KUHN CAPITAL Monday, October 23, 2017
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Telvent Begins

9/1/05

Newly public Telvent took its first step into M&A this July with the purchase of a small Australian weather systems vendor, Almos Systems. Almos sells systems comprised of sensors, communications networks and software used by airports, the military, utilities and other industries managing wide-ranging activities and monitoring the condition of field assets.

Telvent was spun out of parent Abengoa. the giant Spanish engineering and process management firm, in September, 2004 and IPOíd at about the same time. Abengoa is itself 55% owned by the Benjumea family.

Telvent employs 2,400 in pursuit of SCADA and business process management services and solutions for the energy, traffic, transportation and environmental markets in the Americas, Spain and China. The firm specializes in the management of technologies that facilitate mission-critical, real-time control in the field. With a market cap of $325M, it generates an EBITDA of about $32M on sales of about $400M.

We like the business that Telventís in and we understand the rationale for its purchase of Almos. While the deal is quite small, valued at about $4M excluding earn-out payments, itís nonetheless important: it allows the newly independent Telvent team to sharpen its M&A skills for hunting bigger game down the road.


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