Private equity in Spain
The 'quick and proactive' private equity team at Clifford Chance covers the entire cycle of an investment, starting from fund formation. It advised Värde Partners on the acquisition of a 49% stake in WiZink Bank from Banco Popular, and assisted KKR with the €3.7bn acquisition of a 40% stake in telecom infrastructure operator Telxius. It also counts numerous infrastructure funds and investment managers such as GS Infrastructure Partners, IFM Investors and Mit Infrastructure Europe as clients. Javier Amantegui and Samir Azzouzi are recommended.
A heavyweight when it comes to private equity advice, Cuatrecasas acts for Spain-based clients such as Black Toro Capital, Corpfin Capital, Everwood Capital and Oquendo Capital. International clients include HIG Capital, KKR and Bain Capital, which retained the group to advise on the acquisition of Promociones Habitat from Marathon Asset Management. Another highlight was assisting Priveq Investment with the €180m sale of Crem International to Welbilt. Javier Villasante, Victor Xercavins, Francisco Martínez and Alejandro Payá are key names.
J&A Garrigues SLP handles venture capital and private equity deals as well as fund formation matters. Recent deals include assisting The Carlyle Group with the sale of data centre Itconic and its subsidiary CloudMas Iberica to Equinix, and advising ProA Capital on the sale of a majority stake in Suanfarma to Intermediate Capital Group. José María Gil-Robles and José Manuel Martín co-lead the team, which also includes Álvaro López-Jorrín, Fernando Vives, María Fernández-Picazo, Victor Chiquero and principal associate Félix Ferreño.
Linklaters recently advised Ardian, Cerberus, Macquarie and KKR on acquisitions. Other work included assisting BC Partners with the €550m acquisition of 90% of bridal wear company Pronovias' share capital from its founder, as well as with the acquisition of Banco Sabadell’s real estate business. Víctor Manchado, Alejandro Ortiz, Carmen Burgos and managing associate Esteban Arza are key names.
The 'proactive and experienced' private equity group at Uría Menéndez often handles cross-border deals with a special focus on Latin America. For example, it advised Summit Partners on the acquisition of a majority interest in Advance Medical and its Brazilian, Chilean and Portuguese subsidiaries. Other work included assisting GPF Capital I with a co-investment in leisure and entertainment group Pacha together with other PE funds. Christian Hoedl and Juan Miguel Goenechea Domínguez lead the team.
Allen & Overy
Allen & Overy's client portfolio includes EQT (which it advised on the €150m sale of IslaLink to Fiera Infrastructure), Intermediate Capital Group (the acquisition of Suanfarma from ProA Capital) and Macquarie (the acquisition of 60% of Bruc Management). Iñigo del Val and Ignacio Hornedo, who was promoted to partner in May 2018, are recommended. Antoni Valverde left in May 2018 to take an in-house position at communication agency WPP.
Ashurst LLP's private equity group is led by Jorge Vázquez and also includes José Christian Bertram. It advised the sellers, including Capstone Equity Partners and Värde Partners, on the sale of Promociones Habitat to Bain Capital. Artá Capital, Macquarie and HIG Capital are also clients, as are some real estate and pensions funds.
When advising on cross-border transactions Baker McKenzie can draw on a strong international network. Abac Capital is a new client, while Apax Partners, Miura Private Equity and TA Associates have retained the firm for several years. The group advised Torreal on the €900m acquisition of a 71% stake in Aernnova Aerospace from its management and Springwater Capital. Luis Casals, Javier Menor and Jorge Adell are key advisers.
Freshfields Bruckhaus Deringer
Freshfields Bruckhaus Deringer's private equity group has 'ample knowledge in the sector', acting for clients such as Bridgepoint, Meridia Capital, Permira and Warburg Pincus. Recently, it advised Cinven on the acquisition of a majority stake in agri-food company Planasa. On the sale side, it assisted REIT Hispania Activos with the takeover offer for the remaining shares launched by Blackstone. Armando Albarrán and Javier Monzón are recommended.
Gómez-Acebo & Pombo advised Oak Hill Capital Partners on the sale of Greenpark Aparcamientos to Parkia and assisted Indes Capital with the acquisition of the agri-food company Hortícola Albacete. Iñigo Erláiz and the 'outstanding' David González are recommended, and Álvaro Mateo made partner in January 2018.
Latham & Watkins LLP is frequently involved in cross-border private equity deals. For example, it assisted CVC Capital Partners and some members of the management board of Quirónsalud with the latter's sale to Helios Kliniken. Another highlight was advising The Carlyle Group on the €390m acquisition of wine and cava producer Codorníu. Juan Picón, José Sánchez-Dafos and Ignacio Pallarés are recommended.
Pérez-Llorca advised CVC Capital Partners and PAI Partners on the acquisition of retail group Cortefiel, and handled acquisitions for ADM Capital and Oaktree Capital. Senior partner Pedro Pérez-Llorca, Julio Lujambio, Carmen Reyna and Pablo González Mosqueira all have private equity expertise. Javier Gómez made partner in January 2018.
Herbert Smith Freehills LLP
Hogan Lovells International LLP has an impressive client portfolio including Firmum Capital, Gala Capital, HIG Capital and Qualitas Equity Partners. It assisted Acon Investments with the acquisition of Contenur from Miura Private Equity and Demeter Partners. The 'deal-oriented' Graciela Llaneza has 'excellent technical skills' and 'keeps the big picture in mind'.
King & Wood Mallesons
King & Wood Mallesons' Isabel Rodríguez specialises in fund formation and has 'very good legal and commercial judgement'. On the transactional side, the group advised Moira Capital Partners on several acquisitions such as a stake in Grupo de Dermatología Pedro Jaén. Pablo Díaz and Germán Cabrera, who made partner in January 2018, handle PE transactions.