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01/2019

GRUPO TERRATEST acquired by NAZCA CAPITAL

SPAIN Construction / Structural Works / Masonry & Civil Eng. EV 100M - 350M EUR

Context

Nazca Capital has successfully finalized the acquisition of 100% of the share capital of Terratest, a global leader in specialized ground engineering. This strategic transaction represents a significant milestone in the acquirer's strategy to back industrial platforms with high internationalization potential and a presence in mission-critical infrastructure sectors. The strategic rationale for the move centers on the high degree of growth forecasted in the global infrastructure market, driven by demographic shifts and the modernization of transport, energy, and water networks. By acquiring this platform, the group aims to capitalize on the target's established leadership in large-scale international projects, such as the Grand Paris development. The partnership is designed to leverage the acquirer’s financial resources to accelerate the target's recent expansion into the United States market following its 2018 acquisition of Geostructures. This integration reinforces the group’s standing as a primary enabler of complex engineering solutions, providing the strategic depth required to participate in the largest global infrastructure tenders. This transaction marks a definitive exit for the previous shareholders while securing the management team's long-term business plan for global development.

GRUPO TERRATEST, which reported an EBITDA margin of in 2018, is valued in this transaction at an EV/EBITDA multiple of .

Target

Terratest is a specialized technology organization dedicated to the engineering and execution of special foundations, tunnel construction, and ground improvement. The entity’s business model centers on delivering high-expertise technical solutions for large-scale global infrastructure and complex building projects. Its value proposition is built on technical durability and specialized operational capacity in diverse geotechnical environments, ranging from urban transport networks to industrial developments. Strategically, the firm focuses on technical operational depth across international markets, with a significant presence in high-growth corridors including Europe, Latin America, the Middle East, and North America. By integrating proprietary geotechnical expertise with a modern machinery fleet, the organization facilitates structural stability for mission-critical energy, water, and telecommunications infrastructure. The entity emphasizes technical innovation to address the increasing global investment in transport and urban resilience amidst demographic expansion.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2018
2017

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REFERENCES

Valuation range: EV 100M - 350M EUR

Revenue range: 150M - 250M EUR

EBITDA range: 25M - 50M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of GRUPO TERRATEST by NAZCA CAPITAL are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Acquirer: nazca capital