Tinsa

Activity
Property valuation and advisory services
Acquired
Aug 2016
Sector
Business Services

Business
Tinsa is a leading provider of property valuation, analysis and real estate advisory services to financial institutions, corporations, the public sector and private individuals in Europe and Latin America.

Established in 1985, and headquartered in Spain, Tinsa has 580 employees and a network of around 2,000 valuation experts across 25 countries. It undertakes approximately 300,000 property valuations annually and has around 100,000 clients, including more than 90% of the Spanish banks. In particular, Tinsa has led the market in the development of faster and more accurate proprietary IT valuations solutions for clients, as well as providing ancillary services such as energy audits and property development monitoring.

Cinven's Business Services and Iberia teams identified Tinsa as an attractive investment opportunity, which fits within the sectoral thesis of companies providing business services embedded within their customers' processes, where Tinsa is part of the key risk evaluation assessment for new property loans. Tinsa's business model is similar to that of previous Cinven investments, Amadeus, the highly successful investment in the global travel technology business; and CPA Global, the intellectual property management and technology services business.

In addition, the Group stands to benefit from a tightening regulatory environment, which requires appraisals for new property loans, as well as periodic valuations of the Spanish banks' real estate portfolios. Tinsa's strong track record of navigating international regulatory and transparency requirements provides a significant barrier to entry.

Strategy
Tinsa stands to benefit from a recovery in the Spanish property market as well as strong growth in the Group's Latin American markets. Organic growth opportunities will be combined with the scope to internationalise the business, including further expansion in South America, the US and Europe through potential add-on acquisitions.

There is also the opportunity to further invest in the Group's operations and IT processes to improve customer service and realise efficiencies.

Tinsa is led by a highly regarded management team including Chairman and CEO Ignacio Martos, formerly CEO of Opodo, an online travel agency that was owned by Amadeus.