Seven connections between Grifols and family investment vehicle Scranton

close relationship between griffles and Scranton EnterprisesThe Stock Exchange, the investment vehicle of the founding family, was nothing new to those who followed the path of the listed company. But still, American bearish fund Gotham City Research used the transparency of both firms to identify its latest target. In just one week, Grifols lost 4.8 billion euros on the stock market, a cumulative decline of 38%. From here it can be concluded that despite knowing the business network that Gotham City disclosed, the company’s statements did not convince investors. The National Securities Exchange Commission requested that Grifols know the names of 22 Scranton investors within ten days of a conference call with investors this Thursday. As Thomas Glanzmann, the company’s executive chairman and CEO, explained, there are only three members of the Grifols family in the holding company, and they own less than 20% of the shares. But the connections between both companies don’t end there.

• Scranton, Grifols’ second largest shareholder

Headquartered in Amsterdam, Scranton Enterprises BV was founded in 1999. According to the latest annual accounts presented with reference to the 2021 financial year, it has capital of 577.8 million euros and operates as a financial holding company. On their website, they describe themselves as “a diversified holding company with interests in healthcare, real estate, and high-growth industries,” and their portfolio includes two subsidiaries, Centurión Real Estate and Scranton Plasma. According to CNMV record, Scranton has controlled 8.672% of Grifols since 2016a figure that made him this way second largest shareholder of pharmaceutical company behind only Grifols investment vehicle Deria SA, which owns 9.19% of the firm.

Gotham busted an operation between two companies five years ago. Grifols sold two companies, Biotest US Corporation and Haema AG, to Scranton in 2018However, as the decline fund stated in its report, consolidations appear in the accounts of the two companies. In this way, Grifols continued to record the revenues and profits of the two companies, even though he had no subsidiaries and only the right to buy back. According to Gotham’s calculations, Grifols would make a total profit of 82 million from Biotest US Corporation and Haema AG in 2022.

• Grifols and Tomás Dagá in Scranton

The names of all investors are unknown, although Glanzmann stated this Thursday that Scranton’s shareholders include three members of the Grifols family and together they control 20% of the company. Although some are open to the public. In the report on good governance that Grifols submitted to the CNMV in 2022, the last known year, Raimon Grifols (general manager and vice president of the company) and Victor Grifols Roura (honorary chairman) appointed in Scranton as “non-controlling” shareholders for purposes of the Securities Exchange Act. The third shareholder is Tomás Dagá Gelabert.Co-founder of law firm Osborne Clarke, director of Grifols and right-hand man of the founding family for many years.

• Jordi Fábregas, the connection between Grifols and Scranton

According to the information recorded in the Dutch trade registry by Scranton Enterprises BV, the company It is managed by three people: Jordi Fabregas HuguetNamed “director A” in 2015; This is BreeServed as CFO of Scranton for 7 months and Luca Giacomo Tassan-DinCEO and authorized representative of the company since 2015. It’s all about who first maintains the most ties with the Grifols group. Fábregas, like Tomás Dagá, is a co-founder of Osborne Clarke and is listed as the CEO of Centurión Real Estate. He is also CEO of Marca Grifols, the company that manages the intellectual property of the blood products group, a post he shares with Víctor Grifols Roura’s cousin, José Manuel Canivell Grifols. He is also the director of Ponder Trade, the private investment company of the Grifols Grau family, and is Grifols’ third largest shareholder, with a 7,089% stake.

• Centurión Real Estate, landlord of Grifols headquarters

The original name of Scranton’s real estate subsidiary, Centurión Real Estate, was Scranton Investments Spain. Because it is 100% owned by Scranton, there is no room for a member of the Grifols family in its shares, but it does have a last name on the board. There are only three people in it: Luca Giacomo Tassan-Din, Jordi Fábregas Huguet and Juan Javier Roura FernándezFormer financial director of the Grifols group and former financial director of its former subsidiary Dade-Grifols SA.

Centurión Real Estate is the host of Grifols headquarters In 2011, the pharmaceutical company ‘sold and leased back’ its properties in Scranton for 236 million euros. Specifically, as those responsible for Grifols clarified in a conference call with investors last Thursday, the pharmaceutical company pays 6.3 million euros annually for its headquarters in Sant Cugat del Vallés (Barcelona). Besides sitting on the board of directors of Jordi Fábregas Huguet, the connection between the Scranton real estate subsidiary and Osborne Clarke extends to its own headquarters: Centurión Real Estate’s registered office overlaps that of Osborne Clarke.

• Club Joventut Badalona with shared names

Scranton took control of Club Joventut Badalona in 2018 after securing a €3.7 million capital increase to save the basketball club. Thus, the investment vehicle became the majority shareholder with 75% shares. Although there are no people with the surname Grifols among the shareholders of ‘La Penya’, there are connections with the group. Scranton entered the board with three advisors: Luca Giacomo Tassan-Din, Eduard Arruga (Osborne Clarke’s partner) and Ramón Riera Roca, member of the club and historical member of the Grifols group. Riera Roca joined the blood products group in 1977 and served as operations director until his retirement in 2018. He continued as director of Grifols between the same year and 2021.

• Juvé & Camps and Osborne Clarke

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Scranton made its foray into cava a year before taking control of ‘La Penya.’ The company entered Juvé & Camps, Catalonia’s third largest company in the sector, by purchasing the shares of Rosal Juvé, one of the branches of the family, for 80 million euros. Currently, Scranton is the majority shareholder of the wineries, as stated in Grifols’ most recent corporate governance report. As in Joventut Badalona Club, there is no one from the Grifols family as shareholders, but there are well-known names. This situation Tomás Dagá, joint representative of Juvé & Camps since 2022.

• Juan Ignacio Twose Roura, another Grifols in Scranton

While Glanzmann mentions “three members of the Grifols family” in Scranton, two names appear in the Grifols corporate governance report: Raimon Grifols and Víctor Grifols Roura. What about the third? By 2022, a third name had been mentioned for the Grifols in Scranton: Juan Ignacio Twose Roura, Víctor Grifols Roura’s cousin on his mother’s side. He was a director of Grifols from 2000 to 2015 and was also the group’s industrial vice president. He also held positions of responsibility at Grifols Colombia, Grifols Institute and Grifols Shared Services North America INC, among other companies belonging to the blood products group. According to Forbes, he was about to enter the list of the 100 richest people in Spain in 2022, with a net worth of 200 million euros.