Front kitchen cabinet manufacturer in Spain

Hello: I am Victor Ruz, Ex McLaren F1 and EMBA LBS 2020, Dubai Campus. I am currently leading a wonderful acquisition: It is a simple industrial business, with ~90% recurring revenues and a highly fragmented customer base (Top 1 represents ~4%). In 2024–2025, the company is around €13M in revenue and €2.4M in EBITDA (~18–19%), with negative net debt (c. -0.4x EBITDA). Cash generation: the business consistently generates cash. Excluding 2020, the average EBITDA-to-operating cash conversion is around ~75%. This is particularly relevant given that management has been distributing ~€700k per year in dividends over the last four years, alongside a €625k/year salary, while still maintaining a net cash position. The cash is not theoretical: it is generated and distributed. Capex and capacity: the relevant capex was already executed in###-###-#### c. €1.7M). The company currently operates on a single shift and has sufficient installed capacity to grow without significant additional investment in productive assets. Deal structure and entry multiple: the EV is €13.5M, of which €1.5M corresponds to the industrial real estate required for the operation. On an economic basis, the entry multiple for the operating business is therefore around 5x EBITDA, while also acquiring the real estate within the transaction perimeter—something I consider important when assessing valuation. The structure includes €12M upfront + €1.5M seller note (bullet in year 3). I have term sheets from several lenders for approximately €5.5M of senior debt. The target equity to close the transaction is €6.75M. In parallel, I am putting together a balanced shareholder base, combining financial and industrial profiles. I already have a financial partner with board representation, as well as an industrial partner—also on the board—with real experience as a successor who scaled a family business and ultimately sold it to a strategic buyer. This combination provides a good level of comfort from an execution standpoint. Timeline: due diligence is in its final phase (EY on the financial side and Barrilero on legal, tax, and labor). I will deliver the SPA mark-up between the 9th and the 13th. As of today, I am not identifying any material structural issues. Inorganic growth optionality: beyond the base deal, I have already identified two companies in the same sector currently for sale, located 5 and 30 minutes by car from the plant, respectively, with valuations around 4x EBITDA. I see this as an attractive local inorganic growth option, although the initial focus remains on executing the core transaction well. Within the current cap table, I am progressing in an orderly manner, but I remain open to bringing in additional equity partners with strong knowledge of the industrial/furniture/kitchen sector who can contribute strategic insight or value beyond capital. Any introductions to profiles that fit this approach would be very welcome, specially within Portugal, France and MENA. Bests Victor