Duff & Phelps Advised Cristian Lay on its acquisition of Grupo Gallardo to KKR on the standstill agreement between all lenders, assist with cash management, financial due diligence and operational due diligence.

Contact Us

In August 2020, Grupo Gallardo Balboa was acquired by Grupo Industrial Cristian Lay.

KKR was the owner of the steelmaker group since last year when the group had breached its commitments to KKR. Grupo Gallardo Balboa was currently in a state of pre-insolvency as a preventive measure to try to maintain the company´s viability after unsuccessfully applying for funding guaranteed by the ICO (Official Credit Institute).

Cristian Lay industrial group has acquired 100% of Grupo Gallardo Balboa ensuring business continuity and preserving the workforce (around 900). The acquisition implied to lift the pre-Insolvency state and make financial commitments for €145 million, including a capital increase of €70 million.

Duff & Phelps served as the exclusive financial and operational advisor to Cristian Lay in connection with the transaction with a team formed by Vicente Estrada (Madrid office managing partner), José María Marco (corporate finance director), César Rocha (restructuring managing partner), Francisco Fernández (cash management director) and Francisco Higuera (transactions director).

About Grupo Gallardo
Gallardo Balboa is €0,5b revenue company that produces steel through the Electric Arc Furnace (EAF) route at a number of sites in Spain. It specializes mainly in the supply of long products and tube. It has factories throughout Spanish communities including Extremadura, Madrid, and País Vasco.

About Cristian Lay
Grupo Industrial Cristian Lay was founded in 1981 by Ricardo Leal and it operates in an array of different fields. These include the production and sales distribution of jewelry and high jewelry, cosmetic and personal hygiene products, corrugated cardboard, the distribution of piped gas, renewable energies (photovoltaic), the fruit and vegetable sector and more recently, the chemical sector and the maintenance of wind farms.

2020-08-24T00:00:00.0000000 /-/media/assets/images/news/thumbnails/2020/gallardo-logo.jpg /about-us/transactions/restructuring/duff-and-phelps-advised-cristian-lay-acquisition-of-grupo-gallardo-kkr case study {4DACD310-421A-42AC-BEF4-8AA7E70484CD} {D3AE3EC6-3254-4441-B111-1AF8D558906C} {9B44E83A-E993-4902-AAE0-82849CEAD728} {9AE295AC-8FEF-486E-AD1D-883E7C9A8AFF} {B871D4F9-5FCB-40B9-8710-871A30B710AB} {8B567795-B583-4828-A124-5795766A905E}

Other Areas We Can Help

Corporate Finance

M&A Advisory

Middle-market M&A advisory differentiated by industry expertise and superior deal execution.

M&A Advisory

Transaction Advisory Services

Seamless analytical advisory through the deal continuum, from transaction origination to closing.

Transaction Advisory Services
Global Restructuring Advisory

Global Restructuring Advisory

Advising companies, financial sponsors and other stakeholders involved in challenging situations and distressed transactions.

Global Restructuring Advisory

Related Case Studies

Insights

Valuation Insights

U.S. Security and Exchange Commission’s Fund Valuation Modernization Proposal

Valuation Insights
Valuation Insights

Highlights from the Dow Jones Industrial Average Special Report

Valuation Insights
Disputes

Fund Liquidity and Solvency Challenges

Disputes
Valuation Insights

Global Enforcement of Anti-Money Laundering Regulations

Valuation Insights

News