The private equity fund Cinven is negotiating with investors, including Goldman Sachs, a new cash injection of between 250 and 300 million euros for its Spanish appraisal company Tinsa.
The new financing would allow Cinven to consider paying an extraordinary dividend as a way of recovering part of its investments in Tinsa before its exit from the company, reports Expansión. Half of the amount would be earmarked for the dividend and another €65 million for new acquisitions.
Cinven put Tinsa up for sale this year after hiring the investment banks Rothschild and Evercore to lead the process. According to industry sources, investment funds such as Blackstone, PAI, CVC, the British group Duff & Phelps, and the real estate consultancy JLL were interested in the appraisal company.
However, the offers did not convince Cinven, and this summer, it cancelled the sale and has opted for a new strategy for the company. According to market sources, Tinsa is valued at around 700 million euros,