Panel: Exit Opportunities and Alternatives
89% of exits were secondaries transactions in Spain during 2022, with just one pure exit recorded last year. This is because of the high liquidity available to funds due to years of successful capital raising. However, with worsened macro-economic conditions, liquidity may become stretched causing secondary buyouts to diminish. This panel will discuss:
- What exit opportunities are there outside of secondary transactions?
- Will there be more SPV acquistions in the second half of 2023?
- Will IPOs have a resurgence in 2023?
- Will there be more take-private transactions in 2023 as funds hunt for value amid depressed public valuations?
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SpeakersJorge Lluch Director, Private Equity KKR
Javier Olascoaga Managing Partner Trilantic Europe
Victoria Lebed Head of Transactional Risk for Iberia WTW
Susana de Antonio Head of Listing Spain Euronext
Alfonso Moreno Managing Director - Head of M&A Spain & Portugal Santander CIB
Alejandro Payá Partner Cuatrecasas
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European Private Equity team. Mr. Lluch focuses on private equity investing in Spain and also works with specialized teams across all investment platforms in the region, including Infrastructure, Credit and Real Estate. He is currently involved in KKR's investments in IVI-RMA, GeneraLife, MasMovil, Alvic, Master D and Food Delivery Brands. He spent seven years at Advent International focusing on investments in Spain and the rest of Europe. Prior to Advent, Mr. Lluch worked at Morgan Stanley on the investment banking team. He holds an M.A. in Management and Finance as well as an M.A. in Law from the Universidad Pontificia de Comillas (ICADE).
Javier is Managing Partner of Trilantic Europe. He joined Trilantic in 2004 (Lehman Brothers Merchant Banking at the time) and was appointed Partner in 2015 having the responsibility for origination and management of Trilantic´s Spanish investments. During this time Javier has played an active role in the investments of ITP, Talgo, Euskaltel, Vertex, Grupo Pacha and Gransolar. Javier started his professional career at Goldman Sachs in London where he was part of the M&A team covering Spain. Javier is currently a board member of Talgo, Grupo Pacha and Gransolar. Javier is fluent in English and Spanish and has a degree in Business Administration from CUNEF in Madrid, Spain.
Susana de Antonio joined Euronext in April 2017 to define and develop the strategy of the capital markets operator in the Spanish market, with a focus on the tech sector. Since June 2019 she is also led Euronext activities in Germany, Italy and Switzerland and currently leads Euronext local Spanish team.
Prior to that, she accumulates 16 years’ experience in Private Equity. She started her career at Netjuice Capital, an internet companies‘ incubator. After that she moved to the middle market Private Equity industry, where she spent most of her career at Vista Capital (owned by Banco Santander) and L Capital (sponsorised by LVMH Group) as Investment Director. She has been part of Pepe Jeans & Hackett and El Ganso Board of Directors. Susana holds a Bachelor Degree in Management and Finance Administration from CUNEF and participated in the Executive program for women in senior management Promociona organised by ESADE.
Especialista en operaciones nacionales e internacionales, particularmente de fusiones y adquisiciones, private equity, joint ventures y alianzas estratégicas, reestructuración de grupos societarios y en operaciones de financiación e inmobiliarias.
Alejandro Payá ha asesorado en algunas de las operaciones más relevantes en distintos sectores industriales y de servicios, así como en sectores regulados como los sectores financiero, de seguros, energético, de infraestructuras, farmacéutico y biotecnológico.
En 2015, lideró el caso de fusiones y adquisiciones con el cual la firma obtuvo el premio de Financial Times a la firma europea más innovadora en la práctica mercantil.
Desde 1999 hasta el 2000 fue asociado internacional en el despacho estadounidense White & Case (Nueva York).
Es secretario de los consejos de administración de numerosas empresas nacionales e internacionales.
Está habilitado para ejercer como abogado en Nueva York, y es miembro del Ilustre Colegio de Abogados de Barcelona, del Colegio de Abogados de Nueva York, del Colegio de Abogados del Estado de Nueva York, de la American Bar Association y de la International Bar Association (en la actualidad, es Chair del Closely Held and Growing Business Enterprises Committee).
Doctor en Derecho, ha sido profesor asociado de derecho mercantil de la ESADE Business & Law School e imparte clases en el Máster de Abogacía de la Universitat Pompeu Fabra. Es ponente habitual en numerosos cursos y jornadas. También es miembro del Comité Científico del Máster de Derecho de los Negocios impartido por el Ilustre Colegio de Abogados de Barcelona.
Es autor de numerosas publicaciones y coautor de obras colectivas.