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Our Experience:

Advisory Projects

Additionally, we make a description of our most important advisory projects:

2013

  • Analysis of Fomento de Construciones y Contratas (FCC). Financial analysis of the company compared with the peers, competitive environment, financial modelling of FCC and its main subsidiaries. An institutional investor was interested in the debt restructuring of this construction company with the aim of a capital increase.
  • An outlook of the Spanish construction sector with special attention to the debt restructuring processes and the potential divestitures. This advice was framed within the opportunity to set up a Strategy Unit for Construction.
  • Isolux. Isolux was showing signs of financial problems. An institutional investor interested in the bonds issued by the company hired Inicia2 to provide financial analysis of the company compared with peers, competitive environment, financial modelling of Isolux and its main subsidiaries.

2014

  • Benchmark of the Rail Business in Poland (quantification, competitors, clustering the competitors in business segments, future investments, etc.). An institutional investor was interested in the acquisition of a construction conglomerate.
  • Isolux. Isolux was showing signs of financial problems. An institutional investor interested in the bonds issued by the company hired Inicia2 to provide financial analysis of the company compared with peers, competitive environment, financial modelling of Isolux and its main subsidiaries.
  • Abengoa. Abengoa presented a gap between phenomenal financial figures and negative cash flows. An institutional investor concerned by the bonds issued by the company engaged Inicia2 in the analysis of Abengoa, including financial analysis compared with the peers, competitive environment, financial modelling of Abengoa and main subsidiaries.
  • Sacyr. The main Spanish construction company was having problems to finance its operations. The company hired Inicia2 to benchmark the debt structure of Sacyr in comparison with other competitors and opinion on the issue of convertible bonds.
  • Analysis of the construction sector in Poland. The most important mutual fund in Poland regularly carried out market research for internal use. Inicia2 provided market quantification, competitors, financial analysis of each of the competitors, future investments. 
  • Balfour Beatty, the British railway constructor and world leader, was experimenting a sharp decrease in the share price. An equity investor engaged Inicia2 in a exhaustive analysis of the company with special focus on the portfolio of projects and the “industrial” capacities of the company.

2015

  • Transmission Lines in Brasil. Abengoa and Isolux put on sale their transmission lines assets in Brasil. A main investor was interested in acquiring some of the assets and hired Inicia2 to study the concession terms, the legal framework, identify the main competitors, historical M&A activity, valuation multiples.
  • Abengoa. Abengoa announced the first profit warnings. An institutional investor was concerned about the liquidation value of Abengoa and needed a better understanding of the off-balance liabilities and the impact over the liquidation value. Inicia2 explained what was a bonding line, the different bonding types, the business purpose of each of them, identify the off-balance liabilities of Abengoa, and their impact over the everyday operations, risk of default and risk of execution.
  • Grupo Sando. Grupo Sando was after the third financial restructuring in a row. An institutional investor wanted to acquire the debt of this mid-size construction company and Inicia2 was involved in the due diligence process with a focus on the financial analysis of the company compared with the peers, competitive environment, financial modelling of Sando and appraisal of the real estate assets.
  • Market screening of greenfield opportunities in concessional assets in Spain. An infrastructure fund wanted to invest in greenfield concessions and find a construction partner. Inicia2 searched for new projects to be released and identified local construction companies to partner.
  • Abengoa. An institutional equity fund invested in Abegoa shares was concerned about the latest developments in the company. An institutional investor hired Inicia2 for a deep analysis of Abengoa in particular, they wanted a deep insight into the working capital, cross-selling among subsidiaries compared with other competitors and a restatement of the accounts with normalised working capital. 
  • Isolux. An institutional investor invested in the company bonds hired Inicia2 for a deep analysis of the company. In particular, they wanted an in-depth analysis of the working capital, to re-state the accounts of Isolux under a new configuration of the working capital.
  • Full analysis of the Polish, Czech and Hungarian rail market. Important Chinese construction company wanted an outlook of a selection of Eastern countries to evaluate an acquisition. In particular, they were seeking a market description, local competitors, the legal environment of the tenders, projection of new investments.
  • Analysis of the construction sector in Poland. The client was one of the most important mutual funds in Poland and regularly carries out market research for internal use. Market quantification, competitors, financial analysis of each of the competitors and future investments. 
  • Isolux bonds. An institutional investor had an interest in the Isolux bonds and wanted an evaluation on the subsidiaries of Isolux that served as a collateral of the bonds. Analysis of the subsidiaries from the financial, fixed assets, operations and debt. 
  • An outlook of the main European Construction Companies. An institutional investor in equities wanted a report of the main European Construction listed equities. In particular, they were interested in the historical performance of each of the business lines and comparative analysis. 
  • Italian electricity system. An investment bank was interested in the acquisition of main hydropower plants and wanted to understand the electricity system in Italy with a focus on the installed capacity and the impact of the closure of fire-coal power plants.
  • Analysis of the transmission lines in Colombia. An investor wanted to acquire a concession of a transmission line in Colombia and needed to understand the legal environment, the construction claims and sustainability of the revenues of the concession.
  • Analysis of the transmission lines in Peru. An investor wanted to acquire a concession of a transmission line in Colombia and needed to understand the legal environment, the construction claims and sustainability of the revenues of the concession.

2016

  • Abengoa. The company entered in the second debt restructuring round. An institutional Investor integrated Incia2 in a team that due diligenced Abengoa in the first round of the debt restructuring. Accounting analysis (special attention to working capital and intercompany revenues and cost structure), bonding lines analysis and setting up the projections.
  • Market screening of Spanish toll roads. An infrastructure fund was interested in the acquisition of toll roads. Inicia2 identified 20 toll/shadow roads analysed them. In the second phase, five assets were analysed in-depth with a valuation approach.
  • Sacyr. An institutional investor was interested in the acquisition of the subordinated debt of Sacyr connected with the concession portfolio. Financial analysis of a portfolio of shadow toll roads of Sacyr Concesiones. Accounting analysis of the portfolio and financial modelling (traffic analysis, construction claim analysis, debt service analysis).
  • Analysis of the transitory renewable energy legal framework in Spain. Understanding of the new bill (Real Decreto) and elaboration of a financial analysis based on the Bill for photovoltaic and wind energy. An institutional investor with an interest in the acquisition of renewable assets in Spain.
  • Financial analysis of Spanish toll roads “Radiales”, accounting analysis of the portfolio of toll roads, traffic analysis of toll roads in Spain, construction claim analysis, debt service analysis. Inicia2 was part of the due diligence process to make a binding bid to take over the bank debt of some “Spanish radiales”.
  • Aldesa. Analysis of Aldesa. An institutional investor was seeking external advice on the issue of corporate bonds. Financial Analysis of the company (special attention to the cash flow and net debt position over the year).
  • Supply of a construction outlook of the main European Construction Companies. Institutional investor in equities wanted a report of the main European Construction listed equities.
  • Analysis of the construction sector in Poland. Market quantification, competitors, financial analysis of each of the competitors, future investments. The client is one of the most important mutual funds in Poland and regularly carries out market research for internal use.
  • Grupo San Jose. An institutional investor was interested in the concessional assets of the company. Financial Analysis of the company with special attention to the concession's unit. 
  • Polish transmission lines system. A electrical engineering company was interested in developing its activity in Poland and wanted to understand the transmission and distribution electricity market. Inicia2’s engagement was the provision of a market dimension, potential constrains of the network, identification of the main players.

2017

  • Atlantica Yield. An investor with interests in the company was seeking for external analysis of the US renewable energy company and the reasons why the share price was so affected. Analysis of each of the assets conforming Atlantica Yield, a search of direct competitors, analysis of the main shareholders behind the competitors and construction of comparable indicators of value.
  • Non-core assets of Abengoa. Abengoa was heading to the third round of debt restructuring. An institutional investor with interests in Abengoa, wanted to understand the liquidity of the assets denominated for sale. Inicia2 identified all the assets for sale (cogeneration plant, renewable energy, water treatment plants, and transmission lines), business description, the search of the main financial data and the search for industry peers.
  • Abertis, the toll road world leader, was in preliminary talks to sell the company to ACS or Atlantia. An infrastructure fund was potentially interested in financing the transaction and was seeking an in-depth analysis of the toll road operator, excluding Cellnex.
  • Aldesa Mexico. The company had certain operational problems in some projects in Mexico. An institutional investor that previously hired Inicia2 and was concerned about the performance of the company in Mexico. Inicia2 put a focus on the market environment of the construction in Mexico, analysis of the local peers. 
  • Astaldi and CMC Ravenna. An institutional investor with interest in the bonds issued by Astaldi and CMC wanted an external review of these companies. Financial Analysis of the companies compared with peers, competitive environment, financial modelling of the two companies and main subsidiaries. 
  • Detailed analysis of the electricity market in Mexico (legal framework, power generation, transmission, distribution and retail). Description of the new electricity legal environment with special attention to long term electricity prices. Analysis of electricity prices. 
  • A3T (cogeneration power plant in Mexico). Detailed analysis of the electricity market in Mexico (legal framework, power generation, transmission, distribution and retail). Description of the new electricity legal environment with special attention to long term electricity prices. Analysis of the construction cost of a cogeneration plant in Mexico through comparable operations in the Mexican market. Understanding of the delay of the A3T works and the new time horizon for completion. Research on why A3T did not manage to achieve long term agreements to sell electricity and steam. Enquiries with financial institutions to release the money in the escrow account and enable the accomplishment of the works. 
  • Series of Master class of how to build a financial model to value infrastructure projects. The master class was divided into transportation infrastructures with demand risk, transportation infrastructures with availability risk, renewable energy with green certificates and renewable energy with government subsidies, renewable energy with operational risk and also subject to fossil energy prices and brown energy (CCP).
  • Grupo San Jose. An institutional investor was interested in the concessional assets of the company. Financial Analysis of the company with special attention to the concession's unit. 
  • CMC di Ravenna. The Italian construction company was to issue a new bond series to refinance the previous issue. A bond investor was seeking for external advice before subscribing new bonds. Inicia2 provided advise on the performance of the company.
  • Salini Impregilo. The Italian construction company was to issue a new bond series to refinance the previous issue. A bond investor was seeking for external advice before subscribing new bonds. Inicia2 provided advise on the performance of the company.
  • Analysis of the transmission lines in Colombia. An investor wanted to acquire a concession of a transmission line in Colombia and needed to understand the legal environment, the construction claims and sustainability of the revenues of the concession.

2018

  • Autostrade Douro Litoral. This Portuguese concession was under insolvency proceedings. An institutional investor was interested in making a binding bid to take over the bank debt. Inicia2 was part of the due diligence process and in particular was involved in the financial analysis traffic analysis of toll roads in Portugal, construction claim analysis, debt service analysis.Atlantica Yield. Analysis of the changes on the Spanish legal frameworks and fairness opinion of the value of each of them.
  • OHL. Holistic analysis of OHL and all the assets for a Spanish Equity Fund, including valuation of each of the assets, management appraisal and main shareholder situation.
  • Duro Felguera. Holistic analysis of DF and all the assets for a Spanish Equity Fund, including valuation of each of the assets, management appraisal and main shareholder situation.
  • Roads in Italy. Inicia2 participated in a project sponsored by the Italian Road Authorities to evaluate the merger of the road and railways authorities and the potential financing of new projects.
  • Astaldi. Holistic analysis of Astaldi and all its assets for a bank with a view to provide new money to the company. Special analysis and valuation of the Turkish assets including fieldwork.
  • Analysis of Astaldi and CMC di Ravena. Financial Analysis of the companies and liquidation value of each of the companies. 
  • Atlantia. After the collapse of the Morandi Bridge and investor hired Inicia2 to understand the concession term sheet of Autostrade per l'Italia and evaluate the impact of a revocation.
  • Financial analysis of Autostrade Douro Litoral, accounting analysis of the concession, traffic analysis of toll roads in Portugal, construction claim analysis, debt service analysis. Inicia2 was part of the due diligence process to make a binding bid to take over the bank debt.
  • Atlantica Yield. Analysis of the changes in the Spanish legal frameworks and fairness opinion of the value of each of them. 
  • OHL. A Spanish equity fund hired Inicia 2 for a holistic analysis of OHL and all its assets, including the valuation of each of the assets, management appraisal and main shareholder situation.
  • Duro Felguera. A Spanish equity fund hired Inicia 2 for a holistic analysis of Duro Felguera and all its assets, including a valuation of the working capital and contract backlog. 
  • Roads in Italy. Inicia2 participated in a project sponsored by the Italian Road Authorities to evaluate the merger of the road and railways authorities and the potential financing of new projects.
  • Astaldi. A bank hired Inicia2 to have a deep view of Astaldi and all its assets with a view to provide new money to the company. Special analysis and valuation of the Turkish assets including fieldwork.
  • Analysis of Astaldi and CMC di Ravena. Financial Analysis of the companies and liquidation value of each of the companies. 
  • ASPI (Autostrade per l’Italia) .. After the collapse of the Morandi Bridge and investor hired Inicia2 to understand the concession term sheet of Autostrade per l'Italia and evaluate the impact of a revocation of the concession.

2019

  • Aldesa. Organisational, operational and financial analysis of Aldesa. Inicia2 was hired to evaluate a new debt restructuring of the company and a potential new money loan.
  • OHL. Opinion about the economic conditions made by the Amodio family to replace GVM with special focus on the dilutive capital increase.
  • OHL. Valuation of the real estate and concessional assets. The client wanted to stablish a correlation between the value of the non-core assets and the value of the bonds.
  • ASPI (Autostrade per l’Italia). After the Italian Congress resolution on a potential revocation of the concession, Inicia2 provided a financial impact of the different alternatives.  
  • Financing of wind farms in Poland. A financial institution was aiming to refinance a wind farm which was remunerated under the green certificates scheme. Inicia2 provided a financial analysis and potential evolution of the green certificates under the new legal framework. 
  • Analysis of the new legal environment for renewable energy in Poland. Inicia2 provided an understanding of the new legal framework of renewable energy with special focus on pv.
  • Analysis of the office market in Lodz (Poland). An investor wanted to dispose one the biggest plots in city of Lodz (Poland) and Inicia2 provided a fairness opinion.
  • Debt restructuring of Trakcja. The most important railway constructor was in financial trouble. A main international bank was interested in the debt restructuring of the company and Inicia2 due analysed the debt structure and the operations of the company.
  • Analysis of Webuild. Salini Impregilo absorbed Astaldi, creating a new brand: “WeBuild”. An institutional investor was concerned about big discrepancy between the share and bond trading . Inicia2 analysed the equity and debt structure, the portfolio of projects and the claims.
  • Main construction conglomerate in Egypt was aiming to set up a strategy department and wanted to develop a strategic plan. Inicia2 provided benchmark about the main features of a strategy department (dimension, costs, type of personnel, level of dependency, activity, etc.) and also provided the guidelines to build a strategic plan.
  • Spanish transmission and distribution capacity. An investor interested in a portfolio of PV energy under development in Spain was seeking an analysis of the capacity of the Spanish grid and the potential inclusion of all the projects awarded in the auctions carried out in the last years.

2020

  • Celsa. The steel producer was aiming a new debt restructuring. A main bank was evaluating taking a position in the new pool of lenders. Inicia2 analysed the steel market environment, operational performance and financial situation of the Company.
  • Atlantia. The main Italian conglomerate was affected by the official plans of the Italian Government to revoke ASPI, and the downturn of Abertis and Aeroporto di Roma due to the COVID-19. Inicia2 analysed the financial consequences of the revocation of ASPI over Atlantia and estimated new traffic scenarios for the toll roads of Abertis and for Aeroporto di Roma in order to generate a financial model.
  • Prodiel, the largest PV developer in Europe, needed an extra financing line to finance its new projects. An international bank was interested in taking a part in this loan and hired Inicia2 to analyse the company, its projects and very specially a portfolio of 1.000Mw under construction.
  • Polish transmission and distribution capacity. An investor interested in a portfolio of PV energy under development in Poland was seeking an analysis of the capacity of the Polish grid and the potential inclusion of all the projects awarded in the auctions carried out in the last years.
  • OHL. The liquidity of OHL was under thread because of Covid-19. Inicia2 provided opinion on a potential debt restructuring of the company with a view on the bonds. Analysis of different scenarios of debt restructuring and valuation of the equity of the company. Valuation of the solvency of the GVM, the main shareholder of the company. 
  • PV plant in Poland. A renewable energy fund was aiming to disembark in Poland through acquisitions of pv assets. Incia2 provided an analysis of the legal framework, milestone to achieve all the permits to start the operations, detailed CAPEX analisis and operational costs. 
  • Analysis of the sale of Kauno Tiltai. Trakcja, a main Polish construction company, was aiming to sell its main subsidiary in Lithuania. Inicia2 was part of a team to due diligence the acquisition of this company.
  • ACS. ACS announced the disposal of its industrial engineering business. Equity research company wanted to understand the business rational for such a transaction.  

Management Outsourcing Projects

Two family offices own one of the most important portfolios of real estate assets in Poland (land, office buildings, residential development, warehouses and hotels). The two families decided to set apart and hired Inicia2 to help them to draft a new strategy. As a result of the strategic plan, Inicia2 took the rinds of the real estate conglomerate and start the liquidation: 

  • Inicia2 assumed the management of all the personnel of the conglomerate, implementing a program to accommodate the personnel to the new strategy.
  • Inicia2 assumed the reporting to the two family offices, making sure a system similar to a listed company (implementation of auditors, audit committee, supervisory board with independents, monthly reporting to the shareholders (quarter reports were audited).
  • Inicia2 led the relationship between the two families, setting up different protocols: cost cutting without harming the business; protocol to sell the assets and protocol in case of disagreement.
  • Inicia2 assumed the disposal of assets. Since one of the families did no want to sell at distressed prices, each of the assets was sold to the best bidder (three years process).
Fortress Investment Group acquired in Spain one of the most important portfolios of financial leasing and renting. Fortress decided to split the portfolio of loans from the platform managing the portfolio. Inicia2 participated in the implementation of a new financial practices in the managing platform, but eventually carried out the liquidation of an important part of the platform.

Corporate Finance Projects

Real Estate Assets of two family offices. As a part of the management outsourcing process, Inicia2 led the disposal of more than 100M € in real estate assets, involving the biggest real estate developers in Poland, the largest property managers in the world and one of the most relevant hotel chains in Europe. This process started in 2013 and still is going on.

An important Chinese Construction Conglomerade hired us to acquire the most relevant railway construction player in Poland. The value of the transaction targeted was 300M €.

CVC-PKP Energetyka. As a part of the privatisation program set by the Polish Government, the Polish Treasury along with PKP (the Polish railway operator) spin-off the electricity supplier of the rail network, together with the main rail electrical engineering of the country. Inicia2 participated in a pool of advisors that facilitated the acquisition of PKP-Energetyka by CVC. The value of the transaction was 470M €. One of Inicia2 team members is the chairman of the Supervisory Board of PKP-Energetyka.

Comsa Corporación-Fortress Investment Group. Inicia2 was the sole advisor to acquire the debt of Comsa Corporación. We negotiated with a pool of 8 largest banks in Spain as well as we value all the relevant assets of the company. The value of the debt restructured was 970M € .

Direct Lending in Poland. A group of Spanish private investors participated in the financing of a series of real estate developments in Poland worth 100M €. Inicia2 is the advisor and represents the Spanish investors. 
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