CELEX: 32019M9532
Language: en
Date: 2019-10-07 00:00:00
Title: Commission Decision of 07/10/2019 declaring a concentration to be compatible with the common market (Case No COMP/M.9532 - GLENDOWER CAPITAL / INVESTINDUSTRIAL / HTG / ROTOR) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 07.10.2019
                                                                C(2019) 7341 final
                                                                                PUBLIC VERSION
                                                                To the notifying parties
Subject:        Case M.9532 - GLENDOWER CAPITAL / INVESTINDUSTRIAL / HTG /
                ROTOR
                Commission decision pursuant to Article 6(1)(b) of Council Regulation
                                       1
                (EC) No 139/2004 and Article 57 of the Agreement on the European
                                    2
                Economic Area
Dear Sir or Madam,
1.      On 10 September 2019, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which the
        undertakings Glendower Capital Secondary Opportunities Fund IV, LP (“Glendower
        Capital”, United Kingdom) and International Emergency Services, S.à r.l (“IES”,
        Luxembourg, belonging to the Investindustrial Group) acquire within the meaning of
        Article 3(1)(b) and 3(4) of the Merger Regulation joint control of Health
        Transportation Group S.L.. (“HTG", Spain). As part of the same concentration,
        Glendower Capital also acquires within the meaning of Article 3(1)(b) control of
        Rotor Componentes Tecnológicos, S.L. (“Rotor", Spain). The concentration is
        accomplished by way of purchase of shares.3
2.      The business activities of the undertakings concerned are:
             − for Glendower Capital: focuses on secondary private equity assets on a global
                 basis, with investments in companies active in markets such as
                 ophthalmologic, private clinics, wine and spirits distribution and truck
                 manufacture;
             − for IES: an independently managed investment company, ultimately part of the
                 Investindustrial Group, which in turn focuses on investments in medium-sized
                 companies in Southern Europe;
1       OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’). With effect from 1 December 2009, the Treaty on
        the Functioning of the European Union (‘TFEU’) has introduced certain changes, such as the
        replacement of ‘Community’ by ‘Union’ and ‘common market’ by ‘internal market’. The terminology
        of the TFEU will be used throughout this decision.
2       OJ L 1, 3.1.1994, p. 3 (the ‘EEA Agreement’).
3       Publication in the Official Journal of the European Union No C 320, 24.09.2019, p. 6.
Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel, BELGIË
Tel: +32 229-91111. Fax: +32 229-64301. E-mail: COMP-MERGER-REGISTRY@ec.europa.eu.
 ---pagebreak---        − for HTG: a company dedicated to land medical transport with its main
           activities in Spain, although it also provides some services in the United
           Kingdom, mostly for the UK´s National Health Service;
       − for Rotor: a company dedicated to the manufacture, design and
           commercialisation of bicycle components, active in particular in the
           production of bike components, specifically chainrings, power-meters and
           cranks; and the sale of bike components and accessories. Rotor is mainly
           present in Spain, but also (although yet limited) in Asia, the USA and the
           Netherlands.
3. After examination of the notification, the European Commission has concluded that
   the notified operation falls within the scope of the Merger Regulation and of
   paragraph 5(b) of the Commission Notice on a simplified procedure for treatment of
   certain concentrations under Council Regulation (EC) No 139/2004.4
4. For the reasons set out in the Notice on a simplified procedure, the European
   Commission has decided not to oppose the notified operation and to declare it
   compatible with the internal market and with the EEA Agreement. This decision is
   adopted in application of Article 6(1)(b) of the Merger Regulation and Article 57 of
   the EEA Agreement.
                                                  For the Commission
                                                  (Signed)
                                                  Cecilio MADERO VILLAREJO
                                                  Acting Director-General
4  OJ C 366, 14.12.2013, p. 5.
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