Krones acquired its 25% in Perfinox from Explorer, which it increased to 45% via a capital increase in a company with 126 employees and which continues to be led by a businessman who drew the short straw at the age of 43, having since added two postgraduate degrees and an MBA.
In 2011, when he was 43 years old, António Tavares took the “straw” out of Management and paraded side by side with his daughter, dentist (and specialist in Orthodontics) Joana (now 36 years old) in the Queimas das Fitas procession, in Port. Miguel, the other son, is 24 years old and graduated in Computer Engineering.
Since then, António Tavares has completed two postgraduate degrees and an Executive MBA at Católica.
Born in April 1968, in Vale de Cambra, António had a knack for football, even earning “some money”, but he soon realized that the world of football “wasn’t for everyone”.
He started working at the age of 16 as a “designer in a metallurgical company in the food sector”, where he also “quickly” realized that he would not “get past this”.
However, he married and became a father “very young”, at 19, and interrupted his studies.
And it was as a designer that, at 20, he joined the local authority, which he left three years later, having worked for a few companies, until, at 24, together with two former colleagues from municipal times, he created a Civil Engineering office.
Founded in 1997 with two workers
In February 1997, he founded Perfinox, which began by dedicating itself to the manufacture of metallic structures for civil construction. Initially with just two workers, she shared the capital with two partners, one of whom was her brother, having gone solo in 2010.
At that time, already focused on manufacturing solutions for the food industry, the metalworking company employed “around 50 people” and had national and international clients – “our first export was to Angola, around 2002/03, with an installation for juice processing”, recalls the businessman.
Having started its activity “in a rented pavilion measuring 100 square meters, in Oliveira de Azeméis”, Perfinox would later settle in Arouca, “on the border with Vale de Cambra”, in 2001, where it has been investing “millions of euros” in successive land purchases and expansions of its industrial complex.
However, to accelerate the company’s growth, at the beginning of 2022 it would embrace a new partner, the “private equity” Explorer Investments, which injected four million euros into Perfinox, taking a 25% stake in the capital.
Development of production solutions and equipment for the food sector
April 23, 2024: “Explorer Investments, a venture capital company based in Portugal, closes an operation involving the promoter and Krones AG for the sale of its 25% stake in the capital of Perfinox – a reference company in the development of solutions and production equipment for the food sector”, announces “private equity”, in a statement.
Through the Explorer Growth Funds II and III funds, Explorer had entered into the capital of Perfinox “with the aim of reinforcing the company’s commitment to Research & Development (R&D), with the invested capital allowing the creation of a cutting-edge technological center intended to the development of lines of equipment for the food sector”, highlights the venture capital company.
Based on this strategy, Perfinox “has deepened the differentiation of its products, which has allowed it to position itself with renowned international customers”, says Explorer.
Meanwhile, in statements to Negócios, António Tavares said that Krones holds 45% of Perfinox’s capital, of which 25% corresponds to the stake acquired from Explorer and the remaining 20% through a capital increase in the Arouquense company.
Krones earns 4.7 billion, Perfinox 14 million
Headquartered in the German city of Neutraubling, Krones AG, which employs around 18.5 thousand people and closed 2023 with a turnover of 4.7 billion euros, presents itself as a “leader in the bottling lines segment” and sees at Perfinox “the opportunity to strengthen its product and equipment offering”.
With this strategic partner, Perfinox “will have access to several international markets where Krones AG has a strong presence, allowing it to continue its strong growth path”, notes Explorer.
According to the founder and CEO of Perfinox, the company ended the last financial year with a turnover “similar to that recorded in the previous year – around 14 million euros”, of which 86% was generated in exports to 14 countries, with the United Kingdom, Holland, Belgium, the United States and Germany are the main markets.
“The objective for 2024 is to exceed 18 million euros”, signaled António Tavares.
Perfinox has 106 “permanent” workers, of which more than 30 are spread across several international clients, and around two dozen subcontractors.
First divestment of capital from Explorer Growth II and III funds
For Explorer Investments, the sale of its stake in Perfinox “proves the potential of the effort made at the level of Research & Development and constitutes an exit with very positive returns for investors in the Explorer Growth Funds II and III”.
The sale of its 25% in Perfinox represents the first divestment of capital from the Explorer Growth II and III funds, created between 2019 and 2020.
“Both funds are fully invested, proving the high execution rates of Explorer Investments”, assures “private equity”, detailing that, “in the universe of Explorer Growth Funds funds alone, Explorer Investments still expects to invest around 150 million euros over the next four years”.
(News updated at 17:12)
Tags: German giant takes Arouca company controlled Tavares Industry
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