Private equity in Spain

The full-service practice at Clifford Chance is known for its global capabilities and its skill in acquisition finance, restructuring and fund formation. Javier Amantegui leads the team and has experience acting in cross-border M&A transactions for financial investors, including private equity, infrastructure and sovereign funds. He can call on the expertise of managing associate Javier Hermosilla, who focuses on transactional work, primarily advising private equity houses and financial investors on local and cross-border M&A. In a recent highlight, the department advised KKR and Artá Capital on the acquisition of the Alvic Group.

The ‘top-level expertise’ at Garrigues covers private equity as well as ‘the fiscal aspects necessary for good global customer advice'. The firm provides legal and tax advice to local and international funds, management teams, finance providers and other industry players. M&A specialist José Manuel Martín leads the practice and has experience in a range of transactions, including leveraged buyouts. Notable in the team are Fernando Vives, who is an expert in securities, general corporate and insurance matters; Álvaro López-Jorrín, who focuses on transactional work for local and international private equity clients; Victor Chiquero, who advises on M&A, private equity investments and leveraged buyouts; and principal associate Félix Ferreño, who is known for M&A, as well as advising corporates and international private equity funds.

Uría Menéndez has experience advising on formation and fundraising, as well as equity investments and debt financing. Known for public and private M&A, the firm provides expertise in distressed M&A, debt-for-equity transactions, turnarounds and restructurings, with particular strength in advising the private equity industry on Latam transactions. Francisco San Miguel focuses on domestic and international private equity and banking M&A. He co-leads the practice with Manuel Echenique Sanjurjo, who specialises in M&A, private equity and general corporate law. Also notable are Latam expert Juan Miguel Goenechea Domínguez, who acts in cross-border public and private transactions, and Christian Hoedl, whose forte is M&A and private equity matters.

Specialising in advising private equity funds on M&A transactions, Allen & Overy is also experienced in debt and corporate restructurings, insolvencies and distressed investment transactions. The practice is co-led by Íñigo del Val, who focuses on domestic and cross-border transactions; Ignacio Hornedo, who specialises in M&A, disposals, private equity deals, joint ventures and commercial contracts; equity capital markets expert Fernando Torrente; and Juan Hormaechea, whose expertise covers structured finance transactions, acquisition financing, margin lending and equity derivatives.

Gómez-Acebo & Pombo advises on tax structuring, fund formation, finance and transactional matters. The firm also assists funds and their managers on formation, investments and financing. In addition, the practice has a specialism in advising venture capital funds in the technology sector. Iñigo Erláiz has expertise in private equity deals and advising sponsors and target companies. He co-leads the team with the ‘outstanding’ David González, who focuses on M&A, private equity, venture capital and restructuring, notably involving clients in the infrastructure, energy and technology sectors.

Cross-border specialist Latham & Watkins LLP brings to its private equity practice expertise in finance, capital markets, regulatory matters, employment, competition and tax. The firm primarily advises global private equity houses, as well as providing a domestic advisory capability. Manuel Deó leads the team and is known for private equity Spanish buyouts work. In a recent example, his department advised the Carlyle Group on the acquisition of Spain-based wine and cava producer Codorníu.

Specialising in private equity M&A transactions, Pérez-Llorca provides expertise in fund work, distressed acquisitions and venture capital. Practice head Pablo González Mosqueira advises national and international clients on corporate transactions, including M&A, the formation and dissolution of joint ventures, capital markets transactions and private equity deals. Notable in his team is Alejandro Alberte, who was promoted to partner in 2018 and has experience in advising on corporate transactions, particularly in the energy and infrastructure sectors.

DLA Piper specialises in multi-jurisdictional work, with a sector-driven approach. The firm is active assisting private equity investors, hedge funds and other institutional investors with the financing of Spanish and cross-border deals, as well as the refinancing of troubled companies. Practice head José María Gil-Robles joined from J&A Garrigues SLP in 2019 and is known for local and international M&A deals, as well as assisting private equity investors, hedge funds and other distress players. He can call on the expertise of Enrique Chamorro, who was promoted to partner in 2019 and has experience in cross-border transactions and corporate restructurings.

The 'highly creative, proactive and pro-deal' Hogan Lovells International LLP is known for its global reach, as well as its focus on the regulated sectors. The firm advises domestic and international clients, particularly in Latam jurisdictions, on a range of private equity deals. Graciela Llaneza leads the practice and specialises in advising financial investors on domestic and cross-border private equity transactions, as well as Spanish and international companies on M&A deals.

Eversheds Sutherland Nicea advises private equity and venture capital funds on the design and execution of purchase transactions of assets or companies. The practice works closely with the firm’s corporate, M&A, tax, employment, competition and litigation departments. Sixto de la Calle leads the team and is experienced in advising on a range of private equity-related transactions, acting for both private equity houses and the recipients of funding.

Specialising in multi-jurisdictional work, EY Abogados has broad private equity and funds-related expertise across a range of sectors, including alternative investment, real estate, debt and infrastructure funds. The firm is experienced in fund inceptions through to dissolutions and disposals, as well as restructurings, buyouts and portfolio sales. Francisco Aldavero specialises in corporate, M&A, commercial contracts and litigation. He co-leads the practice with Barcelona-based Simeón García-Nieto, who is known for his corporate and commercial expertise; Pablo Tramoyeres, who focuses on commercial and M&A matters; and Susana Gomez Badiola, who joined from KPMG Abogados in 2019 and has experience in private equity work, as well as general corporate matters.

Jones Day is active in a range of private equity matters, particularly those with a cross-border element. Federico Merino leads the firm's M&A and private equity practices. 

CMS Albiñana y Suárez de Lezo is active in various private equity matters. Notable in the area is Carlos Peña, who is experienced in M&A, privatisations, joint ventures, strategic alliances and other corporate matters.

Dentons combines fund formation with transactional advice, enabling the firm to assist private equity clients with the full life cycle of funds. As well as fund formation expertise, the practice specialises in private equity matters related to M&A transactions, particularly in the infrastructure, energy and real estate sectors. The ‘accurate and technically unbeatable’ Jesús Durán leads the team and his experience includes advising on matters in the financial institutions, energy, infrastructure, real estate and distribution sectors.

Watson Farley & Williams LLP’s private equity and funds practice has ‘extensive experience’, as well as ‘expertise that is not easily matched’. The firm focuses on advising on fund matters in the energy sector, but also provides experience in pensions and infrastructure work. María Pilar García Guijarro leads the team and advises on all aspects of corporate transactions, including M&A and private equity.