Private equity in Spain

Clifford Chance

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 VillasanteVictor XercavinsFrancisco Martínez and Alejandro Payá are key names.

J&A Garrigues SLP

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-JorrínFernando VivesMaría Fernández-PicazoVictor 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 ManchadoAlejandro OrtizCarmen Burgos and managing associate Esteban Arza are key names.

Uría Menéndez

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

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.

Baker McKenzie

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 CasalsJavier 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

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 'outstandingDavid González are recommended, and Álvaro Mateo made partner in January 2018.

Latham & Watkins LLP

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 PicónJosé 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.

DLA Piper

DLA Piper LLP assisted KKR with the sale of Ursa Insulation to Xella International, and advised Springwater Capital on the acquisition of Mapatours. Joaquín Echánove and Teresa Zueco are the names to note.

Herbert Smith Freehills LLP

The 'commercially astute, flexible and balanced' team at Herbert Smith Freehills LLP advised Magnum Capital on the sale of a 70% stake in fragrance manufacturer Iberchem to Eurazeo. Nicolás Martín and Alberto Frasquet co-lead the group.

Hogan Lovells International 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'.

Jones Day

Jones Day receives a steady flow of private equity instructions through its international network. Recent work includes assisting CVC Capital Partners with the acquisition of Teva Pharmaceutical Industries' women’s health assets. Federico Merino and of counsel Beatriz Píriz are particularly active.

King & Wood Mallesons

King & Wood MallesonsIsabel 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.


RCD is a notable firm for venture capital transactions. It acts for private equity and venture capital funds as well as young companies. Ignasi Costas and newly made-up partner Carlos Nogareda are notable practitioners.

CMS Albiñana y Suárez de Lezo

CMS Albiñana y Suárez de Lezo advised Portobello Capital on the acquisition of a stake in Blue Sea Hotels & Resorts. Javier Leyva was promoted to partner in May 2018 and Carlos Peña is recommended.

Eversheds Sutherland Nicea

An active player in mid-market private equity transactions, Eversheds Sutherland Nicea acts for clients such as Avenue Capital Group, Bridges Fund Management and GED Capital. Of counsel Sixto de la Calle is recommended.

EY Abogados

EY Abogados counts numerous Spanish and international private equity houses and growth funds such as Advent International, CVC Capital Partners and Springwater Capital as clients. Francisco Aldavero is the name to note.

Araoz & Rueda

Araoz & Rueda is a trusted adviser for private equity houses such as Black Toro Capital and Charme Capital Partners. Pedro Rueda recently advised a British private equity fund on the acquisition of a biotech company focused on reproductive genetic testing.

BROSETA Abogados

BROSETA Abogados recently advised several corporates being taken over by private equity funds. Julio Veloso is recommended.


Dentons' private equity group is headed by Jesús Durán. He led the advice to TPG Sixth Street Partners on the sale of a 51% stake in Servihabitat to CaixaBank.

Ventura Garcés & López-Ibor

Ventura Garcés & López-Ibor assisted Eneas Alternative Investments with the acquisition of a health group. Marta Gil de Biedma is recommended and Carlos Trénor 'understands the client's needs'.

Watson Farley & Williams LLP

Watson Farley & Williams LLP is particularly active in the energy sector. Cerberus Capital Management, Eland Private Equity and Platina Partners are clients. Within María García Guijarro's team, Ana Lorenzo recently made partner.