European fund buys majority stake in Portuguese engineering business

The acquisition, which was made through the firm’s GED Sur fund, was partly funded through bank financing.

FASE’s founder and senior management team will remain in their positions at the head of the company, and will also retain their 30 per cent stake in the business. The company recently added Joaquím Hierro Lopes as chairman of the board of directors, and Francisco Olmedo, former managing director of Bureau Veritas’ Spain and Portugal operations.

The acquisition marks the third investment made by GED Sur fund, which targets medium-sized businesses in southern Portugal and in Spain’s Andalusia and Extremadura regions.

GED manages four funds, GED Eastern Fund II, GED Iberian Fund I, GED Sur and GED Real Estate Eastern Investments funds, which combined are worth over €350m.

FASE, which has offices in Portugal, Macao and Angola, primarily provides consultancy services and building site management. With a turnover last year of €18m and EBITDA of €2.5m, the company focuses on infrastructure, transport, non-residential building, industrial and environmental sectors.

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