Aldesa embarks on a new era for growth with significant financial reinforcement and a new leadership

Friday, July 28 2023

• The company has been able to successfully redesign its debt profile, agreeing on a €200-million refinancing with a new international banking pool led by Banco Santander.
• It has reinforced its balance sheet with a capital increase of €60 million.
• The Group has renovated its top executive team by appointing Javier Lamas as new CEO.
• It is launching a new cycle with a record portfolio, thanks to huge awards, e.g. extension works in a Polish refinery for €442.6 million, and an energy contract in Portugal of more than €200 million.

Aldesa, a global reference in the infrastructures sector with a more than 50-year track record, is moving forward in its development and growth hand in hand with the CRCC Group, the world’s third largest construction group (according to the prestigious ENR ranking) and its majority shareholder since May 2020. Finalisation of a refinancing agreement and a capital increase, respectively appraised at 200 and 60 million euros, in addition to significant changes in its top executive team, are some of the steps taken by Grupo Aldesa to consolidate its change of cycle towards growth and profit.

The company is also in the midst of redesigning its debt profile in order to have access to better financing conditions, bolstering its working capital and leaving the door open to sustainable financing. In this framework, it has reached a refinancing agreement appraised at €200 million with a new international banking pool, led by Banco Santander. On the other hand, CRCCII the main shareholder, CRCC Group’s investment vehicle, has launched a capital increase of €60 million in the past few weeks.

Changes in the top executive team and record awards

In addition to the financial side, Aldesa has undertaken a restructuring of its top executive team by appointing Javier Lamas as the Group’s new CEO. Javier has been appointed by the Board of Directors effective as of 25 July, which has entrusted him with the organisation’s day-to-day management. The target is to reinforce the company’s position in its sectors and markets (Spain, Poland, Mexico and South America), in addition to taking on the challenge of guaranteeing its entry into new countries.

Javier, a civil engineer, MBA from Rice University and PDG from IESE, offers more than 25 years’ experience, both in Spain and worldwide, in the construction, concessions and services sectors. He began his career in Aldesa at its Polish subsidiary, in 2013. Since then, his duties have gradually increased until reaching CEO positions in Central and Eastern Europe between 2020 and 2023. Presently, at a corporate level, he was working as General Operations Manager worldwide since March 2023.

Under his leadership, the company was able to increase its Central European portfolio until it became the Group’s largest. This is the outcome of the recent signature in Poland of a €442.6 million contract, amongst other milestones, to extend a refinery. The contract, awarded by Orlen, Central and Eastern Europe’s reference oil company, has become the most valuable in Aldesa’s history to date. In addition to this contract, the Slovakian market has been re-opened to the company; under a 90-million euro contract, it is currently in charge of extension works for the Bratislava tramway, Aldesa’s first public project in Slovakia.

Javier Lamas, current CEO of Grupo Aldesa.