We look for companies with (or potentially) strong product/ business model and/or sub-optimal structure and processes that can be optimized

Once acquired, we work intensively to transform the companies to be operationally optimal and agile

We invest following two differentiated mandates: Special Situations and Performing Opportunities

Special Situations

  • Operational restructurings
  • Excessive indebtedness and debt refinancings
  • Bankruptcy situations and productive units
  • Carve-outs and spinoffs from multinationals

Performing Opportunities

  • Family owned business with generational transitions
  • Stable small business in mature industries and below traditional investor radar
  • Strong cash flow generation

Investment Criteria

  • Markets where barriers to entry provide a differential advantage – such as assets, productive efficiency, know-how, client stickiness or regulation, among others.
  • Sector agnostic, but avoid sectors where competitive advantage relies on exogenous factors vs. controllable intrinsic factors.
  • Companies with strong business models/ products and barriers to entry or replicate its competitive advantage.
  • Companies headquartered in Spain with turnover +€10M (Special Sits) and +€5M (Performing Opportunities)

Investment Structure

  • Majority stakes and endorse minority investors that contribute actively in value generation
  • Highly flexible structures
  • Agility with capacity to invest in under 4-week timeframe
  • Flexible equity ticket to be increased by LP co-investment