After the decline in 2020 as a result of the pandemic, mutual funds and family office saved interest in investment in companies Valencian Communityclosed last year third autonomy With the largest volume of capital collected in the entire country, it is second only to the major centers of Madrid and Catalonia, second only by the city of Barcelona. An appetite that’s gotten more pronounced since it started raise pricesIt is getting harder and harder to find businesses that provide rstable enough to beat inflation.
In this way, the direct investment of funds in Group businesses over the past year has been as follows: €323.3 millionAccording to the Ascri employers association guide, recently renamed SpainCap, which brings together the main operators of the so-called “private equity” in Spain. a figure representing 66% increase Compared to what was recorded in 2020, yes, still far from the 784 million recorded in 2019, a completely unusual volume due to the coincidence of several large operations.
With this figure, Valencia Community is the third country with the highest investment volume. Madridwhich caught more than 60% of the total investment 4,655.3 million for this type of vehicle, and CataloniaIt reached 1.519 million. Therefore, it transcends autonomy. Andalusia (170.1 million) or Basque Country The bronze medal with (120 million) is often discussed in this ranking. In total, the funds injected 7,572 million into Spanish companies’ capital last year, almost 20% more and the second highest in the historical series.
It was distributed in total, 323 million. 94 operations, 19 more than the previous year and the highest figure in recent times. Particularly noteworthy is the large number of to start In the first phase, it received funding, accounting for more than two-thirds of that figure, with a total of 66 operations. Some startups that broke the record 108 million euro, according to the same sources.
“Is there a enormous appetite In the market. there too much liquidity and how much does it cost to find companies that match the criteria investors are looking for”, confirms David DevesaCEO of the law firm Devesa & Calvo, one of the most active in this market and has opened a new office in Madrid, with the exact intention of channeling such investments by the family offices in the capital to firms in the Community.
In this regard, the expert draws attention to the most sought after targets at the moment. average sizeTogether EBITDA between two and three million Euro and has growth potential. As for the sectors, Devesa points out that there is great interest in everything related to the sector. feedGiven the robustness of such work during the pandemic, it is also industry, provided it meets the profitability criteria. Similarly, the industry hotelier It looks good, but the problem in this case is that most funds are willing to pay much lower prices than existing business owners are willing to accept.
In addition, Devesa points out that it is not just funds and family offices that are currently looking for companies to invest in. business groups who want to grow through acquisitions and at the same time scan the market.
Among the most notable corporate operations of the past year, it is worth highlighting, for example, the acquisition of the shower tray manufacturer. newIn September it was acquired by the British holding company ES Group, owned by the Cranemere fund. Also the injection received by the nutritional supplement manufacturer Korott 25 million from the German fund Capiton, which the company with EuroVital Pharma or Elche managed to collect PLD Areafor the project to launch the first Spanish rocket into space.
Locally, it highlights the group’s investments from Elche. alzis For example, through investment firm Valectra, which has recently expanded its presence in the travel consolidator. CDV group.
While many local entrepreneurs are still reluctant to place funds in their companies’ capital, the situation is beginning to change with the inclusion of a new generation who see such investors as a way to get the financing they need to grow. company without resorting to bank debt.
Will discount prices and vulture funds return?
While the funds are still betting on tapping into highly profitable viable companies, attorney David Devesa does not rule out that a possible worsening of the economic situation will make the figure of job-seeking vulture funds reappear on the horizon. challenges they can get at rundown prices. This type of investor sadly became popular in the years following the bursting of the real estate bubble, when bankrupt savings banks and developers held a good portion of their assets. Of course, some operations that led to the emergence of a significant part of the new operators, which then control and dynamite the housing development sector in Spain at the moment.