A court declares to Isolux in the voluntary bankruptcy of acreedoresIsolux Corsán approved to apply for the contest acreedoresIsolux prepares an ERE that will affect to a third of your template
The idea was to make a quick sale and beneficial. But, after several months, only there were two formal offers. And did not meet the expectations. It was then when Federico Avila and three other directors of Isolux decided to take a step to the front. Presented their own proposal, and were made with some of the business of the construction company in bankruptcy. Avila was put in charge of the new project, Lantania. A company that now fulfills a year with an appetite for new business. “We expect to announce further acquisitions soon,” explains Avila.
what price it closed the acquisition of the business of the Isolux?
I don’t like to talk about these things, because it really is difficult to encrypt the operation. In addition, our project does not look anything like Isolux, which came to be a giant with 12,000 employees. If you attend to the disbursement of cash, this was of 26 million euros.
why fell Isolux Corsán?
there Were several factors at the same time. On the one hand, the decline of the Spanish market. In addition, the company entered into the sector on concessionary terms, and this demanded a lot of investment. And I believe that the international expansion was not carried out in the best way. Finally, there was also a crisis of the financial sector. Of 40 willing to give you credit we went to four or five.
Lantania purchased a few months ago the business of a public work of the Group Velasco. Are more planned operations in the short term?
The operation with the Group Velasco we have supplemented because it introduces us into the tenders with local administration. Even so, we are analyzing other potential acquisitions in the energy sector and the water sector. Many processes have not come to fruition, but we expect to announce in brief, any corporate operation. Some are conditioned by the phase of bankruptcy. What is clear is that there has to be a consolidation in the sector. There are still many actors, especially among construction companies not listed. It is sad to see that, although to perform some of the works tendered you have to have some technical skills with tremendous, many of them are awarded almost in auction mode.
The company has set a goal to achieve 200 million turnover…
To achieve this we need to enhance our activity in the outside. We have set as a goal the european market. We are looking at opportunities in Estonia, Latvia and Lithuania because they have a project of high speed that we can fit. In addition, we are also attentive to Norway and Sweden in the north, and Bulgaria, Serbia and Croatia in the east. We want to have this course marked and take you out of the hand of local partners and which are contractors important.
Federico Ávila, president of Lantania, during the interview with ABC – ISABEL PERMUY
What divisions will strengthen the company?
The railway is where we offer higher value-added, proof of which is the number of contracts of Adif we have achieved. In addition, we are also enhancing the road infrastructure. But there are two markets we are betting on the changes to the model construction: water and energy. In water, there are investment very important that are to come after years of poverty-level for the sector. What not to do at the public level will be complemented with private companies.
The tender is making a comeback in Spain. What prospects are there for the national market?
it Is true that they have grown, but we are still 80% below what it was before the economic crisis and a 40% respect to the average of the expansive period of the economy. These processes are excessively linked to the ups and downs of the economy. In addition, the construction companies not listed are not capturing this growth: they have gone from coping to 30% of the contracts in 2016 to 15% in 2018. To reverse this situation there are different options, such as promoting tendering smaller, of € 100 million .
what Is taking a toll on the sector of the break policy?
of Course, it is somewhat worrisome for the companies in the country. Entrepreneurs need a stable environment and not is getting. The fact that there is yet no Government and the uncertainty of what is going to happen is not good, is not the breeding ground suitable, especially for investment. Tenders which are known now were approved during the last council of Ministers. In addition, it is necessary to find a model of public-private partnership that is efficient. The law of desindexación and the new standard on public sector contracts have paralyzed both water projects such as the special Plan of Investment in Roads .
