Mergermarket Private Equity and M&A Forum Spain
Mandarin Oriental Ritz, Madrid
04
Jun
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?
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SpeakersPablo Fernández Cortijo Corporate and M&A Partner Gómez-Acebo & Pombo
Leopoldo Reaño Costales Managing Director DeA Capital Alernative Funds SGR SpA
Miguel de Bruno Guerra Head of M&A Due Diligence Advisory Practice, FINEX Global WTW
Joaquin Alcalde Head of Iberia and Partner Ufenau Capital Partners
José Megía Principal 21invest
Ramon Betolaza Managing Director BP Energy Partners
Rupert Cocke Senior Editor, Head of Iberian Coverage Mergermarket
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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.