Agenda
Registration
Chair’s opening remarks and presentation
Keynote
Join us for a timely keynote address that will provide an authoritative perspective on Spain's macroeconomic climate and the policy actions being taken to foster stability and growth. As Spain emerges from the pandemic's economic shocks, a complex web of challenges now confront businesses, investors, and policymakers alike. Elevated inflation, rising interest rates, supply chain disruptions, and geopolitical tensions have created a volatile operating environment rife with both risks and opportunities. Our keynote speaker is at the forefront of monitoring these macro forces and calibrating Spain's regulatory and fiscal policy responses. They will share candid insights into the economic projection data driving decision-making across government and central banking authorities.
Opening panel: Iberian M&A and private equity outlook
Dealmakers are bullish for a busy 2024 executing deals after a focus on origination in 2023. Large cap deals in the pipeline are prevalent in the energy sector, including Endesa and Acciona, but the private sector is also set to see more exits this year as KKR and EQT are expected to enter sales processes. Exit opportunities are likely to be secondaries, as only a handful of IPOs are expected in 2024, but mostly in the tech sector. Private-to-public deals emerged in 2023 and could continue into 2024 as financing terms progressively improve. Despite a slow year for private equity in 2023, bilateral deals could be on the horizon in 2024 as funds innovate to close the pricing gap. Portugal is also expected to see increased activity in 2024, but an important driver for dealmaking will be the Portuguese government’s fund and facility by feeding into chosen private equity funds to capitalise SMEs. Against this dynamic backdrop, panellists will discuss:
- Considering the shift from origination to execution in 2024, which strategies are dealmakers employing to capitalise on the current market dynamics in Iberia, and how do these strategies differ from those in 2023? What are the trends in Spain and Portugal?
- Which sectors are gaining momentum in the Iberian region? Specifically considering the telecoms, aerospace and defensive sectors.
- What challenges and opportunities do the government interventions in the region set to bolster deal activity pose for both domestic and international investors, and how might they shape the broader landscape of dealmaking in the region?
Networking break
Panel: Private equity activity in Spain – fundraising, deployment and exit opportunities
Despite reaching good numbers in 2023, private equity transactions fell by value and volume in 2023 – breaking the positive trend and decreasing for the first time in recent years. The decreased activity could be attributed to a lower value of exits which decreased 43% in 2023, prompting the question of where the exit opportunities are in the region in 2024? However, the outlook for 2024 remains positive as the valuation gap of target companies narrows between buyer and seller, along with the expected stabilisation of interest rates. The energy and TMT sectors remain the focus for private equity funds, but investors may need to employ innovative strategies to capitalise on value in their investments with limited exit opportunities. Panellists will discuss:
- Domestic firms have shown their prominence in Spain raising $2.8bn in 2023 and demonstrating LPs’ commitment to Spanish asset managers. How will this trend develop in 2024 and beyond?
- Which factors contributed to the decline in deal value and volume in 2023? And how will investors navigate this landscape to maximise value in their investments in 2024?
- How can investors leverage the narrowing valuation gap to their advantage? And how can investors adapt their approach to achieve successful exit outcomes?
- How might the stabilisation of interest rates have significant implications for private equity transactions? How might this influence investment strategies and deal structures in the coming year?
Panel: Driving growth – private equity versus infrastructure funds
As Spain looks towards fostering sustainable growth and economic resilience, the spotlight shines brightly on its infrastructure landscape. With 228 deals closed in 2023 worth $32bn, Spain has seen steady deal volumes and values since 2021’s record year, which set the highest deal value of the past 5 years of $52.7bn. The renewables sector recorded the highest value of deals with more activity expected in 2024 and high profile-deals coming to the market, such as Brookfield’s potential sale of its renewable assets portfolio held in Iberia through its Spanish renewables subsidiary, Saeta Yield. The year 2024 marks a pivotal moment for strategic decisions and innovative approaches that are helping to shape the nation’s future connectivity, sustainability and competitiveness. Panellists will discuss:
- How can Spain capitalise on the momentum of its renewable energy sector to further drive sustainable growth in 2024 and beyond?
- Which other sub sectors of infrastructure are gaining momentum? Specifically, water management and treatment, waste management, gigafactories and battery recycling.
- With high-profile deals like Brookfield’s potential sale of its renewable assets portfolio in Spain, what implications does this have for the Spanish renewable energy landscape? How can such transactions impact Spain’s position as a leader in renewable energy investment and innovation?
- What are the challenges and opportunities might present themselves to dealmakers as Spain navigates its transition to renewable energy and connectivity in 2024? How will this impact sectors reliant on supply chain resilience such as logistics and transportation; agriculture and food and biotechnology?
Networking break
Panel: Navigating the Spanish TMT M&A landscape
The technology, media, and telecommunications (TMT) sector has been a hotbed of deal activity in Spain, with the Internet, software, and IT services sector ranking as the second most active in January 2024 based on number of transactions. This panel will bring together leading experts and advisors to discuss the trends, opportunities, and challenges shaping TMT M&A in the Spanish market. From high-growth software companies to telecom infrastructure plays, the panel will provide insights into sectors driving deals, regulatory considerations, valuation dynamics, and strategies for buyers and sellers to maximise value creation. Panellists will discuss the most active sector:
- What are the key drivers and tailwinds fuelling M&A activity in the Spanish TMT sector currently? Which specific verticals or technologies are seeing the most robust deal flow?
- Spain's TMT sector has a mix of domestic players and international strategic/PE investors. How are cross-border dynamics impacting deal processes, valuations, and competitive tensions?
- What unique complexities arise in international TMT transactions? From an advisor's perspective, what are the major pitfalls or risks that TMT companies should be aware of when pursuing M&A in the Spanish market?
- How can buyers and sellers best navigate issues like IP/data regulations, employment matters, antitrust considerations?
Panel: Iberian leveraged finance and private credit trends
Leveraged finance activity in Spain, particularly related to M&A and LBOs decreased significantly in 2023 due to the depressed deal activity seen in the region and a risk averse approach by banks. Banks have been cautious about financing new deals, with many reducing exposure to debt as syndication has become more challenging with investors demanding higher discounts and showing a reluctance to non-investment grade paper. However, the cautious approach of mainstream banks has created opportunities for international banks and private debt funds. Chinese banks have shown interest in buying portions of loans that would have otherwise been syndicated. Panellists will discuss:
- With the slowdown in M&A activity and risk-averse behaviour among banks, how can companies seeking leveraged finance adapt their strategies to secure funding for growth or acquisitions in Spain?
- What factors are driving tighter lending conditions? How can companies mitigate the challenges posed by these conditions? What advantages do alternative lenders offer?
- How can businesses leverage private credit funds? What implication does the international interest in Spanish assets have on the landscape and how might it impact competition and lending practices in the region?
Conference close and networking lunch
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Eduardo is a renowned entrepreneur, investor, and consultant with over 25 years of experience in asset management and is a well-known Spanish entrepreneur. Among other success stories, he is the chairman of Sherpa Capital, a leading Spanish private equity management firm in the low mid-market segment, and Urbanitae, the leading crowdfunding platform in Southern Europe with over 240 million invested. In 2022, he founded Crescenta, the first digital private equity fund management firm, together with Ramiro Iglesias.
Eduardo Navarro, who holds a degree in Engineering from the Universidad Politécnica de Valencia, is an expert in helping companies with their growth and restructuring challenges to become leaders in their markets. His experience spans over 300 companies in the past 15 years across most economic sectors, both in Spain and internationally.
David Martín is Head of Private Equity Iberia at Tikehau Capital.
Prior to joining Tikehau Capital, David Martín spent 14 years at ProA Capital, where he was a founding partner and investment director. Throughout his career, David has worked on numerous private equity transactions in both Spain and Portugal, with a particular focus on mid-market companies, supporting management teams and family groups in their growth projects.
David began his professional career at PwC and Nmas1 Private Equity. He holds a degree in Business Administration and Management from Universidad Carlos III and a PDG from IESE.
Since January 2021, José María de Retana has held the position of Investment Director at Sherpa Capital, where he has been directly involved in the acquisitions in the wine platform: (i.) Terra Cellars; and (ii.) Crego e Monaguillo and in the logistics platform of the Carosán Group formed by: (i.) Talaexpres; (ii.) Futrans; and (iii.) Europa Logistrucks. In addition, it has carried out the divestment of Ferreira de Sá.
Prior to joining Sherpa Capital, José María accumulated more than 14 years of professional experience in financial institutions and companies. He held key roles as CFO and Director of Corporate Development at Miotek, and as Investment Director specialising in special situations and private equity investments at Springwater Capital LLC. He began his career in the investment banking sector with a stint at Espírito Santo Investment Bank, where he focused on M&A and Restructuring.
He complements his professional experience with a solid academic background, holding a Law Degree and a Master's Degree in Stock Exchange and Financial Markets from the Instituto de Estudios Bursátiles (I.E.B.).
With a multi-jurisdictional background in law, Andrejs displayed a keen and early interest for corporate investigations. Having worked in high-profile Southern European investigations for many years, he is now spearheading efforts to expand 36Brains' presence in Germany and Central Europe.
Managing Director, Head of Spain
Leticia Ruenes is Head of Spain, responsible for developing Pemberton’s growing presence in the Spanish market and opening the office in Madrid.
Leticia joined Pemberton in 2020. Before that she spent 17 years at RBS / Natwest Bank where she held several roles including latterly Head of the European Structured Finance Portfolio, overseeing LBOs, infra and project finance assets in Europe. Prior to this she had been Global Head of project finance portfolio and distribution, and Director in the leveraged finance origination team in Spain. Before joining RBS in 2003, she was part of the M&A team at ING.
Leticia has over 20 years’ experience in investment banking, leveraged loans and European corporate and credit markets. She is a CFA Charterholder and graduated from ICADE University in Spain with a double degree in Law and Business Administration.
Pablo is a Corporate M&A partner at Gómez-Acebo & Pombo.
He specialises in M&A, private equity and energy. He also has experience in restructuring and distressed transactions, as well as in corporate and contract Law.
He holds a degree in Law from the University of Valladolid (Spain) and Universitá degli Studi La Sapienza (Rome, Italy).
Pablo is one of the most active lawyers in M&A in Spain.
He has also participated as an author in several specialised legal publications (Aranzadi, Wolters Kluwer) or national economic newspapers (El Economista), and teaches at different business schools (ISDE, ICADE, Instituto de Capital Riesgo, Fundación Rafael del Pino).
Pablo is a trustee of the Fernando Pombo Foundation.
Managing Director of DeA Capital Alternative Funds SGR S.p.A. in Spain and of the Taste of Italy 2 fund since October 2019.
25 years of experience in Private Equity and mergers and acquisitions of mid-sized companies. Previous experience at HIG Capital, Gala Capital Partners, and Credit Suisse.
Holder of the CFA® professional designation, with a degree in Economics from the Complutense University of Madrid (UCM) and a diploma in Economic Sciences from the Free University of Brussels.
DeA Capital Alternative Funds SGR S.p.A., founded in December 2006, is 100% owned by DeA Capital S.p.A., a company within the De Agostini group.
Miguel is a professional with a proven track record in the insurance industry, with great professional prestige and a broad and recognized background in the M&A sector with more than 22 years of experience.
Degree in Business Administration and master’s in insurance and risk management by Universidad Pontificia de Salamanca.
Miguel is currently Head of M&A Due Diligence Advisory Practice at WTW. Head of Project Finance from 2009 to 2021.
During his work experience, he has led insurance advisory for lenders, investors, and private equities in relevant deals in Iberia and Latam.
Specialization in renewable energy and infrastructure projects.
Head of Iberia and Partner of Ufenau Capital Partners. Joaquin chairs the Board and is responsible for investments in Spain and Portugal.
He has +15 years experience in Private Equity, business management and consulting. Prior relevant experience includes H.I.G. Capital and McKinsey&Co. He is also Adjunct Professor at IE University in the field of Finance and Private Equity.
He holds a double degree in engineering from Universidad Pontificia Comillas in Spain, and from Ecole Central Paris in France. He also holds an MBA coursed with honours and distinction at Columbia Business School and sponsored by the Rafael del Pino Foundation.
José Megía is a Principal at 21 Invest with several years of experience in private equity. 21 Invest is a paneuropean midmarket private equity firm with more than 30 years of activity and operations in Italy, France, Poland and Spain.
Prior to joining 21 Invest, José was an Investment Manager at Charme Capital Partners, a paneuropean midmarket private equity firm focused in Iberia, Italy and the UK, among others. José has actively participated in the investment, active ownership and divestment processes of several portfolio companies, fundamentally in healthcare, education and business services.
José holds a Bachelor’s Degree in Business Administration from ESADE with an Award for Academic Excellence.
Mr. Betolaza has over 20 years of private equity experience across cycles in Europe, US and Asia. As Senior Adviser of BP Energy Partners, Mr. Betolaza is responsible for deal sourcing and development of activities of BP Energy Partners and its affiliates in Europe, working closely with the BP Energy Partners team and serving as a board member of certain portfolio companies.
Prior to joining BP Energy Partners, Mr. Betolaza was cofounder and partner of Black Toro Capital, a private equity firm focused on rescue and stabilization of mid-sized companies in Spain. From 2002 through 2010, Mr. Betolaza was a Partner at MatlinPatterson, a private equity investment firm where he worked in energy sector investments including power and natural gas with Mr Watzky in NY and London. From 1997 to 2002, Mr Betolaza was a Director at Credit Suisse First Boston (CSFB) Special Situations team in London, the predecessor to MatlinPatterson where he worked closely with Mr Watzky in Asia and Europe. Prior to CSFB, he was an analyst at the Banco Santander High Yield team in London.
Mr Betolaza received a double degree in Economics and Business Administration from Universidad Comercial de Deusto, Spain and earned his MBA, Magna Cum Laude from the IE Business School in Madrid, where he serves on its International Advisory Board.
Juan Jaquete joined Plenium Partners in 2017 and is a Director of the investment team, where he focuses on energy infrastructure investing in Spain and across the EU. Mr. Jaquete is a member of the Board of Directors of SotySolar, one of the leading providers of residential and C&I solar and home energy services in Iberia, and of renewable energy portfolio companies owning more than 600 MW of wind, solar PV and hydro operating capacity. He has also been a Board member of the Nexus Energía Group, the largest independent electricity provider in Spain with more than 2.2Bn in revenue. Mr. Jaquete holds a degree in Industrial Engineering from ICAI Universidad Pontificia de Comillas.
Iñaki Miguel is a financial journalist with Mergermarket in Spain since 2007.
Previously, Iñaki worked as private equity and M&A reporter in the publication Capital&Corporate.
He started his professional career in the corporate and financial communication in the Spanish company Deva, where he was working for more than 5 years working with international clients and listed companies.
Iñaki has a degree in Journalism by Universidad Complutense of Madrid.
Ana Hernández del Castillo is an Investment Manager at Crescenta, responsible for fund selection and the development of the Investment team. She has over 10 years of experience in investments, managing both liquid asset portfolios and Private Equity. Previously, she worked at Raymond James in California, at Banque Havilland in London for 5 years as a Portfolio Manager, and at MdF Family Partners in Madrid for the last 5 years as an Executive Director in the Private Equity team. Her investment profile has always combined with direct relationships with high-net-worth clients, making her profile both analytical and commercial, understanding the needs of family offices and UHNW individuals. Her academic background is international, having studied Law and Finance at the European University of Madrid, and undertaking international programs during these years at the University of Irvine, California, and the London School of Economics, London. Ana is an associate member of the Chartered Institute of Securities & Investments in London.
- Managing Director at Arcano Partners, Head of the Tech M&A practice
- +20 years of experience in investment banking, Juan has been involved in major M&A transactions in the tech and financial sectors. Prior to joining Arcano in 2021, he worked at Alantra and Rothschild & Co.
- Co-Founder of Faraday Venture Partners, one of the largest and most successful Venture Capitals in Spain, with over 80 investments since 2011 and currently c.30 active portfolio companies in Spain, Germany and Benelux
Miguel joins Oquendo in 2019 contributing with over 15 years of experience in corporate lending, acquisition finance and transaction services.
Prior to joining Oquendo, Miguel has been working for c. 10 years in Senior roles within the Structured Finance team of Caixabank where he led coverage for companies in regions of Central (including Madrid) and Northern Spain. He has been directly involved in the origination and execution of more than 200 deals in the Spanish Middle Market. Prior to this, Miguel worked from 2005 to 2008 in the Corporate Finance department of CEMEX being involved in the financing of the Group.
Managing Director
Madrid
Mr. Torre de Silva is a Managing Director in the Ares Credit Group, where he focuses on European direct lending. Prior to joining Ares in 2019, Mr. Torre de Silva was Head of structured acquisition finance and technology, media and telecommunications for Iberia at ING, where he focused on managing the Madrid Leveraged Finance and Technology, Media and Telecommunications Team. Previously, Mr. Torre de Silva was Founding Partner of Mercurio Credit Partners, Investment Director at European Capital and Leveraged Finance Director at Societe Generale. Mr. Torre de Silva holds a B.A. from Universidad Complutense de Madrid in Business Administration and an M.B.A. from IESE Business School.
Joined MV Credit in 2016 - Nicolas is a Director in the Direct Lending Investment Team, working on originating and structuring Direct Lending and Subordinated Debt investments.
Prior to MV Credit, Nicolas worked in the Latin American Debt Capital Markets Origination and Structuring Team at Santander in New York. Prior to Santander he worked for Towers Watson’s Investment Consulting division in Madrid. Nicolas holds a Bachelor’s degree (first class) in Economics from Carlos III University in Madrid.
José María Martínez de Haro is a Senior Consultant to Carlyle Private Credit in Spain. Prior to Carlyle, he was Head of Special Opportunities at Alantra, worked for Elliott both as an investment professional in London and as chairman of two Elliott portfolio companies in Spain, and for MatlinPatterson and CQS in London. Earlier, he worked in investment banking at Calyon and ING.
Mr. Martínez de Haro has a MSc in business administration from ICADE in Madrid.
Banking and finance partner Alfredo Barona has a strong track record in this sector. His practice covers many areas within the banking and finance sector, such as corporate finance, asset finance, project finance, real estate finance, and restructurings.
In recent years, Alfredo has led some of the major deals in the Spanish financial sector. He has been recognized as a leading individual in his field by industry commentators and legal directories such as Chambers Global & Europe (in two categories: Banking and Finance, and Project Finance) and Who's Who Legal (Project Finance).
Alfredo teaches Masters in International Law at ISDE (Instituto Superior de Derecho y Economía).