with PCO Bookkeepers & M&A Specialists gave us a lot of confidence.”

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