Aurica III has invested a 41,5% stake in STI Norland, a leader in designing, manufacturing, and supplying solar trackers and fixed structures for vast size of solar photovoltaic plants.

Founded in 1996 and headquartered in Pamplona, STI Norland exports its products worldwide, has subsidiaries in United States, Israel, India, Mexico, Chile, and South Africa, and sells a large part of its goods outside Spain. In total, STI employs more than 250 people, with a management team led by Alberto Pérez, and revenues of over 80 million euros in 2018.

Raúl Rodríguez, Managing Director of Aurica Capital, states that “the decision of investing in STI Norland is based on its solid fundamentals, worldwide leadership position within the emergent solar renewable energy sector, as well as its strong management team, and its strategic plan which foresees a strong growth and expansion toward new markets”. Rodríguez highlights that the company meets every condition for successful integration into Aurica´s portfolio given that “it counts with a clear competitive advantage within its scope of activity, a high growth potential, organically and inorganically, a first-class executive team, and maintains a low level of debt”.

On the other hand, Xabier Blanco, President of STI Norland, has claimed that “Aurica Capital is the perfect long-term partner to keep and consolidate its global leadership position in this new growth stage the solar photovoltaic renewable energy sector is taking place, and whose pillars are based on constant technologic innovation, and new international market penetration”.

In addition to designing, manufacturing and supplying the range of the most versatile and efficient solar trackers in the market –with reduced energy consumption, highly durable, and adaptable to the most irregular fields– and fixed structures to solar panels, STI Norland offers installation services, site setup and commissioning, and conducts geotechnical studies and pull out trials for its clients around the world.

About Aurica Capital

Aurica Capital is a Spanish Private Equity manager specialized in minority equity stakes to finance growth business plans. Aurica III counts with six participated companies with more than 70% of its revenues abroad. Besides STI Norland, its portfolio includes a world mattress leader maker Flex, Delta Tecnic, a masterbatch manufacturer for the cable industry, Agrosol, a vegetables producer and seller, Winche, specialized in sales force outsourcing, and Grupo Larrumba, a reference company within the casual dining sector.

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