Sale agreed for Spanish infrastructure services business to Portobello Capital is part of the ongoing divestment of Ferrovial Services.
Ferrovial has announced the sale of Ferrovial Service’ infrastructure area for €170m as part of its ongoing strategy to divest services and prioritise infrastructure development, construction and management.
The present sale sees the stake sold to Portobello Capital. It covers the infrastructure maintenance and upkeep services and the facility management businesses.
Ferrovial Services’ infrastructure area reported €822m in revenue and €29m in EBITDA in 2020. It delivers transport infrastructure maintenance and upkeep services, healthcare and social welfare support services, facility management and industrial services. In addition to Spain, the acquisition covers some contracts in Portugal.
Ignacio Madridejos, CEO of Ferrovial, commented: “This transaction represents a step forward in our Horizon 24 business plan, focused on developing sustainable infrastructure to continue creating value for our shareholders, our stakeholders and the communities in which we operate. We are convinced that sharing this project with Portobello will provide enormous benefits for clients and for the professionals in the infrastructure services area.”
Íñigo Sánchez-Asiaín, founding partner of Portobello Capital, added: “We are delighted to support the infrastructure services business in this new era, where we see significant organic growth opportunities and potential for consolidation in a fragmented market, and to partner with a leading management team with extensive industry experience. We will support this business to strengthen its market-leading position and expand into new markets.”
New Ferrovial strategy
Ferrovial conducted a strategic review of all its businesses aimed at focusing the company’s future on infrastructure. As a result, it adopted Horizon 24, a strategy up to 2024 that prioritises infrastructure development, construction and management in parallel with businesses in the areas of mobility, water and the energy transition.
The sale of the infrastructure services business in Spain is another step in the process of divesting Ferrovial Services, following the sale of the environmental services business in Spain and Portugal, Broadspectrum’s operations in Australia and New Zealand, municipal cleaning contracts in the UK, and its oil and gas business in North America.