Mergermarket Private Equity and M&A Forum Spain
Mandarin Oriental Ritz, Madrid
04
Jun
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?
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SpeakersDavid Martín Head of Private Equity, Iberia Tikehau Capital
José Maria de Retana Investment Director Sherpa Capital
Andrejs Klisans Country Manager 36Brains
Leticia Ruenes Managing Director, Head of Spain Pemberton Asset Management
Fernando Impuesto Nogueras Director Business Development and M&A Enagas
Alejandra Moore Mayorga Managing Director Grupo Albión
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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.