Madrid, May 8 2014 - Compañía Española de Financiación del Desarrollo, COFIDES S.A. will support Grupo Navec Servicios Industriales S.L, for the co-financing of investment for the development and tooling of a pre-fabrication piping plant for their industrial facilities in Mexico.
The financing of the project will consist of a joint venture loan amounting to €1.1m from the Fund for Foreign Investments (FIEX). Together with the promoter contribution, the total investment amounts to €2.907m. In this way Grupo Navec can consolidate its presence in the Mexican market after having started its international expansion in this country in 2011. Through this investment the company plans to accelerate its growth in the country and improve cost efficiencies that will allow the company to undertake more competitive bids and to monitor potential value propositions.
At the signing of the agreement, COFIDES Chairman, Salvador Marín highlighted “the tremendous overseas work of the Group in the development of its international operations in countries like Mexico, Bolivia, Peru, Colombia and Portugal”. In addition, he stated that “we are pleased to be able to help strengthen the group in Mexico and to contribute to its international growth as well as the consolidation of its home market”.
Meanwhile Navec Group CEO, Manuel López Dabaliña stressed the importance that this type of public-private partnership (COFIDES-Navec Group) has on the growth of Spanish companies contributing to their international development. He said “For our company, with over 30 years of experience and world leadership of industrial assembly and maintenance, with projects in over 25 countries, this is a very important step in our internationalisation process and our conversion to the multinational sector started in 2010”.
Grupo Navec Servicios Industriales S.L is a business group established in 2005 whose shareholder is the private equity firm Baring Private Equity Partners and which provides a wide range of services to a variety of industries. Created through the amalgamation of several established companies operating in different industrial sectors, it has six production sites on the Iberian Peninsula with subsidiaries in Mexico, Bolivia, Peru, Colombia and Portugal.
COFIDES is combined private-public concern, which for the past 25 years has provided financial support to Spanish enterprises abroad. COFIDES manages the FIEX and FONPYME funds on behalf of the State Secretariat of Commerce, within the Ministry of Economy and Competitiveness. The stockholders include the Bank of Bilbao Vizcaya Argentaria (BBVA), Santander Bank, Popular Bank and Sabadell Bank.
