Firms in the Spotlight Private equity

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Private equity in Spain

Clifford Chance

Variously praised for their ‘strong analytical skills, attention to detail‘ and ‘ability to understand the commercial interests of their clients‘, Clifford Chance‘s private equity specialists in Spain act for global PE firms, infrastructure and pension funds along the entire spectrum of matters, from high-end M&A to leveraged finance and fund structuring. The practice has been particularly busy handling sell-side mandates, but is also well placed to assist bidders in big-ticket transactions across a multitude of sectors, including telecoms, healthcare, sports, business services, infrastructure and energy. A renowned figure in the Spanish PE market, Javier Amantegui is at the forefront of the firm’s financial investors’ strategy in Europe. ‘Hands-on leaderSamir Azzouzi continues to play a key role in major deals (both domestic and cross-border) in this space. Ildefonso Alier, who joined from King & Wood Mallesons in May 2022, is the go-to adviser for fundraisings, secondary deals and fund formation issues. Recently promoted counsel Javier Hermosilla and associate Patricia Puertas are other key members of the practice.

Practice head(s):

Javier Amantegui


Other key lawyers:

Samir Azzouzi; Luis Alonso; Ildefonso Alier; Javier Hermosilla; Javier Olabarri; Patricia Puertas


Testimonials

‘Fantastic team of trained and independent professionals that intimately know our private equity house across its offices, so can provide significant added-value with limited review and involvement on the client side. Demonstrated commitment to excellence, with an outcome-oriented approach that translates into their ability to prioritise on key value items and be pragmatic as needed.’

‘Samir Azzouzi: I have rarely seen such an outstanding, hands-on leader within the practice. He demonstrates a great ability to simplify complex matters into more digestible items of negotiation.’

‘Second to none commitment to the client. Extensive experience and legal know-how.’

‘Solid support for contract negotiation. Very strong team technically and with great attention to detail.’

‘Samir Azzouzi has done a fantastic job with us. Very elaborate preparation of documents, and a lot of help in review and negotiation with the counterparty. ’

‘The Clifford Chance private equity team is excellent and stands out due to the following: high availability and level of involvement of the partners in the transactions; team management, so that all members are adequate and focused on the project.’

‘What differentiates them from other firms is that in addition to being top experts in their areas, they always have high availability and put themselves in the client’s shoes.’

‘Strong analytical skills, attention to detail, good ability to understand the commercial interests of their clients, and correctly reflect them in legal documentation.’

Key clients

Allianz Capital Partners (ACP)


Altamar Capital Partners / AltamarCAM Partners


Ardian


Arjun Infrastructure


Artá Capital


Asterion


AXA IM


Blackstone


Brookfield


Caisse de Dépôt et Placement du Québec (CDPQ)


Centerbridge


Cinven


Corporación Financiera Alba


Elliott Advisors


EQT


Key Capital Partners


KKR


Mubadala


Partners Group


Rivean Capital


Sixth Street


Stirling Square Capital Partners


Swiss Life


Trilantic Capital Partners


Värde Partners


Work highlights


  • Advised Cinven on the acquisition of a majority stake in Amara NZero from ProA Capital.
  • Advising Ardian on an agreement to sell ASR Wind to Naturgy.
  • Advised sovereign wealth fund Norges Bank on the acquisition of a 49% interest in a 1.3 GW portfolio of solar plants and onshore wind farms in Spain from Iberdrola.

Linklaters

A go-to destination for some of the leading domestic and international PE houses, alternative asset managers, real estate and specialist infrastructure and energy funds, Linklaters continues to advise on a number of high-end, cross-border transactions in the private equity space, notably leveraged buyouts (LBOs) and distressed deals. With a wealth of experience in LBOs, Víctor Manchado ‘possesses deep and broad knowledge of all corporate and contractual matters‘, and is adept at assisting with the setting up and restructuring of PE funds. Lara Hemzaoui specialises in infrastructure and energy-related transactions, while Carmen Burgos is often engaged in matters within the TMT and consumer goods sectors. Other noteworthy practitioners include Esteban Arza and Jose María López, the latter of whom has been particularly active in renewables. Sebastián Albella returned to the firm at the end of 2022, following a 4-year stint as Chairman of the Spanish Securities and Exchange Commission (CNMV); clients rate his ‘deep knowledge, practical approach, dedication and empathy‘.

Practice head(s):

Víctor Manchado; Lara Hemzaoui; Carmen Burgos; Esteban Arza; Sebastián Albella; Jose María López


Testimonials

‘It was the first time I worked with Linklaters and the truth is that the result was excellent. From the initial conceptualisation to the complete execution of a complex and sensitive matter. Sebastian Albella led the team from day one.’

‘The professionalism, availability, general knowledge and way of communicating was excellent. I would highlight Sebastian Albella for his deep knowledge, practical approach, dedication and empathy. Generates maximum confidence.’

‘The Linklaters team has in-depth, 360-degree knowledge of the entire matter from the beginning to the end of the process. Team of junior lawyers with extensive experience and availability, and hands-on partners with extensive dedication and close proximity to the client.’

‘Víctor Manchado possesses a deep and broad knowledge of all corporate and contractual matters. Great ability to solve complex problems.’

Uría Menéndez

Offering ‘a unique blend of local expertise and European reach‘, Uría Menéndez maintains a top-tier position in the Spanish private equity market. With ‘a wide coverage of the financial sponsors sector‘, the firm handles the gamut of PE transactions, ranging from fund formation and fundraising to equity deals, debt financing and divestments. Drawing on its presence in London, New York and Brussels, and solid working relationships with international firms, the group excels in cross-border mandates, showcasing particular strength in deals with a Latin American component. Manuel Echenique, the main point of contact for several major global PE firms, and Francisco San Miguel, who handles both large-scale and mid-market transactions in this space, jointly oversee the department. Other ‘industry-leading experts‘ include Christian Hoedl, who regularly acts for PE funds in big-ticket private and public-to-private (P2P) transactions.

Practice head(s):

Manuel Echenique; Francisco San Miguel


Other key lawyers:

Christian Hoedl; Antonio Herrera; Jaime Pereda; Tomás Acosta; Guillermo del Río


Testimonials

‘Uria Menendez offers a unique blend of local expertise and European reach, with a team skilled in multiple sectors that serves our pan-European and cross-sectorial needs. Given Spain’s dynamic regulatory environment, especially in sectors like energy and telecoms, the team’s in-depth knowledge here sets it apart. The team has a very strong and wide coverage of the financial sponsors sector.’

‘The team’s expertise, client-centric approach, and quick turnaround make it stand out. Manuel Echenique provides excellent service each and every time by bringing the required expertise and tapping on industry-leading experts. Finally, associate Guillermo del Río has not only the technical skills but also a proactive client-centric approach that results in high-quality deliverables in a timely manner. ’

‘Excellent quality team that supports internal consulting at all times and in a coordinated manner. It also stands out for its ability to generate and offer the client alternatives in the face of specific factual situations.’

‘Technical quality, client service and dedication.’

Key clients

KKR


Bridgepoint


Partners Group


Magnum Industrial Partners


Asterion Industrial Infra Funds I, FCR


Oakley Capital


Advent International


Nazca Capital


Alantra Partners


GPF Capital III Partnership Fund


Allen & Overy

The private equity team at Allen & Overy works on a considerable volume of high-value deals for many leading PE and asset management firms. Recognised as a leading figure in the Spanish PE market, Iñigo del Val draws on more than two decades’ experience in this space; his expertise covers traditional PE investments, LBOs, venture capital deals, as well as energy and infrastructure-related transactions. The latter is a key area of activity for Ignacio Hornedo, noted for his proficiency in both domestic and cross-border matters. Reka Palla stands out at senior associate level for her involvement in multijurisdictional deals.

Practice head(s):

Íñigo del Val; Ignacio Hornedo; Bosco de Checa


Other key lawyers:

Pablo Méndez; Reka Palla


Key clients

Intermediate Capital Group (ICG)


EQT


Igneo Infrastructure Partnes


Riverside


Bridgepoint


Macquarie


CVC


Apax


Masaveu


APG


Infravía


Work highlights


  • Advised Repsol on the sale of 25% of its upstream business (E&P Exploration & Production) worldwide to the private equity fund EIP.
  • Advised Intermediate Capital Group on the acquisition of Konecta by a new vehicle of ICG Fund VIII and the simultaneous acquisition of Comdata by Konecta.
  • Advised Igneo Infrastructure Partners (First Sentier Group) on the sale of the entire share capital of Parkia Spanish Holding, S.L.U., and indirectly, of its subsidiaries, to Indigo Infra, S.A.S.

Cuatrecasas

Major PE firms and an increasing number of venture capital funds turn to Cuatrecasas for advice on sophisticated transactions, both domestic and cross-border. Private equity veteran Francisco José Martínez Maroto demonstrates particular proficiency in transactions involving the infrastructure and renewable energy segments. Javier Villasante and Javier Martí-Fluxá, who possess substantial experience in cross-border mandates with ties to Europe, the US and Latin America, are other noteworthy private equity specialists. Diana Rivera and Isabel Gandoy lead on venture capital transactions, with a notable focus on the technology and financial services sectors.

Practice head(s):

Francisco José Martínez Maroto; Diana Rivera; Isabel Gandoy


Other key lawyers:

Javier Villasante; Javier Martí-Fluxá


Key clients

Bain Capital


Platinum Equity


KPS Capital Partners


KKR


Delivery Hero


Tresmares Private Equity


Capvest Partners


The Carlyle Group


Tiger Global Management


Samaipata


Ancala Partners


Charterhouse Capital Partners


Intermediate Capital Group


Accel-KKR


CVC Capital Partners


Blackfin Capital Partners


Insight Venture Capital


GFC Global Founders Capital


Azora Capital


Mirova


Work highlights


  • Advising Bain Capital on the acquisition of ITP Aero (Industria de Turbo Propulsores) from Rolls-Royce.
  • Advising Sacyr on the sale of Valoriza Servicios Medioambientales to Morgan Stanley Infrastructure Partners.
  • Advising Grupo Garnica Plywood (ICG) on the sale of a majority stake (70%) to The Carlyle Group, and the reinvestment in the new structure by the founders and management team.

Garrigues

Steered by renowned PE specialist José Manuel Martín, Garrigues‘ practice handles a steady volume of transactions for international and Spanish funds investing in a variety of sectors, including consumer products, healthcare and natural resources, among others. Covering advice on LBOs, carve-outs, minority and secondary deals as well as P2P transactions, the practice excels in the mid-market segment, but is equally adept at handling large-cap mandates. Demonstrating strength in the technology and infrastructure sectors, José Luis Ortín is routinely instructed in fund formation and transactional matters. Also part of the core team, María Fernández-Picazo focuses on PE investments, leveraged finance and management buyouts, and senior associate Beatriz Gimeno advises several PE funds and industry operators on sophisticated transactions.

Practice head(s):

José Manuel Martín


Other key lawyers:

Victor Chiquero; Ildefonso Polo; José Luis Ortín; María Fernández-Picazo; Félix Ferreño; Laura Muñoz; Beatriz Gimeno


Testimonials

‘Extremely satisfied with the work carried out by Garrigues, both by its commercial and tax teams.’

‘Provides solutions to problems and puts them into perspective. Communication with clients and ability to work is outstanding.’

‘One-stop shop for all things legal in Spain.’

Key clients

Advent International


Alantra


Apax


Arcano Partners


Ardian


Artá Capital


Blackstone Group, The


Carlyle Group, The


Corpfin Capital


CVC


Diana Capital


Apheon Capital (former Ergon Capital)


Everwood Capital


Fremman Capital


GED Iberian Private Equity


Growth Partners Capital


H.I.G. Capital


ICG


JB Capital


Keensight Capital


KKR


Magnum Capital


MBO&Co.


MCH Private Equity


Meridia Capital


Metric Capital


Miura Private Equity


Nazca Capital


Oakley Capital


Oceanwood Capital


One Rock Capital Partners


OpCapita


Oquendo Capital


PAI Partners


Planet First Partners


Platinum Equity


Portobello Capital


ProA Capital


PSG Equity


Qualitas Equity Partners


Realza Capital


Riverside


Sherpa Capital


Sunridge Partners


Torreal Private Equity


Warburg Pincus


Work highlights


  • Advising ProA Capital on the sale of a majority stake in Amara Nzero to Cinven for €800m.
  • Advising Apax on the acquisition of a co-controlling stake in Palex Group together with Fremman for €500m.

Latham & Watkins LLP

Noted for providing ‘a holistic service covering all potential angles in a transaction', Latham & Watkins LLP‘s Madrid-based private equity practice acts for a stellar client roster comprised of leading global investment funds, PE houses and multinational corporations. With extensive expertise in both sale and buy-side mandates, the team handles big-ticket investments in a wide range of sectors, including manufacturing, real estate, technology and financial services. Department head Ignacio Pallarés, a key point of contact for several of the firm’s most significant PE clients, leverages his international experience to advise on high-end divestments and acquisitions across Europe, North America, Asia and Latin America. In addition to his solid credentials in the PE market, Jose Antonio Sánchez Dafos is a reference for venture capital deals in Iberia. Alejandro Ortiz, who joined from Linklaters in September 2022, has a proven track record in leveraged buyouts and exits.

Practice head(s):

Ignacio Pallarés


Other key lawyers:

Ignacio Gómez-Sancha; José Antonio Sánchez Dafos; Alejandro Ortiz


Testimonials

‘Strong team, highly collaborative, very impressive commitment from senior partners and very strong delivery. Working with Latham & Watkins Spain is always a pleasure. They have delivered strong innovation leveraging unusual structures that were critical to the transaction. ’

‘We have the impression that senior partners are always on top of matters. The multidisciplinary team provides a holistic service covering all potential angles in a transaction (litigation, antitrust, financing, etc.).’

Pérez-Llorca

Working in close collaboration with the firm’s regulatory, tax, labour, antitrust and disputes experts, Pérez-Llorca‘s private equity department ‘provides comprehensive advice covering all potential areas of a transaction‘ to PE funds and other financial sponsors active in Spain. Typical mandates for the group range from investments and exits, to P2P deals, LBOs, distressed matters, alternative divestment strategies and NPL portfolio acquisitions. Chairing the department, Pablo González Mosqueira, a ‘go-to choice in Spain for complex transactions‘, handles major deals on behalf of global and domestic PE financial sponsors. Francisco Iso, whose broad experience encompasses LBOs, disposals and buy-and-build strategies, is regularly retained in cross-border mandates, while Julio Lujambio, a dual qualified M&A and PE specialist (Spain and Mexico), is recommended for his ‘strong technical skills‘ and ‘commercial judgement‘. José Luis Romeu is another key contact.

Practice head(s):

Pablo González Mosqueira


Other key lawyers:

Francisco Iso; Carmen Reyna; Julio Lujambio; Javier Bau; José Luis Romeu


Testimonials

‘Very strong technically; highly responsive; available at any time; strong commercial judgement.’

‘Julio Lujambio is an outstanding lawyer, he is able to work well with private equity firms as well as entrepreneurs and old-school business people. He combines strong technical skills, commercial judgement, problem-solving and emotional intelligence very well. He is one of the best lawyers I have worked with in my 20-year career.’

‘Pérez-Llorca’s M&A/PE practice  is top notch. It’s no doubt the best team I’ve worked with lately in the Spanish legal market. Excellent quality and ability to deliver. They are commercial, proactive and on top of everything. The team has a large bench, and the firm covers all areas of law, so they have an incredible bandwidth to cover all angles that other firms simply can’t compete with.’

‘Partners and associates are always available and on top of things. You feel that everything is under control. Pablo González Mosqueira is smart, knowledgeable, hands-on, commercial, and tireless! He solves problems creatively and constructively, and always tries to anticipate problems. He is my go-to choice in Spain for complex transactions.’

‘PLL has one of the most formidable legal teams in the industry. The team has some of the best lawyers in the market and provides comprehensive advice covering all potential areas of a transaction. The expansion of the team over the past years has been quite remarkable, covering now all areas. The degree of collaboration between partners is fantastic.’

‘They understand very well how we operate and adapt their way of working to cater best to our needs. In addition to sound legal advice, PLL is a trusted partner that supports us in key decisions throughout the life of our investments.’

Key clients

Taiga Mistral


The Carlyle Group


Reichmuth & Co.


Rhône Capital


Maxamcorp Holding


Fremman Capital


A&M Capital Europe


CVC


MCH Private Equity


Nexxus Iberia Private Equity Fund


Work highlights


  • Assisted Taiga Mistral in a joint venture with Renewable Power Capital Group Limited for the development of onshore wind projects in Poland.
  • Advised Antin Infrastructure Partners S.A.S. on the voluntary tender offer launched for 100% of the share capital of Opdenergy Holding, S.A.
  • Advised the Swiss infrastructure fund Reichmuth & Co. and the French infrastructure fund Amundi Energy Transition on their investment, alongside Alantra, in a joint venture holding company called N-Sun Energy, for the acquisition of a group of companies from Solarig Global Services.

Ashurst LLP

Led by Pedro Ester, the Madrid-based multidisciplinary private equity practice at Ashurst LLP is well versed in fund formation, LBOs, distressed deals, exits, acquisition finance and tax structuring. Its broad service offering is matched by an equally diverse client base, where buyout players, including specialist infrastructure funds and investment banks, feature alongside institutional investors. Jorge Vázquez, the global co-head of the corporate department and managing partner of the Madrid office, acts for leading private equity funds in M&A, special situations and insolvency matters.

Practice head(s):

Pedro Ester


Other key lawyers:

Jorge Vázquez; Jose Christian Bertram


Key clients

N-Sun Energy S.L. (Alantra Solar, Amundi, Reichmuth)


Apollo Infrastructure Opportunities


Alantra Private Equity Fund


Haya Real Estate, S.A.U.


Agilitas Private Equity


Barings


BlackRock


Arcmont LLP


Bridgepoint Credit


Tresmares


Bank of Ireland


Work highlights


  • Advised Cerberus on the sale by Haya Holdco 2 Plc of 100% of the share capital of Haya Real Estate S.A.U. to Intrum.
  • Advised the new investment solar platform formed by Alantra Solar (a JV between Alantra and Solarig), supported by both Swiss infrastructure asset manager Reichmuth and French asset manager Amundi Energy Transition, on the gradual acquisition of a portfolio of solar PV projects located in Spain and Italy from Solarig, with a total capacity of up to 1.9 GW.
  • Advised Alantra funds on the sale of a majority stake in Hiperbaric, S.A., with Alantra retaining a minority stake, and the refinancing of Hiperbaric.

Baker McKenzie

Characterised by clients as ‘a unique team in terms of level of coordination, efficiency and commercial acumen‘, Baker McKenzie‘s private equity practice in Spain handles the entire scope of fund-related mandates, bringing together strong credentials in transactional, financing, regulatory and tax matters. With the ability to assist throughout the entire life cycle of investments, the group manages a busy workload on behalf of bidders and sellers, showcasing notable proficiency in the healthcare, pharmaceuticals, education and consumer goods sectors. Praised for his ‘affable but direct, commercial style‘ and ‘ease in leading negotiations‘, Javier Menor is the key contact in Madrid. Trusted by several PE funds, infrastructure funds and corporations, Barcelona-based Luis Casals specialises in LBOs, acquisitions and divestments.

Practice head(s):

Javier Menor; Luis Casals


Other key lawyers:

Jorge Adell; Juanjo Corral; Luis Fuster; Cristina Rios


Testimonials

‘Javier Menor has excellent negotiation skills, he always puts himself in the client’s shoes and takes into account the protection of the business of those he advises.’

‘A unique team in terms of level of coordination, efficiency and commercial acumen. They are capable of carrying out acquisitions with key diligence and pragmatism, which greatly speeds up processes and takes a lot of weight off the team’s shoulders. Their didactic and approachable style greatly facilitates negotiations, even against hostile legal teams.’

‘Javier Menor is outstanding. He has an affable but direct, commercial style and an ease in leading negotiations that greatly comforts the client. His legal knowledge is such that he surpasses the other side of the table with ease and achieves beneficial results for both parties, but always with his client’s interests in mind. Always available and quick to respond, he rolls up his sleeves to get directly into the documents and his level is such that he has become a point of reference for our CEO and founder. Whether in this company or my next adventure, Javier will always be my trusted lawyer.’

Key clients

Abac Capital


AdPone, S.L.


Advent International Corporation


Alantra


Asabys


Boscalt


C2 Private Capital, S.L.


CIRF


CLIMATETRADE, S.L.


Coinbase


Colony Capital


Corus (Careventures PE Fund)


Exponential Renewables, S.L.


Finalbion, S.L.U.


Firmum


G+E Getec Holding GmbH


Global X


Healthcare Activos Yield SOCIMI, S.A.


HIP Hotel Investment Partners (Blackstone Group)


Iberdrola


Inspired Education Group


Intriva


JB Capital Management Iberia Advisors S.L.U.


KKH


LMEY


Miura Private Equity


Onyx


Physiol


Portobello Capital Gestion, S.G.E.I.C., S.A.


Proclinic – Miura Private Equity


Puig


Quarza


Rolnik Capital


Sojitz


StepStone


Stoneweg


Takeda Ventures, Inc.


TechRules, S.A.


The Carlyle Group


Tinicum Capital Partners


Westfort Capital


Work highlights


  • Advised Advent International Corporation on the acquisition of the Spanish Company Internet Tourism Solutions and indirectly, the US company Avantio Inc., by Planet.
  • Advised Nordic Capital on the legal due diligence of the €2bn sale of the Sunrise Medical group.
  • Advised a consortium of investors led by JB Capital Management Iberia Advisors, S.L.U. on the co-investment alongside Bain Capital for the acquisition of ITP Aero.

DLA Piper

The private equity team at DLA Piper attracts instructions from PE investors, hedge funds, management teams, debt providers and portfolio companies in relation to various matters, ranging from financing to cross-border M&A. Department head Jose Maria Gil-Robles, who possesses a wealth of experience in both domestic and multijurisdictional mandates, advises on the tax and legal structuring of investments, including LBOs, capitalisations and disposals. A reference for deals involving Latin America, Enrique Chamorro handles a mix of M&A, PE and venture capital work.

Practice head(s):

Jose María Gil-Robles


Other key lawyers:

Enrique Chamorro; Joaquín Echánove


Testimonials

‘Very commercial mentality, flexible and responsive team.’

‘Jose María Gil-Robles is very available and on top of everything when it comes to supporting us in contractual negotiations.’

‘Solid team, well coordinated with other areas.’

‘Proximity to the client, availability, ability to devise solutions and, above all, ability to advance and close transactions.’

Key clients

Advent International


Lenus Capital Partners


Macquarie Asset Management


Adamo Telecom (Ardian)


Paladin Capital


TDR Capital and David Lloyd


Autotech Venture


Aquila Capital


D’Ella Capital


GED Private Equity


Work highlights


  • Advising Advent International on the acquisition of 65% of Neoris from Cemex.
  • Advising Macquarie Asset Management on the acquisition of 50% of Quiport (Ecuador) and Opain (Colombia) from Grupo Odinsa.
  • Advising the private equity firm Lenus Capital Partners (and its subsidiary Latam Healthcare Investments) on the acquisition of 100% of Medicadiz Hospital in Ibague, Colombia.

Gómez-Acebo & Pombo

At Gómez-Acebo & Pombo, the ‘dynamic‘ private equity and venture capital practice is adept at advising all types of funds and their managers on the entire spectrum of related matters, including fund formation, financings, investments and special situations. Recently appointed co-head Álvaro Mateo is skilled in domestic and cross-border M&A, VC and PE deals; he jointly oversees the practice with managing partner Iñigo Erláiz, who has a wealth of experience acting for sponsors and target companies in high-end transactions. Noted for his ‘excellent knowledge‘ of the PE market, Pablo Fernández Cortijo is often engaged by sponsors and international players in multijurisdictional matters. The practice was reinforced in September 2023 by the addition of Jorge Martín, a reference for financial investors and listed companies; he joined from Clifford Chance as of counsel.

Practice head(s):

Álvaro Mateo; Íñigo Erláiz


Other key lawyers:

Pablo Fernández Cortijo; Jorge Martín; David González; Andrés Castro


Testimonials

‘Their dedication and knowledge of the client’s needs sets them apart. Álvaro Mateo and Andrés Castro are recommended.’

‘Demonstrated experience and clear coordination with all practice areas.’

‘It is a dynamic team, with high technical capacity, that pays attention to the client and provides practical solutions that make it possible to reach agreements.’

‘Pablo Fernández Cortijo has excellent knowledge of the business and the market.’

‘Speed when explaining legislative changes.’

‘Total availability and ability to adapt in the face of problems. I highlight Pablo Fernández Cortijo.’

‘It is a well-prepared team that is very close to the client, and that understands the business rationale of the transactions on which it advises.’

‘Professionalism, empathy and closeness. They are always available even for minor issues. They accompany the client before, during and after the transaction.’

Key clients

MCH Private Equity Fund


PAI Partners


Miura Private Equity


Avior Capital


Springwater Capital


IMAN CAPITAL


Davidson Kempner


Spain Oman


Strategic Value Partners.


OAK HILL


Sherpa Capital


GALA Capital


JP Morgan


Kartesia


Qualitas (Q_Energy)


Trilantic


Work highlights


  • Advised Qualitas Funds on the sale of a portfolio of companies to Sonnedix and the sale of another portfolio of companies to Verbund.
  • Advised Aurea Capital on the sale of its participation in QBI Solutions to Goldman Sachs Asset Management.

Herbert Smith Freehills LLP

Investors, sponsors, sellers, financiers and managers regularly turn to Herbert Smith Freehills LLP for assistance with private equity transactions, including distressed deals. Bringing together PE, finance, infrastructure, energy and real estate practitioners, the team is a popular choice for funds investing in the TMT, healthcare, education, retail, energy and manufacturing sectors in Spain. Alberto Frasquet is at the helm of the practice, where PE and tax specialist Nicolás Martín and structured finance expert Armando García-Mendoza are other names to note for international and domestic PE houses.

Practice head(s):

Alberto Frasquet


Other key lawyers:

Nicolás Martín; Armando García-Mendoza; Marcos Fernández-Rico; Carmen Jara


Testimonials

‘The team dedicated to covering private capital is very extensive and reaches a large number of clients who work practically exclusively with the firm.’

‘A cohesive team. Alberto Frasquet and Marcos Fernández-Rico are the two partners with whom we have worked the longest.’

Key clients

Magnum Industrial Partners


Abac Capital


Peninsula Capital


H.I.G Infrastructure Partners


Energy Infrastructure Partners


RPC – Renewable Power Capital


Antin Infrastructure Partners


Quercus Real Assets Limited


Ardian


DIF Infrastructure Partners


Work highlights


  • Advised Magnum Industrial Partners on the acquisition of a majority stake in Grupo Fernando Corral Salamanca.
  • Advised Peninsula Capital on the acquisition of a majority stake in Dorsia from Capza and Nexxus Iberia.
  • Advised H.I.G. Capital on the acquisition of Estacionamientos y Servicios from Portobello Capital.

King & Wood Mallesons

King & Wood Mallesons is home to a team of ‘experts in all areas linked to the activity of private equity and venture capital funds‘. One of the first ports of call in the Spanish market for fund structuring matters, the firm is also skilled in fund raisings, disposals, equity investments, and secondary transactions, including high-end and mid-cap deals with a multijurisdictional component. Leading the practice is Isabel Rodríguez, a reference in the market for the structuring and establishment of domestic and international investment funds. Counsel María de Orueta offers key support in fund formation and secondary deals.

Practice head(s):

Isabel Rodríguez


Other key lawyers:

Pablo Díaz; María de Orueta


Testimonials

‘Experts in all areas linked to the activity of private equity and venture capital funds.’

‘Isabel Rodríguez is recommended.’

Key clients

Alantra


Portobello Capital


Nexxus Iberia


Tesset Capital


Brain VC


Seaya Ventures


Omega Gestión


Nazca Capital


Miura Partners


Grupo Mutua Madrileña


Trea Asset Management


Axis Participaciones Empresariales


Altamar Private Equity


Impact Bridge


Asterion Industrial Partners


All Iron


Goodgrower


Yielco Investments


JB Capital


Arcano Group


JME Ventures


Azora Capital


White Summit


MCH Private Equity


Intermoney


CareVentures


Bankinter


Creand Wealth Management


Alantra Solar


KS Ventures


EDP Ventures


Capza


GED Capital


Seaya Ventures


Suma Capital


Nadisla Investments


Cubiq Foods


Moira Equity Partners


Glendower Capital


Headway Capital


Blue Marble Satellite Information Services


Mapfre


Axis Participaciones Empresariales


Aurelius Group


Work highlights


  • Advised Q-Energy on the launch of its fund Q-Energy V, with a deal value of €2bn.
  • Advised Alantra Solar on the launch of its new investment vehicle N-Sun, aimed at investing in solar PV plants in Spain and Italy.
  • Advised Qualitas Equity Funds on the launch of Qualitas Funds V.

Watson Farley & Williams LLP

Best known for its strong credentials in the energy sector, Watson Farley & Williams LLP advises large private equity, pension and infrastructure funds on a range of mid-market and high-cap transactions. Recent highlights have seen the firm handle numerous acquisitions of renewable assets portfolios on behalf of large PE clients. Typical mandates also include LBOs, disposal processes, financings and venture capital matters – often with an international component. María Pilar García Guijarro, who assists major international and Spanish funds with different risk profiles, chairs the practice. Ana Lorenzo is also proficient in PE investments in the energy and infrastructure segments.

Practice head(s):

María Pilar García Guijarro


Other key lawyers:

Ana Lorenzo; Javier Ester


Key clients

Northleaf Capital


Foresight Group


Axpo Services AG


RGREEN


Green Arrow Capital


Encavis AG


Sonnedix


REDEN


Ventient Energy


Isemaren


Plenium Partners


Noy Infrastructure & Energy Investment Fund


Work highlights


  • Advised CIP on the acquisition of a portfolio of renewable wind assets under development with an aggregate capacity of circa 1,130 MW, located in the autonomous community of Aragón, from Forestalia Group.

Dentons

Combining extensive expertise in fund formation with strong transactional capabilities, Dentons is well placed to advise on the structuring of acquisitions, secondary deals and exits, with a particular focus on the infrastructure, energy and real estate sectors. Jesús Durán, a prolific adviser who regularly handles fund structuring issues and PE transactions in the financial services, energy, retail, real estate and communications segments, heads up the practice alongside Fernando Gutiérrez, a specialist in fund formation.

Practice head(s):

Jesús Durán; Fernando Gutiérrez


Other key lawyers:

Jorge Carmona


Testimonials

‘Closeness and availability of the responsible partner to deal with any issue in a timely manner.’

Key clients

Affidea Group B.V.


BeAble Capital SGEIC


Adepa Global Services


PLATINUM EQUITY ADVISORS LLC


Zubi Capital, S.A., Unipersonal


Work highlights


  • Advised B-Flexion and Affidea Group on the sale of the group to Belgian investment firm Groupe Bruxelles Lambert (GBL).
  • Advised Platinum Equity Advisors LLC on the acquisition of Calderys, a company that is part of Imerys SA’s High Temperature Solutions (HTS) business.
  • Advised BeAble Capital on the fundraising of the second or successor fund of BeAble Innvierte KETs Fund FCR.

DWF-RCD

A popular choice for mid-market investment firms and emerging growth companies, Barcelona-based DWF-RCD fields a department devoted to the full range of venture capital and private equity matters. The group possesses extensive experience in funding rounds in the healthcare, biotech, high-tech and e-commerce segments. Ignasi Costas, who specialises in VC and mid-market PE investments, jointly heads up the department with Adolf Rousau, who focuses on M&A, corporate restructuring and compliance.

Practice head(s):

Ignasi Costas; Adolf Rousaud


Other key lawyers:

David Villa; Oscar Alegre; Iñaki Frías; Antoni Rosselló


Eversheds Sutherland

Drawing on the firm’s wider capabilities in M&A, tax, employment, competition and litigation, Eversheds Sutherland offers support to private equity houses and venture capital funds in a wide range of investments and disposals in Spain. The group has been particularly active in the acquisition, financing and sale of assets of different natures, namely real estate and renewable energy projects. Asset deals, LBOs, MBOs and VC investments are among Sixto De la Calle‘s legal specialisms; he oversees the practice with Ignacio Balañá.

Practice head(s):

Sixto de la Calle; Ignacio Balañá


Testimonials

‘Professional treatment and closeness distinguish this firm from others. Collaborative and agile environment; professionals always available.’

Key clients

European Innovation Council Fund


Aquila Capital


Swiss Post Ventures


EXUS Management Partners


EY Abogados

Working with a diverse roster of private equity players with a presence in Spain, EY Abogados‘ varied mid-market capabilities include investment deals, exits, buy-ous and portfolio company sell-side processes. Following the departure of former practice head Francisco Aldavero in October 2022, the practice is now under the joint leadership of  Susana Gómez Badiola, whose expertise is concentrated in the TMT and energy sectors, and Francisco Silván.

Practice head(s):

Susana Gómez Badiola; Francisco Silvan Rodriguez


Other key lawyers:

Rosa Cañas Lorenzo


Key clients

GPF


Portobello Capital


Corpfin.


MCH


Moira


Proa


Nexxus Iberia


Nazca


Springwater Capital


Exus Partners


Ardian


Inbergune Capital


Work highlights


  • Advised Umbrella Solar Investment on the sale of a minority stake in Infity Solar Investment to the French fund RGREEN.
  • Advised the shareholders of Aplifisa Global, S.L. on the sale of 3 Spanish companies, subsidiaries of Aplifisa Global, S.L.: Aplifisa, S.L.U.; Ticcyl Digital, S.L.U.; and Marclamara, S.L.
  • Advised the shareholders of LARIS DESCANSO, S.L. on the sale of their shares in the Spanish company Laris Descanso, S.L. to PEF 1 FACTORY COLCHÓN HOLDING, S.L.

Hogan Lovells International LLP

Working in close collaboration with the corporate department and the firm’s international offices, Hogan Lovells International LLP‘s Madrid-based private equity team provides legal support to PE houses, alternative asset managers, as well as debt, real estate, pension and infrastructure funds. The group excels in the structuring of high-end and mid-cap deals in regulated sectors, such as TMT, life sciences and energy. Graciela Llaneza is a recognised leader in this space, advising funds and PE houses on a host of domestic and cross-border transactions.

Practice head(s):

Graciela Llaneza


Other key lawyers:

José María Balañá


Testimonials

‘Very cohesive and professional team, always willing to help and solve issues in a comprehensive manner.’

‘Dedication and effort, always available and providing flexible solutions. Graciela Llaneza is recommended.’

‘Hogan Lovells has been our go-to firm for several of our recent transactions.’

‘The level of interaction with the lawyers in the Hogan Lovells team is exemplary, due to the availability of lawyers, particularly Graciela Llaneza. We are very satisfied with the quality of their advice and service.’

Pinsent Masons LLP

The arrival of highly regarded partner Francisco Aldavero from EY Abogados in October 2022 significantly strengthened Pinsent Masons LLP‘s position in the Spanish private equity market. The firm is increasingly called upon by PE houses, management teams and PE-backed companies seeking advice on the entire spectrum of transactional matters, from large buy-outs to venture capital deals. Aldavero, who is now at the helm of the practice, brings a wealth of experience in the retail, telecoms, pharmaceutical, transport and natural resources sectors. Antonio Sánchez Montero is regularly instructed in domestic and cross-border PE deals.

Practice head(s):

Francisco Aldavero


Other key lawyers:

Antonio Sánchez Montero; Inmaculada Castelló


Testimonials

‘The team is transversal, providing solutions and support from specialists in different matters to resolve the problems that arise during the execution of the transaction.’

‘Francisco Aldavero has unmatched experience and a track record in private equity transactions. He knows perfectly well what his client can and cannot do, so he negotiates the legal aspects completely independently.’

Key clients

Intermediate Capital Group (ICG)


Quaero Capital


Atrys Health


Nexxus Iberia SGEIC SA


Ardian


MC Partners


Portobello Capital


Magnum Capital


Grupo MYA


Aldebarán Riesgo


Nimgenetics Genomica y Medicina (Apposite Capital)


Asteria Group (Waterland Private Equity Investments)


Work highlights


  • Advised ICG Europe Fund VII, managed by ICG, on the transfer of one of its portfolio companies, Konecta.
  • Advised Quaero Capital on the acquisition of Socamex.
  • Advised Nexxus Iberia SGEIC, S.A. on the disposal and acquisition of OFG Telecomunicaciones, S.L.

Squire Patton Boggs

Operating as a subset of the wider corporate practice, Squire Patton Boggs‘ private equity team handles mid-market deals across the healthcare, real estate, TMT, energy and infrastructure sectors. Regarded for her ‘knowledge and experience‘ in the corporate, M&A and private equity spaces, Teresa Zueco (dual qualified in Spain and France) spearheads the department. Carlos Blanco, the former managing partner of RocaJunyent, joined in November 2022, further strengthening the firm’s service offering in regulated sectors, namely TMT and energy.

Practice head(s):

Teresa Zueco


Other key lawyers:

Carlos Blanco; Rocío García; Pablo García; Manuel Gómez


Testimonials

‘The firm’s team is solid, has vast experience, and faithfully represents the interests of its client. It differs from other firms in terms of direct attention from partners, high level of commitment and quality of service.’

‘The team’s commitment is exceptional. Teresa Zueco is the leader of a great team, which includes Manuel Gómez (among others).’

‘Teresa Zueco has differential brilliance, knowledge and experience. Pablo García stands out for his great experience and ability to make things happen for his clients.’

Key clients

Sherpa Capital


Bregal Milestone


Sherpa Capital Entidad Gestora and Taylor Kitchen Group


EZSA Sanidad Ambiental


Corialis Group


Globant


Miss Group


Epifi Investments


Grupo Prim


Ashland


Hedonai group


Colisée Group


H.I.G Capital


Tecfire Spain


Cazoo


Excom


Fortescue Future Industries


TimeToAct Capital


Work highlights


  • Advised Sherpa Capital on the sale of the Portuguese company Ferreira de Sá to Artá Capital.
  • Advised H.I.G Capital on the merger of its portfolio company Grupo Ransa, a leading third-party logistics (3PL) player in Latin America, with Transportes Centroamericanos del Futuro (TCF).
  • Assisted Excom in the acquisition of Grupo Telecable.