Intercable Venezuela

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Investment

• $150.000.000 (1998)
• $100.000.000 Capital
• $50.000.000 Debt

Business

• - Purchase of 120,000 subscribers in Venezuela.
• - From 1998 to 2002, BGS Group identified the project, carried out pertinent due diligence, organized the company and selected management.
• - Since 2003 up to date, BGS is partner of Intercable.

Kind of Transaction

LBO

Resources Source

Syndicated Bank

Description of the Investment

• - Intercable is the biggest cable TV company of Venezuela.
• - Since 1998 up to date, the company’s EBITDA increased from USD12 million to USD120 million.
• - Since 2008 Intercable provide its clients with the triple pay service.
• - At the beginning of their activities, Intercable had 120,000 subscribers that are nowadays turning into 600,000.

Current State

• - With letter of intent on sale to strategic buyer. Foreseen closing date 06-2012. Probable starting value: USD 840 million (7 times more).

EBITDA Growth

Value’s Growth