Private equity in Spain

Clifford Chance

Noted for its 'extensive deal experience', Clifford Chance is well recognised as a leading player in the Spanish private equity market; the firm has recently advised on a number of deals that exceed the €1bn mark. Its client base of major national and international private equity houses turn to the team for advice on domestic and multi-jurisdictional transactions. Javier Amantegui leads the sizeable team, which includes Samir AzzouziGuillermo Guardia and counsel Ana Torres, who advises on the establishment and structuring of private funds.

Practice head(s):

Javier Amantegui

Other key lawyers:

Samir Azzouzi; Guillermo Guardia; Ana Torres; Jorge Martín; Javier Olábarri; Javier Hermosilla; Luis Alonso

Testimonials

‘I think the technical skills combined with the practical / deal oriented approach the team members have at CC are outstanding and this combination is not that easy to find. ’

‘Javier Amantegui and Javier Olabarri are exceptional lawyers in terms of problem solving, technical drafting skills and negotiation. They are always available to help and very proactive in their approach.’

‘Extensive deal experience, which provide a wide range of solutions in the PE arena. Quick response, which is fundamental for deal execution’

‘Team fully available. Focus on deal execution.’

Javier Amantegui is the leading partner of the Madrid office, with extraordinary PE experience.’

Provide quality advice that goes beyond pure deal-level issues. Really know the market and become trusted advisors.

Always practical and happy to challenge the client when necessary.’

‘Javier Amantegui and Luis Alonso are particularly good. Work tirelessly to get the best result and really appreciate the broader commercial picture when giving advice or proposing solutions.’

Key clients

Advent

Apax

APG

Ardian

Artá Capital

Asterion

Bridgepoint

Brookfield

Cinven

Corporación Financiera Alba

Cube Infrastructure

EQT

First State Investments

Global Infrastructure Partners (GIP)

Goldman Sachs Infrastructure Partners (GSIP)

IFM Investors

KKR

Lone Star

Macquarie Infrastructure and Real Assets (MIRA)

Mirova

OMERS Infrastructure

Ontario Teachers’ Pension Plan

Partners Group

PGGM

Värde Partners

Work highlights

  • Advised EQT Partners on the public to private takeover of Parques Reunidos, a global leader of amusement parks, in consortium with Belgium investor Groupe Bruxelles Lambert and Spanish investor Corporación Financiera Alba.
  • Advised Masmovil on the friendly €5bn takeover bid from KKR, Cinven and Providence.
  • Advised Brookfield on the acquisition of DIF’s 80% stake in the vehicle co-invested by Iridium (ACS) holding a portfolio of five Spanish PPPs.

Garrigues

The private equity group at leading firm Garrigues is highlighted for its 'perfect combination of legal knowledge and business practice'. In addition to corporate and M&A specialists, the team also draws on the expertise of the firm's tax, finance and restructuring lawyers to provide a comprehensive service. It maintains a significant market share of private equity deals, acting for a broad client base that spans international, household name private equity houses to domestic funds focused on the mid-market. The highly experienced José Manuel Martín leads the practice; other key practitioners include María Fernández-PicazoÁlvaro López-Jorrín and Alex Pujol.

Practice head(s):

José Manuel Martín

Other key lawyers:

Álvaro López-Jorrín; Fernando Vives; María Fernández-Picazo; Alex Pujol; Victor Chiquero; Félix Ferreño;

Testimonials

Absolute provision for the client. They compare very favorably with other firms. Constantly looking for solutions to the problems that arise in the negotiation. Excellent negotiation skills. Perfect combination of legal knowledge and business practice.’

Very good roster of junior members. They try to collaborate more each year with their clients.’

Excellent technical and negotiation skills, problem solving, full outsourcing of the negotiation of legal documents in them, blind faith in them, transparency in fees. Alvaro Lopez Jorrin Arnau Tapias.’

Key clients

The Carlyle Group

Alantra

ProA Capital

The Blackstone Group

Advent International

KKR

Ardian

Corpfin Capital

ICG

Artá Capital

Riverside

CVC

Oceanwood

Ergon Capital

MCH Capital

Opcapita

PAI Partners

Nazca Capital

GED Iberian Private Equity

Realza Capital

Miura Private Equity

Torreal Private Equity

Diana Capital

Apollo Capital

Meridia Capital

Work highlights

  • Advised Advent International on the acquisition of Vitaldent, one of the leading networks of dental clinics in the countries in which it operates.
  • Advised MCH Private Equity on the acquisition of a majority stake in Palacios Alimentación, a leading Spanish manufacturer and distributor of sausages, refrigerated pizzas, canned meat, pre-cooked and cooked dishes and frozen and refrigerated confectionary products.
  • Advised KKR in the acquisition of a majority stake in Master D.

Linklaters

Linklaters enjoys a strong reputation in private equity and M&A in Spain and internationally. It is regularly involved in large-scale deals in the Spanish market, where it acts for leading private equity firms, and also advises on restructurings and the financing of acquisitions. Key figures in the sizeable team include Víctor Manchado, who stands out for his experience in leveraged buyouts (LBOs) and distressed transactions, Lara Hemzaoui, who is particularly active in deals in the infrastructure and energy sectors, senior partner Alejandro Ortiz, Carmen Burgos, who made partner in 2019, and Esteban Arza, who was promoted to counsel in 2020.

Practice head(s):

Víctor Manchado

Other key lawyers:

Alejandro Ortiz; Carmen Burgos; Lara Hemzaoui; Alexander Kolb; Esteban Arza; José María López

Testimonials

‘High level team, in terms of technical knowledge, negotiation management and availability. Good reputation in the M&A market.’

‘Esteban Arza is an excellent professional. Practical approach, ability to understand the situation and great technical knowledge. A trusted professional in M&A operations.’

‘High competence and professionalism. Alexander Kolb Carmen Burgos’

‘Very good technically and creative with situations that require tailor-made things.’

‘Very good technically, high level of service, very high availability, good work and coordination between the different Tax, Corporate and Finance practices: Javier Garcia-Pita, Pilar Carnicero, Victor Manchado, Juan Barona, Begoña Martinez.’

Key clients

Carlyle

Permira

PAI Partners

CVC

Ardian

CPPIB

ProA

Apollo

GIP

KKR

Work highlights

  • Advising Carlyle on the acquisition of a significant minority stake in Compañía Española de Petróleos (Cepsa) from Mubadala Investment Company (Mubadala).
  • Advising PAI Partners, a leading European private equity firm, on the acquisition of Areas, a global leader in the travel catering market, from Elior Group.
  • Advising CVC on the €800m restructuring of the financial debt of its portfolio company Lecta Group.

Uría Menéndez

Uría Menéndez is well versed in high-value private equity deals, and stands out for its office network and international best friends relationships, which make it well placed to handle cross-border transactions, particularly those involving Iberia and Latin America. Clients also benefit from the firm's full-service offering in Spain, which allows it to deploy multi-disciplinary teams of private equity, M&A, tax and finance lawyers. Manuel Echenique regularly takes a lead role on many of the department's private equity mandates; he co-heads the team with Francisco San Miguel. Christian Hoedl and Juan Miguel Goenechea Domínguez are also names to note.

Practice head(s):

Manuel Echenique; Francisco San Miguel

Other key lawyers:

Christian Hoedl; Juan Miguel Goenechea Domínguez; María Vidal-Pardo; Alex Bircham

Testimonials

‘Extensive experience in this type of operation to have flexibility when closing agreements / contracts. It is without a doubt the best of the offices we have used.’

‘They are capable of defending our interests, but being commercial in yielding non-fundamental aspects that allow us to reach global agreements. Full confidence in them.’

Key clients

Alantra Partners, S.A.

Ardian France, S.A.

Asterion Industrial Partners

Bridgepoint

Ergon Capital.

GPF Capital.

GreenE Waste to Energy, S. L.

Helia Renovables

IBI and Gala Capital, among others (sellers). Panda Security, S.L. (target).

Investindustrial

JB Capital Markets.

KKR

Lone Star and Esmalglass.

Nazca Capital

Oakley Capital Limited.

Plenium Partners, S.L.

Providence Equity Partners L.L.P. (UK).

Repsol Energy Ventures, S.A.

Vista Equity Partners.

Work highlights

  • Advising Vista Equity Partners Perennial on the acquisition from Warburg Pincus of Accelya, a leading global provider of financial, commercial and analytics solutions to the airline industry.
  • Advising KKR and Gestamp on the sale of 50% of X-Elio to Brookfield and subsequent contribution by KKR of its remaining 50% to a JV created with Brookfield.
  • Advising PAI Partners and Banco Santander on their sale of 100% of the business process outsourcing specialist Grupo Konecta to its management team, led by the company’s founder Jose Maria Pacheco, and to Intermediate Capital Group ICG.

Allen & Overy

The highly regarded Madrid-based team at Allen & Overy leads on large-scale, cross-border deals involving Spain and other jurisdictions, where it often acts for leading private equity firms. With over 20 years of experience in significant transactions, Iñigo del Val is a well-known figure in the private equity market, as are Ignacio Hornedo and Fernando Torrente. Associates making a mark in the team include Teresa Méndez and Bosco De Checa.

Practice head(s):

Fernando Torrente; Íñigo del Val; Ignacio Hornedo

Other key lawyers:

Teresa Méndez; Bosco de Checa

Testimonials

‘Very good and well focused team.’

‘Closeness, empathy, etc. The best partners with Iñigo del Val and Ignacio Hornedo.’

‘Very good team. Very good technically and with great proximity, speed and flexibility. Even in times of hard work and short deadlines, they have been able to respond in an exceptional way.’

‘Ignacio Hornedo, Ignacio Ruiz Cámara. Closeness to the client and the involvement of partners at all times, which generates a lot of trust.’

Key clients

EQT

ICG

Apax

Riverside

AMP

Infracapital

Aurica

Bridgepoint

Advent

Work highlights

  • Advised EQT Private Equity in the acquisition of a majority stake in Freepik from its founders and management team, who will remain as minority owners.
  • Advised Mubadala and Cepsa on the sale of a 37% stake in Cepsa to Carlyle.
  • Advised ICG on the acquisition of Konecta.

Ashurst LLP

The private equity team at Ashurst LLP is 'very capable and very involved in each of the transactions'. It is regularly involved in M&A, financings and restructurings, with a large proportion of its work involving a cross-border component. Practice head Jorge Vázquez 'is not only a magnificent lawyer, but he also has excellent knowledge of business matters'. Other names to note include Pedro EsterMaría José Menéndez and José Christian Bertram.

Practice head(s):

Jorge Vázquez

Other key lawyers:

José Christian Bertram; María José Menendez; Pedro Ester; Eduardo Gracia; Tannia Rodríguez; Francisco Vázquez Oteo; María García de Vega

Testimonials

‘Great team, very capable and very involved in each of the transactions that they advise. Lots of interaction with partner Pedro Ester who is a great professional and also with great ability to manage complex situations and negotiations.’

‘Their availability, capacity and delivery in each of the projects that have advised us. The involvement of the partner is maximum and it shows in the results.’

‘My experience is mainly with the Corporate M&A team and with Pedro Ester as Responsible Partner. What makes this team unique is a) the total focus on customer needs, b) the availability of the equipment and its quality and c) the ability to deliver in high pressure environments.’

‘Pedro Ester is an exceptional lawyer, both for his technical knowledge, as well as for his availability and ability to work, and above all for his ability to understand the needs of the client and the operation to find the best solution for the client, without putting in risk at no time the operation.’

‘The Ashurst team’s knowledge of the real-estate servicing sector is exceptional. They anticipate problems, they are proactive and their knowledge of the market makes you always glad that they are on your side at the table. They have excellent negotiation skills and do not give up any point, always adopting absolutely commercial positions.’

‘Jorge Vázquez is not only a magnificent lawyer, but he also has excellent knowledge of business matters and knows how to express it in a unique way in contracts. He is an asset in any operation and we consider him part of the team, not an advisor. I am surprised by how little rotation his team has had in the years that I have known him, which he integrates, respects and supports, it is fantastic. Associate Fran Vazquez is a lawyer to take into account in any operation. Technically brilliant, tenacious and meticulous, no detail escapes him.’

‘The orientation to customer service is total. They do not skimp on time or resources and the availability is permanent.’

‘We participated in an operation with Jorge Vázquez and Francisco J. Vázquez and we were impressed. Jorge is a partner with a very clear business profile, who provides solutions and who understands the business well. Francisco stood out for his absolute control of the deal and his technical capacity, in addition to coordinating a complex operation that involved several parties and teams.’

Key clients

Cerberus

Kartesia

Caius Capital

Boussar&Gavaudin

3i

Bybrook

Arcmont Asset Management

Carlyle

Golub Capital

Macquarie

Alantra

InfraVia Capital Partners

Agilitas Private Equity

Amundi

Blackrock

Elliott

Work highlights

  • Advised on the Spanish law aspects of the financing of the acquisition (by private equity firm Vista Equity Partners) of Accelya through an LBO.
  • Advised Alantra on the acquisition of a majority stake and integration of three of the main Spain-headquartered genetic diagnostic companies: Imegen, Genycell Biotech and Health in Code.
  • Advised InfraVia Capital Partners on the acquisition of Molgas Energy Holding, a leader in the energy service sector for liquified natural gas (LNG), from Broadview Holding as seller and Nuntelias.

Baker McKenzie

The 'diligent' team at Baker McKenzie is 'able to solve problems effectively'; it balances a broad private equity practice, acting for a range of private equity funds, sovereign funds and alternative investment firms, among others. Also of note is the firm's funds task force, which assists in fund formation, investment strategies, financings and regulatory matters. Luis Casals and managing partner Javier Menor jointly lead the practice, which includes Jorge Adell, who is 'very involved in all matters and has great skills for negotiation'.

Practice head(s):

Javier Menor; Luis Casals

Other key lawyers:

Jorge Adell; Laura García Fuster

Testimonials

‘Diligent team, able to solve problems effectively.’

‘Close relationship and proactivity of people.’

‘Compliance with deadlines and high partner involvement.’

‘Jorge Adell is very involved in all matters and has great negotiation skills, always maintaining a cordial tone that avoids tension with the counterparts’ advisers.’

‘Commercial ability. Very professional team.’

‘I think that what I like the most about Baker in addition to its professionalism is the closeness in the treatment, the availability and that they are always looking for the best solution for the client. The partner I have dealt with is Jorge Adell. The associate who coordinates all the work is Laura García Fuster. The treatment and service received from both is exceptional.’

Key clients

Bain Capital

MIURA Private Equity, S.G.E.C.R.

Puig

Montagal Restauración, S.L.

Qualitas Equity Partners

Chequers Partenaires, S.A.

CIRF

TA Associates

LMEY

Colony Capital

Inspired Education Holdings Ltd

Work highlights

  • Advised the Spanish fragrance and fashion group Puig in the acquisition of a majority stake of UK make up and beauty brand Charlotte Tilbury, involving the exit of the five funds of private equity firm Sequoia Capital Partners.
  • Advising leading Iberian investment firm Miura Private Equity on the refinancing of the Visuality Corporation Group both in Europe and USA for an aggregate amount of €33.2m and $17.7m.
  • Advised the Italian fund CRIF in the acquisition of the Spanish company based in Barcelona Stand, operating in the fintech industry (controlled by the Spanish family Asensio) and present also in Malaysia, Argentina and USA.

Cuatrecasas

Spanish and international private equity firms turn to Cuatrecasas for advice on significant acquisitions and sales; the team maintains a busy practice and has a large market share in private equity deals. The firm also has an active venture capital practice under the leadership of Diana Rivera, who has notable expertise in transactions in the e-commerce, life sciences and banking sectors. Other names to note include Francisco José Martínez Maroto and Javier Villasante, both of whom have vast experience in private equity and M&A.

Practice head(s):

Francisco Martínez Maroto

Other key lawyers:

Javier Villasante; Diana Rivera

Key clients

WARBURG PINCUS

KKR

QUALITAS EQUITY PARTNERS

BAIN CAPITAL

SAMAIPATA VENTURES

NUNTELIAS

TOWERBROOK CAPITAL PARTNERS

DELIVERY HERO

BLACK TORO CAPITAL PARTNERS

APAX PARTNERS

Work highlights

  • Advising on selling Accelya and its subsidiaries. Value: €1.175 billion.
  • Advising on the sale, together with Broadview, of a stake in Molgas Energy. Value: €120 million.
  • Advising on acquiring 78.85% of Kipenzi (Masquepet), and the subsequent shareholders agreement.

Gómez-Acebo & Pombo

Gómez-Acebo & Pombo receives praise for its 'attention to detail, anticipation of problems and negotiation skills'. The firm is among the most active in the Spanish market in terms of private equity deals, and it also stands out for its focus on venture capital transactions and start-ups, with particular strength in technology-related M&A. Head of private equity Iñigo Erláiz has a good reputation. David González, who heads the New York office, and Álvaro Mateo are names to note for venture capital investments. In internal developments, Pablo Fernández Cortijo was promoted to partner in 2020.

Practice head(s):

Íñigo Erláiz; David González; Álvaro Mateo

Other key lawyers:

Augusto Piñel; Pablo Fernández Cortijo

Testimonials

‘The knowledge of the Partners, the ability to address problems multilaterally, the attention to detail, anticipation of problems, negotiation skills, team seniority. In my long experience with multiple European law firms, the GA&P team stands out exceptionally in its knowledge of Spanish regulations and in its way of approaching transactions from all points of view.’

‘Iñigo Erlaiz’s capacity for coordination and mastery of multiple disciplines is absolutely brilliant. Also, I would highlight his humility and empathy to bring the negotiations to a good end. And he never skims resources in the participation of other partners of the Firm to complete his vision or contribute new angles of debate and solution.’

‘Professionalism and experience. The comparison is favorable’.

‘Attention to detail and availability.’

Key clients

MCH Private Equity Fund

Avior Capital

Springwater Capital

IMAN CAPITAL

Centerbridge

Miura Private Equity

Spain Oman Private Equity

Platinum Equity

OAK HILL

Sherpa Capital

GALA Capital

Atomico UK Partners

KINNEVIK

SEAYA VENTURES

BONSAI PARTNERS

GP BULLHOUND

Appaloosa Management

Ares Management

Avenue Capital

Warwick Capital Partners

GSO Capital

Alchemy Partners

Work highlights

  • Advised Laureate on the sale of its institutions in Spain and Portugal to Permira.
  • Advised Centerbridge as bidder in the acquisition process of Grupo Palacios, one of the main Spanish food companies.
  • Provided advice to Casa de las Carcasas and its main shareholder on the process being carried out with several potential bidders, all of them private equity funds, for the sale of a controlling stake in the company.

Latham & Watkins LLP

With a focus on high-end, cutting-edge transactions, Latham & Watkins LLP has an impressive private equity practice that is a popular choice for major private equity houses investing in Spain. In recent work, the team has assisted its clients in making investments in companies operating in the food and beverage, real estate and retail sectors, among others. Ignacio Pallarés leads the experienced team. Manuel Deó departed in 2019, and María José Descalzo, who advises investors and private equity funds as well as domestic and international companies, joined in March 2020.

Practice head(s):

Ignacio Pallarés

Other key lawyers:

José Antonio Sánchez Dafos; María José Descalzo; Ignacio Gómez-Sancha; Rafael Molina; Ignacio Domínguez; Ana González Linares; Luis Lozano

Testimonials

‘Great lawyers, super knowledge of Spanish market, super available and helpful.’

Key clients

The Carlyle Group

KKR

Cerberus

Platinum Equity

Apollo

Partners Group

Triton Partners

Intriva

TA Associates

Bridgepoint

Sun European Partners

Work highlights

  • Advised on the acquisition from Portobello Capital of a majority stake in Iberconsa, a global provider of frozen seafood products.
  • Advised Triton Partners in the acquisition of Fertiberia (manufacturer of fertilizers and agricultural chemicals) from Grupo Villar Mir.
  • Advising KKR Credit Advisors on the takeover bid for the shares representing 100% the share capital of Telepizza Group, S.A. and its subsequent take private.

Pérez-Llorca

Pablo González Mosqueira leads the highly experienced funds department at Pérez-Llorca, which advises across the gamut of transactions, including leveraged buyouts (LBOs), management buyouts (MBOs) and management buy-ins (MBIs), turnarounds and restructurings. Other key practitioners in the sizeable team include Carmen Reyna, Alejandro Alberte, who has a strong focus on infrastructure funds, Pedro Marques da Gama, who specialises in distressed transactions, and senior partner Pedro Pérez-Llorca.

Practice head(s):

Pablo González Mosqueira

Other key lawyers:

Pedro Pérez-Llorca; Carmen Reyna; Pedro Marques da Gama; Alejandro Alberte; Álvaro Ramírez de Haro; Francisco Iso

Key clients

LetterOne

Blackstone

CVC Capital Partners

Oaktree

DE Shaw

Rhône Capital

Marathon

Permira

Cerberus

Trilantic

Work highlights

  • Advised Blackstone on the integration of management and operation of all of its real estate portfolios in Spain, owned by different large REITs or real estate companies (Testa, Fidere, Aliseda, Hispania Activos Inmobiliarios).
  • Advised a group of entities (the investment vehicles of Marathon, Värde Partners, Attestor Capital and Bank of America Merrill Lynch) in relation to their position (as lenders) in a convertible participation loan entered into between these entities (among other financial entities) and the listed company Grupo Empresarial San José (as borrower).
  • Advised Lyophilization Services of New England, Inc, which is owned by funds advised by Permira, on the acquisition of a 100% stake in GADEA BIOPHARMA from Gadea Grupo Farmacéutico.

DLA Piper

The busy private equity group at DLA Piper is well placed to handle domestic and multi-jurisdictional deals, including in special situations involving distressed investments. The 'innovative firm' utilises multiple technological tools to enhance efficiency; one example is Kira, its cloud-based document analysis and extraction platform, which speeds up processes when large volumes of contracts are involved. Enrique Chamorro was promoted to partner in 2019; he has established a strong practice representing search funds (SFs) in investments in Spain and internationally. Joaquín Echánove and practice head José María Gil-Robles receive strong praise.

Practice head(s):

José María Gil-Robles

Other key lawyers:

Joaquín Echánove; Teresa Zueco; Enrique Chamorro; Rocío García; Héctor Gómez

Testimonials

‘Total availability of partners. Specifically, the very prominent role of Joaquín Echanove. Very good understanding of negotiation situations and ability to search for alternatives to reach agreements.’

‘Great team of professionals with extensive experience and with great proximity to the interests of their clients.’

‘Especially Jose María Gil Robles, one of the most experienced lawyers in the sector, both for his knowledge and skills and for the relationship he establishes with clients.’

‘The team at DLA is excellent always with alternatives and flexibility to help operations overcome obstacles.’

‘Joaquín Echánove is an excellent professional whose experience, ethics, negotiating skills and rapport with his client make him a very valuable asset in any transaction.’

Key clients

Advent

Aina Capital

Apollo

Beech Tree

Blackstone

Blantyre Capital

Bregal Capital

Bridgepoint Capital

Calyon

Capital Riesgo Global SCR

Carlyle

Centerbridge

Corpfin Capital

Duke Street Capital

EQT

Equity Provider Elevar Equity LLC

Elevar C-IV Investments L.P.

Fosun Industrial

GED Private Equity

Germinus

ID Invest

IK Partners

Impulse Ventures

KKR Asset Management

LHT Partners

Madrigal Participaciones

Monitor Capital Private Equity

N Capital

Nazca Capital

Oaktree

Omidyar Network Fund LLC

PAI Partners

Partners Group

Portobello

Realza

REF Life

Sachem Partners

SARL

Sherpa Capital

Springwater Capital

Sun Capital

Sun European Partners

Triton Partners

Work highlights

  • Advised on the debt restructuring of listed company Quabit that involves the conversion of sustainable debt into preferred shares representing 25% of the share capital of Quabit, the sale of a stake in a joint venture and certain profit participating loans.
  • Provided advice to the client on the acquisition by GBL of a majority stake in the Webhelp group held by KKR.
  • Advised Golding Buyout 2015 SCS SICAV-FIS (the client) on an agreement whereby Golding Buyout 2015 acquired class A shares in IPA Capital.

DWF-RCD

DWF-RCD is the product of a merger between global firm DWF and Rousaud Costas Duran in 2019. The firm's private equity team maintains a significant market share in mid-market transactions, including venture capital investments, particularly involving companies in the technology, biotech, health and life sciences sectors. Ignasi Costas regularly advises venture capital firms in addition to innovative companies; he jointly leads the practice with Adolf Rousaud, who draws on additional expertise in corporate restructuring, finance and compliance.

Practice head(s):

Ignasi Costas; Adolf Rousaud

Other key lawyers:

Iñigo Montesino-Espartero; Javier Olmos; Carles Ros; David Villa; Oscar Alegre; Judith Saladrigas; Iñaki Frías

Freshfields Bruckhaus Deringer

Herbert Smith Freehills LLP

With 'experience in a multitude of complex transactions', Herbert Smith Freehills LLP is a popular choice of legal counsel for national and international private equity firms investing in the Spanish market. With a broad office network, the firm is also able to assist in multi-jurisdictional acquisitions and sales. Practice co-head Nicolás Martín combines tax and transactional expertise; co-head Alberto Frasquet acts for investment banks, private equity houses and corporations in corporate and capital markets transactions. Pablo García-Nieto and senior associate Carmen Jara also receive praise.

Practice head(s):

Alberto Frasquet; Nicolás Martín

Other key lawyers:

Pablo García-Nieto; Carmen Jara; Óscar Cabezuela; Marcos Fernández-Rico; Armando García-Mendoza

Testimonials

‘Very good team, complete (they cover many areas) with a very decisive approach (they take care of what the client is concerned about and solve it). They have a greater resolution focus than other firms.’

‘Pablo García Nieto is exceptional, both in his capacities, as in his approach to the client and in his resolution capacities.’

‘Experience in a multitude of complex transactions, added value in the design of operations, commercial vision, service.’

‘I work with Nicolas Martin, Armando Garcia Mendoza and Carmen Jara. All three seem very good lawyers and practical in negotiations. I would highlight Nicolas Martin’s experience and his way of simplifying complex issues. From Carmen Jara her efficiency and seriousness.’

Key clients

Magnum Capital

Torreal Sociedad de Capital Riesgo

Antin Infrastructure Partners III FPCI

Healthcare Activos

Ardian

Equitix Investment Management

GMT Communications Partners

Work highlights

  • Advised the client on the acquisition (through Lyntia Networks) of a right of use over 57% of Iberdrola’s optic fibre network (15,000 km) and the assignment of the contractual position held by different entities belonging to the group of companies of which Iberdrola is the parent company.
  • Advised the client on the potential acquisition of Productos Alimenticios Gallo (Pastas Gallo), a leading Spanish pasta manufacturer.
  • Advised the client on the potential acquisition of up to 100% of the shares of one of the national leaders specialised in growing, harvesting and commercialising vegetables and fruits and its subsidiaries.

Hogan Lovells International LLP

Hogan Lovells International LLP 'has global coverage which enables it to meet the needs of global operations'; the private equity team in Madrid is led by 'brilliant lawyer' Graciela Llaneza, who is noted for her 'excellent technical and negotiation skills'. The firm launched a Private Capital Industry Sector group, which combines multi-disciplinary expertise to advise a range of investors, from traditional funds to alternative investors and their portfolio companies on tax, corporate and regulatory matters.

Practice head(s):

Graciela Llaneza

Other key lawyers:

José María Balañá; Eduardo Pérez; Enrique de Pablos

Testimonials

‘Total commitment, high quality of the team, flexible and pro-operation at all times.’

‘Graciela Llaneza: commitment and knowledge of the sector and operations.’

‘Hogan Lovells has a global coverage which enables it to meet the needs of global operations. The M&A and Private Equity team at Hogan Lovells in Madrid has top-notch lawyers who provide an excellent quality service. They are able to adapt to the needs of each operation to ensure that it is completed successfully.’

‘Graciela Llaneza is a brilliant lawyer, with excellent technical and negotiation skills and always attentive to the needs of her clients. She has extensive experience in complex operations involving multiple teams in different jurisdictions and is capable of skillfully handling the complicated situations that sometimes arise in operations.’

‘The absolute commitment to the client’s interests and 24/7 availability.’

‘Its orientation to the result. The approach is very commercial, no time is wasted on unnecessary formalities. Enrique de Pablos is an outstanding senior associate: he has outstanding technical ability, outstanding commitment to operations, and business acumen unusual for associates of comparable profile.’

Key clients

Acon Investments

Tresmares Private Equity

Oquendo Capital

H.I.G. Capital

Stellex Capital Management

Alantra Private Equity

Gala Capital

Firmum Capital

Tikehau Capital

Cranemere Group Limited

Work highlights

  • Advised Tikehau Capital on the acquisition of the biomass business held by Acek Energías Renovables.
  • Advised Acon Investments on the acquisition of a majority stake of Salesland, S.L.
  • Advised US private equity firm Cranemere on its acquisition of the Spanish company Acquabella.

King & Wood Mallesons

King & Wood Mallesons has carved out a niche for itself in the Spanish market in fund formation; it is well known as the go-to firm for the structuring of funds, with Isabel Rodríguez the leading figure in this space. Investments, sales and acquisitions also feature in the team's workload. Ildefonso Alier and Pablo Díaz are other names to note in the international funds group.

Practice head(s):

Isabel Rodríguez

Other key lawyers:

Ildefonso Alier; Pablo Díaz

Key clients

Abante Asesores

Acciona

Red Eléctrica de España

Bankinter

All Iron Ventures

Yielco Investments

Danske Private Equity

Glendower Capital

Miura Private Equity

Artá Capital

Qualitas Equity Partners

GED Capital

Asterion Industrial Partners

Portobello Capital

Magnum Industrial Partners

Axis Participaciones Empresariales / ICO

Cofides

Nexxus Iberia Private Equity

MCH Private Equity

Ysios Capital Partners

Moira Capital Partners

Work highlights

  • Provided legal advice on the constitution of a Private Equity Management Company and a Private Equity Fund with total commitments of €1.1bn and aimed at investing in the infrastructure sector in Europe and Latin America.
  • Advised Bankinter on the structuring of its funds Titán Infraestructuras, MVB Fund and Helia Renovables IV (aggregate value: over €600 million) in joint venture with Access Capital Partners, Kanoar Ventures and Plenium Asset Management, respectively.
  • Provided advice to MCH Private Equity on the structuring and close if its fund MCH Iberian Capital Fund V, FCR.

Dentons

Highlighted for its 'very strong technical knowledge', Dentons stands out for its expertise in both fund formation and private equity transactions. The team is particularly active in deals in the energy, infrastructure and real estate sectors, though its recent work has also included transactions involving healthcare, tech and consumer goods companies. Jesús Durán and Fernando Gutiérrez, who made partner in 2020, jointly lead the practice and are highly regarded.

Practice head(s):

Jesús Durán; Fernando Gutiérrez

Testimonials

‘Speed of understanding of the requested advice as well as continuous assistance providing clear and concise clarifications.’

‘Very strong technical knowledge.’

‘Jesús Durán and Fernando Gutiérrez Rizaldos. A lot of knowledge and ability to find structures and solutions to all kinds of situations.’

‘High knowledge of the sector. Great involvement on the part of Mr. Fernando Gutierrez Rizaldo, and team, in the issues in which he advises.’

‘Mr. Fernando Gutierrez Rizaldo and his team have a high level of commitment.’

Key clients

AGC

HIG Capital

Movo

Compañía Española de Financiación del Desarrollo (Cofides), S.A.

Alantra Capital Privado SGEIC, S.A.

BeAble Capital SGEIC, S.A.

Euromobiliare Asset Management SGR, S.p.A.

Horos Asset Management, SGIIC, S.A.

Work highlights

  • Provided legal advice to the client in relation to the acquisition of Textron Plimon by HIG’s portfolio company Vantage Specialties Chemicals Holdings, a leading vertically-integrated provider of naturally derived ingredients.
  • Advised in connection with a €20m Series A round investment by venture capital fund Seaya Ventures and insurance company Mutua Madrileña in Movo, a Spanish micro-mobility startup.
  • Advised Horos Asset Management SGIIC on the acquisition of several significant stakes by certain shareholders.

Eversheds Sutherland Nicea

Of counsel Sixto De la Calle leads the private equity and venture capital practice at Eversheds Sutherland Nicea, which cooperates with the firm's corporate and M&A, litigation and employment lawyers to assist in the acquisition, financing and sale of assets, as well as non-performing loan (NPL) portfolios. Juan Díaz Hidalgo is noted.

Practice head(s):

Sixto de la Calle

Other key lawyers:

Juan Díaz Hidalgo

Key clients

Goal Systems

Digital Colony

Cube Infrastructure

Harbert Management Corporation

GED Capital Fund and Procubitos

Mutuares

Work highlights

  • Advised the founding shareholders of the leading Spanish company in software development and consulting for the transportation industry, Goal Systems, in the investment by the private equity house, Three Hills Capital Partners.
  • Acted for Digital Colony (including team members from the US and the UK) in a bid process in which it was bidding to acquire mobile telecommunications infrastructure from Orange Espagne.
  • Advised the French infrastructure fund, Cube Infrastructure, in a competitive process regarding the acquisition of a majority stake in the tower company Telecom Castilla la Mancha.

EY Abogados

EY Abogados advises its private equity clients on a range of matters, including growth capital transactions, LBOs, restructurings, exit strategies and portfolio sales. The firm has adopted digital tools to improve efficiency and fields a team of engineers in its Center of Excellence in Artificial Intelligence and Data Analytics in Madrid; the Spanish team also benefits from support from engineers based in the firm's Global Delivery Center in India. Francisco Aldavero is the practice head.

Practice head(s):

Francisco Aldavero

Other key lawyers:

Simeón García-Nieto; Pablo Tramoyeres; Susana Gomez Badiola

Key clients

PORTOBELLO CAPITAL

QUAERO CAPITAL

MINERVA CAPITAL

NEXXUS IBERIA

ARDIAN GROWTH

MIURA PRIVATE EQUITY

BRIDGES FUND MGMT

FORMENTOR CAPITAL

CORPFIN CAPITAL

PROA CAPITAL

NAZCA CAPITAL

ABAC CAPITAL

SPRINGWATER CAPITAL

INCUS CAPITAL

Work highlights

  • Provided legal advice to PORTOBELLO in relation to the LBO for the acquisition of a majority stake in ELMUBAS Group, a leading pet food manufacturer.
  • Advised PORTOBELLO CAPITAL in relation to the sale of The Ice Cream Factory to Ferrero International, a global manufacturer of branded chocolate and confectionery products.
  • Advised Nexxus Iberia in relation to the LBO for the acquisition of a majority stake in Bienzobas Group, a leading specialised oncology care management services provider for insurance companies and hospital groups.

Jones Day

Jones Day fields multi-office teams to assist in multi-jurisdictional private equity transactions, and the Madrid-based team also advises corporates and private equity firms on domestic deals. Of counsel Federico Merino has over 25 years of experience in the market and concentrates on M&A and buyouts as well as restructurings, joint ventures and corporate governance.

Practice head(s):

Federico Merino

Other key lawyers:

Blanca Puyol; Paloma Mato; Beatriz Píriz; Manuel Vara; Miguel Bermudez de Castro

Key clients

Alantra Capital Privado SGEIC, S.A.U.

Portobello Capital Gestión SA SGEIC

Aberdeen Infrastructure

Whisbi

Work highlights

  • Advised Portobello Capital Gestión SA SEGIC in the sale of all shares in Sildoscain Spain (Centauro), to Spanish company Mutua Madrileña.
  • Advised Portobello Capital Gestion SA SGEIC in the acquisition and related financing of the Spanish company BT España Compañía de Servicios Globales de Telecomunicaciones.
  • Advised Aberdeen Infrastructure in its 47.5% acquisition of the share capital and related financing of the Spanish company Autopista del Guadalmedina, Concesionaria Española.

Watson Farley & Williams LLP

Watson Farley & Williams LLP has established a strong reputation in the energy sector in Spain, and is regularly involved in major energy-related M&A, including in private equity deals. In this field, its clients include investment funds, closed-end funds, infrastructure funds and private equity funds. María Pilar García Guijarro is a well-known expert in energy-sector transactions.

Practice head(s):

María Pilar García Guijarro; Gonzalo Aranzabal; Ana Lorenzo

Other key lawyers:

Javier Ester

Key clients

Cerberus Capital Management

Macquarie Capital

Ontario Pension Trust

Sonnedix

Helios Energy Investment

Noy Infrastructure & Energy Investment Fund

Copenhagen Infrastructure Partners

Capital Dynamics Ltd

Bluefield Partners

Work highlights

  • Advised CERBERUS Capital Management on the sale of its 100% stake of Renovalia Energy Group, to the Italian fund F2i, one of the biggest transactions in the sector not only in Spain, but also in Europe.
  • Advised CIP on the acquisition and project financing of several portfolios of wind farms under development with an aggregate capacity of c. 500MW in Spain.
  • Advised NOY Fund on the acquisition of a majority stake in two photovoltaic ready-to-build projects in Spain called Olmedilla and Sabinar with a total of 421MWp aggregate capacity, from Hive Energy and White Light Energy.