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PRIVATE EQUITY
VENTURE CAPITAL
IBERIAN MARKET
An analysis of transactions in 2015,
including M&A, Private Equity and Venture Capital
The most trusted data room
Since 1997 Intralinks has continually innovated to give deal professionals the tools they
need to help them manage the full M&A lifecycle to get more deals done, faster.
Contact us:
Intralinks Iberia, Plaza Carlos Trias Bertrn 4, 2 Planta 28020, Madrid
2016
IBERIAN MARKET
An analysis of transactions in 2015,
including M&A, Private Equity and Venture Capital
www.TTRecord.com
M&A HANDBOOK
PRIVATE EQUITY
VENTURE CAPITAL
I BE R I A N M A R K ET
2016
The M&A HANDBOOK is a result of local research and market analysis by TTRs
Research and Business Intelligence team. Our team follows the transactional
markets analysed in this Handbook at a local level, in local language, and
on a daily basis researching transactional and financial data by contacting
market players, collecting their input and crosschecking and analysing the data
throughout the year.
For full access to all of the transactional data on Latin America and the Iberian
market (spanning Mergers and Acquisitions, Equity Capital Markets, Acquisition
Finance and Project Finance) visit TTR at www.TTRecord.com.
CONTENTS
DEFINITIONS 9
INTRODUCTION 11
VISUAL SUMMARY OF 2015
SPAIN 13 PORTUGAL 119
MERGERS & ACQUISITIONS
SPAIN PORTUGAL
2015 OVERVIEW 18 2015 OVERVIEW 124
LARGEST TRANSACTIONS 20 LARGEST TRANSACTIONS 126
CROSS-BORDER DEALS 21 CROSS-BORDER DEALS 127
MOST ACTIVE COMPANIES 30 MOST ACTIVE COMPANIES 136
PRIVATE EQUITY
SPAIN PORTUGAL
2015 OVERVIEW 34 2015 OVERVIEW 140
LARGEST TRANSACTIONS 35 LARGEST TRANSACTIONS 141
MOST ACTIVE SUBSECTORS 36 MOST ACTIVE SUBSECTORS 144
CROSS-BORDER DEALS 38 CROSS-BORDER DEALS 146
VENTURE CAPITAL
SPAIN PORTUGAL
2015 OVERVIEW 46 2015 OVERVIEW 152
LARGEST TRANSACTIONS 47 LARGEST TRANSACTIONS 153
MOST ACTIVE SUBSECTORS 48 MOST ACTIVE SUBSECTORS 154
CROSS-BORDER DEALS 49 CROSS-BORDER DEALS 155
M&A TRANSACTIONS
TTR considers Iberian M&A deals to include any acquisition of shares, both of public
and private companies headquartered in Spain or in Portugal, or of any other company
worldwide by a Spanish or Portuguese entity.
For the purpose of this Handbook, the acquisition of assets or any other corporate
acquisition that does not imply the acquisition of shares is not considered a M&A
transaction. The acquisition of shares in a target company which configures a mere stock
market transaction (namely, through a broker or any type of intermediary) is also not
considered to be a M&A transaction.
HIGH-END MARKET
Spain: All M&A deals which total deal value is in excess of EUR 500m.
Portugal: All M&A deals which total deal value is in excess of EUR 250m.
MID-MARKET
Spain: All M&A deals which total deal value is in excess of EUR 100m.
Portugal: All M&A deals which total deal value is in excess of EUR 15m.
SMALLER MARKET
Spain: All M&A deals which total deal value is less than EUR 100m.
Portugal: All M&A deals which total deal value is less than EUR 15m.
9
INTRODUCTION
M&A in Iberia
It is a privilege for Intralinks to sponsor TTRs Iberian handbook for a second year,
the 2016 handbook provides a comprehensive overview of M&A, private equity, and
venture capital trends in the region. In addition to the insights provided in the annual
publication, Intralinks uses TTR daily, for access to concise and accurate information on
current deal making in Iberia.
The economic recovery in Spain and Portugal continued in 2015, driven by both the
European Central Banks (ECB) expansionary monetary policy and reforms in fiscal policy
at a country level. The OECD is predicting that this growth will continue throughout
2016 and into 2017, though probably at a slowing rate. While the future looks bright
overall there are still risks, one of which is the Spanish general election, should no party
emerge with a majority after the vote on the 26th June the continued uncertainty may
undermine the monetary stimulus.
Despite the stronger economic conditions, the regions M&A levels were not as high as
the previous year. The total number of transactions within Spain increased by over 10%
to 1297, however, the total deal value was down 49% at only EUR 54bn. In Portugal
the volume and the total value of deals were down by 19% and 103% respectively.
Whilst total M&A numbers were mostly down, the number of private equity acquisitions
increased, with 44 in Portugal and 192 in Spain, representing a 15% and 18% increase
respectively.
At an industry level the technology sector posted the highest volume of deals across
Iberia, with 217 deals in Spain and 18 in Portugal. Acquirers for these deals are primarily
private equity or venture capital firms, a trend that has continued from 2014, indicating
that investors continue to see value in the sector. Other sectors with high deal volumes
included real estate, the financial sector and the insurance sector.
The outlook for 2016 remains positive, the combination of cheap financing and returning
market confidence is likely to fuel deal making in the region.
Intralinks Team
11
VISUAL
SUMMARY
OF 2015
Spain
1.000
0
0,0 25,0 50,0 75,0 100,0 125,0 150,0 175,0 200,0 225,0 250,0 275,0 300,0
71 10 136
136
Technology
836,26
62 15 19
19
71 10 136
136 Financial and Insurance
Technology 7.741,04
836,26
81 10 33
34 7 112
112 Real Estate
Internet 5.847,08
497,38
62 15 19
19
Financial and Insurance
7.741,04
M&A
M&A
81 10 33
Private Equity
Private Equity
Real Estate Venture Capital
5.847,08 Venture Capital
Total Value (EURm)
Importe Total (EURm)
M&A
M&A
Private Equity
Private Equity
Venture Capital
14 TTR - Transactional Track Record - (www.TTRecord.com) Venture Capital TTR - Transactional Track Record - (www.TTRecord.com) 15
Total Value (EURm)
Importe Total (EURm)
7.741,04
MERGERS
&
ACQUISITIONS
Spain
500 25.000
300 20.000
300 20.000
323 335 336
200 288
309 315 311 15.000
323 335 336
200
M&A SPAIN 288
309 315 311 15.000 M&A HANDBOOK
251 238
273
241 2016 M&A HANDBOOK 2016 M&A SPAIN
221 227 222
227 222
251 238
273
241 150 201 216 10.000
201 216 221 10.000
150
50 5.000
50
2015 Overview 5.000
0 0 2015 Overview
0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2012 2013 2014 2015
2012 Quarterly2014
2013 deal flow since 2012
2015 Distribution of total deals by deal type
The largest transactions involving a Spain-based party Largest inbound cross-border acquisitions with Spain-based targets
(excluding Private Equity, Venture Capital and Cross Border deals)
Value Value
Target Subsector Buyer Seller Target Subsector Buyer Seller
(EURm) (EURm)
1 Testa Real Estate Merlin Properties Sacyr 861,24
Private Shareholders,
Coca-Cola Iberian
EDF Invest, Gingko 2.014,00
2 Food and Beverage Cobega Invest Private Shareholders 800,00 1 Madrilea Red de Gas Oil and Gas Morgan Stanley
Partners (CCIP) Tree, PGGM (Approx.)
Infrastructure
Banco Sabadell,
3 Metrovacesa Real Estate BBVA, Banco - 751,00
Santander Distribution and Private Private
2 El Corte Ingls 1.000,00
Retail Shareholders Shareholders
4 Financial and
CatalunyaCaixa Vida Catalunya Banc Mapfre Vida 606,80
Insurance
430,84 Ports Private
5 Testa Real Estate Merlin Properties - 911,33
(Approx.) 3 Grup Martim TCB Transports, Aviation APM Terminals Shareholders, (Approx.)
377,28 and Logistics Prez y Ca
6 Testa Real Estate Merlin Properties Sacyr
(Approx.)
Accionistas
10 Trajano Iberia Real Estate - 94,80
Particualres Financial Advisors Legal Advisors
20 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 21
250
500 25.000
200
10.000 300 20.000
150
M&A SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016 M&A SPAIN335 336
100 100 200 10.000 323
309 315 15.000
5.000 288
311
85 273
251 238 241
50 221 227 222
201 2168.000
80 74 74 150
75 10.000
0 0
Cross-border deals of 2015
T1 T2 T3 T4 T1 T2 T3 T4 T1 T2 T3 T4 60 Cross-border deals50of 2015
6.000
50
64
57
64
5.000
2012 2013 2014 45
350 20.000 41 40
44
40 32
37
34 0 4.000 0
300 Largest outbound cross-border acquisitions by Spain-based buyers Acquisitions
24 by foreign buyers in Spain
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
200 0
Quarterly deal flow since 2012
Value 0
Target Subsector 10.000
Buyer Seller
150 (EURm) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2012 2013 2014 2015
100 100 10.000 No. of deals
UIL Holdings Electric Energy Green
5.000Merger Sub 2.747,83
1 - 85 Total value (EURm)
50 CorporationN de transacciones
Oil and Gas (Iberdrola) (Approx.)
80 74 74 75 8.000
0 Importe total (EURm) 0
T4 T1 T2 T3 Financial
2 T1 T2 T3 TSB T4 T1 andT2 T3 T4 Banco Sabadell Private Shareholders 2.381,62 60
64
57
64
6.000
Insurance
2012 2013 2014
50 Total number Total value
45
41 44 Year
Goodbody Stockbrokers, 40 37 40
4.000 of deals (EURm)
AERL Holding 32 34
Transports, Aviation Ryanair, 1.400,00 24 2015 281 16.337,54
3 Aer Lingus (IAG - International
and Logistics Government of Ireland, (Approx.) 20 2.000 2014 256 26.108,66
Airlines Group) Private Shareholders
2013 148 10.363,82
Transports, Aviation 0 0
4 Navitaire Amadeus Accenture 767,45 2012 155 11.427,37
and Logistics Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2012 2013 2014 2015
5 N deGalata
transacciones Telecoms Cellnex Telecom Wind Telecomunicazioni 693,00
Importe total (EURm) Aggregate value and volume of transactions by market segment
No. OF DEALS (%)
No. OF DEALS (%)
Financial Advisors N DE TRANSACCIONES (%)Advisors
Legal
2015 2014 2015
2013 2014
2012 2013
1 Morgan Stanley 1 Sullivan & Cromwell US
2014 2013 2012 3% 4% 3% 5% 2%
1 Lazard 1 Wiggin and Dana 4% 4% 5% 3% 6%
1 KPMG Spain 2% 4% 2% 1 Garrigues Spain 2% 4%
2 Rothschild 2 Herbert Smith Freehills Spain 10% 11% 13% 10%
7% 39%
51% 50%
2 Citigroup 2 Herbert Smith Freehills UK 47% 49% 43% 48%
38% 42% 42% 53%
2 3 5 Goldman Sachs
52% 2 5 Allen & Overy Spain
45% 39% 36% 39%
42% 39%
3 Deutsche Bank 4
53% 49% Spain
Freshfields Bruckhaus Deringer
3 Goodbody Stockbrokers 4 Freshfields Bruckhaus Deringer Belgium
4 Bank of America Merrill Lynch 4 Freshfields Bruckhaus Deringer US
No. OF DEALS (%) Big Ticket (EUR 500m) Smaller ma
5 Mediobanca N DE TRANSACCIONES (%)4 Cuatrecasas, Gonalves Pereira Spain
Mid market (EUR 100m) Non-disclos
Mercado alto (EUR 500m) 4 Kirklandbajo(<EUR
Mercado & Ellis US 100m) Big Ticket (EUR 500m) Smaller market (<EUR 100m)
Mercado medio (EUR 100m) Importe no divulgado
2015 2014
Mid market (EUR 100m)
2013 63.861 2012
Non-disclosed value
2014
38.839 2013 2012
4% 4% 5% 3%
Others 2% 2% 18.944 35.725
2% 4%
30.377 4% 32.196 2015 - Total Value
10% 11% 13% 10%
2 23.933
RBC Capital Markets 7% 22.891 2014 - Total Value
8.738
11.2792013 - Total Value
47% 7.382
15.251 49%
5.214 5.178 5.50543% 48% 11.54113.44210.846
3 Investec Bank 38% 2014 - Importe total 3.975 3.078 7.098 5.570 4.721
45% 39% 36%
2.421 1.660 1.175
968 39% 2012 - Total Value 4.0
52% 9.061 8.307 2013 - Importe total 39%
42%
53%
5.050 4.972 3.684 49%
2012 - Importe total Big Ticket Mid market Big Ticket
Smaller market Mid market Smaller market
(EUR 500m) (EUR 100m) (EUR 500m)
(<EUR 100m) (EUR 100m) (<EUR 100m)
Mercado alto Mercado mdio Mercado bajo
(EUR 500m) (EUR 100m) (<EUR 100m)
30.377
2014 - No. of deals
18.944 11 27 93 125 256
2015 - Total Value
23.933 No.
2013 - No. OF TRANSACTIONS
of deals 7 20 58 63
2014 - Total Value 148
8.738
15.251 2012 - No. of deals
5.214
7.382
5 3.975
5.178 5.505 15 60 2013 - Total Value
75 155
2014 - Importe total 3.078 2.421 1.660 1.175 2012 - Total Value
9.061 8.307 968
5.050 4.972
2013 - Importe total 60
3.684
2012 - Importe total Big Ticket Mid market Smaller market
(EUR 500m) (EUR 100m) 2.548,21 (<EUR 100m)
Mercado alto Mercado mdio Mercado bajo
(EUR 500m) (EUR 100m) (<EUR 100m)
22 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 23
N DE TRANSACCIONES
Mid market (EUR 100m) Non-disclosed value
10
9 9 9
8
18.944 7
M&A SPAIN 2015
M&A - Total Value
HANDBOOK 2016 M&A HANDBOOK 2016 940,49 M&A SPAIN
2014 - Total Value 802,30
698,39
8.738
5.214
7.382
5.178 5.505 3.975 2013 - Total Value
3.078 192,41 200,36
2.421 1.660 1.175
968 2012 - Total Value 53,00 78,33
Big Ticket
(EUR 500m)
Cross-border deals of 2015
Mid market
(EUR 100m)
Smaller market
(<EUR 100m)
Cross-border
United United deals47%of
Portugal 2015Italy
Mexico Brazil
49%
Chile France
States Kingdom
39%
Countries with greatest number of acquirers of Spain-based targets Total value (EURm)
Tourism, 2
Transports, Aviation and Logistics Hotels 111
3 and 1
Restaurants 5
30 Transaports, Aviation and Logistics 5
1.089,23 Biotechnology 3 212 2
Oil and Gas 5
Wind Energy 1 7 111
Marketing and Advertising 5
3.557,92
20 Glass, Ceramic, Paper, Plastics,
Media, Multimedia
5 1 1and1 1 1Editorial 5
242,71 Wood and Timber
Wind Energy 4
642,63 Distribution and Retail 2 3 11 2 1
Telecoms 4
0
Sports and Leisure 1111 3 2 1
0,00 100,00 200,00 300,00 400,00 500,00 600,00 700,00 800,00
AVERAGE VALUE (EURm)-TRANSACTIONS WITH DISCLOSED VALUE Unites States Netherlands Japan Belgium Italy United Arab
France Mexico Portugal Sweden Hong Kong Emirates
United States France United Kingdom Total value
EURm United Kingdom Luxembourg China Canada Brazil Denmark
Germany Switzerland Netherlands
24 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 25
Unites States Netherlands Japan Belgium Italy United Arab
United Kingdom Luxembourg China Canada Brazil Denmark Luxemburgo
Alemania Portugal
Japn Dinamarca
Suecia
France Sweden Hong Kong Emirates Reino Unido Italia Irlanda
Crossborder enMexico
Espaa Portugal Crossborder en el extrerior Japn Suecia
Venezue
United Kingdom Luxembourg BrazilM&A HANDBOOK Alemania
Suiza Blgica
Portugal Dinamarca
M&A SPAIN China Canada Denmark2016 M&A HANDBOOK 2016 Luxemburgo M&A SPAIN
Suiza Blgica Venezuela
Alemania Japn Suecia
Suiza Blgica Venezuela
Cross-border deals of 2015 Cross-border deals of 2015
Subsectors in which foreign owners sold equity in Acquisitions by Spain-based buyers abroad
Real Estate 15
Spain-based companies most
Glass, Ceramic, Paper, Plastics,
Real Estate
Wood and Timber
6 15 Deal flow since 2012
Glass, Ceramic, Paper, Plastics,
Food Industry 66
Wood andEstate
Real Timber 15
Glass, Ceramic, Food
Financial
Paper, and Industry
Insurance
Plastics, 4 6
6
Wood and Timber
Financial and Insurance
Technology 44
Food Industry 6
Technology 45 10.000
Solar Energy 34 40 41
Financial and Insurance 4 40 39 9.000
100 10.000 37
Solar
Consultancy, Audit and Energy
Engineering 33
35 34 8.000
85 35 33 33
Technology 4
80 74 74 75 8.000 30 7.000
Consultancy, Audit and Engineering
Wind Energy 33 27 27 26
Solar Energy 64 3 25 24 6.000
64 25 23 23
60 57 6.000 21 5.000
50Wind
OilEnergy
and Gas 33 20
Consultancy,
45
41
Audit and Engineering
44 3 4.000
40
40 32
37
34 4.000 15 3.000
Oil and Gas 3
24 Wind Energy 3 10 2.000
20 2.000
Oil and Gas
5 1.000
3
0 0
0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2012 2013 2014 2015
Countries with greatest number of companies selling equity
2012 2013 2014 2015
23 in Spain-based companies
3.392,25 No. of companies selling
23
Value (EURm) No. of deals
3.392,25 No. of companies selling Total value (EURm)
23 Value (EURm)
3.392,25 No. of companies selling
Total number Total value
Value (EURm) Year
of deals (EURm)
1.617,18 1.623,13
8 2015 133 8.617,58
1.617,18 1.623,13
6 6 6
8 5 2014 128 17.763,03
1.617,18 6 6 6 3 3 3
1.623,13
309,45 5 2013 128 3.964,39
8 148,84 82,00 157,00
0,00 3 3 3 23,29
6 6 6 309,45 2012 99 1.929,20
United Netherlands Luxembourg 148,84
France United 5 Germany Sweden
82,00 157,00
Portugal Italy
0,00 23,29
States Kingdom
3 3 3
United
309,45
United No. OF
Netherlands Luxembourg DEALS (%)
France
148,84
Germany Sweden Portugal
157,00
Italy
States Kingdom 82,00 23,29
0,00
United
2015
Netherlands Luxembourg
2014France 2013 Germany
United 2012
Sweden Portugal Italy
States
4%
Acquisitions vs.4%Divestitures of Foreign
Kingdom
5%
companies in Spain
3%
16.337,54
7.383,14
7.383,14
Big Ticket (EUR 500m) Smaller market (<EUR 100m) 13
Mid market (EUR 100m) Non-disclosed
7.383,14value
10
ACQUISITIONS-2015 DIVESTITURES-2015 9 9 9
8
18.944 7
2015 - Total Value 940,49
ACQUISITIONS-2015 DIVESTITURES-2015 802,30
2014 - Total Value 698,39
8.738
26 5.214
7.382
5.178 5.505 3.975 2013 --Total
TTR - Transactional Track Record Value
(www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 27
ACQUISITIONS-2015
3.078 DIVESTITURES-2015 192,41 200,36
2.421 1.660 1.175
968 2012 - Total Value 53,00 78,33
Big Ticket (EUR 500m) Smaller market (<EUR 100m) 13
Mid market (EUR 100m) Non-disclosed value
10
9 9 9
8
18.944
M&A SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016 7 SPAIN
M&A
2015 - Total Value 940,49
2014 - Total Value 802,30
698,39
8.738
5.214
7.382
5.178 5.505 3.975 2013 - Total Value
3.078 192,41 200,36
2.421 1.660 1.175
968 2012 - Total Value 53,00 78,33
Big Ticket
Cross-border deals of 2015
Mid market Smaller market United
Cross-border
United Portugal
dealsItalyof 2015
Mexico Brazil Chile France
(EUR 500m) (EUR 100m) (<EUR 100m) 47% 49%
States Kingdom
39%
Countries in which Spain-based buyers made the most acquisitions Acquisitions by Spain-based buyers abroad
No. of acquisitions
Subsectors
Total value (EURm) in which Spain-based buyers made
most acquisitions abroad
No. OF TRANSACTIONS 4.695,87
25
60
Technology 24
2.548,21
Internet 14
0 Food Industry 6
0,00 100,00 200,00 300,00 400,00 500,00 600,00 700,00 800,00
Pharmaceutical, Parapharmaceutical and Cosmetics 6
Telecoms
M&A SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016 M&A SPAIN
2 Abengoa 6 2 Abengoa 5
4 Enags 5 4 Repsol 4
5 Telefnica 5 5 Ferrovial 3
Spain-based buyers that spent most on acquisitions Spain-based companies that made the largest divestitures
Ranking Company Total value (EURm) Ranking Company Total value (EURm)
30 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 31
PRIVATE
EQUITY
Spain
40 36 5.000
34 34
0,00 32 31
30 28 4.000
23
3.000
PRIVATE EQUITY SPAIN 20 M&A HANDBOOK 2016 M&A HANDBOOK 2016
PRIVATE EQUITY SPAIN
00
2.000
10
1.000
70
0
Q1 Q2
2015 Overview
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
9.000
Q3 Q4
0 Largest transactions in 2015
59 8.000
60 2012 2013 2014 2015
Distribution of Private Equity-related50transaction 53 7.000 Largest Private Equity transactions in Spain
70
50 volume in 2012, 2013,432014 and 2015
No. of deals 9.000
(excluding Cross-border)
44 6.000
40 39 Total value (EURm) 38 38
36 59 8.000 5.000 Value
60 34 34 Target Subsector Buyer Seller
32 31 53 (EURm)
30 28 50 7.000 4.000
50 23 CVC Capital Partners
43 44 6.000 3.000 1 R Cable Telecoms Euskaltel 890,00
Spain, Abanca
40 39 20 38 38
36 5.000 2.000 Healthcare, Hygiene,
34 34 100,00
10 32 31 2 VItaly Plus Medical Aesthetics and Portobello Capital Private Shareholders
30 28 4.000 1.000 (Approx.)
Cosmetics
23 Industrias
0 3.000 0 Servicios Compartidos de
20 3 Alimentarias Food Industry Viscofan 55,80
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Industrias Alimentarias
2.000 Navarra (IAN)
10 2012 2013 2014 2015 1.000 Aerospace and
0 TOTAL VALUE (EURm) 0
Aeronautical,
Private Shareholders, 53,52
No. of deals 4 Aciturri Aeronutica Electronics, Private Shareholders
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Madrigal Participaciones (Approx.)
Total value (EURm) Steel, Metallurgy and
11.017,51 Industrial Production
2012 2013 2014 2015
8.691,53 Glass, Ceramic, Paper,
5 Private Shareholders,
6.793,73 6.797,68 Total number
7.302,04of Total value Polibol Plastics, Wood and Saica 40,00
No. of deals Year Sherpa Capital
deals (EURm) Timber
Total value (EURm) 5.537,88
2015 192 11.960,91 Cars, Motorcycles and
6 30,00
2014 157 3.443,12
17.743,04
Metalcaucho Other Vehicles Abac Capital Private Shareholders
(Approx.)
1.966,00
2013 128 2.259,88
11.492,09
Distribution and Retail
1.630,50 1.347,83
2012 134 5.229,80473,20 Private Shareholders,
7 25,90
Ocibar Ports Asa Inversiones Dey Capital
(Approx.)
(Art Capital)
Private
2015 Equity - Investments
2014 vs. Exits
2013 2012
8 Fundiciones del Steel, Metallurgy and Private Shareholders, 25,00
Private Shareholders
Estanda Industrial Production Diana Capital (Approx.)
TOTAL VALUENO.
(EURm)
OF DEALS Pharmaceutical,
152 Parapharmaceutical and
9 Suanfarma ProA Capital - 25,00
11.017,51 134 Cosmetics,
Biotechnology
8.691,53
TOTAL VALUE (EURm) 96 10 Tamsi Spain Financial and Insurance Portobello Capital N+1 Dinamia 20,50
6.793,73 6.797,68 7.302,04 87
5.537,88
11.017,51
54 53
3.443,12 47
Financial Advisors Legal Advisors
8.691,53
1.630,50 1.966,0032 2.259,88
14 7.302,04 1.347,83
6.793,73 6.797,68 9 12 473,20 9 1 Mediobanca 1 2 5 DLA Piper Spain
5.537,88 1 5 PwC Spain 1 3 8 Garrigues Spain
2015 2015 2014 20133.443,12 2013 2012
2014 2012 5 Arcano 1 4 7 Cuatrecasas, Gonalves Pereira Spain
1.630,50 1.966,00 2.259,88 6 9 EY Spain 1 3 5 7 Ura Menndez Spain
1.347,83 Investments
NO. OF DEALS 473,20 6 CS Corporate Advisors 2 Ramn y Cajal
152 Exits 9 Lener Corporate Finance 6 Vialegis Abogados
2015 134
2014 2013 2012 10 Deloitte Spain 9 Lener
Secondary Buyout*
10 BBVA Corporate Finance 10 Herbert Smith Freehills Spain
NO. OF DEALS 96 10 King & Wood Mallesons Spain
152 87
10 Jones Day Spain
54 134 10 Deloitte Abogados
53 47
32 Due Diligence
96
14 9 87 NUMBER OF
12DEALS 9 5 6 7 9 EY Spain TOTAL VALUE (EURm)
54 5 KPMG Spain
2015 2014 53 2013 47 2012
32
14
Healthcare, Hygiene, Investments
9 12 9 18 Wind Enrgy 2.521,00
* Secondary Medical Aesthetics
Buyout transactions areand Cosmetics
recorded as investment and exit. Exits
2015 2014
Steel, Metallurgy and 2013 2012
Secondary
34 TTR - Transactional Track Record -Buyout*
(www.TTRecord.com) 16 Telecoms
TTR - Transactional Track Record - (www.TTRecord.com) 2.293,88
35
Industrial Production Investments
53 47
14 14 9 932 12 12 47 9 9
32
14 14 9 12 12
9 9 2012 9
2015 2015 2014 2014 2013 2013 2012
PRIVATE EQUITY SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
PRIVATE EQUITY SPAIN
2015 2015 2014 2014 2013 20132012Investments
Investments 2012
Exits ExitsInvestments
Investments
Most active subsectors for Private Equity Most active subsectors for Private Equity
NUMBER OFNUMBER
DEALS OF DEALS TOTAL
TOTAL VALUE VALUE (EURm)
(EURm)
NUMBER OF DEALS
NUMBER OF DEALS TOTAL VALUETOTAL
(EURm)VALUE (EURm)
Healthcare,Healthcare,
Hygiene, Hygiene,
MedicalHealthcare,
Aesthetics Healthcare,
Hygiene,
and Hygiene,
Cosmetics 18 18 Wind Enrgy Wind Enrgy 2.521,00 2.521,00
Medical Aesthetics and Cosmetics 18 Wind Enrgy 2.521,00
Medical
Medical Aesthetics andAesthetics
Cosmeticsand Cosmetics 18 Wind Enrgy 2.521,00
Steel, and
Steel, Metallurgy Metallurgy and Telecoms Telecoms
Steel, Metallurgy and
Steel,Production
Metallurgy 16 16 2.293,88 2.293,88
Industrial Industrial and
Production 16 16 Telecoms Telecoms
2.293,88 2.293,88
Industrial Production
Industrial Production
Financial
Financial and and Insurance
Insurance
Financial and Insurance 15 15 15 Solar EnergySolar Energy 1.793,97
1.793,97 1.793,97
Financial and Insurance 15 Solar Energy Solar Energy 1.793,97
Wind Wind
EnergyWind Energy 1414 14 14 Fashionand Fashion and textile
andtextile
textile and textile 1.113,58
1.113,58 1.113,58
Energy Wind Energy Fashion Fashion 1.113,58
Transaports,
Transaports, Aviation
Transaports, Aviation
Transaports,
Aviation Aviation 12 12 Steel, Steel,
Steel,Metallurgy
Metallurgy
Steel, Metallurgy
and
and and
Metallurgy and 713,76
12 12 713,76
713,76 713,76
and Logisticsand Logistics
and Logistics and Logistics Industrial Industrial
Industrial Production
IndustrialProduction
Production Production
Food Food
Industry
IndustryFood Industry
Food Industry 12 12 12 12 Estate Real Estate
RealEstate
Real Estate 700,00
700,00 700,00
700,00
Technology
Technology Technology
Technology 10 10 10 10 Financial
Financialand
andFinancial
Financial
Insurance
Insuranceand Insurance
and Insurance 617,51
617,51 617,51
617,51
Distribution
Distribution and Retail and Retail 10 10 Technology Technology381,23 381,23
DistributionDistribution
and Retail and Retail 10 10 Technology Technology 381,23 381,23
36 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 37
PRIVATE EQUITY SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
PRIVATE EQUITY SPAIN
38 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 39
2
2.204,6
2
2.204,6
2.048,8
1.902,5
2 2 2 2
2013
2012 TOTAL VALUE (EURm)
38%
1 1 1 1 1 1 1 1.683,7 2.048,8
1 1 1 1 1 1 1 1 1 1 1 1
0 1.902,5 1.546,5 0
FOREIGN
0 0 0 01.683,7 0 0 0 0 1.399,6 1.619,5 2016 0 0 0 0 0 0 0 0
PRIVATE EQUITY SPAIN 1.546,5 M&A HANDBOOK 2016
1.201,3
M&A HANDBOOK PRIVATE EQUITY SPAIN
o Francia Pases Estados Portugal Suecia Suiza Sudn 10
1.399,6
Luxemburgo Reino Francia Pases Estados1.619,67
1.619,5 Portugal Suecia Suiza Sudn 10
o Bajos Unidos 1.201,3 802,8
Unido Bajos 1.673,5
Unidos 1.619,67
530,6
522,7 579,1 459,8 1.502,71
530,6 200,9 802,8
351,1 303,0 5 1.673,5 5
4 4 1.502,71 1.237,0 4
Cross-border deals of 2015
351,1 19,9 303,0
69,0
0,0
156,0 522,7 3579,1 459,8
0,0 0,0
50,0 200,9 3
144,5 158,0
0,0 2 0,0 3
2
3
4 3
2 2 1.222,4
1.237,0
Cross-border deals of 2015 3
69,0 156,0 1 1 1 144,5 158,0 1 1 1 1 1 1 1
50,0 1.222,40 0
Estados 19,9
Francia Luxemburgo Noruega 0,0Pases
0,0 Reino Portugal
0,0 0
Suiza 0 0
Colombia
0,0 0,0 0 0 730,0 7 0
Unidos Bajos Unido 730,0 606,6
Foreign Private Equity acquisitions in Spain
Estados
Unidos
Francia Luxemburgo Noruega Pases
Bajos
Reino
United
Unido
Portugal
Netherlands Suiza Colombia
Portugal France United Luxembourg Switzerland
510,5
549,0 730,0 Exits by foreign Private Equity funds in Spain
3
643,0 600,2 606,6
United Netherlands
States Kingdom 730,0 643,0 States
Financial and Insurance 510,5 549,0 600,2 12,60
Countries with most Private Equity investments in Spain Countries with most Private Equity funds making
77,5 Spain225,0
exits in 12,60
IMPORTE TOTAL (EURm) IMPORTE TOTAL (EURm) 0,0 0,0 0,0 30,0 0,0 0,0 0,0 0,0 21,10 0,0 0,0 0,0
225,0
77,5
7.209,0 0,0 0,0 0,0
0,0 0,0 0,0 Lebanon 0,0 0,0 0,0
0,0 0,0 France 21,10 Canada
United United Singapure United Arab
States Kingdom
1
NMERO DE DESINVERSIONES United United Singapure Lebanon Emirates
United Arab France Canada TOTAL
States Kingdom Emirates
NMERO DE DESINVERSIONES
NUMBER OF ACQUISITIONS 7
TOTAL VALUE (EURm)
5 2
5 Wind Energy
3 3 3 NUMBER OF EXITS
0,0 800,0
19 9.800,0
1.500,0
1 2.877,76
17 23 2 3 3 2 2 800,0 NUMBER OF EXITS
16 1 1 1 509,3
287,5 148,0 21 2 1 2 1 1 2 1 8.300,01 1
8.309,0 287,5 148,0 1 8.300,0 8
76,00 0,0 14
76,00 0,0 3,6 70,4 0,0 0 21,1 76,00 0,0 76,00 0,0 3,6 70,4 0,0
0,0 1 1 0 1 1 1 1 10 10 0 10 0 10 0 0,0
0 Estados Suecia0 0 Suiza 0 0 Sudn0 0 10
no Unido Portugal 10 Luxemburgo
Suiza 9 9Sudn
Reino Bajos0 Pases
Francia
10 Pases 0
Portugal Luxemburgo Reino Unido Portugal Suiza Sudn Pases Bajos
Unido Francia Bajos
Pases Unidos 10
7 Luxemburgo Reino Estados Portugal Suecia Suiza Sudn 4
6 Unido
6 Bajos Unidos 5
4 4 4 3 4
3 3 3 3 Steel, Metallurgy
3 5 and 3
2
3
2
3 6 2 2
2 2 2 2
1
2
1
1.433,9 1.466,6 509,3 1.399,0 3 1
Industrial Production14 13 13 4 3 41 1
1
1.433,9 1.466,6
0 0 0 3
0 0 0 0 0 0 2 20 0 2 2 0 0
70,5 893,0 587,6 255,0 1 1 1 1 1 1 170,5 893,0 587,
United 157,0 157,0United Netherlands 0 Portugal
0 0 France 0 United 0 Luxembourg Switzerland
0 0 SPANISH
United France Switzerland Germany Netherlands United Arab
3,7 0,0 21,1 97,5 0,0 0,0 0,0 3,7 0,0
Kingdom States Emirates
0,0 2014 0,0 0,0 0,0 0,0 0,0 0,0 0,0
States 0 Kingdom 0,0
United Netherlands Portugal France United Luxembourg Switzerland
Netherlands United 2013 Luxembourg United Portugal Australia
States France Kingdom Netherlands United Lu
IMPORTE TOTAL (EURm) States 2012 Kingdom States
7.209,0 IMPORTE TOTAL (EURm) 4
7.209,0
2015 1 2015
2014 Fashion and Textile 2014
2013 0 TOTAL VALUE (EURm)
2013
2012 2012
0 TOTAL VALUE (EURm)
TOTAL VALUE (EURm)
730,0 2
730,0 606,6
643,0 1.433,9 1.466,6 509,3 1.399,0
549,0 600,2
510,5 70,5 893,0 255,0
1.433,9 1.466,6
587,6 509,3 1.399,0
12,60 157,0
77,5 225,0 3,7 70,5 893,0 0,0 21,1 255,0 0,0 157,00,0 0,0 0,0 97,5 0,0 0,0 0,0
2014 0,0 587,6 0,0 0,0 0,0
157,0
0,0 0,0 0,0
2013 0,0 0,0 0,0 0,0 0,0 21,10 0,0 0,0 0,0 3,7 0,0 United 0,0 Luxembourg
Netherlands 21,1 United 0,0 157,0
Portugal
0,0 0,0 0,0 Australia 97,5 0,0 0,0 0,0
0,0 0,0 0,0 France
2014
United United 2012
2013
Singapure Lebanon United Arab France Canada States Kingdom
Netherlands United Luxembourg United Portugal Australia France
States Kingdom 2012 Emirates States Kingdom
2015
2014
2015
NUMBER OF INVESTMENTS
2013
2014
2012
2013
NUMBER OF EXITS
38% 2012
62%
40 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) SPANISH 41
FOREIGN
TOTAL VALUE (EURm)
10
Healthcare, Hygiene,
579,63
38% 62%
Medical Aesthetics and Cosmetics SPANISH
FOREIGN
0 0 7
dn 10 Mining 500,00
10
2
Wind Energy
5
10 3
4
3
13 4 3
Technology 4
381,23
3
2 2 2 2
1 1 1 1 1 1 1
0 0 0 1 0 0 0 0
United Netherlands Portugal France Oil and Gas
United Luxembourg 325,00
Switzerland
States Kingdom
4
Internet 276,58
Steel, Metallurgy and 6
Industrial Production Consultancy, Audit and TOTAL VALUE (EURm)
0 232,40
Engineering
0 4.677,51
Pharmaceutical,
TOTAL VALUE (EURm)
205,00
Parapharmaceutical and Cosmetics
4 and
Transports, Aviation
9.800,0 163,40 2.877,76
Logistics
1
Fashion8.300,0
and Textile8.309,0
0,0
0
ajos
0
42 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 43
7
NUMBER OF INVESTMENTS
VENTURE
CAPITAL
Spain
VENTURE CAPITAL SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
VENTURE CAPITAL SPAIN
Value
Target Subsector Buyer Seller
(EURm)
Q Growth Fund, Kibo Ventures,
100 450,00 Fundacin Jos Manuel
1 Jobandtalent Internet - 23,00
Entrecanales,
91
90 86 Private Shareholders
81 82 Private Shareholders,
80 77 79 78 400,00
73
2 Open Camp Sports and Leisure Inveready Capital (Inveready - 13,50
72
70 66
Technology Investment Group)
65
59
3 Tradeinn Internet Suma Capital VenturCap 12,00
60 57 300,00
55 56
Capital Expansi,
50 Plsticos Chemical and
4 Caixa Capital Risc, - 5,00
Compuestos Chemical Materials
Private Shareholders
40 200,00
Biotechnology
30 Gestin de Capital Riesgo
30 5 Pharmaceutical,
Oncomatryx del Country Vasco, - 4,50
Parapharmaceutical
Private Shareholders
20 100,00 and Cosmetics
Steel, Metallurgy and
6 Tecalum Caixa Capital Risc - 4,30
10 Industrial Production
0 0,00 7
Iden
Biotechnology Sodena, CRB Inverbo - 4,00
Biotechnology
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Active Venture Partners,
8 Percentil Internet - 3,20
2012 2013 2014 2015 Seaya Ventures
Technical Advisory
Technology 136
5 CMC Consulting Spain
Internet 112
Biotechnology 19
46 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 47
Telecoms 11
VENTURE CAPITAL SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
VENTURE CAPITAL SPAIN
NUMBER OF DEALS
Country Value
Target Buyer Seller
(Buyer) (EURm)
Technology 136
Accel Partners, Bonsai Venture
Internet 112 1 Wallapop Capital, Caixa Capital Risc, United States - 36,61
Insight Venture Partners
Financial and Insurance 19
Lundbeckfond Ventures, Edmond
Biotechnology 19
de Rothschild Investment Partners,
Denmark,
Private Shareholders, Baxter
Telecoms 11 2 Sanifit United States, France, - 36,60
Ventures, Caixa Capital Risc, Gilde
Netherlands, Spain
Sports and Leisure 10 Healthcare, Forbion Capital Partners,
Ysios Capital Partners
Distribution and Retail 9
Chiesi Ventures, Healthequity, Roche
Healthcare, Hygiene, Venture Fund, Idinvest Partners,
7
Medical Aesthetics and Cosmetics United States, France,
3 Minoryx Kurma Life Sciences Partners - 19,40
6 Spain, Switzerland
Consultancy, Audit and Engineering (KLS Partners), Caixa Capital Risc,
Ysios Capital Partners
Steel, Metallurgy and 5
Industrial Production
Index Ventures, Point Nine Capital,
Marketing and Advertising 5 United Kingdom, Germany,
4 Typeform Connect Ventures, RTA Ventures, - 13,63
Poland, Spain
Private Shareholders
Eight Roads Ventures,
United States 11,28
5 Packlink Amerigo Innvierte Spain Ventures, -
Subsectors with most Venture Capital transaction volume Accel Partners
United Kingdom (Approx.)
11
12
Technology
8
48 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com)
6 49
0
0 Marketing and Advertising
0
0
VENTURE CAPITAL SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
0
VENTURE CAPITAL SPAIN
50 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 51
2 0,0 0,9 0,0 0,0 0,0 0,0 1,40 0,0 0,0
Biotechnology
United1 France Denmark Netherlands Luxembourg United Switzerland
States Kingdom
VENTURE CAPITAL SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
3 VENTURE CAPITAL SPAIN
2
Cross-border deals of 2015 0 Cross-border deals of 2015
Marketing and Advertising
0
Subsectors most targeted by foreign Venture Capital - Spain-based vs. Foreign Investments
0
Venture Capital funds in Spain
NUMBER OF INVESTMENTS
11
Technology
12
16%
8
FOREIGN 84%
6
SPANISH
NUMBER OF ACQUISITIONS
8
9
Internet
6
10
13
4
10
2
Biotechnology 7 7
1 5 TOTAL VALUE (EURm)
4 4 4 4
3 3 3 3 3 3
2 2 2 2 2
1 1 1 1
0 0 0 0 0 0 0 0 0
2 United United France Germany Switzerland Japan Portugal Denmark
States Kingdom
0 291,64
Marketing and Advertising
0
2015
0 2014 195,93
2013
2012
FOREIGN SPANISH
121,1
95,5
60,6
42,3 36,60 22,2
NUMBER OF ACQUISITIONS 33,6 29,8 31,0 30,4 31,0
11,0 4,60 18,8 20,9 1,6
10,4 4,5 4,1
0,0 0,9 0,0 0,0 0,0 0,0 1,40 0,0 0,0
United France Denmark Netherlands
Luxembourg United Switzerland
States Kingdom
52 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 53
SECTORS
&
SUBSECTORS
Spain
In the total of all deal values we have taken into account M&A, Private Equity and Venture Capital transactions.
SECTORS AND SUBSECTORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
SECTORS AND SUBSECTORS SPAIN
NUMBER OF DEALS
TOTAL VALUE (EURm)
56 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 57
Spanish
Smaller Market TOTAL
acquisitions
(< EUR 100m) 19 13
abroad
Private Equity
SECTORS AND SUBSECTORS SPAIN M&A HANDBOOK 2016 Foreign 2016
M&A HANDBOOK
19
SECTORS AND SUBSECTORS SPAIN
acquisitions
in Spain Venture Capital Private Equity
Mid Market Wind Energy
Energy and Renewable Energies Distressed
( EUR 100m)
Private Equity
Elica Total number of transactions
Venture Capital
Total number of transactions by subsector in 2015
Spanish Foreign
Private Equity
NMERO DE TRANSACCIONES POR SUBSECTOR acquisitions
Smaller Market
acquisitions Venture Capital
abroad in15Spain COMPLETED
Big Ticket
(< EUR 100m)
12
( EUR 500m)
9 Venture Capital CANCELLED
Foreign
6 acquisitions
3 in Spain
Distressed 0
Mid Market 0 Capital
Venture Foreign
Spanish acquisitions
( EUR 100m)
Wind Energy 37 acquisitions in Spain
abroad Foreign
acquisitions TOTAL
in Spain 37
Solar Energy 30 Smaller Market Spanish
(< EUR 100m) acquisitions 37
Foreign abroad
Big Ticket Distressed
acquisitions
( EUR 500m) Spanish
in Spain
Electric Energy 20 acquisitions
abroad
Spanish
Mid Market Largestacquisitions
transactions
( EUR 100m) Distressed
abroad
Oil and Gas 19 Smaller Market Value
Target Buyer Seller
(< EUR 100m) (EURm)
Spanish Distressed
acquisitions PTRW Renewable Bid
Magnum Capital,
1 Iberwind abroad (Cheung Kong Infrastructure Holdings, 1.000,00
Hydraulic 4 Power Assets Holdings Limited)
Private Shareholders
Distressed
Smaller Market
Big Ticket Renaleto Servicios y Gestiones 1.000,00
2 Renovalia Energy (< EUR 100m) Private Shareholders
( EUR 500m) Mid(Cerberus
Market Capital Management) (Approx.)
Geothermal 3 3 Finerge
( EUR
First 100m)
State Wind Energy
SmallerInvestments
Market Enel Green Power
900,00
Distressed (First State)
(< EUR 100m) Spain
Smaller Market
Mid Market
Biomass 2 Financial Advisors (< EUR 100m)Legal
( EUR 100m)
Advisors
1 BBVA Corporate Finance 1 Linklaters Portugal
1 Haitong Bank Portugal Big Ticket 2 Watson Farley & Williams Spain
Mid Market
1 Caixa BI Smaller Market
( EUR 500m) 2 Bird
( EUR& Bird Spain
100m)
Nuclear 0 1 Millennium BCP (< EUR 100m) 3 Cuatrecasas, Gonalves Pereira Spain
1 BNP Paribas Corporate & Investment Banking 3 MidCuatrecasas,
Market Gonalves Pereira Portugal
2 KPMG Spain 3 EUR Vieira de Almeida
( 100m)
3 Barclays Portugal 3 AAA
BigAdvogados
Ticket
Biofuel 0
3 Santander Global Banking & Markets Spain ( EUR 500m)
Due Diligence
Mid Market
( EUR 100m) 1 FosunBig Ticket
Group
1 ( EUR 500m)
Morgan Stanley
Big Ticket
Private Equity / Venture Capital funds(investing
EUR 500m)in subsector in 2015
58 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 59
Spanish
Smaller Market Spanish
Smaller Market
acquisitions
(< EUR 100m) acquisitions
(< EUR 100m)
abroad abroad
Private Equity TOTAL Private Equity
SECTORSForeign
AND SUBSECTORS SPAIN 20 132016
M&A HANDBOOK Foreign
M&A HANDBOOK
2016 SECTORS AND SUBSECTORS SPAIN
acquisitions acquisitions
in Spain Venture Capital Private Equity in Spain Venture Capital Private Equity
20
Mid Market Solar Energy Mid Market Electric Energy
Distressed
( EUR 100m) Distressed
( EUR 100m)
Private Equity Private Equity
Total number of transactions Total number of transactions
Solar Venture Capital Venture Capital
Spanish Foreign
Elctrica
Spanish Foreign
acquisitions Private Equity
acquisitions acquisitions Private Equity
acquisitions
Smaller Market Venture Capital Smaller abroad
Market Venture Capital
abroad 15in Spain COMPLETED 10
in Spain COMPLETED
Big Ticket
(< EUR 100m) (< EUR 100m)Big Ticket
12 8
( EUR 500m) ( EUR 500m)
Venture Capital CANCELLED 6 Venture Capital CANCELLED
9
Foreign Foreign
6 acquisitions 4 acquisitions
3 in Spain 2 in Spain 0
Distressed Distressed
Mid Market Venture
0 Capital Foreign Mid Market 0
Venture Capital Foreign
Spanish Spanish
( EUR 100m) acquisitions
acquisitions 1 ( EUR 100m) acquisitions
acquisitions
in Spain in Spain
abroad Foreign abroad Foreign
acquisitions TOTAL acquisitions TOTAL
in Spain 31 13 in Spain 20 13
Smaller Market Spanish Smaller Market Spanish
(< EUR 100m) acquisitions 30 (< EUR 100m) acquisitions 20
Foreign abroad Foreign abroad
Big Ticket Distressed
acquisitions Big Ticket Distressed
acquisitions
( EUR 500m) Spanish ( EUR 500m) Spanish
in Spain acquisitions in Spain acquisitions
abroad abroad
Spanish Solar LargestSpanish
transactions
Mid Market Largest transactions
acquisitions Mid Market acquisitions
( EUR 100m) Distressed
abroad ( EUR 100m) Distressed
abroad
Petrleo y Gas Target Smaller Market Buyer Seller
Value Target Smaller
15
Market Buyer Seller
Value
(< EUR 100m) (EURm) (< EUR 100m) (EURm)
Spanish Distressed Spanish
12 Distressed
Green Merger Sub 2.747,83
acquisitions Renaleto Servicios y Gestiones 1.000,00 1 acquisitions
UIL Holdings Corporation -
1 Renovalia Energy
abroad Private Shareholders abroad9 (Iberdrola) (Approx.)
(Cerberus Capital Management) (Approx.) Wren House Infrastructure
8 Distressed 2 Global Power Generation 6 Distressed - 550,00
Smaller Market (Kuwait Investment Smaller
Authority)Market
Big Ticket 6 (< EUR 100m) 735,97 Big Ticket
Wind Energy Transmission
3 (< EUR 100m)
2 ( EURX Solar
500m) Mid Market KKR Corporacin Gestamp 3 ( EUR 500m) 0 MidPSP
Market
Investments Isolux Infrastructure 201,91
(Approx.) Texas (WETT)
4 ( EUR 100m)
Smaller Market
( EUR 100m)
Smaller Market
1
Solnova I, Distressed
2 (< EUR 100m) Distressed (< EUR 100m)
3 Solnova III, Atlantica Yield Abengoa 0 614,00 TOTAL
Solnova IV 0 Smaller Market Smaller Market 31 13
Mid Market
(< EUR 100m) Mid Market
(< EUR 100m)
( EUR 100m) Financial Advisors ( EUR 100m)
Legal Advisors
30
TOTAL 1 Morgan Stanley 1 Sullivan & Cromwell US
Big Ticket Mid Market Big Ticket Mid Market
Financial Advisors Smaller Market( EUR 500m) ( Legal Advisors
EUR 100m) 19 13 1 Lazard Smaller Market
( EUR 500m)
1 Wiggin and Dana
1 KPMG Spain 1 ( EUR 100m)
Garrigues Spain
(< EUR 100m) (< EUR 100m)
1 2 KPMG Spain 1 Watson Farley & Williams Spain 2 White & Case Spain
2 Bank of America Merrill Lynch
Mid Market
Bird & Bird Spain
19 Mid Market
3 Linklaters UK
(1 EUR 100m) (3 EUR 100m)
Ura Ura Menndez Spain
2 BigMenndez
Ticket Spain Big Ticket
2 ( EUR 500m) ( EUR 500m)
Simpson Thacher & Bartlett US Petrleo y Gas
Mid Market Mid Market
( EUR 100m) Big Ticket ( EUR 100m) Big Ticket
Elica ( EUR 500m) ( EUR 500m)
62 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 63
Spanish
Smaller Market Spanish
Smaller Market 2
acquisitions
(< EUR 100m) acquisitions
(< EUR 100m)
abroad Private Equity abroad Private Equity TOTAL
Foreign
SECTORSForeign
AND SUBSECTORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
acquisitions 91 SPAIN
SECTORS AND SUBSECTORS
acquisitions
in Spain Venture Capital
in Spain Venture Capital Private Equity Private Equity 89
Mid Market Food Industry Mid Market
Steel, Metallurgy and Industrial Production
Distressed
( EUR 100m) Distressed
( EUR 100m)
Private Equity Private Equity
Total number of transactions Total number of transactions
Venture Capital Venture Capital
Metalrgica, Siderrgica y Produccin Industrial
Alimentaria
Spanish Foreign
Spanish Foreign
acquisitions Private Equity acquisitions acquisitions
Private Equity
acquisitions Venture Capital Venture Capital
Smaller abroad
Market 30
in Spain COMPLETED Smallerabroad
Market in Spain
20 COMPLETED
Big Ticket
(< EUR 100m) 25
Big Ticket
(< EUR 100m)
( EUR 500m) ( EUR 500m) 15
20 Venture Capital CANCELLED Venture Capital CANCELLED
15 Foreign 10 Foreign
acquisitions acquisitions
10
in Spain Distressed 5 in Spain 0
Distressed 5
Mid Market 0 Foreign Mid Market Spanish
0 Foreign
Venture
Spanish Capital Venture Capital
( EUR 100m) acquisitions 2 ( EUR 100m) acquisitions acquisitions
acquisitions in Spain abroad in Spain
abroad Foreign Foreign
TOTAL TOTAL
acquisitions acquisitions
in Spain 91 in Spain 64 13
Smaller Market Spanish Smaller Market Spanish
(< EUR 100m) acquisitions 89 (< EUR 100m) acquisitions 64
Foreign abroad Foreign
Distressed abroad
Big Ticket Distressed
acquisitions Big Ticket acquisitions
( EUR 500m) Spanish ( EUR 500m) Spanish
in Spain acquisitions in Spain acquisitions
Largest transactions
abroad abroad
LargestSpanish
transactions
Metalrgica, Siderrgica y Produccin Industrial
Mid Market acquisitions
Mid Market
Spanish
acquisitions Value
( EUR 100m) Distressed Value (Target
EUR 100m) Buyer Distressed Seller
(EURm)
Target abroad
Buyer Seller abroad
(EURm) Smaller Market
Smaller
20 Market Vidrio,
1
Cermica, Papel, Plsticos y Maderas
Ferroglobe
Globe(<Specialty
EUR 100m)Metals,
-
2.000,00
(< EUR 100m) 700,00 Ferroatlntica (Approx.)
1 Danone Spanish
Spain 15 Distressed Private Shareholders
Groupe Danone Spanish Distressed
acquisitions (Approx.) acquisitions Pegaso Transportation International
Grupo Multiasistencia,abroad10 Aguinaga,
Angulas 2 Talgo abroad
Private Shareholders (Trilantic Capital Partners), MCH Private 569,57
Distressed 350,00 12 Distressed Equity, Private Shareholders
2 GrupoUno CTC, Mediterrnea de Ctering, Smaller Market Portobello Capital
Harbourvest Smaller Market
BigFactory
5
TicketComaker, Festa (< EUR 100m) 0 (Approx.) Big Ticket 10
Ice Cream Mid (< EUR 100m)
( EUR 500m) Mid Market 3 ( EUR
Gonvarri 500m)
Elica Mitsui
8 & CoMarket Gonvarri Steel Industries 100,00
0 Smithfield Foods ( EUR 100m)
3 Sigma & WH Food Europe( EUR 100m) Alfa 317,95 6
Smaller (Shuanghui
Market International Holdings) Smaller Market
4
Financial Advisors Distressed Legal Advisors
Distressed (< EUR 100m) (< EUR 100m)
TOTAL 1 PwC Spain
2
1 Ura Menndez Spain
0
Legal Advisors Smaller Market
Virtual
Mid MarketData Room 64 13 0 Smaller Market
1 Mid Market
Latham & Watkins Spain
(< EUR 100m) (< EUR 100m)
2 King & Wood Mallesons Spain 2( EUR 100m)
Intralinks Spain ( EUR 100m)
Latham & Watkins US
2 Debevoise & Plimpton 64 1
Big Ticket 2 King & Wood Mallesons Spain TOTAL
2 3 Cuatrecasas, Gonalves Pereira Spain Big Ticket Mid Market Mid Market 13
Smaller Market
( EUR 500m) ( EUR 100m)
( EUR 500m)
Smaller Market 3 (Cuatrecasas, 33
EUR 100m)Gonalves Pereira Spain
3 Linklaters Spain
(< EUR 100m) (< EUR 100m) 3 Freshfields Bruckhaus Deringer Spain
Mid Market Mid Market 33
Private Equity / Venture Capital funds
( investing
EUR 100m) in subsector in 2015 ( EUR 100m)
Big Ticket Private Equity / Venture Capital funds investing
Big Ticketin subsector in 2015
Private Equity/Venture Capital ( EUR 500m)
Country Number of acquisitions ( EUR 500m)
Private Equity/Venture Capital Country Number of acquisitions
Vidrio, Cermica, Papel,MidPlsticos
Portobello Capital Market
y Maderas
Spain 2 Mid Market
Black Toro Capital United Kingdom 2
Harbourvest ( EUR 100m) United States Big Ticket 1 Miura Private Equity ( EUR 100m) Spain
Big Ticket
2
Metric Capital Partners
( EUR 500m)
United Kingdom 1
Farmacutico, Parafarmacia y Cosmtica
Springwater Capital
( EUR 500m)
Switzerland 2
Ekarpen Spain Big Ticket 1 Indes Capital Spain Big Ticket 2
12
( EUR 500m) Caixa Capital Risc Spain
( EUR 500m) 2
GPF Capital 10 Spain 1
Diana Capital Spain 1
Carlyle 8 United States 1 Suma Capital 15
Spain 1
6
Nazca Capital Spain 1 Mediterrnia Capital Spain 1
4 Big Ticket ProA Capital Big Ticket Spain 1
Realza Capital 2( EUR 500m) Spain 1 0 Portobello Capital
10 ( EUR 500m)
Spain 1
Mediterrnia Capital 0 Spain 1 Univen Capital Spain 1
Sodena Spain 1 Kereon Partners 5 Spain 1
0
Capital Criativo Portugal 1
TOTAL 0
33 13
64 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) TOTAL 65
33
27
Spanish Spanish 13
Smaller Market
acquisitions
Smaller Market
acquisitions
33
(< EUR 100m) 64 (< EUR 100m)
abroad Private Equity abroad
Private Equity 33
Foreign Foreign
SECTORS AND SUBSECTORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
SECTORS AND SUBSECTORS SPAIN
acquisitions acquisitions
in Spain Venture Capital
in Spain Venture Capital Private Equity Private Equity
Mid Market
Glass, Ceramic, Paper, Plastics, Wood and Timber MidPharmaceutical,
Market Parapharmaceutical and Cosmetics
Distressed
( EUR 100m) Distressed
( EUR 100m)
Private Equity Private Equity
Total number of transactions Farmacutico, Parafarmacia y Cosmtica
Total number of transactions
Vidrio, Cermica, Papel, Plsticos yVenture
Maderas
Capital Venture Capital
TOTAL
66 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 67
20 TOTAL
acquisitions
(< EUR 100m)
abroad
Private Equity 27
Foreign
acquisitions
SECTORS AND SUBSECTORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
SECTORS AND SUBSECTORS SPAIN
in Spain Venture Capital Private Equity
Mid Market
Distressed
( EUR 100m)
Fashion and Textile
Private Equity
Infrastructure
NMERO DE TRANSACCIONES POR SUBSECTOR
Moda y Textil Total number ofVenture
transactions
Capital
68 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 69
Spanish
Smaller Market
acquisitions
(< EUR 100m)
abroad
Private Equity
Foreign
SECTORS AND SUBSECTORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
SECTORS AND SUBSECTORS SPAIN
acquisitions
in Spain Venture Capital Private Equity
Mid Market Roads and Highways
Distressed
( EUR 100m)
Private Equity Real Estate and Construction
Total number of transactions NMERO DE TRANSACCIONES POR SUBSECTOR
Venture Capital
Autopistas Total number of transactions by subsector in 2015
Spanish Foreign
acquisitions Private Equity
acquisitions
Smallerabroad
Market Venture Capital
in
4 Spain COMPLETED
Big Ticket
(< EUR 100m)
( EUR 500m) 3
Venture Capital CANCELLED
2 Foreign
acquisitions
1 in Spain
Distressed
Mid Market 0
Venture Capital Foreign
Spanish
( EUR 100m) acquisitions
acquisitions 1
in Spain
abroad Foreign
acquisitions TOTAL
in Spain 12 13
Smaller Market
(< EUR 100m)
Spanish
acquisitions 11 Real Estate 94
Foreign abroad
Big Ticket Distressed
acquisitions
( EUR 500m) Spanish
in Spain acquisitions
abroad
Spanish
Mid Market Largest transactions
acquisitions
( EUR 100m) Distressed
abroad
Smaller Market Value
Target Buyer Seller
(< EUR 100m) (EURm)
Spanish Distressed
Macquarie Infrastructure Partners
1
acquisitions
Chicago Skyway abroad
Calumet Concession
Partners
(Macquarie Group), Macquarie Atlas Roads 2.571,87 Construction,
(Macquarie Group), Cintra (Ferrovial)
Distressed
Smaller Market Materials and 14
Big Ticket Private Shareholders,
(< EUR 100m) 0 962,55
2 Abertis
( EUR 500m)
Private Shareholders
Mid Market Criteria Caixaholding, Trebol Holdings Machinery
( EUR 100m)
Concesionaria Mexiquense Smaller Market
3 DistressedIFM Investors (< EUR 100m) OHL Mxico 545,77
(Conmex)
TOTAL
Smaller Market 40 13
Mid Market
(< EUR 100m)
( EUR 100m)
Financial Advisors Legal Advisors 40
3 Santander Global Banking & Markets Spain
Big Ticket 3 Mijares, Angoitia, Corts y Fuentes
Mid Market
Smaller Market
( EUR 500m) (Milbank,
EUR 100m)
3 BBVA Bancomer 3 Tweed, Hadley & McCloy US
(< EUR 100m)
3 Evercore Partners 3 MidGonzlez
MarketCalvillo Abogados
( EUR 100m)
3 OHL
BigMxico
Ticket(In-house)
( EUR 500m)
Mid Market
( EUR 100m) Big Ticket
( EUR 500m)
Private Equity / Venture Capital funds investing in subsector in 2015
Big Ticket
Private Equity/Venture Capital Country
( EUR 500m) Number of acquisitions
Ardian France 1
Big Ticket
( EUR 500m) 0
TOTAL
40 13
70
40
TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 71
Spanish
Smaller Market Spanish
Smaller Market
acquisitions
(< EUR 100m) acquisitions
(< EUR 100m)
abroad abroad
Private Equity Private Equity TOTAL
Foreign 2016 SECTORS AND SUBSECTORS 13
SECTORSForeign
AND SUBSECTORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK
acquisitions 95
SPAIN
acquisitions
Venture Capital Private Equity in Spain Venture Capital Private Equity
in Spain 94
Mid Market Real Estate Mid Market Construction, Materials and Machinery
Distressed
( EUR 100m) Distressed
( EUR 100m)
Private Equity Private Equity
Total number of transactions Total number of transactions
Venture Capital Venture Capital
Construccin
Spanish
Inmobiliario
Spanish Foreign
Private Equity acquisitions
Foreign
Private Equity
acquisitions acquisitions Venture Capital acquisitions Venture Capital
Smaller Market
abroad in Spain COMPLETED Smaller abroad
Market in8 Spain COMPLETED
40
Big Ticket
(< EUR 100m) Big Ticket
(< EUR 100m)
( EUR 500m) 30 ( EUR 500m) 6
Venture Capital CANCELLED Venture Capital CANCELLED
20 Foreign 4 Foreign
acquisitions acquisitions
in Spain 2 in Spain
Distressed
10
1 Distressed 0
Mid Market Venture Capital Foreign Mid Market Venture
0 Capital Foreign
Spanish
0
acquisitions Spanish acquisitions
( EUR 100m) acquisitions ( EUR 100m) acquisitions
in Spain in Spain
abroad Foreign abroad Foreign
acquisitions TOTAL acquisitions TOTAL
in Spain 95 13 in Spain 14
Spanish Smaller Market Spanish
Smaller Market
(< EUR 100m) Foreign
acquisitions 94 (< EUR 100m)
Foreign
acquisitions 14
abroad abroad
Big Ticket Distressed
acquisitions Big Ticket Distressed
acquisitions
( EUR 500m) Spanish ( EUR 500m) Spanish
in Spain acquisitions in Spain acquisitions
abroad abroad
Construccin LargestSpanish
transactions
acquisitions Mid Market
Spanish
Largestacquisitions
transactions
Mid Market
abroadDistressed ( EUR 100m) Distressed
abroad
( EUR 100m) Value
Target Smaller MarketBuyer Seller Smaller Market Value
8
(EURm) Target Buyer Seller
(< EUR 100m) (< EUR 100m) (EURm)
Spanish Distressed Spanish Distressed
6
acquisitions OPI - Organizacin deacquisitions
Proyectos
1 Testa Merlin Properties Sacyr 861,24 1 Industry Funds Management - IFM OHL Mxico 545,77
abroad de Infraestructura,abroad
Opcem
4
Distressed Distressed
Banco Santander, BBVA, Smaller Market Smaller Market Qatar Investment
2 2 Big Ticket
Metrovacesa
Big Ticket Banco Sabadell (< EUR 100m) - 0 751,00 2 Hochtief ACS(< EUR 100m)
Authority (QIA)
311,85
( EUR 500m) Mid Market ( EUR 500m) Mid Market
0
( EUR 100m) ( EUR 100m)
Banco Sabadell, Banco Popular,
3 Torre Espacio Emperador Group Smaller Market Grupo Villar Mir 558,00 Smaller Market
BBVA, Banco Santander, Bankia,
Distressed (< EUR 100m) Distressed (< EUR 100m) 89,07
3 GAM CaixaBank, Liberbank, Kutxabank, - 0 (Approx.)
TOTAL Abanca,Smaller
CatalunyaMarket
Banc,
Smaller Market
Mid
(< EUR 100m) Market 14 Hiscan Patrimonio Mid Market
(< EUR 100m)
Financial Advisors Legal Advisors
( EUR 100m) ( EUR 100m)
1 Deloitte Spain 1 14
Freshfields Bruckhaus Deringer Spain
Big Ticket 3 Allen
Mid&Market
Overy Spain Big Ticket Mid Market
TOTAL
Smaller Market
( EUR 500m) 3 ( EUR 100m) Financial Advisors Smaller Market
( EUR 500m) ( Legal Advisors
EUR 100m) 40 13
Cuatrecasas, Gonalves Pereira Spain
(< EUR 100m) (< EUR 100m)
Real Estate Advisors 1 BBVA Bancomer 1 Gonzlez Calvillo Abogados
Mid Market Mid Market 40
1 CBRE Spain ( EUR 100m) 1 Santander Global Banking & Markets Spain 1 EUR
( Milbank,
100m)Tweed, Hadley & McCloy US
3 Aguirre Newman Big Ticket 1 Evercore Partners 1 Big Ticket
Mijares, Angoitia, Corts y Fuentes
( EUR 500m) 1
( OHL
EURMxico
500m)(In-house)
Mid Market Mid Market 3 Cuatrecasas, Gonalves Pereira Spain
Private Equity / Venture
( EUR Capital
100m) funds investing in subsector in 2015
Big Ticket ( EUR 100m) Big Ticket
( EUR 500m) ( EUR 500m)
Private Equity/Venture Capital Country Number of acquisitions
Big Ticket Big Ticket
Blackstone United States 2
( EUR 500m) ( EUR 500m)
CPPIB - Canada Pension Plan Investment Board Canada 1
H.I.G. Capital United States 1
Sitka Capital Partners Big Ticket Spain 1 Big Ticket
Patron Capital Partners ( EUR 500m) United Kingdom 1 0 ( EUR 500m)
0
TOTAL
40 13
72 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 73
40 TOTAL
26
Spanish
Smaller Market
acquisitions
(< EUR 100m)
abroad
Private Equity
SECTORS AND SUBSECTORS SPAIN M&A HANDBOOK 2016 Foreign
M&A HANDBOOK
2016 SECTORS AND SUBSECTORS SPAIN
acquisitions
in Spain Venture Capital Private Equity
Mid Market
Agriculture, Agribusiness, Farming and Fishing
Natural Resources Distressed
( EUR 100m)
Private Equity
Total number of transactions
Venture Capital
Total number of transactions by subsector in 2015
NMERO DE TRANSACCIONES POR SUBSECTOR Agricultura,
Spanish Agronegocio,
Foreign
Ganadera y Pesca
acquisitions Private Equity
acquisitions
Smaller abroad
Market Venture Capital
in2 Spain COMPLETED
(< EUR 100m)Big Ticket
( EUR 500m)
Venture Capital CANCELLED
1 Foreign
acquisitions
Distressed in Spain 0
Mid Market Venture
0 Capital Foreign
Spanish acquisitions
( EUR 100m) acquisitions
Agriculture, Agribusiness, abroad
in Spain
Farming and Fishing 5 Foreign
acquisitions 5
in Spain
Smaller Market Spanish
(< EUR 100m) acquisitions 5
Foreign abroad
Big Ticket Distressed
acquisitions
( EUR 500m) Spanish
in Spain acquisitions
abroad
Spanish
Mid Market Top transactions
acquisitions
Mining 3 ( EUR 100m) Distressed
abroad
Smaller Market Value
Target Buyer Seller
(< EUR 100m) (EURm)
Spanish Distressed
1 Atlantic Meals acquisitionsGrupo Dacsa Private Shareholders ND
abroad
Distressed
Cajamar, Banco Popular,
2 Femago Smaller Market - ND
Big Ticket Targobank, Banco Sabadell(< EUR 100m) 0
( EUR 500m) Mid Market
3 Maamora Prim Planasa
( EUR 100m) Primor Fruit ND
Smaller Market
Forestry 1 Distressed (< EUR 100m)
TOTAL
Smaller Market
Mid Market 15 13
(< EUR 100m)
Financial Advisors ( EUR 100m)
Legal Advisors
15
2 Deloitte Spain Cuatrecasas,
Big Ticket 1 Mid MarketGonalves Pereira Portugal
Smaller Market
( EUR 500m) ( EUR 100m)
(< EUR 100m)
Mid Market
( EUR 100m)
Big Ticket
( EUR 500m)
Mid Market
( EUR 100m) Big Ticket
( EUR 500m)
Big Ticket
( EUR 500m)
Big Ticket
( EUR 500m) 0
TOTAL
40 13
74 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 75
40
acquisitions
(< EUR 100m)
abroad Private Equity
Foreign
SECTORS AND SUBSECTORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK
acquisitions 2016 SECTORS AND SUBSECTORS SPAIN
in Spain Venture Capital Private Equity
Mid Market
Distressed
( EUR 100m) Financial and Insurance
Services and Distribution Private Equity
Total number of transactions
Venture Capital
76 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com)
54 77
Spanish
Smaller Market 0 Spanish
Smaller Market
acquisitions
(< EUR 100m) acquisitions
(< EUR 100m) 73
abroad abroad
Private Equity TOTAL Private Equity
Foreign
SECTORSForeign
AND SUBSECTORS SPAIN 97
M&A HANDBOOK 2016
M&A HANDBOOK 2016
acquisitions
SECTORS AND SUBSECTORS SPAIN
acquisitions
in Spain Venture Capital Private Equity in Spain Venture Capital Private Equity
95
Mid Market
Consultancy, Audit and Engineering Mid Market Distribution and Retail
Distressed
( EUR 100m) Distressed
( EUR 100m)
Consultora, Auditoria e IngenieraPrivate Equity Private Equity
Total number of transactions Distribucin y Retail Total number of transactions
Venture Capital Venture Capital
TOTAL
78 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 79
TOTAL 53
52
acquisitions
(< EUR 100m) acquisitions
(< EUR 100m)
abroad abroad 52
Private Equity 54 Private Equity
Foreign Foreign
acquisitions acquisitions2016
SECTORS AND SUBSECTORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK
SECTORS AND SUBSECTORS SPAIN
in Spain Venture Capital in Spain
Private Equity Venture Capital Private Equity
Distressed
Mid Market
Distressed
Turismo, Hostelera y Restauracin
Mid Market
( EUR 100m) ( EUR 100m)
Healthcare, Hygiene, Medical Aesthetics
Private Equity and Cosmetics Tourism, Hotels Private
and Restaurants
Equity
Transportes, Aviacin y Logstica
Total number of Venture
transactions
Capital Total number ofVenture
transactions
Capital
Spanish Spanish
acquisitions Foreign
Private Equity Foreign
acquisitions acquisitions Private Equity
acquisitions
Smallerabroad
Market 25 Venture Capital Smallerabroad
Market Venture Capital
in Spain COMPLETED in Spain
20 COMPLETED
(< EUR 100m)Big Ticket 20 Big Ticket
(< EUR 100m)
( EUR 500m) ( EUR 500m) 15
15 Venture Capital CANCELLED Venture Capital CANCELLED
Foreign 10 Foreign
10
acquisitions acquisitions
Distressed 5 in Spain 0 5 in Spain
Distressed
Mid Market Venture
0 Capital Foreign Mid Market 0 Foreign
Spanish Venture
Spanish Capital
( EUR 100m) acquisitions
acquisitions ( EUR 100m) acquisitions
acquisitions 2
in Spain in Spain
abroad Foreign abroad Foreign
TOTAL TOTAL
acquisitions acquisitions
in Spain
52 in Spain 53
Smaller Market Spanish Smaller Market Spanish
(< EUR 100m) acquisitions 52 (< EUR 100m) acquisitions 51
Foreign Foreign
abroad abroad
Big Ticket acquisitions
Distressed Big Ticket Distressed
acquisitions
( EUR 500m) in Spain Spanish ( EUR 500m) Spanish
acquisitions in Spain acquisitions
Turismo, Hostelera y Restauracin LargestSpanish
abroad
transactions
abroad
LargestSpanish
transactions
Mid Market acquisitions Mid Market acquisitions
( EUR 100m) Distressed
abroad ( EUR 100m) Distressed Value
Target Buyer Seller Value (EURm) Target abroad
Buyer Seller
(EURm)
Smaller Market
(< EUR 100m)
Salud, Higiene y Esttica Smaller Market
Grupo Multiasistencia, Angulas
(< EUR 100m)
1 Grupo GeriatrosSpanish PAI Partners Magnum Capital 300 ,00 (Approx.) Spanish
Distressed Aguinaga, GrupoUno CTC, Distressed 350,00
2 Clnica Eugin acquisitions NMC Health ProA Capital 143,00 1 acquisitions
Mediterrnea de Ctering, Ice Cream
Harbourvest Portobello Capital
(Approx.)
abroad abroad
3 VItaly Plus 20 Portobello Capital Private Shareholders 100,00 (Approx.) Factory Comaker, Festa
Distressed Distressed
Smaller Market Barcel Hotels Canarias, Poblados
15 de Smaller
BAY Market
FinancialBig Ticket
Advisors 15
(< EURLegal100m)Advisors 2 Big Vacaciones
Ticket (< EUR 100m) Grupo Barcel 230,00
( EUR 500m) Hispania Activos Inmobiliarios
10 Mid Market ( EUR 500m) Mid Market
1 Socios Financieros 1 3 DLA Piper Spain 10 ( EUR 100m)Maldonado Directorship Landis Inversiones,
( EUR 100m)
2 HSBC 5
Smaller
1 Market
Herbert Smith Freehills Spain 3 Hotel Ritz Madrid Smaller
(Mandarin OrientalMarket
y Belmond Spain 130,00
Distressed 2 (< EUR
Allen100m)
& Overy Spain Distressed (<Group)
EUR 100m)
2 Evercore Partners 5 The Olayan (Belmond)
0 2 PwC Tax & Legal Spain
2 PwC Spain Smaller 2 Market
Linklaters Spain 2 Smaller Market
2 Rothschild Spain (< EUR
3 Mid Market
100m)
Ramn y Cajal 0 Mid Market
(< EUR 100m)
( EUR 100m) Financial Advisors Legal
( EUR Advisors
100m) 2
Due Diligence TOTAL
2 PwC Spain 1 King & Wood Mallesons Spain
Big Ticket 1 Mid Thornton
Grant Market Spain 53 Big Ticket Mid MarketGonalves Pereira TOTAL
1 2 Cuatrecasas, Spain
Smaller Market Smaller Market
( EUR 500m) 2 (PwC
EUR 100m)
Spain ( EUR 500m) 1 (Debevoise
EUR 100m) & Plimpton 51
(< EUR 100m) 51 Virtual Data Room (< EUR 100m) 2 Freshfields Bruckhaus Deringer Spain
Mid Market 1 3 MidDLA
Market
Piper Spain 49
Intralinks Spain
Private Equity / Venture Capital funds( investing
EUR 100m) in subsector in 2015 (
3 EUR 100m)
Ura Menndez Spain
Big Ticket Big Ticket
Private Equity/Venture Capital Country
( EUR 500m) Number of acquisitions (Due
EURDiligence
500m)
Real Estate Advisors
Portobello Capital Mid Market Spain 6
Magnum Capital ( EUR 100m) Spain Big Ticket 2 3 Deporte y Ocio
JLL Spain Mid Market 3 PwC Spain
Big Ticket
( EUR 100m)
H.I.G. Capital United States
( EUR 500m) 2 ( EUR 500m)
Salud, Higiene y Esttica
Alter Capital Desarrollo Spain 2 20
PAI Partnet FranceBig Ticket 1 Big Ticketin subsector in 2015
Private Equity / Venture Capital funds investing
Inveravante ( EUR 500m)
Spain 1 15 ( EUR 500m)
Rothenberg Ventures United States 1 Private Equity/Venture Capital Country Number of acquisitions
10
Cabiedes & Partners Spain 1 Springwater Capital Switzerland 2
Faraday Venture Partners
15 Big Ticket Spain 1
Nazca Capital 5 Big Ticket Spain 2
( EUR 500m) Harbourvest ( EUR 500m) United States 1
Wayra Spain 1 Wayra 0 Spain 14
10
Auctus Capital Partners Germany 1 Socialatom Ventures United States 1
CVC Capital Partners Luxembourg 1 PROMECAP Mexico 1
5
Portobello Capital Spain 1TOTAL
41
0
2 37
80 TOTAL
TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 81
51
abroad Spanish
Smaller Market
Private Equity acquisitions
(< EUR 100m) 0
Foreign abroad
Private Equity 2
acquisitions
SECTORS
in AND
SpainSUBSECTORS SPAIN
Venture Capital M&A HANDBOOK 2016 M&A HANDBOOK
Foreign 2016 SECTORS AND SUBSECTORS SPAIN
Private Equity
acquisitions TOTAL
Mid Market in Spain Venture Capital Private Equity 51
Distressed
( EUR 100m)
Private Equity Mid Market
Transports,
Salud, Higiene y Esttica Aviation and Logistics Distressed
( EUR 100m)
Sports and Leisure 49
Private Equity
Venture Capital Total number of transactions
Total number of transactions
Spanish Foreign Venture Capital
Private Equity
acquisitions
Smallerabroad
Market
acquisitions Venture Capital Deporte y Ocio
Spanish Foreign
in Spain
15 COMPLETED Private Equity
(< EUR 100m)Big Ticket acquisitions acquisitions Venture Capital
( EUR 500m) Smallerabroad
Market in Spain COMPLETED
Venture Capital (< EUR 100m)Big Ticket 20
10 CANCELLED
Foreign ( EUR 500m) 15 Venture Capital CANCELLED
5 acquisitions
in Spain Foreign
Distressed 10
acquisitions
Mid Market Venture
0 Capital Foreign in Spain
Spanish 5
( EUR 100m) acquisitions
acquisitions 2 Distressed
Foreign
in Spain Mid Market Venture
Spanish Capital
0
abroad Foreign ( EUR 100m) acquisitions
acquisitions 4
acquisitions TOTAL in Spain
abroad
in Spain 51 Foreign
TOTAL
Smaller Market Spanish acquisitions
(< EUR 100m) acquisitions 49 in Spain 41
Foreign abroad Smaller Market Spanish
Big Ticket Distressed
acquisitions (< EUR 100m) acquisitions 37
( EUR 500m) Spanish Foreign abroad
in Spain acquisitions Big Ticket Distressed
acquisitions
Largest transactions Spanish
Deporte y Ocio abroad
Spanish
( EUR 500m) in Spain acquisitions
Mid Market acquisitions Value
Largest transactions
abroad
Target Distressed Seller Spanish
( EUR 100m) 20Buyer abroad (EURm) Marketing y Publicidad
Mid Market acquisitions Value
Smaller Market Target Buyer Distressed
abroad Seller
15
(< EUR 100m)
Private Shareholders, ( EUR 100m) (EURm)
AERL
Spanish Holding 1.400,00
1 Aer Lingus Government of Ireland, Ryanair,
Distressed Smaller Market
(IAG -acquisitions
International
10 Airlines Group) (Approx.) Meriton
Goodbody Stockbrokers 1 Valencia Club de Ftbol (< EUR Holdings,
100m) - 100,19
abroad Spanish
Private Shareholders Distressed
Grup Martim APM
5 Terminals acquisitions
2 Prez y Ca, Private Shareholders
Distressed 911,30
TCB (Maersk Group) Smaller Market 2 abroad12
0 Atltico de Madrid Dalian Wanda Group - 44,50
3
Big Ticket
Navitaire Amadeus
(< EUR 100m)
Accenture
4 767,50 10 Distressed
( EUR 500m) Mid Market Smaller Market
( EUR 100m) 3 ArturoBig
SoriaTicket
Plaza 8
Merlin Properties (< EUR 100m) Obraser 34,80
Financial Advisors Smaller Market
Legal Advisors TOTAL ( EUR 500m) Mid Market
6
1 Goldman Sachs
Distressed
2
(< EUR 100m)
GTA Villamagna Abogados
41 4
( EUR 100m)
Smaller Market
Smaller
2 Market
Distressed
2 (< EUR 100m)
1 Deutsche Bank
(< EUR
Garrigues Spain
Mid Market
100m)
37 Financial Advisors
0
Legal Advisors
& Wood Mallesons Spain 1
2
1 Goodbody Stockbrokers (Deloitte Abogados
EUR 100m) 2 PwC Spain Smaller Market
1 King
2 BNP Paribas Corporate & Investment Banking Spain 2 Garrigues Colombia (< EUR 100m)Mid Market
(2 EUR 100m) Gonalves Pereira Spain
Cuatrecasas,
3 Bank of America Merrill Lynch Big Ticket 2 Garrigues Mexico
Mid Market TOTAL
Smaller Market
( EUR 500m) ( EUR 100m)
(< EUR 100m)
2 Garrigues Portugal Big Ticket Mid Market 34
Marketing y Publicidad
Corporate Broker 3 Freshfields Bruckhaus Deringer Spain
Mid Market
Smaller Market
( EUR 500m) Due
( EUR Diligence
100m)
1 Investec Bank 3
( EURFreshfields
100m)Bruckhaus Deringer Belgium
(< EUR 100m)
2 EY Spain
33
3 Freshfields Bruckhaus Deringer US Mid Market
Big Ticket
( EUR 100m)
3 (Cuatrecasas,
EUR 500m) Gonalves Pereira Spain
3
Private Equity / Venture Capital funds investing in subsector in 2015
Big Ticket
Mid Market Kirkland & Ellis US ( EUR 500m)
12( EUR 100m)
Big Ticket Alimentacin y Bebidas
( EUR 500m) Private Equity/Venture Capital
Mid Market Country Number of acquisitions
Private Equity / Venture Capital funds investing
10 in subsector in 2015 Big Ticket
8 Sitka Capital Partners ( EUR 100m) Spain ( EUR 500m) 2
Big Ticket 5
Private Equity/Venture6 Capital Country Number of acquisitions Inveready Capital Spain 1
( EUR 500m)
ProA Capital 4 Spain 2 4 Big Ticket
Creas Fondo Social Spain
( EUR 500m) 1
Fides Capital 2 Spain 1 3
HR Ventures 0 Germany 1 Fito Investors Spain 1
2
Nazca Capital Big Ticket Spain 11 Media Digital Ventures Spain Spain 1
Mediterrnia Capital( EUR 500m) Spain 1 InverCLM Implsate
1
Big Ticket Spain 1 0
Tuninvest Tunisia 1 ( EUR 500m)
TOTAL Espiga Capital Spain 1
InfraVia Capital Partners France 1
Portobello Capital Spain 134 Torreal Spain 1
Springwater Capital Switzerland 1
Fremont Group United States 133 TOTAL
16
82 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com)
16 83
Alimentacin y Bebidas
abroad
Private Equity 37
Foreign
acquisitions
SECTORS AND SUBSECTORS Venture
in Spain SPAIN Capital M&A HANDBOOK 2016 M&A HANDBOOK 2016
MOST ACTIVE ADVISORS SPAIN
Private Equity
Mid Market
Distressed
Marketing y Publicidad
( EUR 100m)
Private Equity
Marketing and Advertising
Technology and Telecoms
Total number ofVenture Capital
transactions
Spanish Foreign
acquisitions Private Equity
acquisitions
Total number of transactions by subsector in 2015
Smallerabroad
Market Venture Capital NMERO DE TRANSACCIONES POR SUBSECTOR
in Spain
12 COMPLETED
(< EUR 100m)Big Ticket
10
( EUR 500m)
8 Venture Capital CANCELLED
6 Foreign
4 acquisitions
in Spain
Distressed 2
Mid Market Venture
0 Capital Foreign
Spanish acquisitions 1
( EUR 100m) acquisitions in Spain
abroad Foreign
acquisitions TOTAL
34 Technology 212
in Spain
Smaller Market Spanish
(< EUR 100m) acquisitions 33
Foreign abroad
Big Ticket Distressed
acquisitions
( EUR 500m) Spanish
in Spain
acquisitions
Largest transactions
abroad Internet 148
Alimentacin y Bebidas Spanish
Mid Market acquisitions Value
Target
( EUR 100m) Buyer abroadDistressed Seller
(EURm)
5
Smaller Market
(<4 EUR Banco Santander, Liberty Seguros Spain
1 Konecta Spanish PAI100m)
Partners 130,00
(Liberty Mututal), Private Shareholders
Distressed
OUTFRONT Media (Chile,
acquisitions
3 Telecoms 37
abroad
2 Uruguay, Argentina, Brasil), 2Corameq (JCDecaux) OUTFRONT Media 71,73
Distressed
Vendor 1 Smaller Market
Big Ticket (< EUR 100m) 0
Dey Capital, Dey
( EUR 500m) Mid Market
3 In Store Media Group Capital II, Dey
( EUR 100m)Capital III Private Shareholders 20,01
(Art Capital) Smaller Market
Distressed (< EUR 100m) Biotechnology 31
Financial Advisors Legal Advisors TOTAL
Smaller Market 16
1 Santander Global Banking & Markets 1 Garrigues(< Spain Mid Market
EUR 100m) 2 Claro y Ca. Abogados
Spain 1 Prez-Llorca ( EUR 100m) 2 Ferrere 16
1 PwC Spain 1 PwC Tax & Legal Spain 2 Allende & Brea Abogados
Big Ticket Mid Market
1 3 KPMG Spain Smaller Market
( EUR1500m)
Ura Menndez Spain
( EUR 100m)
2 Blanco & Etcheverry Abogados Electronics 5
(< EUR 100m)2 Demarest Advogados 2 Baker & McKenzie US
2 Citigroup Global Markets
3 Media, Multimedia y Editorial 2 Cravath, Swaine Mid Market
& Moore 2 Garrigues Mexico
2 Ritch Mueller( EUR 100m)
GBS Finanzas
3 Clifford Chance Spain
Big Ticket
2 Galicia Abogados
( EUR 500m)
5
Mid Market
Private Equity / Venture
4
( EUR Capital
100m) funds investing in subsector in 2015
Big Ticket
3 ( EUR 500m)
Private Equity/Venture Capital Country Number of acquisitions
2 Big Ticket
HIG Capital 1 ( EUR
United States500m) 2
PAI Partners France 10
Art Capital Spain 1
MBO Partenaires France 1
Big Ticket
Axon Partners Group Spain 1
( EUR 500m)
Nauta Capital Spain TOTAL
1
ACT Venture Capital Spain 16
1
Praedium Spain 1
Sun Mountain Capital United States 16
1
Springwater Capital Switzerland 1
Educacin
84 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 85
Spanish
Smaller Market
acquisitions
(< EUR 100m)
abroad
Private Equity
SECTORS AND SUBSECTORS SPAIN
Foreign M&A HANDBOOK 2016 M&A HANDBOOK 2016
SECTORS AND SUBSECTORS SPAIN
acquisitions
in Spain Venture Capital Private Equity
Mid Market Technology Private Equity / Venture Capital funds investing in subsector in 2015
Distressed
( EUR 100m)
Private Equity
Total number of transactions Private Equity/
Country
No. Private Equity/
Country
No.
Venture Capital acquisitions Venture Capital acquisitions
Venture Capital
Inveready Capital Spain 8 AME Cloud Ventures United States 1
Tecnologa
Spanish Foreign BStartup 10 Spain 6 ChinaRock Capital Management United States 1
Private Equity
acquisitions Sitka Capital Partners Spain 5
acquisitions Venture Capital China Growth Capital China 1
Smaller Market 150
in Spain COMPLETED
abroadBig Ticket Caixa Capital Risc Spain 4 Core Innovation Capital United States 1
(< EUR 100m) Kibo Ventures Spain 4 Route 66 Ventures United States 1
( EUR 500m)
100 Venture Capital CANCELLED Cabiedes & Partners Spain 4 RRE Ventures United States 1
Foreign Index Ventures United Kingdom 3 Vast Ventures United States 1
50 acquisitions Santander Innoventures United Kingdom 3 Venture 51 United States 1
in Spain 0 Bonsai Venture Capital Spain 3 Salesforce Ventures United States 1
Distressed Foreign
Mid Market Venture
Spanish Capital
Elaia Partners France 2 Earlybird Venture Capital Germany 1
( EUR 100m) acquisitions Partech Ventures France 2 Point Nine Capital Germany 1
acquisitions in Spain Idinvest Partners France 2 Connect Ventures United Kingdom 1
abroad Foreign Andreessen Horowitz United States 2
acquisitions TOTAL RTA Ventures Poland 1
Internet abroad Faraday Venture Partners Spain 2 Rothenberg Ventures United States 1
Spanish Axon Partners Group Spain 2 Incuvest Singapore 1
Mid Market acquisitions Idodi Venture Capital Spain 2 Suma Capital Spain 1
Distressed
( EUR 100m) Largestabroad
transactions Sinensis Seed Capital Spain 2 Capitana Venture Partners Spain 1
Alva House Capital Spain 1
Smaller
120 Market Wayra Spain 2
(< EUR 100m) Creas Fondo Social Spain 2 Perseo Spain 1
Spanish100 Value
Target Buyer Distressed Seller Venrex Investment Management United Kingdom 1
acquisitions
80 (EURm) Sodena Spain 2
Elliot United States 1 HOWZAT Partners United Kingdom 1
abroad60 Grupo Tryo
Teltronic Sepura 124,40 NTT DOCOMO Ventures Japan 1 Big Sur Ventures Spain 1
1 40 Distressed (N+1 Dinamia)
Smaller Market Ixo Private Equity (Ixope) France 1 Alantis Seed Capital Spain 1
Big Ticket
20
Telefnica, (< EUR 100m)
Air Liquide, Elliott, 0 Large Venture France 1 Rose Tech Ventures United States 1
( EUR 500m) Mid Market
Eutelsat Communications, Engie, NTT DOCOMO Ambition Numrique France 1 Lanta Digital Ventures Spain 1
Ventures( EUR
(NTT 100m) SK Telecom,
DOCOMO), Smaller Market Telefnica Ventures Spain 1 Angels Capital Spain 1
2 Sigfox - 100,00
Distressed
Elaia Partners, Ixo Private Equity, Partech (< Ventures,
EUR 100m) Benchmark Capital United States 1 101 Startups Spain 1
Idinvest Partners, BpiFrance, Large Venture, TOTAL Redpoint Ventures United States 1 SeedSyndicates Spain 1
Ambition NumriqueSmaller Market
Mid Market
161 Twitter Ventures United States 1 Fito Investors Spain 1
(< EUR 100m) Premji Invest India 1 VenturCap Spain 1
Fundamenture Valid Espaa (Valid) ( EUR 100m) Private Shareholders 161 80,19
3 Ribbit Capital United States 1 Antai II Capital Spain 1
Big Ticket Union Square Ventures (USV) United States 1 InverCLM Implsate Spain 1
Mid Market
Smaller Market
( EUR 500m) ( EUR 100m)
DFJ Growth United States 1 Seed Gipuzkoa Spain 1
Financial Advisors (< EUR 100m) Legal Advisors Intel Capital United States 1 Fitalent Spain 1
Mid Market SEB Private Equity Sweden 1 Carlyle United States 1
2 Lazard France (1EURAshurst
100m)Spain 83North Israel 1 London Venture Partners United Kingdom 1
3 Bank of America Merrill Lynch 1 Big Ticket
Deloitte Abogados Creandum Sweden 1 Kima Ventures France 1
( EUR 500m) Dawn Capital United Kingdom 1 Cisco Investments United States 1
2 Granrut Avocats
3 Merrill Lynch Brasil Northzone Sweden 1 Finaves Spain 1
Mid Market
( EUR 100m) Big Ticket IDG Capital Partners China 1 Onza Capital Spain 1
(Due
EURDiligence
500m)
1 PwC Spain
Big Ticket
( EUR 500m)
Big Ticket
( EUR 500m) 1
TOTAL
55
86 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 87
54
Spanish
Smaller Market
acquisitions
(< EUR 100m)
abroad
Private Equity TOTAL
SECTORS AND SUBSECTORS SPAIN
Foreign 176
M&A HANDBOOK 2016 M&A HANDBOOK 2016
SECTORS AND SUBSECTORS SPAIN
acquisitions Venture Capital
in Spain Private Equity 176
Mid Market Internet Private Equity / Venture Capital funds investing in subsector in 2015
Distressed
( EUR 100m)
Private Equity
Total number of transactions
Internet Venture Capital Private Equity/
Country
No. Private Equity/
Country
No.
Venture Capital acquisitions Venture Capital acquisitions
Spanish Foreign
Private Equity
Caixa Capital Risc Spain 9 Route 66 Ventures United States 1
acquisitions Venture Capital BStartup10 Spain 7 RRE Ventures United States 1
Smalleracquisitions
Market 120
in Spain COMPLETED Wayra Spain 6 Vast Ventures United States 1
abroad
(< EUR Big Ticket
100m) 100 Inveready Capital Spain 5 Venture 51 United States 1
( EUR 500m) 80 Venture Capital CANCELLED Seaya Ventures Spain 5 Qualitas Equity Partners Spain 1
60 Foreign Cabiedes & Partners Spain 5 Bain Capital United States 1
40 acquisitions Fides Capital Spain 4 Spark Capital Partners United States 1
20 in Spain 0 Active Venture Partners Spain 4 Devonshire Investors United States 1
Distressed
Mid Market Venture Capital Foreign Accel Partners United States 3 Eight Roads Ventures United Kingdom 1
Spanish acquisitions
( EUR 100m) acquisitions Kibo Ventures Spain 3 Sonae E. Ventures Portugal 1
in Spain
abroad Foreign Axon Partners Group Spain 3 Apollo Global Management United States 1
acquisitions TOTAL Sitka Capital Partners Spain 3 VARIV Capital Mexico 1
in Spain 161 Partech Ventures France 2 Nauta Capital Spain 1
Spanish Bonsai Venture Capital Spain 2 ACT Venture Capital Ireland 1
Smaller Market acquisitions 161
(< EUR 100m) Foreign Suma Capital Spain 2 Nova Founders Hong Kong 1
abroad
Big Ticket acquisitions
Distressed Nazca Ventures Spain 2 Samaipata Ventures Spain 1
( EUR 500m) in Spain Spanish Kereon Partners Spain 2 Onza Capital Spain 1
acquisitions Bankinter Capital Riesgo Spain 2 BetaAngels Luxembourg 1
abroad Stella Maris Partners Mexico 1
Media Digital Ventures Spain Spain 2
Spanish
Largestacquisitions
transactions Faraday Venture Partners Spain 2 CG Health Ventures Spain 1
Mid Market Distressed
abroad SeedSyndicates Spain 2 Nero Ventures Spain 1
( EUR 100m) Value
Target Smaller Market
Buyer Seller 101 Startups Spain 2 Techstars United States 1
(EURm)
Spanish(< EUR 100m) Sodena Spain 2 Tekton Ventures United States 1
acquisitions Distressed
Tiger Global Management, Bonsai Apax Partners United Kingdom 1 ACE & Co Switzerland 1
1 Idealista Apax Partners 150,00
abroad Venture Capital, Kutxabank Elliot United States 1 P101 Italy 1
Telefnica, Air Liquide, Elliott, NTT DOCOMO Ventures Japan 1 HR Ventures Germany 1
Distressed
Eutelsat Communications, Engie, Smaller Market Ixo Private Equity (Ixope) France 1 Ona Capital Spain 1
Big Ticket (< EUR 100m) Socialatom Ventures United States 1
NTT DOCOMO Ventures (NTT DOCOMO),
Mid Market Large Venture France 1
2 ( EUR 500m)
Sigfox SK Telecom, Elaia Partners,
( EUR 100m)Ixo Private - 100,00 Ambition Numrique France 1 Big Sur Ventures Spain 1
Equity,Distressed Smaller Market
Partech Ventures, Idinvest Partners, Elaia Partners France 1 Idodi Venture Capital Spain 1
BpiFrance, Large Venture, (< EUR 100m) Mola Spain 1
Idinvest Ventures France 1
Ambition Numrique 1 Insight Venture Partners United States 1 Daruan Venture Capital Spain 1
Smaller Market
Insight Venture Partners, Caixa Capital Mid Market
(< EUR 100m) Santander Innoventures United Kingdom 1 Vitamina K Spain 1
3 Wallapop - 36,61
Risc, Bonsai Venture Capital, Accel Partners( EUR 100m) IDG Capital Partners China 1 Seed Capital Bizkaia Spain 1
AME Cloud Ventures United States 1 Telegraph Hill Group (THCap) United States 1
Big Ticket TOTAL
Mid Market
Smaller Market
( EUR 500m) ( EUR 100m) 55 ChinaRock Capital Management United States 1 Alantis Seed Capital Spain 1
(< EUR 100m) China Growth Capital China 1 Microwave Ventures Spain 1
Rocket Internet Germany 1
Mid Market 54 Core Innovation Capital United States 1
Financial Advisors ( EUR Legal
100m)Advisors
Big Ticket
1 Jefferies US 1 Baker & McKenzie Spain
( EUR 500m)
1 Deloitte Spain 1 Deloitte Abogados
Mid Market
1 PwC Spain ( EUR 100m) 1 UraBig Ticket Spain
Menndez
Lazard France ( EUR 500m)
2 1 JBMF
1 Big Ticket
Simpson Thacher & Bartlett US
Due Diligence
(
2 EUR 500m)
Granrut Avocats
1 Deloitte Spain 3 Cuatrecasas, Gonalves Pereira Spain
1 PwC Spain 3 Rousaud Costas Duran (RCD)
Big Ticket
( EUR 500m)
2
88 TTR - Transactional Track Record - (www.TTRecord.com)
TOTAL TTR - Transactional Track Record - (www.TTRecord.com) 89
49
MOST
ACTIVE
ADVISORS
Spain
MOST ACTIVE ADVISORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
MOST ACTIVE ADVISORS SPAIN
* Includes financial advice. Includes M&A transactions. Does not include due diligence nor any other type of
specialized advice. Does not include asset acquisition.
92 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 93
MOST ACTIVE ADVISORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
MOST ACTIVE ADVISORS SPAIN
BBVA
Target Country Subsector Buyer Seller Value Eurohold
(Target) (EURm)
Country Value
PTRW Renewable Bid Target Subsector Buyer Seller
(Target) (EURm)
(Cheung Kong
Infrastructure Private Shareholders, Nexica Spain Internet Digital Dimension Private Shareholders 16,00
Iberwind Portugal Wind Energy 1.000,00
Holdings, Power Magnum Capital
Assets Holdings
Limited) Cast Info Spain Telecoms Aubay Group Private Shareholders 8,12
Opcem, OPI - Organizacin Construction,
Industry Funds
de Proyectos de Mexico Materials and OHL Mxico 545,77 Bodegas Seoro de
Management - IFM Spain Food Industry SPI Group Bodegas Chivite ND
Infraestructura Machinery Arnzano
GBS Finanzas
Clearwater International Spain
Country Value
Country Value Target Subsector Buyer Seller
Target Subsector Buyer Seller (Target) (EURm)
(Target) (EURm)
Pharmaceutical, Financial and Insurance
Invermik Spain Bright Food Private Shareholders 110,00
Farmalder Spain Parapharmaceutical Ascendis Health Private Shareholders 15,07 Food Industry
and Cosmetics
Bicentury Spain Food Industry Nutrition&Sant Agrolimen 67,18
Chemical and
Fritta Spain Investcorp Fondo Nazca III ND
Chemical Materials Healthcare, Hygiene,
Novaire Spain Medical Aesthetics and SARquavitae OHL 57,30
Cosmetics
Cutting's Spain Food and Beverage Miura Private Equity Private Shareholders ND
94 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 95
MOST ACTIVE ADVISORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
MOST ACTIVE ADVISORS SPAIN
United Financial and Tradeinn Spain Internet Suma Capital VenturCap 12,00
TSB Banco Sabadell Private Shareholders 2.381,62
Kingdom Insurance
Consultancy, Audit and Private
Hitsein & Gescon Asociados Spain Arola ND
Goodbody Stockbrokers, Engineering Shareholders
Transports, AERL Holding
Ryanair,
Aer Lingus ireland Aviation and (IAG - International 1.400,00 Private
Government of Ireland, Soft (Presto) Spain Technology RIB Software ND
Logistcis Airlines Group) Shareholders
Private Shareholders
Pharmaceutical,
Steel, Metallurgy and Corporacin J.M Euromed Spain Parapharmaceutical and Riverside Meda 82,00
Rugui Steel Spain - 30,00
Industrial Production Aristrain Cosmetics
Banco de Crdito
Spain Financial and Insurance Trea Capital - 30,00
Cooperativo (BCC)
Socios Financieros
Morgan Stanley Country Value
Target Subsector Buyer Seller
(Target) (EURm)
Country Value
Target (Target) Subsector Buyer Seller (EURm) Healthcare, Hygiene,
300,00
Grupo Geriatros Spain Medical Aesthetics and PAI Partners Magnum Capital
Electric Green Merger Sub 2.747,83 (Approx.)
UIL Holdings Corporation United States - Cosmetics
Oil and Gas (Iberdrola) (Approx.)
Arbitraje e
Apex - Aperitivos y Food and Beverage Inversiones, Bitacast, Punto Futuro,
Spain ND
Private Sharehol- Private Extrusionados Food Industry MGM Saiso 1971, Real de Velln
El Corte Ingls Spain Distribution and Retail 1.000,00 Ponso
ders Shareholders
Norgestin
Country Value
Target Subsector Buyer Seller
(Target) (EURm)
Private Shareholders,
Agile Content Spain Technology - 5,30
Capital MAB
Biotechnology
Gestin de Capital Riesgo del
Pharmaceutical,
Oncomatryx Spain Pas Vasco , - 4,50
Parapharmaceutical and
Private Shareholders
Cosmetics
Grupo Garca Forestal,
Biomasa Forestal Spain Biomass - 1,70
Impulsa Ferrol Fund
96 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 97
MOST ACTIVE ADVISORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
MOST ACTIVE ADVISORS SPAIN
Testa Spain Real Estate Merlin Properties Sacyr 861,24 CVC Capital Partners
R Cable Spain Telecoms Euskaltel 890,00
Spain, Abanca
El Corte Ingls Spain Distribution and Retail Private Shareholders Private Shareholders 1.00,00
Santander
Infraestructuras, Hiscan
Patrimonio, Caslever
Energas Renovables,
Mclezar Zamora, Yolmar
Gecal Renovables Spain Wind Energy Gas Natural Fenosa 260,00
Gestin, Ruralva (Caja
Rural de Burgos, Caja
Rural de Fuentepelayo y
Caja Rural de Segovia),
Ide Elica
98 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 99
MOST ACTIVE ADVISORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
MOST ACTIVE ADVISORS SPAIN
Across Legal
Country Value People (only Partners)
Target Subsector Buyer Seller
(Target) (EURm)
2 Francisco Aldavero 3 Francisco Aldavero
1 Logtrust Spain Technology Private Shareholders - 2,77
Technology
2 GetYourHero Spain Seaya Ventures - 1,50
Internet
3
Arpa Abogados
Zentyal Spain Technology Private Shareholders - 0,40
Country Value
Target (Target) Subsector Buyer Seller (EURm)
People (only Partners)
Food and Arbitraje e Inversiones,
1 Ignacio Lacasa Valls 2 Ignacio Lacasa Valls 3 Ignacio Lacasa Valls 1 Apex - Aperitivos y Punto Futuro,
Spain Beverage Bitacast, MGM Saiso ND
Extrusionados Real de Velln
Ivan Moll Florit Ivan Moll Florit Ivan Moll Florit Food Industry 1971, Ponso
* Includes legal advice. Includes M&A transactions. Does not include due diligence nor any other type of
specialized advice. Does not include asset acquisition.
100 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 101
MOST ACTIVE ADVISORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
MOST ACTIVE ADVISORS SPAIN
102 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 103
MOST ACTIVE ADVISORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
MOST ACTIVE ADVISORS SPAIN
De Andrs Y Artiano
Country Value
DLA Piper Spain
Target (Target) Subsector Buyer Seller (EURm) Country Value
Target Subsector Buyer Seller
(Target) (EURm)
Transport, Aviation and PTT, Real Automvil Club de CVC Capital Partners Spain,
1 TAF Helicopters Spain Malpica 100 26,00 1 R Cable Spain Telecoms Euskaltel 890,00
Logistics Catalua (RACC) Abanca
Healthcare, Hygiene,
2 300,00
Grupo Geriatros Spain Medical Aesthetics and PAI Partners Magnum Capital
(Approx.)
Cosmetics
2 Transport, Aviation
CoyotAir Spain Malpica 100 Private Shareholders ND Glass, Ceramic, Paper,
and Logistics 190,00
3 Lantero Embalaje Spain Plastics, Wood and DS Smith Laninver SCH
(Approx.)
Timber
Deloitte Abogados 1 Juan Picn 2 Juan Picn 3 Jos Antonio Snchez Dafos
Country Value
Target Subsector Buyer Seller
(Target) (EURm)
DS Ovslaw
Ports
Private Shareholders, 911,33 Country Value
1 Grup Martim TCB Spain Transport, Aviation and APM Terminals Target Subsector Buyer Seller
Prez y Ca (Approx.) (Target) (EURm)
Logistics
Pharmaceutical, Private
3 Gadea Spain Parapharmaceutical AMRI 3-Gutinever 174,00 2 Migoa Spain Internet Only-apartments 0,50
Shareholders
and Cosmetics
Clibb Software Private
3 Spain Technology Birchman Spain ND
Solutions Shareholders
104 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 105
MOST ACTIVE ADVISORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
MOST ACTIVE ADVISORS SPAIN
GBP Legal
2 Acciona Windpower Spain Wind Nordex Acciona 785,00 Country Value
Target Subsector Buyer Seller
(Target) (EURm)
106 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 107
MOST ACTIVE ADVISORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
MOST ACTIVE ADVISORS SPAIN
1 Socit Financire Santander Consumer Banque PSA Roads and Universities Superannuation
France Financial and Insurance 610,00 1 Globalva Spain FCC, Bankia 420,00
de Banque (SOFIB) Finance Finance Highways Scheme (USS), PGGM, OPTrust
Pharmaceutical,
3 Gadea Spain Parapharmaceutical and AMRI 3-Gutinever 174,00 Jones Day Spain
Cosmetics
Country Value
Target Subsector Buyer Seller
(Target) (EURm)
People (only Partners)
Spain,
1 David Gonzlez Glvez 3 Fernando de las Cuevas Jazztel Spain, 218,70
1 United Telecoms Orange Private Shareholders
Jazztel Group (Approx.)
Fernando Igartua Arregui Kingdom
Javier Vinuesa Magnet
Chemical and Corporacin Qumica
2 Grupo Nubiola Spain Ferro Corporation 149,00
Chemical Materials VHEM
GTA Villamagna Abogados
Target Country Subsector Buyer Seller Value
(Target) (EURm) 3 Financial and
Tamsi Spain Spain Portobello Capital N+1 Dinamia 20,50
Insurance
Ports
Private Shareholders, 911,33
1 Grup Martim TCB Spain Transport, Aviation and APM Terminals
Prez y Ca (Approx.) People (only Partners)
Logistic
1 Luis Riesgo 2 Federico Merino 3 Federico Merino
Automotive and Sensitive
2 Torrot Electric Spain Private Shareholders 0,50
Recreational Vehicles Technologies
3 Sensefields Spain Technology Torrot Electric Cedinsa Conservaci 0,20 King & Wood Mallesons Spain
Country Value
Target Subsector Buyer Seller
(Target) (EURm)
People (only Partners)
1 Guillermo Medina Ors 2 Guillermo Medina Ors 3 Guillermo Medina Ors
Distribution and Private
1 El Corte Ingls Spain Private Shareholders 1.000,00
Retail Shareholders
Jaime Ena Paar
Private Shareholders,
MCH Private Equity, MCH
Herbert Smith Freehills Spain Steel, Metallurgy
Private Iberian Capital Fund III, 569,57
2 Talgo Spain and Industrial
Country Value Shareholders Pegaso Transportation (Approx.)
Target Subsector Buyer Seller Production
(Target) (EURm) International
(Trilantic Capital Partners)
United Festa, Ice Cream
1 TSB Financial and Insurance Banco Sabadell Private Shareholders 2.381,62
Kingdom Factory Comaker,
Mediterrnea de
Healthcare, Hygiene, Fashion and 350,00
300,00 3 Ctering, GrupoUno Spain Harbourvest Portobello Capital
2 Grupo Geriatros Spain Medical Aesthetics and PAI Partners Magnum Capital Textile (Approx.)
(Approx.) CTC, Angulas
Cosmetics Aguinaga, Grupo
Multiasistencia
OCM Gaud Master
3 Elisandra Spain VIII Spain Real Estate Lar Spain 170,00
Holdco People (only Partners)
1 Carlos Pazos 2 Alberto Ruano 3 Pablo Daz
People (only Partners) Joaqun Sales
108 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 109
MOST ACTIVE ADVISORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
MOST ACTIVE ADVISORS SPAIN
Technology Debegesa, Grupo Alfa, 3 Telecable de Asturias Spain Telecoms Zegona Liberbank, Carlyle 640,00
3 Ekiom Spain - 0,38
Electric Energy Esergui (AVIA Energas)
110 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 111
MOST ACTIVE ADVISORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
MOST ACTIVE ADVISORS SPAIN
People (only Partners) 1 Pablo Gonzlez Mosqueira 2 Pedro Prez-Llorca 3 Alejandro Osma
Carmen Reyna
1 Carlos Martinez Lizn 2 Carlos Martinez Lizn 3 Carlos Martinez Lizn
2 Yelmo Cines Spain Sports and Leisure Cinpolis Kay Films & Movies ND Financial and Oaktree Capital 280,00
2 Eolia Renovables Spain Private Shareholders
Insurance Management (Approx.)
112 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 113
MOST ACTIVE ADVISORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
MOST ACTIVE ADVISORS SPAIN
Rousaud Costas Duran (RCD) Guillermo Canalejo Lasarte Javier Ruiz Cmara Bayo
Jaime Folguera Crespo
Country Value
Target Subsector Buyer Seller Pedro Ravina Martn
(Target) (EURm)
Salvador Snchez- Tern
Accel Partners,
Technology Bonsai Venture Capital,
2 Wallapop Spain - 36,61
Internet Caixa Capital Risc ,
Insight Venture Partners
17,00
3 RCD Espanyol Spain Sports and Leisure Rastar Group Private Shareholders
(Approx.)
114 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 115
MOST ACTIVE ADVISORS SPAIN M&A HANDBOOK 2016
Orion Capital
2 Orion Columba Socimi Spain Real Estate Klpierre 375,00
Managers Spain
Glass, Ceramic, Paper,
3 Ubis Cintas Adhesivas Spain Plastics, Wood and Espiga Capital Private Shareholders ND
Timber
Portugal
No. OF TRANSACTIONS
1,2
140
N
VISUAL SUMMARY PORTUGAL M&A HANDBOOK 2016 M&A HANDBOOK 2016
1 358 VISUAL
512 SUMMARY
257 PORTUGAL
8.169,64
N
120
0,8
N
No. OF TRANSACTIONS
140
Visual summary of 2015 100
3.427,80
14.034,76 Visual summary of 2015
0,6
N
As
0,4
8.169,64 6.543,45
Volume and 120
value of transactions- 2012, 2013, 2014 vs 802015 by type 0,2
Advisors
No. OF TRANSACTIONS 0
3.427,80 60 0 3 6
140 100 14.034,76
1.769,53
8.169,64 6.543,45
19,14
364,58 155
80 40
120
51,72 2.476,46
737,00
3.427,80 20 109,38
100 60 14.034,76
1.769,53 4,47 36 66
19,14
364,58 6.543,45
40 0
80
0,00 50,00 100,00 150,00 200,00 250,00 300,00 350,00 400,00
1.107
51,72 2.476,46
60 20 109,38
737,00 IMPORTE MEDIO (EURm)-TRANSACCIONES CON IMPORTE DIVULGADO 25
2015 - M&A 2014 - M&A 2013 - M&A 2012 - M&A
4,47
1.769,53 2015 - Private Equity 2013 - Private Equity
19,14 2014 - Private Equity 2012 - Private Equity
364,58 2015 - Venture Capital 2013 - Venture Capital
40 0 2014 - Venture Capital 2012 - Venture Capital
0,00 50,00 100,00 150,00 200,00 250,00 300,00 350,00 400,00 512
51,72 2.476,46 358
737,00 ITotal value EURm 257
109,38 IMPORTE MEDIO (EURm)-TRANSACCIONES CON IMPORTE DIVULGADO
20
2015 - M&A 2014 - M&A 2013 - M&A 2012 - M&A
4,47 2015 - Private Equity 2013 - Private Equity
2014 - Private Equity 2012 - Private Equity
0 2015 - Venture Capital 2014 - Venture Capital 2013 - Venture Capital 2012 - Venture Capital
0,00 50,00 100,00 150,00 200,00 250,00 300,00 350,00 400,00
ITotal value EURm
IMPORTE MEDIO (EURm)-TRANSACCIONES CON IMPORTE DIVULGADO
7 2 2
1 6 11 Tourism, Hotels and Restaurants
Technology 294,70
42,64
2 1 11 3 8
Internet Real Estate
59,70 204,68
7 2 2
Tourism,
1 Hotels
6 and Restaurants 11
Technology 294,70
42,64 M&A
Private Equity
2 1 11 3 8
Internet Real Estate Venture Capital
59,70 204,68 Total value (EURm)
7 2 2
, Hotels and Restaurants
294,70
M&A
Private Equity
3 8
Real Estate Venture Capital
204,68
Total value (EURm)
120 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 121
M&A
MERGERS
&
ACQUISITIONS
Portugal
60 6.000
41 42 45
34 32 32 35 41 39 40
40 27 31 4.000
Vision general 23
15
31
20 2.000
M&A PORTUGAL 80 M&A HANDBOOK 201666 8.000 M&A HANDBOOK 2016
M&A PORTUGAL
0 0
60 6.000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 41 42 45
34 32 32 35 41 39 40
2012 2013 2014 2015 40 27 31 31 4.000
23
2015 Overview20 15
2.000 2015 Overview
0 0
No. of deals
Quarterly deal flow since 2012
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Distribution of total deals by deal type
Total value (EURm) 2012 2013 2014 2015
NUMBER OF DEALS
No. of deals 69
Total value (EURm)
2013 19
Aggregate deal value and volume by market segment
41
The largest transactions involving a Portugal-based party Largest inbound cross-border acquisitions with Portugal-based targets
(excluding Private Equity, Venture Capital and Cross Border deals)
126 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 127
300 Crossborder en Portugal 21 8.000
250 15.000 25
20 HANDBOOK 2016 6.000
M&A PORTUGAL
200 M&A HANDBOOK 2016 M&A
M&A PORTUGAL
10.000 15
150 10 11 11 10 10
12
10
4.00080 66 8.
10 8 8
2.00060 6.
100 5 6
5.000 5
4 3 3 41 42 45
Cross-border deals of 2015
2 35 41 39 40
50
0 Cross-border deals
0 of 2015 40
23
15
27 31
34 32 32
31 4.
0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
T1 T2 T3 T4 T1 T2 T3 T4 T1 T2 T3 T4 20 2.
2012 2013 2014 2015
Largest outbound cross-border acquisitions by Portugal-based buyers
2012 2013 2014 Acquisitions by foreign buyers in Portugal 0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Target
Country
Buyer Seller
Value Quarterly deal flow since 20122012 2013 2014 2015
(Target) (EURm)
100,00
1 Unidas Brazil Principal Gesto de Activos Novinela, SAG GEST
350 20.000 (Approx.) No. of deals
Total value (EURm)
300 Private 84,20 8.000
2 Supremo Cimento N deBrazil
transacciones NSOSPE 15.000 25
21
250 Shareholders (Approx.)
Importe total (EURm) 6.000
EUDE200
- Escuela 20
10.000 Private N total de Importe total
3 Europea150
de Direccin Spain Talent 25,00 15 12 4.000 Ao
11 11 transacciones (EURm)
Shareholders 10
10
8 8
10 10 10
y Empresa 6 2015 42 1.127,75
100 5.000 4 5 2.000
5 3 2 3
2014 43 8.762,09
4 50
Ulabox Spain Sonae E. Ventures - 6,00 0 0 2013 27 3.941,56
0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
T1 T2 T3 T4 T1 T2 T3 T4 T1 T2 T3 T4 2012 22 10.106,85
Private 2012 2013 2014 2015
5 Concasa Huelva2012 Spain 2013 Liscont
2014 3,50
Shareholders
30.377
9.705 2015 - Total value
23.933 8.203
No. OF DEALS (%) 2014Ticket
Big - Total(EUR
value 250m) Smaller
N DE TRANSACCIONES (%)
15.251 3.585
2013market
- Total value
2014 - Importe total 796
Mid (EUR 15m) Non-dis
2015 2014
543
9.061 8.307 2013 - Importe total
294 321 400 37 16
2012
36 3 2012 - Total value
2014 2013 5.050 4.972 3.684 20122012 - Importe total Big Ticket Mid market Smaller market 2012
13.084
(EUR 250m) (EUR 15m) (<EUR 15m)
2% 4%
2%
Mercado alto 4% Mercado mdio 2% Mercado bajo 2% 4% 8.663
(EUR 500m) (EUR 100m) (<EUR 100m) 9%
7%
Big Ticket Mid market Smaller market
5.543 Non-disclosed
23%
22% 18% Total
38% ( EUR 250m) ( EUR 15m)
21% (< EUR
3.134
15m) 41% value
52% 45% 2.017 1.859 1.763
42% 201562%
- No. of deals
14% 161% 9 56% 6 26 1.255 42
53% 49% 14% 143 114
22% 98
9% 32%
2014 - No. of deals 4 9 4 Big Ticket 26 Mid market 43 Smaller marke
(EUR 250m) (EUR 15m) (<EUR 15m)
2013 - No. of deals 1 5 6 4% 15 27
Mercado alto (EUR 500m) Mercado bajo(<EUR 100m) 5
2012 - No. of dealsBig Ticket (EUR 250m) 7 1
Smaller market (<EUR 15m) 9 22
Mercado medio (EUR 100m) Importe no divulgado No. OF TRANSACTIONS
Mid market (EUR 15m) Non-disclosed value
38.839
30.377
23.933
12 8.203
9.705 2015 - Total value
2014 - Total value
15.251
2014 - Importe total
3.585
2013 - Total value
128 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional 543 53,00
294 Track Record - (www.TTRecord.com)
796
129
9.061 8.307 2013 - Importe total
321 400 37 16 36 3 2012 - Total value
5.050 4.972 3.684 Big Ticket Mid market Smaller market
2012 - Importe total (EUR 250m) (EUR 15m) (<EUR 15m)
Mid market (EUR 15m) Non-disclosed value
AVERAGE VALUE (EURm)- TRANSACTIONS WITH DISCLOSED VALUE
0 2 4 6
No. OF TRANSACTIONS
Real Estate 1 1 1 1 1
10 Distribution and Retail
Technology 1 1 1 1
Fashion and Textile
United Kingdom
130 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 131
0 2 4 6
M&A PORTUGAL Real Estate M&A HANDBOOK 2016 4 M&A HANDBOOK 2016
M&A PORTUGAL
Wind Energy 3
Crossborder en Portugal Shipbuilding 2
Cross-border deals
Real Estateof 2015 4 Cross-border deals of 2015
Distribution and Retail 2
Wind Energy 3
Wind
Tourism, Hotels
Healthcare,
Wind
Energy Energy
and Restaurants
Hygiene,
13
1
3 Crossborder en el extrerior
Medical Aesthetics and Cosmetics
8 300
Financial and Insurance 1 7
Shipbuilding Telecoms
Shipbuilding 2 1 2 7 6
6 250
Water and Sanitation 1 6
Tourism,
Distribution andHotels
Retailand
Distribution andRestaurants
Retail 2 1 2 5 200
5
Consultancy, Financial
Audit and Insurance
and Engineering 1 4 4 4 4 4
Consultancy, Audit and Engineering 1 1
4 150
8 3 300 3
Healthcare,Healthcare,
Hygiene, Hygiene, 8.000 7
Water
21 and Sanitation
1 1 1 3
25 Medical Aesthetics
Medical Aesthetics and Cosmetics
and Cosmetics 7 80 6
2 66 2 8.000 100
6 2 250
20 6.000
Telecoms Telecoms 1 1 6 60 1 6.000 1 50
1 41 42 45 5 200
15 11 11 12 4.000 5 0 34 32 32 35 41 39 40
10
10 8Tourism,
Tourism, Hotels 8 Hotels
and
2.180,00Restaurants
8
10 10
and Restaurants 10
1 1 440
0 23
27 31 4 314 4 4.000 4 0
5 6
2.000 4 15 150
5
4 3 2 3 20 Q1 Q2 Q3 Q4
3 Q1 Q2 Q3 Q4 Q1 Q2 Q32.000
Q4 Q1 Q2
3 Q3 Q4
Financial
Financial and
21
and Insurance
Insurance 8.000 1 1 3
25 0 0 0 2 2 0 100
20
Q1 Q2 Q3 Q4 Q1 Q2Water
Q3 Q4 Q1Water
and Q2 Q3and
Q4 Sanitation
Sanitation Q1 Q2 Q3 Q4
6.000 1 1 2 2012 2013
Q1 Q21 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1
2014 2015
8 2.180,00 50
2012 2013 2014 2015 1
15 12 4.000 0 2012 2013 2014 2015
10 11 11 10 310 10
10 8 8 0 No. of deals 0
5
4 3 Countries
5 6
2
of2 companies
with3 greatest number2.000 2
selling equity
1
in 1 294,20
Q1 Q2 Q3 Total
Q4 value
Q1 (EURm)
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Total
Year
Q2 number
Q3 Q4 Total value
200,00 of deals (EURm)
0 Portugal-based
133,00 0 companies
ND
186,00
No. of deals
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
3 2012 Total value 2013
(EURm) 2014 2015 2015
15 134,68
2012 2013 Spain
2014 United
2015 Luxembourg United Brazil France 2014 15 259,27
2 2
States Kingdom 2013 15 373,30
8 2.180,008 2.180,00 1 1 294,20 No. of deals
133,00 200,00 186,00 2012 11 168,62
Total value (EURm)
ND
No. of companies selling
Spain United Luxembourg United Brazil France
States Kingdom Value (EURm)
8
100,00
3 3 Countries in which Portugal-based buyers made the most acquisitions
2 2 2 2 No. of companies selling
1 1 Value (EURm)1 294,20
1 294,20
200,00
133,00 200,00 186,00 186,00
133,00
ND ND
8 34,50
Spain Spain
United United Luxembourg
Luxembourg United UnitedBrazil Brazil
France France 2
100,00
States States Kingdom Kingdom 1 1 1 1 1
ND ND ND ND 0,18
2.993,20
Wind Energy 2
Internet 2
Education 1
Food Industry 1
Portugal-based buyers that spent most on acquisitions Portugal-based companies that made the largest divestitures
136 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 137
PRIVATE
EQUITY
Portugal
PRIVATE EQUITY PORTUGAL M&A HANDBOOK 2016 M&A HANDBOOK 2016 PRIVATE EQUITY PORTUGAL
140 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 141
PRIVATE EQUITY PORTUGAL M&A HANDBOOK 2016
Country Value
Target Buyer Seller
(Buyer) (EURm)
200,00
2 Oni, Caboviso Apax Partners France France Altice
(Approx.)
Vallis Sustainable
5 Luxembourg, Inter-Risco Private
32 Senses Investments I 13,00
Portugal Equity
(Vallis Capital Partners)
142 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 143
PRIVATE EQUITY PORTUGAL M&A HANDBOOK 2016 M&A HANDBOOK 2016 PRIVATE EQUITY PORTUGAL
144 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 145
5
3 3 3
PRIVATE EQUITY PORTUGAL M&A HANDBOOK 2016 M&A HANDBOOK 2016 PRIVATE EQUITY PORTUGAL
2 2 2 2
1 1 1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0 0
Foreign Private Equity acquisitions in Portugal Subsectors that attracted most foreign Private Equity
Countries with most Private Equity investments in Portugal
4
Real Estate
3 3 3
1.500,0
0
2 2 2
509,3 800,0
21,1 287,5 148,0 0,0 76,00 0,0 76,00 0,0 3,6 70,4 0,0
1 1 1
Luxemburgo Reino Unido Portugal Suiza Sudn Pases Bajos
0 0 0 0 0 0 0
3
Luxembourg United States Spain France Technology
0
146 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 147
PRIVATE EQUITY PORTUGAL M&A HANDBOOK 2016
NUMBER OF INVESTMENTS
32% 68%
FOREIGN PORTUGUESE
1.128,53
499,40
FOREIGN PORTUGUESE
Portugal
VENTURE CAPITAL PORTUGAL M&A HANDBOOK 2016 M&A HANDBOOK 2016 VENTURE CAPITAL PORTUGAL
Tourism,
Tourism, Hotels
Hotels andand Restaurants
Restaurants 2 2 Track Record - (www.TTRecord.com)
152 TTR - Transactional TTR - Transactional Track Record - (www.TTRecord.com) 153
Healthcare,
Healthcare, Hygiene,
Hygiene, Medical
Medical Aesthetics
Aesthetics
and Cosmetics 2 2
2014 2013 2012
2.969,92
1.966,00 2.259,88 TOTAL VALUE (EURm)
7.302,03 TOTAL VALUE (EURm)
6.430,64 7.302,03 1.347,83
6.430,64 473,20 NUMBER Marketing and Advertising
OF ACQUISITIONS 13,30
Inversiones
VENTURE CAPITAL PORTUGAL M&A HANDBOOK 2016 M&A HANDBOOK 2016 VENTURE
4 CAPITAL PORTUGAL
2014 3.990,05 Internet 41
3.990,05 2013 Exits
2.969,92
2012
Internet 2015
2.969,92
2.259,88
Distribution and Retail 7,00
1.966,00 Secondary2.259,88
Buyout 2014
1.966,00 1.347,83
N DE TRANSACCIONES
119 1.347,83 473,20 Marketing and Advertising 13,30 2013
Most active subsectors in 2015 473,20 Cross-border deals of 2015
Marketing and Advertising
Other consumer goods 7,00 13,30 2012
2014 2013 2012 2 2
2014 2013 86 2012 Distribution and Retail
76 7,00
Subsectors most active for Venture Capital Acquisitions Distributionbuyers
by 1foreign and Retail 1,79 7,00
in Portugal
Technology
N DE TRANSACCIONES 1 1 1
119 N DE TRANSACCIONES
53
119 47 Other consumerCapital
goods funds investing
7,00
Countries with greatest number of Venture
Other consumer goods
Biotechnology 1,23 7,00
in Portugal
NUMBER30OF DEALS 0 0
86
9 76 12 86 9
NUMBER OF DEALS 76 United States Germany TechnologyUnited Kingdom
1,79
Financial andTechnology
Insurance 1,79
0,10
53 11
Internet 2014 53
2013 11 47 2012
47
30 Biotechnology 1,23
Technology Tecnologa
30 10 Biotechnology 1,23
Internet 12 11
11
9 12 9 NUMBER
TOTAL VALUEOF(EURm)
ACQUISITIONS
9 6 Inversiones 9
Technology
Biotechnology 5 11 Financial and Insurance 0,10 4
13,30 Financial and Insurance 0,10 2015
2014 2013 Exits
2012 2015
2014 2013 2012 2014
Distribution and Retail
Biotechnology 3 5 Secondary Buyout 2014
8 2013
2013
NUMBER OF ACQUISITIONS 2012
Tourism, Hotels and Restaurants
Distribution and Retail 2 3 Inversiones NUMBER OF ACQUISITIONS 2012
Internet Inversiones 11 4
2 2 4
Healthcare, Hygiene, Medical Aesthetics Exits 2015
Tourism, Hotels and Restaurants
and Cosmetics 22 Exits 6,39 2015
Secondary Buyout 12 2014
Healthcare, Hygiene, Medical Aesthetics Secondary Buyout 1 1 1 1 2014
2013
Marketing and Advertising
and Cosmetics 22 2013
2012
2,40 2012
Other consumer
Marketing goods
and Advertising 1 2 2 2 0 0
1 2 2 1,00 0,84
0,00 0,00 0,00 0,00
Financial and Insurance
Other consumer goods 11Electrnica United States Germany United Kingdom
0 United States1 1 1 Germany
1 1
United
11 1 1 1 Kingdom
Financial
Cars, Motorcycles and and Insurance
Other Vehicles 11 0
0
Tecnologa 10 0 0
0
Food Vehicles
Cars, Motorcycles and Other Industry 11 TOTAL VALUE (EURm)
United States Germany United Kingdom
6 United States Germany United Kingdom
1 11 13,30
Food Industry 1 11 2015
2014
Subsectors with most Venture
FinancieroCapital transaction
yTecnologa
Seguros 0 volume 10 2013
Tecnologa 8 10
TOTAL VALUE (EURm) TOTAL VALUE (EURm) 2012 3
1 6 TOTAL VALUE (EURm)
Internet 6 11
TOTAL VALUE (EURm) 13,30 20152
13,30 6,39 Internet 2015
2014 3
Internet 1 41,70 12 2014
2013
8 0 2013
8 2012
Internet 41,70 2,40 2012
Marketing and Advertising
Biotecnologa
Internet 1 11
13,30
Internet 1 11 1,00
6,39 0,84
3 6,39 0,00 0,00 0,00 0,00
Marketing and Advertising 13,30
Electrnica 12 1
Distribution and Retail 7,00 0 12 United States Germany United Kingdom
Technology 2
0 2,40
Distribution and Retail 7,00 2,40
1 1,00 0,84 2
Other consumer goods 7,00 1 1,000,00 0,00 0,84
0,00 0,00
0,00 0,00 0 0,00
0,00
Other consumer goods Electrnica 0
7,00
Electrnica 0 1 United States Germany United Kingdom
Technology 1,79 United States Germany United Kingdom
0
Financiero y Seguros 0
Technology 1,79 1
Biotechnology 1,23 Healthcare, Hygiene,
1 0
1 ADQUISICIONES Medical Aesthetics and Cosmetics
Biotechnology 1,23 NMERO DE 1 2
Financial and Insurance Internet 0
0,10
Financiero y Seguros 0 0
Financiero y Seguros 0 1
Financial and Insurance 2013 0
0,10 3
1 2012
14 Biotecnologa 1
NUMBER OF ACQUISITIONS * Importe no divulgado 2
Internet 2
4 3 Internet 1 3
NUMBER OF ACQUISITIONS 20151 1
9 1 0 1
4 2014 Marketing and Advertising 0 201
154 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) Technology 155 2
Biotecnologa 20131
2015 0 201
Biotecnologa 1 2 201
5 2012
2014 0
9 2015
Marketing and Advertising
2012 0 2014
2013
5 0
6,39 4 2012
VENTURE CAPITAL PORTUGAL M&A HANDBOOK 2016 M&A HANDBOOK 2016 VENTURE CAPITAL PORTUGAL
2 2
1 1 1 1
2,40
1,00
0,00 0,00
Cross-border
Estados 0,84
0,00 0,00 Unido
Unidos
deals
Reino
of 2015
Francia Turqua Alemania Suiza Tnez
Cross-border deals of 2015
d States Germany United Kingdom
Subsectors most targeted by foreign Venture Capital funds in Portugal Venture Capital - Portuguese based vs. Foreign Investments
NUMBER OF INVESTMENTS
3
2
Internet
3
1.424,06
0
1.237,0 15%
917,5 FOREIGN
85%
PORTUGUESE
529
1 351
Technology 2
* * * 17,0 16,0
2
Estados 0 Reino Francia Turqua Alemania Suiza Tnez
Unidos Unido
1
Healthcare, Hygiene,
Medical Aesthetics and Cosmetics 0
0 TOTAL VALUE (EURm)
0
1
1 36,30
Marketing and Advertising 2015
0 2014
0 NMERO DE DESINVERSIONES
2013
2012
5 2013
2012 31,93
3 3
2 2
1 1 FOREIGN PORTUGUESE
15%
FOREIGN
85%
IMPORTE TOTAL (EURm)
156 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 157
PORTUGUESE
SECTORS
&
SUBSECTORS
Portugal
In the total of all deal values we have taken into account M&A, Private Equity and Venture Capital transactions.
Elctrica 16 Food Industry 4
Alimentacin y Bebidas 16
Fashion and Textile 4
SECTORS AND SUBSECTORS PORTUGAL M&A HANDBOOK 2016 M&A HANDBOOK 2016
SECTORS AND SUBSECTORS PORTUGAL
Moda y Textil 15
Construction, Materials and
4
Construccin, Materiales y Maquinaria 15 Machinery
160 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 161
TOTAL VALUE (EURm)
acquisitions
(< EUR 15m)
abroad
Private Equity
Foreign
SECTORS AND SUBSECTORS PORTUGAL M&A HANDBOOK 2016 acquisitions2016
M&A HANDBOOK
SECTORS AND SUBSECTORS PORTUGAL
in Portugal Venture Capital Private Equity
Mid Market
Distressed( EUR 15m)
Wind Energy
Private Equity
Energy and Renewable Energies
Total number ofVenture
transactions
Capital
Elica
Portuguese Foreign
Total number
NMERO of transactions by subsector
DE TRANSACCIONES in 2015
POR SUBSECTOR Private Equity
acquisitions acquisitions Venture Capital
Smallerabroad
Market in6 Portugal COMPLETED
(< EUR 15m)Big Ticket
5
( EUR 250m)
4 Venture Capital CANCELLED
3 Foreign
2 acquisitions
1
in Portugal 0
Distressed
Mid Market 0
Venture Capital Foreign
Portuguese acquisitions
Wind Energy 10 ( EUR 15m) acquisitions in Portugal
abroad Foreign TOTAL
acquisitions 10 13
in Portugal
Smaller Market Portuguese
acquisitions 10
(< EUR 15m)
Foreign
Electric Energy 5 Big Ticket Distressed
acquisitions
abroad
( EUR 250m) Portuguese
in Portugal acquisitions
abroad
LargestPortuguese
transactions
Elctrica
Mid Market acquisitions
Distressed
abroad Value
( EURTarget
15m) Buyer Seller
Solar Energy 2 Smaller
3 Market
(EURm)
Portuguese Foreign
Private Equity Portuguese Foreign
Private Equity Venture Capital
acquisitions acquisitions Venture Capital acquisitions acquisitions
Smallerabroad
Market 3
in Portugal COMPLETED Smaller abroad
Market in2 Portugal COMPLETED
(< EUR 15m)Big Ticket (< EUR 15m) Big Ticket
( EUR 250m) 2 ( EUR 250m)
Venture Capital CANCELLED Venture Capital CANCELLED
Foreign 1 Foreign
1 acquisitions acquisitions
in Portugal 0 in Portugal 0
Distressed Distressed Foreign
Mid Market Venture
0 Capital Foreign Mid Market acquisitions
Portuguese Venture
0 Capital
Portuguese
( EUR 15m) acquisitions ( EUR 15m) in Portugal
acquisitions in Portugal acquisitions
abroad Foreign abroad Foreign
TOTAL TOTAL
acquisitions 5 13 acquisitions 2 13
in Portugal in Portugal
Smaller Market Portuguese Portuguese
acquisitions 5 Smaller Market
acquisitions 2
(< EUR 15m) Foreign (< EUR 15m)
abroad Foreign abroad
Big Ticket acquisitions
Distressed Big Ticket Distressed Portuguese
Portuguese acquisitions
( EUR 250m) in Portugal ( EUR 250m) acquisitions
acquisitions in Portugal
abroad
abroad
0
Smaller Market Smaller
1 Market
PLMJ
(< EURMid Market
15m) (< EURMid Market
15m)
Financial Advisors ( Legal Advisors
EUR 15m) ( EUR 15m)
1 Caixa BI 1 PLMJ TOTAL Mid Market
Big Ticket
Smaller Market Mid Market 2 13 Big Ticket ( EUR 15m)
1 Millennium IB ( EUR 250m) 1 Serra
( EUR Lopes,
15m)Cortes Martins Advogados Smaller Market
( EUR 250m)
(< EUR 15m) (< EUR 15m)
1 Haitong Bank Portugal 2 Lefosse Advogados
Mid Market
2
1 Mid Market
Banco BPI 2 Souza Cescon Advogados
( EUR 15m) ( EUR 15m)
2 Barbosa, Mssnich, Arago
Big Ticket Big Ticket
3 ( EUR 250m) Gonalves Pereira Portugal
Cuatrecasas, ( EUR 250m)
Mid Market Mid Market Big Ticket
( EUR 15m) Big Ticket Private Equity / Venture Capital funds investing
( EUR 15m)
in subsector in 2015
( EUR 250m)
Private Equity / Venture Capital funds ( EUR 250m)
investing in subsector in 2015
Private Equity
Big Ticket Country Number of acquisitions
Private Equity Venture Capital Big Ticket
( EUR 250m)
Country Number of acquisitions ( EUR 250m)
Venture Capital
Oxy Capital Portugal 1
Oxy Capital Portugal 1
Big Ticket Big Ticket
( EUR 250m) ( EUR 250m)
164 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 165
Portuguese
Smaller Market
acquisitions
(< EUR 15m)
abroad
SECTORS AND SUBSECTORS PORTUGAL M&A HANDBOOK 2016 M&A HANDBOOK 2016
Private Equity AND SUBSECTORS PORTUGAL
SECTORS
Foreign
acquisitions
in Portugal Venture Capital Private Equity
NMERO DE TRANSACCIONES POR SUBSECTOR Glass, Ceramic, Paper, Plastics, Wood and Timber
Industry Mid Market
Distressed( EUR 15m)
Total number of transactions
Private Equity
TOTAL
4 13
166 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 167
4
Portuguese
Smaller Market
0
Portuguese
Smaller Market
8
acquisitions
(< EUR 15m) acquisitions
(< EUR 15m)
abroad
Private Equity abroad 7
SECTORS AND SUBSECTORS PORTUGAL TOTAL
M&A HANDBOOK 2016 M&A HANDBOOK 2016
PrivateSECTORS
Equity AND SUBSECTORS PORTUGAL
Foreign 7 13 Foreign
acquisitions Venture Capital acquisitions
in Portugal Private Equity 7 Venture Capital Private Equity
Steel,
Mid Market Metallurgy and Industrial Production in Portugal
Mid Market
Fashion and Textile
Distressed( EUR 15m) Distressed( EUR 15m)
Total number of transactions
Private Equity Total number of transactions
Private Equity
0
0
168 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 169
TOTAL
Portuguese TOTAL
Smaller Market 13
acquisitions
(< EUR 15m) 4
abroad
SECTORS AND SUBSECTORS PORTUGAL Private Equity 4
M&A HANDBOOK 2016 M&A HANDBOOK 2016
SECTORS AND SUBSECTORS PORTUGAL
Foreign
acquisitions
in Portugal Venture Capital Private Equity
Food Industry
Mid Market
Distressed( EUR 15m) Infrastructure
NMERO DE TRANSACCIONES POR SUBSECTOR
Total number of transactions
Private Equity
Industria Alimentaria
Venture Capital Total number of transactions by subsector in 2015
Portuguese Foreign
acquisitions Private Equity
acquisitions
Smallerabroad
Market Venture Capital
in2 Portugal COMPLETED
(< EUR 15m)Big Ticket
( EUR 250m)
Venture Capital CANCELLED
1 Foreign
acquisitions
Distressed in Portugal 0 Ports 2
Mid Market 0
Venture Capital Foreign
Portuguese acquisitions
( EUR 15m) acquisitions in Portugal
abroad Foreign Road and Highways 1
acquisitions TOTAL
in Portugal 4
Smaller Market Portuguese
Railroads 0
(< EUR 15m) acquisitions 4
Foreign abroad
Big Ticket Distressed
acquisitions
( EUR 250m) Portuguese
in Portugal acquisitions Car Parks 0
abroad
Top transactions
Portuguese
Mid Market acquisitions
( EUR 15m)
Target
Distressed
abroad
Buyer Seller
Value Airports 0
Smaller Market (EURm)
(< EUR 15m)
Portuguese
Casa Alta Bagaos, Casa Alta Distressed
1 Azeites acquisitions
Herovina-Agro-Pecuria Private Shareholders 5,00 Schools 0
abroad
Distressed
Mineraqua Smaller Market Acionistas Particulares
Capital Criativo ND
2 Big Ticket
( EUR 250m)
(< EUR 15m) Prisons 0
Mid Market
( EUR
Vallis 15m)
Sustainable Investments I
3 Imperial Chocolates Smaller Market Grupo RAR ND
Distressed (Vallis Capital Partners)(< EUR 15m)
Hospitals 0
Smaller Market
(< EURMid Market
15m)
( EUR 15m)
Financial Advisors Legal Advisors Bridges 0
2 Big Ticket 1 MidMenndez
Ura Market - Proena de Carvalho
GBS Finanzas Smaller Market
( EUR 250m) ( EUR 15m)
(< EUR 15m) 1 F4LM
3 Deloitte Portugal
3 MidPLMJ
Social Housing 0
Market
3( EUR 15m)
Telles de Abreu Advogados
Big Ticket
( EUR 250m)
Mid Market
( EUR 15m) Big Ticket
( EUR 250m)
Private Equity / Venture Capital funds investing
Big Ticket
in subsector in 2015
( EUR 250m)
Private Equity
Country Number of acquisitions
Venture Capital
Vallis Capital Partners Big Ticket Portugal 1
Capital Criativo ( EUR 250m) Portugal 1
170 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 171
Portuguese
Smaller Market
acquisitions
(< EUR 15m)
abroad
SECTORS AND SUBSECTORS PORTUGAL Private Equity M&A HANDBOOK 2016 M&A HANDBOOK 2016
SECTORS AND SUBSECTORS PORTUGAL
Foreign
acquisitions
in Portugal Venture Capital Private Equity
Ports
Mid Market
Distressed( EUR 15m)
Real Estate and Construction
Total number of transactions
Private Equity
Big Ticket
( EUR 250m)
Big Ticket
( EUR 250m) 0
TOTAL
40 13
172 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 173
40
0
Portuguese
Smaller Market Portuguese
Smaller Market
acquisitions
(< EUR 15m) acquisitions
(< EUR 15m)
abroad abroad
SECTORS AND SUBSECTORS PORTUGAL Private Equity M&A HANDBOOK 2016 M&A HANDBOOK 2016
PrivateSECTORS
Equity AND SUBSECTORS
TOTAL
PORTUGAL
Foreign 11 13
Foreign
acquisitions acquisitions
Venture Capital Private Equity in Portugal Venture Capital Private Equity 11
in Portugal Real Estate Construction, Materials and Machinery
Mid Market Mid Market
Distressed( EUR 15m) Distressed( EUR 15m)
Total number of transactions
Private Equity Total number of transactions
Private Equity
TOTAL
40 13
176 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 177
40
Portuguese
Smaller Market
acquisitions
(< EUR 15m)
abroad
Private Equity
SECTORS AND SUBSECTORS PORTUGAL M&A HANDBOOK 2016 Foreign
M&A HANDBOOK
2016 SECTORS AND SUBSECTORS PORTUGAL
acquisitions
in Portugal Venture Capital Private Equity
Mid Market Tourism, Hotels and Restaurants
Services and Distribution Distressed( EUR 15m)
Private Equity
NMERO DE TRANSACCIONES POR SUBSECTOR Total number of transactions
Venture Capital
Total number of transactions by subsector in 2015 Financiero
Portuguese y SegurosForeign
acquisitions Private Equity
acquisitions
Smaller Market Venture Capital
abroad in3 Portugal COMPLETED
(< EUR 15m)Big Ticket
Tourism, Hotels and 11 ( EUR 250m)
Venture Capital
2 CANCELLED
Restaurants Foreign
Financial and Insurance 10 1
acquisitions
in Portugal
Distressed
Mid Market Foreign
Distribution and Retail 10 Venture
Portuguese
0 Capital
( EUR 15m) acquisitions
acquisitions 2
in Portugal
Healthcare, Hygiene, abroad Foreign
Medical Aesthetics and Cosmetics 10 acquisitions TOTAL
in Portugal 13
Consultancy, Audit and Engineering Smaller Market Portuguese
9 acquisitions 11
(< EUR 15m)
Foreign abroad
Transports, Aviation and Logistics Big Ticket Distressed
acquisitions
6 Portuguese
Consultora, Auditoria e Ingeniera
( EUR 250m) in Portugal acquisitions
abroad
Water and Sanitation 4 LargestPortuguese
transactions
Mid Market acquisitions
Cars, Motorcycles and ( EUR 15m) Distressed
abroad Value
Other Vehicles 3 Target Buyer Seller
(EURm)
Smaller Market
3(< EUR 15m)
Minor Continental Holding
Marketing and Advertising 3 Pojuca, Portuguese Distressed Rioforte Brazil (Rioforte),
1 acquisitions Luxembourg 294,20
Hotis Tivoli, Marinoteis 2 Gespatrimnio Rendimento
abroad Minor International
Food and Beverage 2 Just StayDistressed
Hotels
2 Residencial Almedina 1 Smaller Market Private Shareholders 0,50
Big Ticket (Inter-Risco Private Equity)
(< EUR 15m)
Media, Multimedia and Editorial ( EUR 250m) Mid Market
2 0
( EUR 15m)
Smaller Market Sonae Capital
3 Aqualuz
Distressed
Efanor Investimentos
(< EUR 15m)
3 0,23
Sports and Leisure 1 TOTAL
Smaller Market
Waste Management, Financial Advisors (< EURMid 15m)Market
Legal Advisors 13
Pollution and Recycling 1 ( EUR 15m)
1 Haitong Bank Portugal 1 10
Cuatrecasas, Gonalves Pereira Brazil
Other Services Big Ticket Mid MarketGonalves Pereira Portugal
1 2 Cuatrecasas,
1 Smaller Market
( EUR 250m) 1 ( EUR 15m)
Cascione, Pulino, Boulos & Santos Advogados
(< EUR 15m)
1 PLMJ
Funeral Services 1 Mid Market
1 ( EUR
CCA-Ontier
15m)
1 Big Ticket
Campos Ferreira, S Carneiro & Associados
Luxury Goods and Services 1 1 ( Castro,
EUR 250m)
Barros, Sobral, Gomes Advogados
Distribucin y Retail Mid Market 1 Minor Continental Holding Luxembourg (In-house)
Inspection and Certification 1 ( EUR 15m) 2 UraBig Ticket - Proena de Carvalho
Menndez
( EUR 250m)
Education 1 Big Ticket
3 ( EUR 250m)
Event Production and Private Equity / Venture Capital funds investing in subsector in 2015
Management 0 2
Private Equity/Venture Capital Country Number of acquisitions
Security and Private Arms, Big Ticket
0 Portugal Ventures 1( EUR 250m) Portugal 2
Ammunition and Explosives 0
Inter-Risco Private Equity Portugal 1
0
Printing and Binding 0
Courier 0 TOTAL
10
178 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 179
10
Portuguese 0 Portuguese
Smaller Market 2 Smaller Market
acquisitions
(< EUR 15m) acquisitions
(< EUR 15m)
abroad abroad Private Equity 10
Private Equity TOTAL
Foreign
SECTORS AND SUBSECTORS PORTUGAL 13
M&A HANDBOOK 2016 Foreign
M&A HANDBOOK
2016 SECTORS AND SUBSECTORS PORTUGAL
acquisitions acquisitions
in Portugal Venture Capital Private Equity in Portugal Venture Capital Private Equity
11
Mid Market Mid Market Distribution and Retail
Distressed( EUR 15m) Financial and Insurance Distressed( EUR 15m)
Consultora, AuditoriaTotal
e IngenieraPrivate Equity
number of transactions
Private Equity
Total number of transactions
Venture Capital
Distribucin y Retail Venture Capital
180 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) TOTAL 181
TOTAL 9
Portuguese TOTAL Smaller Market
Smaller Market acquisitions
(< EUR 15m) 10
acquisitions
(< EUR 15m) 10 abroad
abroad Private Equity
Private Equity 10
SECTORS AND SUBSECTORS PORTUGAL 10
M&A HANDBOOK 2016 M&A
Foreign
HANDBOOK 2016 SECTORS AND SUBSECTORS PORTUGAL
Foreign acquisitions
acquisitions in Portugal Venture Capital Private Equity
Venture Capital Private Equity
in Portugal
Mid Market
Mid Market Salud, Higiene y Esttica AuditPrivate
Distressed(Healthcare, Hygiene, Medical Aesthetics and Cosmetics Consultancy, andEquity
Engineering
Distressed( EUR 15m)
EUR 15m)
Private Equity
Deporte y Ocio Total number of transactions Total number of transactions
Venture Capital
Venture Capital
Portuguese Foreign
Portuguese Foreign Private Equity
Private Equity acquisitions acquisitions Venture Capital
acquisitions Venture Capital Smallerabroad
Market
Smalleracquisitions
Market in COMPLETED in Portugal COMPLETED
abroad
(< EUR Big Ticket
15m) 5 Portugal (< EUR 15m)Big Ticket 5
( EUR 250m) 4
( EUR 250m) 4 Venture Capital CANCELLED
Venture Capital CANCELLED
3 Foreign
3 Foreign
acquisitions
2 acquisitions 2
in Portugal
in Portugal Distressed 0
Distressed
1
Foreign
0 Mid Market
1
Venture Capital Foreign
Mid Market Venture Capital Portuguese acquisitions
Portuguese
0 acquisitions ( EUR 15m) 0
( EUR 15m) acquisitions in Portugal
acquisitions in Portugal abroad Foreign
abroad Foreign
acquisitions TOTAL
acquisitions TOTAL in Portugal 9
in Portugal
Portuguese
10 Smaller Market Portuguese
Smaller Market (< EUR 15m) acquisitions
(< EUR 15m) Foreign
acquisitions
10 Foreign abroad 9
abroad Big Ticket Distressed
acquisitions
Big Ticket Distressed
acquisitions Portuguese
Portuguese ( EUR 250m) in Portugal
( EUR 250m) in Portugal acquisitions
acquisitions
abroad Largest transactions
abroad
LargestPortuguese
transactions Portuguese
Salud, Higiene y Esttica acquisitions Mid Market acquisitions Value
Mid Market Target
( EUR 15m) Buyer Distressed
abroad Seller
abroadDistressed Value (EURm)
Target
( EUR 15m) Buyer Seller Smaller Market
Smaller Market (EURm)
Lone 15m)
(< EUR Star Inmobiliario Fund III Algarvetur, Corporacin
(< EUR 15m) 1 Lusort Portuguese 200,00
1
Portuguese
32 Senses acquisitions
Vallis Sustainable Investments
DistressedI Inter-Risco II
13,00 Transportes, Aviacin y Logstica
acquisitions
(Lone Star)Distressed Btica (Catalunya Banc)
(Vallis Capital Partners) (Inter-Risco Private Equity) abroad
abroad Winterfell Gesto de 194,80
Hospital Privado de 2 Efacec Power Solution Distressed Efacec Capital
2 5 Distressed Smaller Market
Investimentos (Approx.)
Guimares, CliHotel de Smaller Market
Luz Sade (Fidelidade) Casa de Sade de Guimares 13,00
4 Big Ticket 2 (< EUR 15m)
Gaia
Big Ticket (< EUR 15m) Mid Market
Mid Market ( EUR 250m)
( EUR 250m) 3 3 SIMI ( EUR
Atena15m)
Equity Partners - 31,00
3 NU-RISE ( EUR
CGD15m)
Caixa Capital - 0,10 Smaller Market
2 Smaller Market
Distressed
1 (< EUR 15m)
Distressed (< EUR 15m)
1 0
Smaller Market 0
0 Smaller Market Financial Advisors Legal Advisors
(< EURMid15m)Market
Financial Advisors (< EURMid 15m) Market
Legal Advisors 0 ( EUR 15m)
( EUR 15m) 1 Santander Global Banking & Markets 1 Garrigues Portugal
2 Haitong Bank Portugal 1 Cuatrecasas, Gonalves Pereira Portugal
TOTAL 2 Caixa BI Big Ticket 1 Ura
MidMenndez
Market - Proena de Carvalho
Big Ticket Mid Market
Smaller Market
( EUR 250m)
2 Linklaters
( EUR 15m)
UK 9 2 Millennium IB
Smaller Market
( EUR 250m) 1 ( EUR 15m)
Garrigues Spain
TOTAL
(< EUR 15m) 6
(< EUR 15m)
Mid Market 9 2 Haitong Bank Portugal PLMJ
2 Mid Market
Private Equity / Venture Capital funds(investing
EUR 15m) in subsector in 2015 2 Banco BPI 2 ( EUR
Serra15m) 6
Lopes, Cortes Martins Advogados
Big Ticket
Big Ticket
( EUR 250m)
Private Equity/Venture Capital Country( EUR 250m) Number of acquisitions Public Relations
Inter-Risco Private Equity Mid Market Portugal 2 1
Turismo, Hostelera yMid
Llorente & Cuenca
Restauracin
Market
Big Ticket
Big Ticket ( EUR 15m)
( EUR 15m) ( EUR 250m)
Vallis Capital Partners Portugal( EUR 250m) 1
Private Equity / Venture
3 Big Ticketin subsector in 2015
Capital funds investing
CGD Caixa Capital Big Ticket
Portugal 1 ( EUR 250m)
Transportes, Aviacin y Logstica
Menlo Capital
( EUR 250m)
Portugal 1 Private Equity/Venture Capital
2 Country Number of acquisitions
Portugal Ventures Portugal 1 Oxy Capital Portugal 2
1 Big Ticket
Big Ticket
Bolt 2
( EUR 250m)
United States 1 Lone Star ( EUR 250m) United States 1 0
Atena Equity Partners 0 Portugal 1
Apollo Global Management United States 1
Explorer Investments Portugal 1
1
TOTAL
0 4
0
182 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 4 183
TOTAL
Portuguese
Smaller Market Portuguese
Smaller Market
acquisitions
(< EUR 15m) acquisitions
(< EUR 15m) 0
abroad 9 abroad 0
Private Equity Private Equity
Foreign
SECTORS AND SUBSECTORS PORTUGAL M&A HANDBOOK 2016 M&A HANDBOOK
2016 SECTORS AND SUBSECTORS PORTUGAL
Foreign
acquisitions
acquisitions TOTAL
in Portugal Venture Capital Private Equity Venture Capital Private Equity
in Portugal
6
Mid Market Mid Market
Distressed( EUR 15m) Transports, Aviation and Logistics Distressed( EUR 15m) Water and Sanitation
Private Equity Private Equity 6
Total number of transactions Total number of transactions
Venture Capital Venture Capital
Transportes, Aviacin y Logstica Turismo, Hostelera y Restauracin
Portuguese Foreign Foreign
Portuguese
acquisitions Private Equity Private Equity
acquisitions
acquisitions Venture Capital acquisitions Venture Capital
Smaller abroad
Market in Portugal COMPLETED Smaller Market
abroad in Portugal COMPLETED
(< EUR 15m) Big Ticket 2 (< EUR 15m)Big Ticket 3
( EUR 250m) ( EUR 250m)
Venture Capital CANCELLED Venture Capital CANCELLED
Foreign 2 Foreign
1 acquisitions acquisitions
Distressed in Portugal 1 in Portugal
Mid Market Foreign 0 Distressed
Mid Market Foreign 0
Venture Capital
Portuguese Venture Capital
Portuguese
( EUR 15m) 0 acquisitions ( EUR 15m) 0 acquisitions
acquisitions acquisitions in Portugal
in Portugal
abroad Foreign abroad Foreign
acquisitions TOTAL acquisitions
in Portugal in Portugal TOTAL
Smaller Market Portuguese 6 Portuguese 4
Smaller Market
(< EUR 15m) acquisitions acquisitions
6 (< EUR 15m)
Big Ticket
Foreign abroad
Big Ticket
Foreign abroad 4
Distressed
acquisitions Distressed
acquisitions
( EUR 250m) Portuguese ( EUR 250m) Portuguese
in Portugal in Portugal acquisitions
acquisitions
Turismo, Hostelera y Restauracin abroad
LargestPortuguese
transactions
abroad
Top transactions
Portuguese
Mid Market acquisitions acquisitions
Mid Market
( EUR 15m)
Target Buyer abroad
Distressed
Seller
Value Marketing y Publicidad
( Target
EUR 15m) Buyerabroad
Distressed
Seller
Value
3 (EURm) (EURm)
Smaller Market Smaller Market
(< EUR 15m) (< EUR 15m)
Portuguese
2 Distressed 1 Safira Portuguese
Derichebourg Multiservises
Distressed Private Shareholders 3,65
1 TAP Air Portugal acquisitionsAtlantic Gateway Parpblica 270,00 acquisitions
abroad
1 2 Criar Vantagens abroad Grupo DST Private Shareholders ND
MSC - Mediterranean Shipping Company
Distressed
4
Distressed
2 CP Carga Portugal (MSC - Smaller
Mediterranean Shipping 0 53,00
MarketCP - Comboios de Portugal Smaller
Mota-Engil (Holding), Market
Big Ticket (< EUR 15m) 3 Indaqua 3 (< EUR 15m) - ND
0 Company) Big Ticket Talanx
( EUR 250m) Mid Market Mid Market
( EUR 250m) 2 ( EUR 15m)
( EUR 15m)
3 Concasa Huelva Liscont Smaller Market Private Shareholders 3,50 Smaller Market
Distressed (< EUR 15m) TOTAL Distressed
1 (< EUR 15m)
4
Legal Advisors 0
Smaller Market Smaller Market
1 MidUraMarket
Menndez - Proena de Carvalho
(< EURMid Market
15m) (< EUR 15m)
Financial Advisors ( Legal Advisors
EUR 15m) 4 1 (Raposo,
EUR 15m)
S Miranda & Associados
1 Citigroup Big Ticket
1 2 Cuatrecasas, Gonalves Pereira Portugal
Big Ticket TOTAL
Mid Market Mid Market
2 Banco BIG Smaller Market
( EUR 250m) 1 ( EURde15m)
Vieira Almeida Smaller Market
( EUR 250m) ( EUR 15m) 7
(< EUR 15m) (< EUR 15m)
Marketing y Publicidad 3 MidDeloitte
MarketAbogados Mid Market 7
( EUR 15m) ( EUR 15m)
Big Ticket Big Ticket
( EUR 250m) ( EUR 250m)
Private Equity / Venture Capital funds investing in subsector in 2015
Public Relations Mid Market Alimentacin y Bebidas
Mid Market
( EUR 15m) Big Ticket ( EUR 15m)
Private Equity/Venture Capital Country Big Ticket Number of acquisitions
2 Llorente & Cuenca
4 ( EUR 250m) ( EUR 250m)
3
Art Capital Spain 1
Big Ticket Big Ticket
2
( EUR 250m) ( EUR 250m)
1
0
Big Ticket Big Ticket
( EUR 250m) ( EUR 250m) 0
TOTAL
7
TOTAL
7 16
184 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 185
16
Portuguese
Smaller Market
acquisitions
(< EUR 15m)
abroad
Private Equity
SECTORS AND SUBSECTORS PORTUGAL M&A HANDBOOK 2016 Foreign 2016
M&A HANDBOOK
SECTORS AND SUBSECTORS PORTUGAL
acquisitions
in Portugal Venture Capital Private Equity
Mid Market Technology
Technology and Telecoms Distressed( EUR 15m)
Private Equity
Total number of transactions
Venture Capital
Total number of transactions by subsector in 2015
Tecnologa
Portuguese Foreign
Private Equity
acquisitions
NMERO DE TRANSACCIONES POR SUBSECTOR Smaller abroad
Market
acquisitions
in Portugal
12
Venture Capital
COMPLETED
(< EUR 15m)Big Ticket
( EUR 250m) 10
8 Venture Capital CANCELLED
6 Foreign
acquisitions
4
in Portugal
Distressed 2 0
Mid Market Venture Capital Foreign
Portuguese
0
acquisitions
( EUR 15m) acquisitions
Technology 18 abroad
in Portugal
Foreign
acquisitions TOTAL
in Portugal 18
Smaller Market Portuguese
(< EUR 15m)
Foreign
acquisitions 18
abroad
Big Ticket Distressed
acquisitions
( EUR 250m) Portuguese
in Portugal acquisitions
Internet 14 Internet abroad
LargestPortuguese
transactions
Mid Market acquisitions
( EUR 15m) Distressed
abroad Value
Target Buyer Seller
Smaller Market (EURm)
12
(< EUR 15m)
1 Vision-Box Portuguese
10 Keensight Capital
Distressed - 18,00
acquisitions
8 Oak HC/FT Partners
abroad6 Private Shareholders,
(Oak Investment Partners),
2 FeedZai Distressed EDP Ventures, 15,40
Biotechnology 5 Big Ticket
4 Esprito Santo Ventures, FundoMarket
Smaller
(SAP Ventures)
ESV III
(< EUR 15m)
Novabase Capital
0
2
Glintt ( EUR 250m)
Bussiness, Netpeople, 0 Mid Market
HCCM Outsourcing Investment
3 ( EUR 15m) Glintt 7,00
Glintt Tecnologa (Hcapital)
Smaller Market
Distressed (< EUR 15m)
Financial Advisors Legal Advisors TOTAL
Smaller Market
(<1EURMid15m) Market 14
3 PwC Portugal Ura Menndez - Proena de Carvalho
( EUR 15m)
14
Telecoms 2 Big Ticket
2 Garrigues Portugal
2 3 PLMJ Mid Market
Smaller Market
( EUR 250m) ( EURLeito,
15m) Galvo Teles, Soares da Silva &
(< EUR 15m) 2 Morais
Associados
Mid Market
3 ( EUR 15m)
Vasconcelos, Arruda & Associados
Big Ticket
Private Equity / Venture Capital funds investing
( EUR 250m) in subsector in 2015
Electronics 0 Private Equity/Venture Capital
Mid Market
( EUR 15m)
Country Big Ticket Number of acquisitions
Portugal Ventures Portugal( EUR 250m) 9
CGD Caixa Capital Portugal 3
Esprito Santo Ventures Big Ticket
Portugal 2
Oxy Capital ( EUR 250m)
Portugal 2
Keensight Capital France 1
SAP Ventures Portugal 1
Oak Investment Partners United States 1
Big Ticket
Explorer Investments Portugal 1
( EUR 250m)
2bpartner Portugal 1 1
Vallis Capital Partners Portugal 1
Join Capital Germany 1
TOTAL
55
186 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 187
54
Portuguese 0
Smaller Market
acquisitions
(< EUR 15m)
abroad
SECTORS AND SUBSECTORS PORTUGAL Private Equity M&A HANDBOOK
TOTAL 2016
Foreign 18
acquisitions
in Portugal Venture Capital Private Equity
Internet 18
Mid Market
Distressed( EUR 15m)
Total number of transactions
Private Equity
Internet Venture Capital
Portuguese Foreign
acquisitions Private Equity
acquisitions
Smaller abroad
Market Venture Capital
in
12 Portugal COMPLETED
(< EUR 15m)Big Ticket
( EUR 250m) 10
8 Venture Capital CANCELLED
6 Foreign
acquisitions
4
in Portugal
Distressed 2 0
Mid Market Venture Capital Foreign
Portuguese
0
acquisitions
( EUR 15m) acquisitions in Portugal
abroad Foreign
acquisitions TOTAL
in Portugal 14
Smaller Market Portuguese
(< EUR 15m) acquisitions 14
Foreign abroad
Big Ticket Distressed
acquisitions
( EUR 250m) Portuguese
in Portugal acquisitions
abroad
LargestPortuguese
transactions
Mid Market acquisitions
( EUR 15m) Distressed
abroad Value
Target Buyer
Smaller Market Seller
(EURm)
(< EUR 15m)
Portuguese
Atomico, Octopus Investments,
Distressed
1 Uniplaces acquisitionsCGD Caixa Capital, - 22,00
abroad Shilling Capital Partners
Distressed
Smaller Market
2 Vision-Box
Big Ticket Keensight Capital (< EUR 15m) - 18,00
( EUR 250m) Mid Market
( Fisher
Draper EUR 15m)
Jurvetson (DFJ),
3 Taldesk Smaller Market - 13,30
Distressed Storm Ventures (< EUR 15m)
1
Smaller Market
(< EURMidLegal Advisors
Market
15m)
( EUR 15m)
2 Ura Menndez - Proena de Carvalho
Big Ticket TOTAL
Mid Market
Smaller Market
( EUR 250m) ( EUR 15m) 55
(< EUR 15m)
Private Equity / Venture Capital funds investing in subsector in 2015
Mid Market 54
Private Equity/Venture Capital ( EUR 15m)
Country Number of acquisitions
Big Ticket
CGD Caixa Capital Portugal
( EUR 250m) 7
Portugal Ventures Portugal 4
Mid Market
Keensight Capital ( EUR 15m) France Big Ticket 1
( EUR 250m)
Bolt United States 1
Atomico Big Ticket
United Kingdom 1
Octopus Investments United(Kingdom
EUR 250m)
1
Shilling Capital Partners Portugal 1
Draper Fisher Jurvetson (DFJ) United States 1
Big Ticket
Storm Ventures ( EUR 250m) United States 1
Sonae E. Ventures Portugal 1
2
188 TTR - Transactional Track Record - (www.TTRecord.com)
TOTAL
MOST
ACTIVE
ADVISORS
Portugal
MOST ACTIVE ADVISORS PORTUGAL M&A HANDBOOK 2016 M&A HANDBOOK 2016
MOST ACTIVE ADVISORS PORTUGAL
Baker Tilly International BNP Paribas Consultancy, Audit Lone Star Real Estate Corporacin Btica,
Lusort Portugal 200,00
Banco BIG Caixa BI and Engineering Fund III Algarvetur
Banco BPI Haitong Securities
Banco Santander
BNP Paribas
Big Four Country Value
Target Subsector Buyer Seller
(Target) (EURm)
Deloitte PTRW Renewable Bid
(Cheung Kong
EY Infrastructure Private Shareholders,
KPMG Iberwind Portugal Wind Energy 1.000,00
Holdings, Power Magnum Capital
PwC Assets Holdings
Limited)
Featured deals Financial Advisors
Construction, Materials 84,20
Supremo Cimento Brazil NSOSPE Private Shareholders
and Machinery (Approx.)
Baker Tilly Internatinal
Country Value
Target (Target) Subsector Buyer Seller (EURm) Caixa BI
Steel, Metallurgy and Fundo Revitalizar Country Value
MOMSteelPor Portugal Private Shareholders 1,50 Target Subsector Buyer Seller
Industrial Production Centro (Target) (EURm)
PTRW Renewable Bid
Tourism, Hotels and United Investments (Cheung Kong Infras-
Vivamarinha Portugal Fundo Recuperao ND Private Shareholders,
Restaurants Portugal Iberwind Portugal Wind Energy tructure Holdings, 1.000,00
Magnum Capital
Power Assets Holdings
Limited)
Banco BIG Electric Energy
Efacec Power Winterfell Gesto de 194,80
Country Value Portugal Consultancy, Audit and Efacec Capital
Target Subsector Buyer Seller Solution Investimentos (Approx.)
(Target) (EURm) Engineering
Oceanrio de
Portugal Sports and Leisure Waterventures Parque Expo 98 114,00
Lisboa
MSC - Mediterranean Haitong Securities
Transport, Aviation and
CP Carga Portugal Shipping Company CP - Comboios de Portugal 53,00 Country Value
Logistics Target Subsector Buyer Seller
Portugal (Target) (EURm)
PTRW Renewable Bid
Banco BPI (Cheung Kong Infras- Private Shareholders,
Iberwind Portugal Wind Energy 1.000,00
Country Value tructure Holdings, Power Magnum Capital
Target (Target) Subsector Buyer Seller (EURm) Assets Holdings Limited)
Glass, Ceramic, Paper,
The Navigator Private 670,00 Marinoteis, Hotis Portugal, Tourism, Hotels and Minor Continental Gespatrimnio Rendimento,
Semapa Portugal Plastics, Wood and 294,20
Company Shareholders (Approx.) Tivoli, Pojuca Brazil Restaurants Holding Luxembourg Rioforte Brazil
Timber
Electric Energy
Winterfell Gesto 194,80 Electric Energy
Efacec Power Solution Portugal Consultancy, Audit and Efacec Capital Efacec Power Winterfell Gesto de 194,80
de Investimentos (Approx.) Portugal Consultancy, Audit Efacec Capital
Engineering Solution Investimentos (Approx.)
and Engineering
Quinta Essncia Perfumarias,
Healthcare, Hygiene,
Perfumaria Anita, Perfumaria Grupo Barreiros
Portugal Medical Aesthetics and Ari ND
Mars, Perfumaria Barreiros Faria
Cosmetics
Faria, Perfumes & Companhia
* Includes financial advice. Includes M&A transactions. Does not include due diligence nor any other type of
specialized advice. Does not include asset acquisition.
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MOST ACTIVE ADVISORS PORTUGAL M&A HANDBOOK 2016 M&A HANDBOOK 2016
MOST ACTIVE ADVISORS PORTUGAL
EY
Country Value AAA Advogados
Target Subsector Buyer Seller
(Target) (EURm) Country Value
Target Subsector Buyer Seller
Bracchium Retail Portugal, Oppro Portugal, Distribution and Muji Europe Private (Target) (EURm)
5,00 First State Wind
Investiments Spain Retail Holdings Shareholders Enel Green
1 Finerge Portugal Wind Energy Energy Investments 900,00
Healthcare, Power Spain
Quinta Essncia Perfumarias, (First State)
Hygiene,
Perfumaria Anita, Perfumaria Mars, Elica de Alvarres,
Portugal Medical Ari Grupo Barreiros Faria ND
Perfumaria Barreiros Faria, Perfumes Elica de Carreo-Outeiro,
Aesthetics and
& Companhia Elica do Penedo,
Cosmetics
2 Elica do Bravo, Portugal Wind Energy Generg ENEOP ND
Eurofund
Amorim Elica da Lomba,
Centro Comercial Dolce Vita Oden Spain Real Estate Investments, Patron ND
Investimentos Elica da Corredoura,
Capital Partners
Elica Da Terra Fria
* Includes legal advice. Includes M&A transactions. Does not include due diligence nor any other type of
specialized advice. Does not include asset acquisition.
194 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 195
MOST ACTIVE ADVISORS PORTUGAL M&A HANDBOOK 2016 M&A HANDBOOK 2016
MOST ACTIVE ADVISORS PORTUGAL
Garrigues Portugal
Ura Menndez - Proena de Carvalho
Country Value
Target Subsector Buyer Seller Country Value
(Target) (EURm) Target Subsector Buyer Seller
(Target) (EURm)
Consultancy, Audit Lone Star Real Estate Corporacin Btica,
1 Lusort Portugal 200,00 Consultancy, Audit and Lone Star Real Corporacin Btica,
and Engineering Fund III Algarvetur Lusort Portugal 200,00
1
Sonae Sierra, Engineering Estate Fund III Algarvetur
CBRE Global Investors,
Apax Partners 200,00
2 Torre Ocidente Portugal Real Estate Private Shareholders CGD Caixa Geral de 80,00 2 Oni, Caboviso Portugal Telecoms Altice
France (Approx.)
Depsitos, Iberdrola
Inmobiliaria Sonae Sierra,
53,00 Private CBRE Global Investors, CGD
3 LSREF3 Reo Douro Portugal Real Estate Trajano Iberia Lone Star 3 Torre Ocidente Portugal Real Estate 80,00
(Approx.) Shareholders Caixa Geral de Depsitos,
Iberdrola Inmobiliaria
Vieira de Almeida
Morais Leito, Galvo Teles, Soares da Silva & Associados Country Value
Target Subsector Buyer Seller
(Target) (EURm)
Country Value First State
Target Subsector Buyer Seller
(Target) (EURm) Wind Energy Enel Green Power
Fundo ESV III, Esprito Novabase Capital, 1 Finerge Portugal Wind Energy 900,00
Investments Spain
1 FeedZai Portugal Technology Santo Ventures, Oak HC/ EDP Ventures, 15,40 (First State)
FT Partners Private Shareholders
Transport,
Distribution and 2 TAP Air Portugal Portugal Aviation and Atlantic Gateway Parpblica 270,00
2 Continente Portugal Private Shareholders Grupo Sonae ND
Retail Logistics
Quinta Essncia Perfumarias, Healthcare,
People (only Partners) Perfumaria Anita, Perfumaria Hygiene, Medical Grupo Barreiros
3 Portugal Ari ND
Mars, Perfumaria Barreiros Faria, Aesthetics and Faria
1 Lusa Soares da Silva 2 Bernardo Maria Lobo Xavier
Perfumes & Companhia Cosmetics
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CORPORATE
PROFILES
CORPORATE PROFLES
PORTUGAL Main Areas of Practice: Industry and Services
LEGAL ADVISERS
LEGAL ADVISERS
Address Rua Alexandre Herculano, 50, 8 Telephone (+351) 213 309 300 Banking and finance Advertising Hotels
1250-011 Lisboa Competition, regulatory and EU Aerogenerators Industrial cleaning
Website www.AAA.pt
Corporate Automotive Industrial engineering
M&A Aviation Industrial explosives
Energy and natural resources Banking and financial services Insurance and reinsurance
PROFILE
Insurance Breweries Medical devices
Start of Activity 2008 International contracts Ceramics and flooring Metals
N of employees The firm currently employs 25 professionals, 5 of them partners, focusing on a Infrastructure Concessions New technologies
wide range of practice areas. Labour law Construction Oil
Litigation and arbitration Cork Pharmaceuticals
TEAM Pharmaceutical Cosmetics Pulp and paper
Projects Defense Real estate
Dulce Franco Vtor Pereira das Neves Public law Direct sales Rent-a-Car
Partner Partner
Public Procurement Electricity Retail
df@aaa.pt vpn@aaa.pt
Real estate and tourism Food distribution Tourism
Gabriela Rodrigues Martins Rita Gama Abreu
Restructuring and insolvency Forestry Waste management
Partner Partner
grm@aaa.pt rga@aaa.pt Tax Gas Windfarms and renewables
Hospital equipment Wine
Jos Jcome
Partner
jj@aaa.pt
International Work
AAA has extensive international experience and works regularly in co-operation with highly reputed
ABOUT US law firms across all main jurisdictions in Europe and America. The firm has established solid professional
relationships with reputed law firms abroad, particularly in Angola, Brazil and Macao/Hong-Kong/China.
AAA
Launched in January 2008 by a group of lawyers lead by five founding partners with extensive experience Languages
and consolidated reputation. English, French and Spanish
AAA is structured to be recognised as a modern boutique, focusing mainly on business law and all related Clients
areas of practice. AAA regularly advises national and international companies and is often retained to assist major projects
Backed by a solid legal education, AAA lawyers are highly experienced in the industries and services to and transactions, including cross-border operations.
which they are most committed, founded on their continued work with clients and the knowledge of the Regular clients include leading companies in several industry sectors and services, national and foreign
markets in which they operate. banks, governmental agencies and leading law firms in other jurisdictions.
The firm has exclusive consultants for certain specific areas of law, with exceptional academic and The rules of the Portuguese Law Society do not permit the disclosure of the identity of the firms clients.
professional background.
AAA is committed to social responsibility, encouraging and supporting causes and projects, particularly
through its pro bono program.
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ACROSS LEGAL ID in TTRecord.com: 5291
CORPORATE PROFLES
SPAIN
CORPORATE PROFLES
TRANSACTIONS
LEGAL ADVISERS
LEGAL ADVISERS
Address Rambla de Catalua, 86, 1 1 Telephone (+34) 932 724 837
08008 Barcelona AMOUNT
Website www.acrosslegal.com TARGET COUNTRY SUBSECTOR BUYER SELLER
(EURm)
Email ilacasa@acrosslegal.com Logtrust Spain Technology Private Shareholders - 2,77
Technology
PROFILE GetYourHero Spain
Internet
Seaya Ventures - 1,50
Private Shareholders,
Start of Activity 2007 Globalleida Inversions,
Agroptima Spain Technology - 0,70
Esade Ban, Maxfield
N of employees The firm currently employs 10 professionals, 3 of them partners. Capital Fund I
Internet
Fashion Pills Spain Distribution Private Shareholders - 0,52
TEAM and Retail
Ignacio Lacasa Valls Miguel ngel Martnez Conde Seedtag Spain Technology Private Shareholders - 0,40
Founding Partner Partner
ilacasa@acrosslegal.com mamc@acrosslegal.com Boolino Spain Internet Private Shareholders - 0,35
ABOUT US Internet
Classnote Spain Private Shareholders - 0,08
Technology
Across Legal Zero2infinity Spain Telecoms Private Shareholders - ND
Legal advisors to emerging and high-growth companies primarily in the digital/mobile health, Internet,
social networking, information technology and clean technologies industries in all aspects of general Bonial International Inderhabs Investments,
Ofertia Spain Internet Group, Private Finaves IV, Private ND
corporate law, from formation and corporate governance responsibilities to seed and venture financings, Shareholders Shareholders
commercial transactions and M&A. Across Legal S.L.P, with a large network in the U.S. market, specializes
in providing legal advice to flip international startups for U.S. venture capital, and counseling startups in Embou Spain Telecoms MsMvil Ibercom Private Shareholders ND
the legal aspects of doing business in the U.S. Tecnologas Integrales
de Telecomunicaciones,
Practice areas Spain Telecoms MsMvil Ibercom The Phone House ND
Telechoice Espaa,
International Law Xtra Telecom
Commercial and Corporate Law
Icebergs Spain Internet Pinterest Private Shareholders ND
Litigation and Insolvency Law
Tax Law Inveready Capital
Civil Law (Inveready Technology
Yunait.com Spain Internet Bownty ND
Investment Group),
Labour and Employment Law Private Shareholders
Real Estate and Planning Law
Private Shareholders,
Entrepreneurs eyeOS Spain Technology Telefnica Inveready Seed Capital, ND
Other offices Inveready First Capital
The firm has an office in Chicago, U.S. * Inclused closed M&A transactions in 2014 and 2015.
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ALLEN & OVERY ID in TTRecord.com: 1683
Offices
SPAIN
Abu Dhabi, Amsterdam, Antwerp, Athens (representative office), Bangkok, Barcelona, Beijing, Belfast,
Address Pedro de Valdivia, 10 Address Mestre Nicolau, 19 Bratislava, Brussels, Bucharest (associated office), Budapest, Casablanca, Doha, Dubai, Dsseldorf,
CORPORATE PROFLES
CORPORATE PROFLES
28006 Madrid 08021 Barcelona Frankfurt, Hamburg, Hanoi, Ho Chi Minh City, Hong Kong, Istanbul, Jakarta (associated office),
LEGAL ADVISERS
LEGAL ADVISERS
Telephone (+34) 917 829 800 Telephone (+34) 932 028 100 Johannesburg, London, Luxembourg, Madrid, Mannheim, Milan, Moscow, Munich, New York, Paris,
Website www.allenovery.com Perth, Prague, Riyadh (associated office), Rome, So Paulo, Shanghai, Singapore, Sydney, Tokyo, Warsaw,
Washington D.C and Yangon.
PROFILE Practice areas
Banking and Finance, Capital Markets, Corporate, Litigation and Arbitration, Public Law, Competition &
Start of Activity 1930 (1991 in Madrid) (2014 in Barcelona) European Law, Tax and Employment.
N of employees The firm currently fields in excess of 120 professionals in Spain, including 11 partners, Awards
focusing on a wide range of practice areas. International Law Firm of the Year IFLR Europe Awards 2015
1st M&A advisor by deal value in Spain - Transactional Track Record
CORPORATE TEAM 1st globally for cross-border M&A by volume of deals Bloomberg 2015
1st Global EMEA Equity IPO Legal Adviser by volume Bloomberg 2015
Pablo Mayor Antonio Martnez
M&A Team of the Year IFLR Europe Awards 2015
Corporate Partner Regulated sectors Competition & European Law Partner
pablo.mayor@allenovery.com antonio.martinez@allenovery.com International Law Firm of the Year Chambers Central & Eastern Europe Awards 2015
International Law Firm of the Year Chambers Asia Pacific Awards 2015
Antoni Valverde Corporate Partner Moira Guitart Employment Counsel
antoni.valverde@allenovery.com moira.guitart@allenovery.com Shortlisted Most Innovative Law Firm in Europe FT Innovative Lawyers Awards 2015
Shortlisted Law Firm of the Year in main European jurisdictions Chambers Global Awards for
igo del Val Corporate Partner Ignacio Hornedo Corporate Senior Associate
Excellence 2015
inigo.del.val@allenovery.com ignacio.hornedo@allenovery.com
Carlos Albiana Tax Partner Javier Bau Corporate Senior Associate TRANSACTIONS
carlos.albinana@allenovery.com javier.bau@allenovery.com
AMOUNT
TARGET COUNTRY SUBSECTOR BUYER SELLER
(EURm)
ABOUT US Coca-Cola European
United Kingdom Food and Beverage
Coca-Cola Erfrischungsgetrnke,
Coca-Cola Iberian Partners - 20.000,00
Partners
(CCIP), Coca-Cola Enterprises
Allen & Overy Mondelez International
Jacobs Douwe Egberts Netherlands Food Industry - 3.000,00
Allen & Overy is one of the most prestigious law firms globally. With approximately 5,000 people including (Kraft Foods), D.E.Masters Blenders
some 527 partners working in 44 offices worldwide in Europe, Middle East, Asia Pacific, Africa and America. TSB United Kingdom Financial and Insurance Banco Sabadell Private Shareholders 2.381,62
Grupo Financiero CaixaBank
Our internal network incorporates lawyers who are experts in domestic law as well as have the ability Inbursa
Mexico Financial and Insurance Criteria Caixa
(Criteria CaixaCorp)
1.102,00
to negotiate in cross-border transactions. The knowledge and availability of our professionals worldwide Autopista Central Chile Roads and Highways Inversora de Infraestructuras AIMCo 948,00
guarantee an effective coordination and an excellent service anywhere and anytime. Galata Italy Telecoms Cellnex Telecom
Wind
693,00
Telecomunicazioni
Our Values
Torre Espacio Spain Real Estate Emperador Group Grupo Villar Mir 558,00
At Allen & Overy we share across our worldwide network. By clearly stating these, we aim to reinforce what Universities Superannuation
Globalva Spain Roads and Highways FCC, Bankia 420,00
makes us successful and to make a clear statement about our identity. Values only make a difference if they Scheme (USS), PGGM, OPTrust
Redpier, Cfiro, Energa Korys, Exus
are shared, believed in and practised. Our challenge is to uphold our values in everything we do - they are Northsea Spain, Spain Financial and Insurance Management Partners, Bridgepoint Capital 400,00
Watkins Private Shareholders
there to guide us in the way we work, in the decisions we make and in the way we interact with people. Healthcare, Hygiene,
Clnica Eugin Spain Medical Aesthetics NMC Health ProA Capital 143,00
Excellence Respecting and including every individual and Cosmetics
Dedication to our clients Working together 360 Corporate Spain Financial and Insurance Natixis Private Shareholders ND
Brandy and Sherry
Helping our people to achieve their potential Entrepreneurial spirit and energy business
Spain Food Industry Emperador Group Beam Suntory ND
Chemical and
Cepsa Chimie Montreal Canada Indorama Cepsa ND
Chemical Materials
*Includes announced and closed M&A transactions in 2015 and 2016, including assets.
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ARPA ABOGADOS CONSULTORES ID en TTRecord.com: 1041
SPAIN
CORPORATE PROFLES
CORPORATE PROFLES
Address P. Sarasate, 5. 1 dch Telephone (+34) 948 210 112
LEGAL ADVISERS
LEGAL ADVISERS
31002 Pamplona Website www.arpa.es
Email arpa@arpa.es
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BAKER & MCKENZIE ID in TTRecord.com: 1304
CORPORATE PROFLES
28046 Madrid 08034 Barcelona Mexico, Myanmar, Morocco, Myanmar, Netherlands, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia,
LEGAL ADVISERS
LEGAL ADVISERS
Telephone (+34) 912 304 500 Telephone (+34) 932 060 820 Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey,
UAE, UK, US, Ukraine, Venezuela, Vietnam.
Email Email info.barcelona@bakermckenzie.com
departamento.marketing@bakermckenzie.com Website www.bakermckenzie.com Practice areas / Sectors
M&A, Private Equity, Capital Markets / Corporate Governance Corporate, Banking & Finance, Financial
PROFILE Institutions, Tax and Wealth Management, Employment, Public Law, EU and Competition, Corporate Compliance,
Dispute Resolution, White Collar Crime, Restructuring & Insolvency, Pharmaceutical & Healthcare, Energy and
Start of Activity 1965 N of employees 362 Environment, Investment Funds, Real Estate and Planning, Hotels, Resorts & Tourism, Intellectual Property,
Industrial Property and Media, Luxury & Fashion, Telecommunications and Information Technologies, Sports &
TEAM Entertainment.
Jorge Adell Marcel Enrich Banking & Finance / Private Equity Awards & Recognitions
Head of Corporate / M&A / Real Estate marcel.enrich@bakermckenzie.com Baker & McKenzie favourite foreign choice among Spanish clients. Iberian Lawyer 2015; Band 2 Corporate
jorge.adell@bakermckenzie.com M&A, Chambers 2016; Band 2 Corporate M&A, Legal 500 2016; Top 3 by value, Mergermarket 2015.
Ana Garca Financial Services
Alberto Alonso Ureba ana.garcia@bakermckenzie.com
Head of Corporate / Capital Markets
TRANSACTIONS
Rafael Jimnez-Gusi Corporate / M&A
alberto.alonso@bakermckenzie.com rafael.jimenez-gusi@bakermckenzie.com AMOUNT
TARGET COUNTRY SUBSECTOR BUYER SELLER
Josep M. Balcells Corporate / M&A (EURm)
Montserrat Llopart M&A / Healthcare
josep.balcells@bakermckenzie.com Financial and
montserrat.llopart@bakermckenzie.com Debt Portfolio Spain Blackstone Catalunya Banc 6.400,00
Insurance
Enrique Carretero M&A / Capital Markets Fernando Marroqun M&A Financial and
enrique.carretero@bakermckenzie.com fernando.marroquin@bakermckenzie.com Catalunya Banc Spain BBVA Catalunya Banc 1.187,00
Insurance
Luis Casals M&A / Private Equity Javier Menor M&A / Private Equity / Competition H.H. Sheikh Hamad
luis.casals@bakermckenzie.com Distribution
javier.menor@bakermckenzie.com 10% capital El Corte Ingls Spain Bin Jassim Bin El Corte Ingls 1.000,00
and Retail
Jess Conde Real Estate Jaber Al Thani
Rodrigo Ogea Tax
jesus.conde@bakermckenzie.com rodrigo.ogea@bakermckenzie.com L Capital Asia, L Capital, Torreal,
Pepe Jeans Spain Fashion and Textile 730,00
M1 Group Dey Capital
Israel de Diego Capital Markets / M&A Esteban Ravents Tax
Glass, Ceramic,
israel.dediego@bakermckenzie.com esteban.raventos@bakermckenzie.com Lantero Embalaje Spain Paper, Plastics, DS Smith Laninver SCH 190,00
Rossanna DOnza Banking & Finance Guillermo Rodrigo Real Estate Wood and Timber
rossanna.donza@bakermckenzie.com guillermo.rodrigo@bakermckenzie.com Idealista Libertad Technology and Idealista Libertad
Spain Apax 149,00
Maite Diez M&A y Control Telecoms y Control
Enrique Valera M&A / Private Equity
maite.diez@bakermckenzie.com Financial and
enrique.valera@bakermckenzie.com
Invermik Spain Insurance Bright Food Private Shareholders 110,00
Food Industry
ABOUT US Healthcare, Hygiene,
Novaire Spain Medical Aesthetics SARquavitae OHL 57,30
Baker & McKenzie and Cosmetics
The first global law firm in Spain, here since 1965. Corporacin
Realia Spain Real Estate Inmobiliaria Carso 44,48
Largest international network: more than 5.600 fee earners in 77 offices across 47 countries. Industrial Bankia
Baker & McKenzie has de largest M&A practice within the legal market, Law360 2015. Tourism, Hotels
Occidental Hoteles Spain Grupo Barcel Pecri Inversion, BBVA ND
Legal firm with more M&A practitioners ranked in more jurisdictions. Chambers Global 2015. and Restaurants
Worlds Strongest Law Firm for sixth year running, Acritas 2015. Tous Spain Fashion and Textile Partners Group Tous ND
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BIRD & BIRD ID in TTRecord.com: 2368
SPAIN Lourdes Ayala has extensive experience in mergers and acquisitions, private equity and venture capital deals. This
includes advising institutional and industrial clients in major national and cross-border complex transactions such as
Address Jorge Juan, 8 - 1 Telephone (+34) 917 906 000 leveraged buyouts (LBOs), management buyouts (MBOs), joint ventures, taking of majority or minority stakes, share deals
CORPORATE PROFLES
CORPORATE PROFLES
28001 Madrid and asset deals across a wide range of sectors. Lourdes also has particular expertise in transactions with a strong real
Website www.twobirds.com
LEGAL ADVISERS
LEGAL ADVISERS
estate element, as well as in corporate restructuring (mergers, spin-offs) and debt restructuring.
Hermenegildo Altozano specialises in energy, advising on transactions and projects in Spain and Latin America
PROFILE (especially in Cuba), and provides investment protection and arbitration advice related to Latin American operations.
Jos Luis Lorente has a wide experience in domestic and international financings including acquisition finance,
Start of Activity 2005 N of employees 70 corporate facilities, project finance, asset finance, syndicated facilities, banking and financial regulatory dispute resolution,
corporate restructurings, insolvency and distressed debt transactions. Jos Luis regularly provides advice to national
and foreign regulated entities in financial and capital markets regulatory matters, including compliance standards and
TEAM disciplinary procedures before Spanish authorities including the Spanish Central Bank, the Spanish Securities and Exchange
Commission (CNMV) and the General Directorate of Insurance and Pensions (DGS). He has a broad experience in
Lourdes Ayala Raul Bercovitz Isidro del Moral derivatives and other sophisticated financial products, particularly the negotiation, restructuring and cancellation of OTC
Partner, Corporate and M&A Of-counsel, IP Partner, Real Estate derivatives structured products under ISDA and other applicable conventions (CMOF in Spain) as well as in judicial and
Jos Luis Lorente Antonio Cueto Miguel Pastur arbitral disputes.
Counsel, B&F Partner, IP Counsel, Labor
Coral Yez Raquel Ballesteros TRANSACTIONS
Partner, Energy Partner, Public & Sciences
AMOUNT
Javier Fernndez-Samaniego Hermenegildo Altozano TARGET COUNTRY SUBSECTOR BUYER SELLER
(EURm)
Partner, Commercial/IT Partner, Energy
Transportadora de
Manuel Lobato Montserrat Turrado Peru Oil and Gas Enags Hunt Oil Company, Repsol 349,21
Gas del Per (TGP)
Partner, IP Partner, Tax
Santander Infraestructuras,
ABOUT US Hiscan Patrimonio,
Caslever Energas
Renovables, Mclezar
Bird & Bird Gecal Renovables Spain Wind Energy Gas Natural Fenosa Zamora, Yolmar Gestin, 260,00
There are three key things that set Bird & Bird apart from our competitors; our deep industry knowledge, excellence in Ruralva (Caja Rural de
client service and international reach. Our passion for the Aviation, Aerospace, Communications, Electronics, Energy & Burgos, Caja Rural de
Utilities, Food & Beverage, Financial Services, IT, Life Sciences, Media and Sport sectors means that we are continuing to Fuentepelayo y Caja Rural
attract the brightest and best lawyers in these industries to work with us. We organise our people and their expertise de Segovia), Ide Elica
around our clients needs, providing useful tools that make their lives easier. As well as our 28 offices across Europe, Asia Transportadora de Corporacin Financiera de
and the Middle East and our formal ties with five leading independent law firms, we have established a network of the Peru Oil and Gas Enags 89,08
Gas del Per (TGP) Inversiones, SK Innovation
best local advisors around the world.
Saggas Spain Oil and Gas Enags Transporte Infrastructure Arzak 61,00
Since Bird & Bird launched its Madrid office in September 2005, the office has firmly positioned itself among the leading
commercial law firms operating in Spain with deep client and industry sector knowledge and consistent high quality in all Enags Transporte, Ente
its practices. BBG Spain Oil and Gas Infrastructure Arzak 2 34,80
Vasco de la Energa
Our team in Madrid is formed by over 50 lawyers, 8 of them partners, who offer a full service in the same tradition as that
Ingrenat Spain Food Industry Frutarom Spain Private Shareholders 7,03
offered in Bird & Birds other offices around the world, combining domestic strength and international capability. We also
boast of a good mix of work across all of Bird & Birds practice areas and a wide array of clients.
Sindelantal.mx Mexico Internet Just Eat Seaya Ventures ND
Bird & Bird (Spain) LLP opened in September of 2005 and since then has grown to a serious contender a full-service
sector-focused firm with over 50 lawyers. Pharmaceutical,
Parapharmaceutical
Our Corporate-Finance team has experience of handling the widest range of transactions, from start-ups to the largest and Nutrafur Spain Frutarom Private Shareholders ND
and Cosmetics
most complex deals, whether cross-border or domestic. Its main areas of expertise are mergers & acquisitions, spin-offs, Food Industry
joint ventures, corporate and debt restructurings and general corporate advice. Our clients range from multinationals to
SMEs and entrepreneurs. Transportadora de
Peru Oil and Gas Carmen Corporation Enags ND
Gas del Per (TGP)
COGA (Compaa
Graa y Montero,
Operadora de Gas Peru Oil and Gas Carmen Corporation ND
Enags
del Amazonas)
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BROSETA ID in TTRecord.com: 1767
SPAIN
CORPORATE PROFLES
In addition, the Firm operates through three subsidiaries that comprise the BROSETA Group: Business Initiatives
28001 Madrid 46002 Valencia
LEGAL ADVISERS
LEGAL ADVISERS
Consulting, specializing in advising on subsidies and public aid for large investment projects; Lexer, dedicated
Telephone (+34) 914 323 144 Telephone (+34) 963 921 006/07 to debt management of large organizations both legal and extrajudicial; BROSETA Compliance, focus to
Website www.broseta.com strengthening systems of corporate governance, internal control and compliance in the organizations.
Email info@broseta.com Practice areas
Arbitration; Banking and finance; Bankruptcy, restructuring and insolvencies; Competition and EU law;
PROFILE Corporate and Commercial; Employment; Environment; Family office; Governance, Risk & Compliance;
Intellectual property and industrial property; Mergers and acquisitions; Private Equity /Funds; Public Private
Start of Activity 1975 N of employees 90 lawyers Partnership; Procedural and Litigation; Public law; Real Estate; Tax; Urban planning; Wealth Management;
White Collar Crime.
TEAM Sectors
Automotive industry; Aviation; Banking and Financial Institutions; Distribution; Energy and natural resources; Food
Manuel Broseta Senior Partner Carlos Diguez Partner. Head of the
mbroseta@broseta.com Tax Department. and beverages; Infrastructures; Insurance; Life sciences; Manufacturing; Maritime; Professional services; Public;
cdieguez@broseta.com Real Estate; Technology, media and telecommunications; Transport and Logistics; Tourism, hospitality and leisure.
Rosa Vidal Managing Partner.
Head of the Public Law Department. Javier Morera Partner. Tax Department. Awards and acknowledgements
rvidal@broseta.com jmorera@broseta.com Firm recognised by International Directories: Best Lawyers, Chambers Europe, Chambers Global, Finance Monthly,
Luis Trigo Partner. Head of the Sergio Baches Partner. Head of the IFLR 1000, Legal 500 and The Lawyer.
Wealth Management Department. Competition and EU Law Department.
ltrigo@broseta.com sbaches@broseta.com
TRANSACTIONS
Antonio J. Navarro Partner. Head of the Luis Rodrguez Soler Partner. Head of the
Banking and Finance Department. Governance, Risk & Compliance Department. AMOUNT
TARGET COUNTRY SUBSECTOR BUYER SELLER
ajnavarro@broseta.com lrodriguez@broseta.com (EURm)
Alejandro Ros Partner. Head of the Valencia Office. Carmen March Partner. Corporate and Building in Gran
Spain Real Estate Pontegadea Longshore 350,00
arios@broseta.com Commercial Department. Via, 32 (Madrid)
cmarch@broseta.com
Julio Veloso Partner. Head of the 32 bank offices Spain Real Estate Abanca Partler 2006 225,00
Corporate and Commercial Department. Abraham Castro
jveloso@broseta.com Head of White Collar Crime Department. Building in Castellana,
acastro@broseta.com Spain Real Estate GMP Group BBVA 80,00
Patricia Gualde Partner. Head of the 77 (Madrid)
Litigation and Arbitration Department. Luis Berenguer Senior Advisor. Construction
Refinancing Secopsa Group Spain Gimeno Group Secopsa Group 73,00
pgualde@broseta.com Competition and EU Law Department. (Materials and Machinery)
lberenguer@broseta.com Ground in Arroyo del
Isabel Merenciano Partner. Head of the Spain Real Estate Amenbar Sareb 64,30
Employment Law Department. Fresno (Madrid)
imerenciano@broseta.com Technological
Spain Technology Allot Optenet 33,49
production unit
Commercial office
Spain Real Estate Patrizia Immobilien Nergosa 30,00
ABOUT US in Mlaga
Logistics park in
Spain Real Estate Merlin Properties Kefren Capital 22,00
Broseta Meco (Madrid)
BROSETA is a benchmark firm in the legal sector characterized by its involvement and commitment to the quality Healthcare, Hygiene,
Building designed Bacoreta
Spain Medical Aesthetics NAU 20,00
and excellence of the service provided to the client. From a model that combines the individual capabilities for hospital Investments, S.L
and Cosmetics
with the collective strength of the team, BROSETA offers legal advice in the main areas of law (Commercial,
Employment, Litigation, Public, Tax) to local, national, and multinational companies and all kinds entities and Building in Barcelona Spain Real Estate Leasing Property Literas y Bares 14,00
agencies of the Public Administration, operating in countries around the world.
* Includes closed transactions in 2015, including assets.
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CAETANO DE FREITAS & ASSOCIADOS ID in TTRecord.com: 4118
PORTUGAL
CORPORATE PROFLES
CORPORATE PROFLES
LEGAL ADVISERS
LEGAL ADVISERS
1200-869 Lisboa Website www.caetanodefreitas.com
Email lisboa@caetanodefreitas.com
PROFILE ABOUT US
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CLIFFORD CHANCE ID in TTRecord.com: 708
SPAIN
CORPORATE PROFLES
CORPORATE PROFLES
TRANSACTIONS
LEGAL ADVISERS
LEGAL ADVISERS
Address Paseo de la Castellana, 110 Address Av. Diagonal, 682
28046 Madrid 08034 Barcelona AMOUNT
TARGET COUNTRY SUBSECTOR BUYER SELLER
(EURm)
Telephone (+34) 915 907 500 Telephone (+34) 933 442 200
Cartera de Financial and Catalunya Banc 3.598,40
Website www.cliffordchance.com hipotecas txicas
Spain
Insurance
Blackstone
(CaixaCatalunya) (Approx.)
PROFILE Madrilea
EDF Invest,
Private Shareholders, Morgan
Spain Oil and Gas Gingko Tree, 2014,00
Red de Gas Stanley Infrastructure
Start of Activity 1980 PGGM
N of employees The firm has a team of 160 lawyers of which are 23 partners, who are experienced The Bank of Financial and CaixaBank 1.549,00
Hong Kong Criteria Caixa
East Asia Insurance (Criteria CaixaCorp) (Approx.)
in pooling different areas of legal knowledge.
TEAM Grupo Financiero
Mexico
Financial and
Criteria Caixa
CaixaBank
1.102,00
Inbursa Insurance (Criteria CaixaCorp)
Jaime Velzquez Javier Amantegui
Private
jaime.velazquez@cliffordchance.com javier.amantegui@cliffordchance.com Shareholders,
Jos Mara Fernndez-Daza Luis Alonso Deutsche Bank,
San Jos Desarrollos Barclays Bank,
josemaria.fernandez-daza@cliffordchance.com luis.alonso@cliffordchance.com Spain Real Estate Grupo San Jos 743,00
Inmobiliarios Banco Popular,
Bank of America
Javier Garca de Enterra Guillermo Guardia Merrill Lynch,
javier.garciadeenterria@cliffordchance.com guillermo.guardia@cliffordchance.com Vrde Partners
Distribuidora de
ABOUT US Televisin Digital Spain Telecoms Telefnica Prisa 706,80
(Canal +)
Clifford Chance
Is a leading international law firm with more than 35 years of proven experience in Spain. Involved in the Puerto Venecia Spain Real Estate Intu Properties Orion Capital Managers Spain 451,00
main transactions that are reflected in the current financial and legal climate, it boasts a network of 35
offices in 25 countries. Its combination of local knowledge and global resources, along with its participation Orion Columba
Spain Real Estate Klpierre Orion Capital Managers Spain 375,00
in the most complex projects, have positioned the firm as one of the most outstanding players in the Socimi
market. Compaa Logstica
de Hidrocarburos Spain Oil and Gas Marthilores Repsol 325,00
Areas of expertise (CLH)
Commercial and corporate, finance and banking, public law, competition and EU law, real estate, litigation, SPV DIF ACS Spain
Transport, Aviation
DIF Management Iridium 179,88
tax, labor and intellectual property. and Logistics
International Law Firm of the Year (Chambers Global Awards 2013) Tnels de AXA Infrastructure
Spain Roads and Highways BTG Pactual Participations 146,45
Barcelona - Cad Fund III
European Law Firm of the Year (Chambers Global Awards 2013)
Spanish Law Firm of the Year (Chambers Europe Awards 2012) *Includes closed M&A transactions in 2015, includes assets.
International Law Firm of the Year (IFLR European Awards 2011)
International Law Firm of the Year (PLC which lawyer? Awards 2009)
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CMS ALBIANA & SUREZ DE LEZO ID in TTRecord.com: 750
SPAIN
CORPORATE PROFLES
CORPORATE PROFLES
TRANSACTIONS
LEGAL ADVISERS
LEGAL ADVISERS
28004 Madrid Website www.cms-asl.com
AMOUNT
TARGET COUNTRY SUBSECTOR BUYER SELLER
(EURm)
PROFILE Aernnova Spain Aerospace and Aeronautical Springwater Capital EBN Banco 150,00
Coretherapix Spain Biotechnology TiGenix Genetrix 100,00
Start of Activity 1958 Inversiones
Spain Financial and Insurance Fomento Urbano CaixaBank 95,00
N of employees The firm currently fields in excess of 150 professionals in Spain. Financieras Agval
Exus Management Explotaciones
Parc Eolic
Spain Wind Energy Partners, Avenue Energticas Sinia XXI, 42,00
Veciana-Cabaro
TEAM Capital Group Adelanta Corporacin
Delion Indra BMB Servicios
Spain Marketing and Advertising Springwater Capital 17,00
Csar Albiana Rafael Surez de Lezo Communications Digitales (Indra)
Managing Partner Managing Partner
Cast Info Spain Telecoms Aubay Group Private Shareholders 8,12
cesar.albinana@cms-asl.com rafael.suarezdelezo@cms-asl.com
Norma4 Spain Technology Aubay Group Private Shareholders 3,80
ABOUT US
Portobello Capital
Iberconsa Spain Distribution and Retail Private Shareholders ND
Secondary Fund I
CMS Albiana & Surez de Lezo Pharmaceutical,
Is one of the most established and prestigious law firms. With more than 100 lawyers providing a first-class Alcal Farma Spain Parapharmaceutical Synerlab Private Shareholders ND
service to our clients. We combine tradition and innovation with experience and creativity in order to ensure and Cosmetics
CBRE Global
the client is fully and completely satisfied. We offer comprehensive legal and tax advice within our areas of Ivaf Kings I Logistics Spain Real Estate Private Shareholders ND
Investors
expertise, enabling us to attend to all clients requirements throughout all areas of law.
Cadaico Spain Food and Beverage Groupe Pomona Private Shareholders ND
We concentrate all of our efforts on understanding the unique demands and challenges of each market
sector and providing a service that is tailored to the particular needs and requirements of each client, Druck Chemie Ibrica Spain Printing and Binding Sheetfed Holdings
Druck Chemie Plus
ND
maintaining a consistently high level of quality in our work. Beteiligungs
Consultancy, Audit and
CMS Albiana & Surez de Lezo belongs to the CMS Organization, composed of more of 3,200 lawyers Intemac Spain Engineering Private Shareholders - ND
located in 60 offices in 34 jurisdictions, which enables us to provide comprehensive advice across Europe Inspection and Certification
and throughout every practice area. In this way we are able to enjoy the advantages of an international ATISAE Espaa Inspection andCertificacin TV SD Private Shareholders ND
firm, while maintaining our local identity and expertise.
Diviso de Sade
Offices Animal no Brasil, Colombia,
Pharmaceutical,
Negocio de salud United
Amsterdam, Berlin, Brussels, Lisbon, London, Madrid, Paris, Rome, Vienna, Zurich, Aberdeen, Algiers, animal en Colombia, States,
Parapharmaceutical Eli Lilly Novartis ND
Antwerp, Barcelona, Beijing, Belgrade, Bratislava, Bristol, Bucharest, Budapest, Casablanca, Cologne, and Cosmetics
Negocio de salud Mexico
Dubai, Duesseldorf, Edinburgh, Frankfurt, Geneva, Glasgow, Hamburg, Istanbul, Kyiv, Leipzig, Ljubljana, animal en Mxico
Luxembourg, Lyon, Mexico City, Milan, Moscow, Munich, Muscat, Podgorica, Prague, Rio de Janeiro,
Sarajevo, Seville, Shanghai, Sofia, Strasbourg, Stuttgart, Teheran, Tirana, Utrecht, Warsaw and Zagreb. ISSUER SUBSECTOR STOCK MARKET COUNTRY
AMOUNT
(EURm)
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CMS RUI PENA & ARNAUT ID in TTRecord.com: 2246
PORTUGAL
CORPORATE PROFLES
Address Rua Sousa Martins, 10 Telephone (+321) 210 958 100 We carry out our work with dedication, enthusiasm and to the highest ethical standards.
LEGAL ADVISERS
LEGAL ADVISERS
1050-218 Lisboa We invest in those who work for us, encouraging their personal and professional growth, reinforcing team
Website www.cms-rpa.com
spirit and, above all, valuing those who work with us.
Email rpa@cms-rpa.com
We search for what is best in our day-to-day business as well as constantly innovating in the way we work.
PROFILE Corporate responsibility is for us an essential value which we demand of all those who work with us.
*Includes closed M&A transactions between 2012 and 2015, including assets.
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CUATRECASAS, GONALVES PEREIRA ID in TTRecord.com: 358
SPAIN PORTUGAL
CORPORATE PROFLES
Address Paseo de Gracia, 111, 08008 Address Praa Marqus de Pombal, 2 Financial and commercial practice
CORPORATE PROFLES
LEGAL ADVISERS
LEGAL ADVISERS
Barcelona, Espaa 1250-160 Lisboa Our financial and commercial practice is a recognized leader in international legal yearbooks. Over 300
Telephone (+34) 932 905 500 Telephone (+351) 213 553 800 lawyers offer legal advice to state-owned and private companies, and national and international groups,
Almagro, 9 advising our clients on all legal aspects of their business activity.
28010 Madrid, Espaa M&A and Capital Risk Our M&A Practice is a recognized leading practice on the Iberian Peninsula and
Telephone (+34) 915 247 100 in the international legal market. It advises on large and complex transactions, and has been involved in
many of the most important M&A and private equity transactions. Since 2006, we lead the ranking of M&A
Website www.cuatrecasas.com
transactions for the Iberian Peninsula.
Capital markets Our lawyers have extensive experience in capital markets, advising Spanish and
PROFILE Portuguese listed companies as well as international companies with interests on the Iberian Peninsula.
We have advised on some of the largest initial public offerings and takeover bids that have taken place in
Start of Activity 1917 Spain and Portugal in recent years, being one of the few national firms with broad experience in all types of
N of employees More than 950 lawyers, 230 of them partners, providing legal advice in all areas of debt issuance and placement.
business law. Finance Our Finance Practice advises on structuring and implementing all types of financing, fixed-income
and structured transactions, and securitization, both national and international. In 2011, Financial Times
acknowledged us as the Most innovative law firm in client service.
TEAM
Rafael Fontana
Chairman and Managing Partner of the Firm
Awards
ABOUT US
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DLA PIPER ID in TTRecord.com: 1615
SPAIN
CORPORATE PROFLES
CORPORATE PROFLES
The Corporate team has wide and long experience, after having been involved in some of the most relevant transactions
LEGAL ADVISERS
LEGAL ADVISERS
28046 Madrid in the sector over the last years. The technical skills and high motivation of the lawyers, as well as the direct implication of
Website www.dlapiper.com the partners in all matters are key aspects in the added value legal advice provided by the firm. Particularly, without preju-
dice to its excellent reputation within the Spanish market, the firm has wide experience in multijurisdictional transactions,
where coordination, uniformity and quality of all the offices involved are essential.
PROFILE The team also deals with the design of capital risk structures, attending both to domestic and international aspects.
Start of Activity 2002 Areas of practice
N of employees DLA Piper is a global law firm with lawyers located in more than 30 countries throughout the With a clearly differentiating character, DLA Piper's Madrid office has its own additional departments specialized, among
others, in matters highly relevant to the scope of corporate transactions, as follows:
Americas, Europe, the Middle East, Africa and Asia Pacific. DLA had been present in Spain since 2002. Currently, DLA Piper
Spain office has more than 80 lawyers. Tax law
Real estate and planning law
TEAM Competition and regulatory law
Jos Antonio Snchez-Dafos Ignacio Gmez-Sancha Jess Zapata Banking, finance and energy law
Partner Partner Partner Litigation law
Jose.sanchez-dafos@dlapiper.com Ignacio.gomez-sancha@dlapiper.com Jesus.zapata@dlapiper.com
Intellectual property, technology, media and communication
Pilar Menor Joaqun Echnove Javier Santos
Country Managing Partner Partner Partner Employment law
Pilar.menor@dlapiper.com Joaquin.echanove@dlapiper.com Javier.santos@dlapiper.com Restructuring
Juan Picn Teresa Zueco Carlos Rodrguez
Senior Partner Of Counsel Partner TRANSACTIONS
Juan.picon@dlapiper.com Teresa.zueco@dlapiper.com Carlos.rodriguez@dlapiper.com
AMOUNT
Iigo Gmez-Jordana Jos Mara Jimnez-Laiglesia Orson Alcocer TARGET COUNTRY SUBSECTOR BUYER SELLER
(EURm)
Senior Partner Partner Partner CVC Capital Partners
Inigo.gomez-jordana@dlapiper.com Josemaria.iimenez-laiglesia@dlapiper.com Orson.alcocer@dlapiper.com R Cable Spain Telecoms Euskaltel 890,00
Espaa, Abanca
Inverbeira Sociedad
United Glass, Ceramic, Paper,
Encirc de Promocin Aventas Group 408,60
ABOUT US Kingdom Plastics, Wood and Timber
de Empresas
DLA Piper Main tasks performed by the corporate finance team Construction,Materials KKR Asset
Ursa Insulation Holding Netherlands - 360,00
and Machinery Management
The law firm DLA Piper is the result of the merger, in 2005, DLA Piper provides its clients with comprehensive advice Healthcare, Hygiene,
of the UK law firm DLA and the US law firm Piper Rudnick on all corporate aspects of their transactions of M&A and Grupo Geriatros Spain Medical Aesthetics PAI Partners Magnum Capital 300,00
and Gray Cary Ware &Freidenrich. Private Equity: and Cosmetics
The Corporate practice is comprised of 20 lawyers Analysis, legal and tax advice on the designing of the Panrico Spain Food and Beverage Bimbo Group Oaktree 200,00
providing advice on Corporate Finance transactions. This relevant transaction Glass, Ceramic, Paper,
team deals with M&A transactions, including capital Lantero Embalaje Spain DS Smith Laninver SCH 190,00
Legal, labour and tax due diligence Plastics, Wood and Timber
markets and Private Equity. The Corporate team's structure Tourism, Hotels and Maldonado Belmond Spain,
at DLA Piper's Madrid office is devoted to providing a high Advising and negotiating all the transaction's agreements Hotel Ritz Madrid Spain 130,00
Restaurants Directorship Landis Inversiones
quality service, with full availability of the partners, and a Healthcare, Hygiene,
Financing and executing the transaction
high level of integration among all the departments and Vitalia Plus Spain Medical Aesthetics Portobello Capital Private Shareholders 100,00
international offices. Continuous advice to the target company or on any and Cosmetics
disputes arising among shareholders I.F.M. Internacional, XXI
Its global nature enables the firm to understand the
strategic, corporate and legal needs of clients wherever Liaison with the Stock Market National Commission Cashi, Gestin y Diseo
Glass, Ceramic, Paper,
they have presence, and consequently to provide a most [CNMV], as necessary Andopack Spain DS Smith de Nuevos Proyectos 45,00
Plastics, Wood and Timber
efficient advice. Industriales, Nuevos
Proyectos Ondulados
The firm is involved in mergers and acquisitions, divestments, joint ventures, MBOs, MBIs, BIMBOs, PtoPs and other Healthcare, Hygiene,
transactions, within all sectors. Additionally, the firm provides full advice on stock market matters, including Takeover Bids, Policlnica Gipuzkoa Spain Medical Aesthetics IDC Salud Private Shareholders 41,00
IPOs, Public Stock Offerings, listings in the alternative stock market, etc. and Cosmetics
Glass, Ceramic, Paper, Private Shareholders,
Polibol Spain Saica 40,00
Plastics, Wood and Timber Sherpa Capital
*Includes closed M&A transactions in 2015
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EVERSHEDS NICEA ID in TTRecord.com: 4086
Eversheds Nicea has thirteen partners and fifty highly qualified lawyers, all specialists in their respective
SPAIN practice areas.
CORPORATE PROFLES
Other offices
CORPORATE PROFLES
Address Paseo de la Castellana, 66 Telephone (+34) 914 29 43 33
LEGAL ADVISERS
LEGAL ADVISERS
Austria, Belgium, China, Estonia, Finland, France, Germany, Hungary, Iraq, Ireland, Italy, Jordan, Latvia,
28046 Madrid Website www.evershedsnicea.com Lithuania, Mauritius, Morocco, Netherlands, Poland, Qatar, Romania, Saudi Arabia,Singapore, South
Email nicea@evershedsnicea.com Africa, Spain, Sweden, Switzerland, Tunisia, United Arab Emirates, United Kingdom.
Practice Areas
PROFILE Commercial, Corporate and M&A
Banking & Finance
Start of Activity 2009 N of employees 60 Tax
Real Estate
TEAM Compliance
Intellectual Property
Juan E. Daz Sixto de la Calle
Litigation and Restructuring
Partner Of Counsel Private Equity
jdiaz@evershedsnicea.com sdelacalle@evershedsnicea.com Competition
Employment
Carlos Pemn David Williams
Partner Counsel Public Law
cpeman@evershedsnicea.com dwilliams@evershedsnicea.com Enterteinment, Media and IT
Some awards and recognitions
ABOUT US Winner of the International Safety Award 2014 of theBritish Safety Council; winner of the African Legal
Awards 2014; winner of the Tax Law Firm of the Year of Finance Monthly M&A Awards 2014; Eversheds
Eversheds has been recognized by the Times Top 50 Employers for Women 2014 as one of the companies with
mayor equality in labor conditions between men and women.
Eversheds is one of the largest and most prestigious law firms in the world, with more than 500 partners
and 2000 lawyers and currently present in 30 countries. TRANSACTIONS
Our 52 offices are located in the main cities and financial centres of Europe, the Middle East, Asia and
Africa. We also have close ties with law firms in more than 200 jurisdictions, including the USA, Latin AMOUNT
TARGET COUNTRY SUBSECTOR BUYER SELLER
(EURm)
America, India and Russia. This enables us to ensure that the needs of our clients for legal services can Catalunya Banc
be covered around the globe to the highest possible standard in a seamless and consistent manner. Terreno en Tarrasa Spain Real Estate CTGV Terrassa ND
(CaixaCatalunya)
Eversheds is perfectly equipped to handle large-scale, multi-jurisdictional projects and transactions and Edificio en Ros Rosas 26 Spain Real Estate WPP Group NZ Patrimonio ND
to support our clients and their business activities anywhere in the world. Switzerland,
Brazil, Technology
Lawyers of Eversheds are highlighted in the most recognised rankings and international professional Weidmann Plastics
Germany, Automotive and Dickten Masch Plastics Wicor Group 409,87
Technology
directories. China, Recreational Vehicles
United States
In particular, 45 of our practice areas are mentioned expressly in Chambers and Partners Global and Healthcare, Hygiene,
another 73 in Chambers and Partner Europe, various of which have been ranked as having the highest Expansis Spain Medical Aesthetics United Drug Private Shareholders 8,00
levels of excellence in the European legal market. and Cosmetics
Fondo de
Eversheds Nicea Private Shareholders, Rosp
Tourism, Hotels Reestructuracin
Room Mate Spain Corunna Participaciones ND
Eversheds Nicea is Evershedss law firm in Spain and also coordinates the provision of legal services to and Restaurants Ordenada Bancaria
Empresariales
(FROB)
our clients in Latin America. Tourism, Hotels TDR Capital,
Pizza Marzano Italy Thesan Capital 13,00
We are an international firm with proven technical ability and experience in multi-jurisdictional and Restaurants Private Shareholders
Private Shareholders,
transactions and in advising large multinational companies that operate in Spain. However, we also Tiendas Aurgi Spain
Cars, Motorcycles
Thesan Capital Ahorro Corporacin 4,70
have strong roots in the national legal market and our clients include an extensive and growing range of and Other Vehicles
Desarrollo
Spanish companies of all different sizes and operating in a wide variety of business sectors. *Includes closed M&A transactions and asset acquisitions between 2009 and 2016.
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GARRIDO ABOGADOS ID in TTRecord.com: 22890
SPAIN
CORPORATE PROFLES
CORPORATE PROFLES
LEGAL ADVISERS
LEGAL ADVISERS
Address Calle de Almagro, 26 Telephone (+34) 913 196 062
28010 Madrid Website www.garrido.es
Email abogados@garrido.es
PROFILE ABOUT US
Start of Activity 1992 Garrido Abogados
N of employees 96 Garrido Abogados is a law firm dedicated to integral legal and tax advisory services, founded in 1992 by
Miguel ngel Garrido, Tax Inspector (on leave) and renowned economic expert.
We are known for seeking innovative, simple, and effective solutions that satisfy our clients expectations in
TEAM full.
Miguel ngel Garrido Riosalido Ral de Francisco Garrido A personalized and direct relationship with our clients, active involvement, and a commitment to attaining
Partner and Managing Director Partner results, have allowed us to gain the confidence of numerous companies.
miguelangel.garrido@garrido.es raul.defrancisco@garrido.es From its foundation, Garrido Abogados has acted to defend and advise its clients in a multitude of transac-
Roberto de Francisco Garrido Carlos Neira Herrera tions, which include some of the most significant on the Spanish market in recent years.
Partner Partner The firm has seen considerable growth in the number of professionals with diverse training and experience,
roberto.defrancisco@garrido.es carlos.neira@garrido.es which has allowed us to expand our range of legal and economic services with the aim of providing
integral advisory services to our clients.
Francisco Conde Rivas Juan Roman Sancho
Partner Partner Our trajectory has allowed us to be recognized as a leading law firm, with considerable prestige and
francisco.conde@garrido.es juan.romani@garrido.es reputation in Spanish legal circles.
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GARRIDO FORENSIC ID en TTRecord.com: 62053
CORPORATE PROFLES
SPAIN
CORPORATE PROFLES
LEGAL ADVISERS
LEGAL ADVISERS
Address Calle Barquillo 42 3 izda. Telephone (+34) 913 196 062
28004 Madrid Website www.garridoforensic.es
Email info@garridoforensic.es
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GARRIGUES ID in TTRecord.com: 455
SPAIN
CORPORATE PROFLES
CORPORATE PROFLES
LEGAL ADVISERS
LEGAL ADVISERS
28001 Madrid Website www.garrigues.com
Email dpto.comunicacion@garrigues.com
PROFILE TRANSACTIONS
Start of Activity 1941 N of employees 1.410 professionals AMOUNT
TARGET COUNTRY SUBSECTOR BUYER SELLER
(EURm)
TEAM DNCA Finance, AQR Asset
United
Jazztel Group, Management, Credit Suisse
Kingdom, Telecoms Orange 3179,11
Fernando Vives President-Director Partner Ricardo Gmez Senior Partner Jazztel Espaa
Spain
Group, Morgan Stanley,
fernando.vives@garrigues.com ricardo.gomez@garrigues.com Private Shareholders
Garrigues
Is the Iberian Peninsulas leading tax and legal services firm in terms of professional headcount and billings. Financial and Fondo de Reestructuracin
Catalunya Banc Spain BBVA 1165,00
Insurance Ordenada Bancaria (FROB)
We know the industry inside out and provide value added to each and every one of our clients.
Added Value
Steel,
Experience and prestige: We can boast more than seventy years at the forefront of the tax and legal
Metallurgy
services industry, playing an active role in legal and economic life. Bach Composite Denmark Odin Equity Partners Private Shareholders 1000,00
and Industrial
Independence and ethical values: Our work is governed by strict ethical principles and an in-house code of Production
professional conduct that ensure the transparency and independence of our services.
Technical expertise and specialization: The ongoing training of our professionals is a strategic value. We can CVC Capital Partners
R Cable Spain Telecoms Euskaltel 890,00
draw on the services of experts in more than 30 practice areas and industry groups, taking in everything Espaa, Abanca
from traditional fields of legal practice to the latest and newest areas of the law.
Flexibility and adaptation: Our relations with all of our clients are informed by trust and empathy. The aim is International Cable,
Euskaltel Spain Telecoms - 763,88
to offer a bespoke service, in keeping with the needs of each particular engagement. Kutxabank, Iberdrola
Rapid response time and anticipation: We offer full availability and the capability to always be one step
ahead. We are fully aware that flexibility is the key to success. Fashion and L Capital Asia, L Capital (Spain),
Pepe Jeans Spain 730,00
Knowledge management and technological resources: We have in place a knowledge management system Textile M1 Group Torreal, Dey Capital
enabling us to share necessary know-how with clients as and when required.
Other offices
National: A Corua, Alicante, Barcelona, Bilbao, Las Palmas, Logroo, Madrid, Mlaga, Murcia, Oviedo, Telecable de Asturias Spain Telecoms Zegona Liberbank, Carlyle 640,00
Palma de Mallorca, Pamplona, San Sebastin, Sevilla, Sta. Cruz de Tenerife, Valencia, Valladolid, Vigo,
Vitoria, Zaragoza.
International: Beijing, Bogot, Bruselas, Casablanca, Chile, Lima, Lisboa, Londres, Mxico, Nueva York, Minas de Agua
Spain Mining Mubadala Trafigura 500,00
Teida (MATSA)
Oporto, So Paulo, Shanghi, Varsovia.
Awards Glass, Ceramic,
Inverbeira Sociedad
Client Service Award (Chambers Europe Awards 2016) United Paper, Plastics,
Encirc de Promocin Aventas Group 408,60
Law Firm of the Year Iberia (The Lawyer European Awards 2016) Kingdom Wood and
de Empresas
Timber
European Law Firm of the Year (The British Legal Awards 2015)
Law Firm of the Year in Spain (IFLR European Awards 2015) * Includes closed M&A transactions in 2015
International Firm of the Year (Legal Business Awards 2015)
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GBP LEGAL ID en TTRecord.com: 18888
CORPORATE PROFLES
SPAIN
CORPORATE PROFLES
LEGAL ADVISERS
LEGAL ADVISERS
Address Plaza Euskadi n 5, Planta 15, Website www.gbp-legal.com
Oficina 14 Email bilbao@gbp-legal.com
48009 Bilbao, Pas Vasco
Telephone (+34) 944 657 940
PROFILE TRANSACTIONS
Start of Activity 2013 TARGET COUNTRY SUBSECTOR BUYER SELLER
AMOUNT
(EURm)
N of employees 4
United Glass, Ceramic, Paper,
Encirc Vidrala Aventas 408,60
Kingdom Plastics, Wood and Timber
TEAM
Jos Ramn Berecibar
Steel, Metallurgy and Corporacin
Partner Rugui Steel Spain
Industrial Production JM Aristrain
- 30,00
berecibar@gbp-legal.com
GBP Legal
GBP-Legal is a law firm provides legal advice in M&A transactions, closer to the client and from our more Kaiku Corporacin
Spain Food Industry Ekarpen Emmi 16,00
than 15 years experience. Alimentaria
Adding value, fully committed and working closer to the client.
GBP-Legal renders an integral services in M&A and capital markets transactions. It also coordinates the
Consultancy, Audit Accionistas
legal advice that in other fields of law or in other jurisdictions, specialists in other fields or international law Ibertel Spain Pagatodo ND
and Engineering de Ibertel
firms from our network, may provide toour clients when transactions demand it.
Practice Areas
Steel, Metallurgy and Cunext Copper
We focus our practice in M&A, commercial and finance law, Company law, advice to Board of Directors and ECN Cable Group Spain General Cable ND
Industrial Production Industries
capital markets (debt and equity).
Awards and Recognitions * IIncludes closed M&A transactions in 2015.
Jos Ramn Berecbar was recently selected by her peers for inclusion in The Best Lawyers in Spain 2015
in the fields of Corporate and M&A Law.
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GOMEZ-ACEBO & POMBO ID in TTRecord.com: 304
SPAIN
Address Castellana 216 Telephone (+34) 915 829 100 To achieve these objectives we recruit some of the finest young lawyers in the profession who are offered a
compelling challenge in an environment that allows them to develop their capabilities to the full, receiving
CORPORATE PROFLES
CORPORATE PROFLES
28046 Madrid Website www.gomezacebo-pombo.com expert training in legal matters, languages and communication skills and to improve management and
LEGAL ADVISERS
LEGAL ADVISERS
negotiation capacities. Moreover, the majority of our professionals bring to the Firm knowledge of other
PROFILE jurisdictions as a result of internships at leading international law firms in the European Union, the United
States and Japan.
Start of Activity 1971 Corporate Mergers and Acquisitions
N of employees Our firm has more than 280 lawyers (68 partners), located in nine offices in five different Mergers and acquisitions Acquisitions
countries (Spain, United Kingdom, United States of America, Portugal and Belgium). We are highly trained National and international commercial contracts Corporate transactions and structural amendments
professionals who understand the business of our clients and are coordinated to bring extra added value Company law Capital Market transactions
through innovative solutions of maximum legal security. Joint ventures / Partnership agreements Debt
Venture capital operations Disinvestments
TEAM Insurance
Maritime law
Fernando de las Cuevas Almudena Arpn de Francisco Gil Partner Insolvency
Head of M&A Mendvil y Aldama Partner fgil@gomezacebo-pombo.com
Strategic alliances
fcuevas@gomezacebo-pombo.com aama@gomezacebo-pombo.com
David Gonzlez Glvez Partner Application of UNCITRAL rules
Manuel Martn Senior Partner Mafalda Barreto Partner dgonzalez@gomezacebo-pombo.com
Retail
mmartin@gomezacebo-pombo.com mbarreto@gomezacebo-pombo.com
Daniel Marn Partner Commercial, agency, logistic and selective
Carlos Rueda Managing Partner Jos ngel Cano Partner dmarin@gomezacebo-pombo.com
sdnetwork distributions
crueda@gomezacebo-pombo.com jacano@gomezacebo-pombo.com
Richard A. Silberstein Partner
Jos Mara lvarez Partner Alex Carbonell Real-Salas Partner rsilberstein@gomezacebo-pombo.com
jmalvarez@gomezacebo-pombo.com acarbonell@gomezacebo-pombo.com TRANSACTIONS
Mnica Weimann Partner
Sergio Antn Partne Iigo Erlaiz Head of Corporate mwimann@gomezacebo-pombo.com
santon@gomezacebo-pombo.com ierlaiz@gomezacebo-pombo.com AMOUNT
TARGET COUNTRY SUBSECTOR BUYER SELLER (EURm)
Estibaliz Aranburu Partner Rubn Ferrer Partner Socit Financire de Financial and Santander Consumer Banque PSA
earanburu@gomezacebo-pombo.com rferrer@gomezacebo-pombo.com France 610,00
Banque (SOFIB) Insurance Finance Finance
Alfonso Areitio Partner Francisco Fita Partner Banco Sabadell, Banco
aareitio@gomezacebo-pombo.com ffita@gomezacebo-pombo.com Financial and Popular, Bankia,
Bagoeta Spain - 250,00
Insurance CaixaBank, BBVA, Banco
Santander, ArcelorMittal
ABOUT US Iberia Nora Spain Real Estate Zambal Spain SOCIMI
Private
179,00
Shareholders
Gmez-Acebo & Pombo Pharmaceutical,
Gadea Spain Parapharmaceutical AMRI 3-Gutinever 174,00
We are an independent Iberian law firm and our aim is to provide first rate value to our clients through and Cosmetics
innovative, practical and successful legal strategies. Tnels de Roads and AXA Infrastructure BTG Pactual
Spain 146,45
Barcelona - Cad Highways Fund III Participations
This is possible thanks to:
Automotive and
the in-depth legal knowledge of our more than 280 lawyers Ficosa Spain Panasonic - 100,00
Recreational Vehicles
in-depth understanding of our clients business and the ability to anticipate their needs Pharmaceutical,
Private
our dedication and commitment GES Group Spain Parapharmaceutical Altan Pharma 87,50
Shareholders
and Cosmetics
the long-standing professional relationships we build with our clients Caixanova Vida Financial and
Spain Abanca CASER 84,70
our working method: by creating multidisciplinary teams led by one or more partners who interface y Pensiones Insurance
with the client, ensuring that the best experts participate effectively in each case JV Johnson Other consumer Johnson Controls,
Japan - 1.293,88
an Academic Council founded in 1988, composed of professors in different areas of law, all leaders in Controls Hitachi goods Hitachi Appliances
their respective fields, and who work together with the lawyers to cover the specific needs of each client
*Includes closed M&A transactions, joint ventures and asset acquisitions in 2015.
and case, thereby ensuring advice of the highest standards.
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HERBERT SMITH FREEHILLS SPAIN ID in TTRecord.com: 1422
Our team in Spain is made up of more than 90 professionals led by eleven partners, who are responsible
for designing, co-ordinating and managing the teams best suited to each transaction. In 2012, the Madrid
office was awarded with the third prize as Value-add 2012 company and was shortlisted in the Most
SPAIN Trusted Legal Advisers 2012 category of the first edition of the Gold Awards by Iberian Lawyer. In 2011,
only two years after its opening, our office received the Best overseas office award by The Lawyer on its
Address Calle de Velzquez 63 Telephone (+34) 91 423 4000
CORPORATE PROFLES
CORPORATE PROFLES
third edition of its European awards.
28001 Madrid
LEGAL ADVISERS
LEGAL ADVISERS
Website : www.herbertsmithfreehills.com
International network
Bangkok, Beijing, Belfast, Berlin, Brisbane, Brussels, Doha, Dubai, Dusseldorf, Frankfurt, Hong Kong,
PROFILE Johannesburg, London, Madrid, Melbourne, Moscow, New York, Paris, Perth, Riyadh, Seoul, Shanghai,
Singapore, Sydney, Tokyo, Jakarta,* Africa Group, India Group, Iran Group, Kazakhstan Group, Latam Group,
Start of Activity Madrid in 2009
Nordic Group, Saudi Arabia Group, Ukraine Group.
N of employees Our team in Spain is made up of more than 90 profesionales led by eleven partners. *Associated firms
Herbert Smith Freehills Spain Gran Va 37 building Spain Real Estate Axa REIM Ibrica Private Shareholders 79,70
Herbert Smith Freehills LLP is an international law firm result of the merger, in October 2012, between Marketing and
Impursa Spain H.I.G. Europe Grupo Redext 25,00
Advertising
Herbert Smith, founded in London in 1882, and Freehills, founded in Sidney in 1871. The firm has a
network of 2,800 lawyers and 25 offices spanning in Asia, Australia, Europe, the Middle East, Africa and Financial and Portobello
Tamsi Spain Spain N+1 Dinamia 20,50
Insurance Fondo III
the US. Sistemas E Imagen
Marketing and
In 2009, Herbert Smith opened its Madrid office to provide national and cross border legal advice to Ibex Publicitaria Spain
Advertising
H.I.G. Europe Nazca Capital 18,80
35 companies and important local and multinational clients with complex and high-profile operations in (Grupo Autor)
Spain and in the rest of the world. In October 2012, as a result of the merger, the Madrid office became Real Estate
First Family
Hotel 987 Spain Tourism, Hotels and Bravamar ND
part of the international network Herbert Smith Freehills. Restaurants
Investments
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JONES DAY ID en TTRecord.com: 517
CORPORATE PROFLES
28004 Madrid (including Structured & Derivative Products); Global Disputes; Real Estate (including urban planning and
Website : www.jonesday.com
LEGAL ADVISERS
LEGAL ADVISERS
environmental issues); Business Restructuring & Reorganization; Investigations & White Collar Defense;
Cybersecurity, Privacy & Data Security; Capital Markets; Antitrust & Competition Law and other regulatory
PROFILE matters; Intellectual Property; Tax, and Labor & Employment. We advise companies from many industry
sectors, including energy, financial services, infrastructure and construction, technology, telecom and media,
Start of Activity Madrid in 2000. defense, automotive, real estate, healthcare, consumer products and retail, among others.
N of employees More than 40 lawyers.
TRANSACTIONS
TEAM
AMOUNT
TARGET COUNTRY SUBSECTOR BUYER SELLER
Mercedes Fernndez Jos Bonilla Miguel Bermdez de Castro (EURm)
Managing Partner Partner Partner DNCA Finance, AQR
mfernandez@jonesday.com jbonilla@jonesday.com mbermudezdecastro@jonesday.com Asset Management,
Jazztel Group, United Kingdom,
Telecoms Orange Credit Suisse Group, 3.179,11
Andres Lorrio Juan Ferr Raimundo Ortega Jazztel Espaa Spain
Morgan Stanley,
Partner Partner Partner Private Shareholders
alorrio@jonesday.com jferre@jonesday.com rortega@jonesday.com
Technology
Universal Robots Denmark Teradyne Private Shareholders 253,74
Federico Merino Luis Jimnez - Daz Vctor Casarrubios Electronics
Partner Partner Partner Jazztel Espaa, Spain, United
fmerino@jonesday.com ljimenezdiaz@jonesday.com vcasarrubios@jonesday.com Telecoms Orange Private Shareholders 218,70
Jazztel Group Kingdom
Javier Lpez Antn Manuel Vara Varea
Partner Partner Grupo Nubiola Spain
Chemical and
Ferro Corporation
Corporacin
149,00
jlopezanton@jonesday.com mvara@jonesday.com Chemical Materials Qumica VHEM
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KING & WOOD MALLESONS ID en TTRecord.com: 1954
SPAIN Clients
Address C/ Goya, 6 Telephone (+34) 91 426 0050 The firm has recently participated in some of the most important deals in the country, such as several transactions carried
out by EDP Group, the investments of Meriton Holdings in Spain and several investments and divestments made by RREEF
CORPORATE PROFLES
CORPORATE PROFLES
28001 Madrid Website www.kwm.com Pan-European Infrastructure Fund LP and Lion Capital.
LEGAL ADVISERS
LEGAL ADVISERS
Email madrid@eu.kwm.com Other clients of the firm are UBS, Blackstone, Capital Dynamics, Morgan Stanley, La Seda de Barcelona, First State
Investment, Sovena Oilseeds, Axis Participaciones Empresariales, Zeltia, Associated British Food, Sonae Industria, Vinci
Group, Vocento, Codere, Hispasat, Grupo Nicols Correa, Magnum Industrial Partners, Nauta Capital, Abac Capital, MCH
PROFILE Private Equity, Qualitas Equity Partners, Oquendo, GED Iberian Private Equity, Swanlaab, Altamar, Portobello Capital, Ysios
Capital Partners, ICO, Seaya, N+1 Private Equity, Realza Capital, Art Capital, Black Toro Capital - AM Trea, Foresta Capital,
Start of Activity 1999 Agrocortex, Argo Capital, BCEISS, Akina Partners, Corpfin Capital Real Estate, Espiga Capital, Nereo, Sherpa Capital and
Montana Capital Partners.
N of employees King & Wood Mallesons (KWM) has a team of 50 lawyers in Spain.
Market recognitions
King & Wood Mallesons has some of the most prestigious awards in the market, including Law Firm of the Year in Europe
TEAM - Fund Formation (Private Equity International Awards 2016) (16 consecutive years); Law Firm of the Year in Europe -
Transactions (Private Equity International Awards 2016); Law Firm of the Year - Funds Structuring (Unquote British Private
Equity Awards 2014) (4 consecutive years); Legal Advisor of the Year - Funds (Private Equity Africa Awards 2014); Best
Carlos Pazos Managing Partner Joaqun Sales Partner Alfredo Guerrero Partner Onshore Law Firm - Client Services (MENA Fund Manager Fund Services Awards 2014); International Law Firm of the Year
Corporate, M&A, Private Equity Banking, Finance Dispute Resolution (Australasian Lawyer Awards 2015).
carlos.pazos@eu.kwm.com joaquin.sales@eu.kwm.com alfredo.guerrero@eu.kwm.com
Roberto Pomares Partner Alberto Ruano Partner Enrique Isla Partner
Corporate, M&A Tax Real Estate TRANSACTIONS
roberto.pomares@eu.kwm.com alberto.ruano@eu.kwm.com enrique.isla@eu.kwm.com
AMOUNT
Pablo Daz Partner Gonzalo Olivera Partner TARGET COUNTRY SUBSECTOR BUYER SELLER (EURm)
Corporate, M&A Energy, Regulatory
pablo.diaz@eu.kwm.com gonzalo.olivera@eu.kwm.com Distribution Private
El Corte Ingls Spain Private Shareholders 1.000,00
and Retail Shareholders
Isabel Rodrguez Partner Carlos Gil Partner
Funds Employment Private Shareholders, MCH
Steel,
isabel.rodriguez@eu.kwm.com carlos.gil@eu.kwm.com Inversiones Industriales,
Metallurgy Private
Talgo Spain MCH Iberian Capital Fund 569,57
and Industrial Shareholders
III, Pegaso Transportation
Production
International
ABOUT US
Festa, Ice Cream Factory
Comaker, Mediterrnea
Fashion and
King & Wood Mallesons de Ctering, GrupoUno Spain Harbourvest Portobello Capital 350,00
Textile
CTC, Angulas Aguinaga,
King & Wood Mallesons (KWM) is a global and multidisciplinary law firm with more than 2,700 lawyers and more than Grupo Multiasistencia
550 partners. With presence in Europe, Middle East, Australia, China, Japan and U.S., King & Wood Mallesons is one of
the top 10 law firms worldwide. In Spain KWM has become one of the benchmark firms for Corporate, M&A and Private Gas Energa
Spain Oil and Gas Grupo Redexis Gas EDP Naturgas Energa 186,00
Equity. Distribucin Murcia
KWM has a high level of expertise and a global team of more than 200 partners specialized in Corporate and M&A Saggas Spain Oil and Gas Enags Transporte Infrastructure Arzak 61,00
and more than 70 in Private Equity. Among the firm's clients are large national and international companies, financial
institutions, funds, private equity firms and investors. The firm advises them on major transactions (many of them with a Financial and Access Capital
cross-border component), the structuring of investment vehicles, capital markets, tax and regulatory issues. N+1 Dinamia Portfolio Spain N+1 Dinamia 57,20
Insurance Partners
Practice areas Enags Transporte,
BBG Spain Oil and Gas Ente Vasco de Infrastructure Arzak 2 34,80
Corporate & M&A Employment Energy & Infrastructure la Energa
Funds Dispute Resolution Regulatory Financial and
Tamsi Spain Spain Portobello Fondo III N+1 Dinamia 20,50
Insurance
Banking & Finance Insolvency EU & Competition
Financial and Private
Tax Real Estate N+1 Dinamia Portfolio Spain N+1 Dinamia 17,71
Insurance Shareholders
Ulabox Spain Internet Sonae E. Ventures - 6,00
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LATHAM & WATKINS ID in TTRecord.com: 906
CORPORATE PROFLES
28006 Madrid 08036 Barcelona
LEGAL ADVISERS
LEGAL ADVISERS
Telephone (+34) 917 915 000 Telephone (+34) 935 455 000 Other offices
Latham & Watkins has 31 offices around the world: Barcelona, Beijing, Brussels, Boston, Century City,
Website www.lw.com
Chicago, Dubai, Dsseldorf, Frankfurt, Hamburg, Hong Kong, Houston, London, Los Angeles, Madrid,
PROFILE Milan, Moscow, Munich, New York, Orange County, Paris, Riad, Rome, San Diego, San Francisco,
Shanghai, Silicon Valley, Singapore, Tokyo and Washington D.C.
Start of Activity 2007
Awards and rankings
N of employees In Spain, Latham & Watkins counts with an experienced team of 35 professionals and "M&A Practice Group of the Year by Law360 2015
6 partners. Tax Firm of the Year in Spain by Finance Monthly Magazine 2014
TEAM Sustained Excellence in M&A Tax Planning in Spain by International Tax Awards 2014
Law firm of the year by Law360 for the second consecutive year
Jos Luis Blanco Ignaci Bala Named as one of the 10 leading Pro Bono firms by Whos who Legal
Managing Partner M&A and Private Equity Partner Corporate Latham & Watkins is also a leader in multiple rankings from various areas of practice and in the most
Antonio Morales Partner Litigation, Arbitration, Manuel De prestigious legal directories such as The Legal 500, Best Lawyers, Chambers and Partners or IFLR 1000,
Administrative and Regulatory law Partner Corporate among others.
Jordi Domnguez Ivan Rabanillo HIGHLIGHT TRANSACTIONS
Partner Tax Counsel Tax
AMOUNT
Ignacio Pallars TARGET COUNTRY SUBSECTOR BUYER SELLER
(EURm)
Partner M&A and Private Equity Ortho-Clinical Healthcare, Hygiene, Medical
United States Carlyle Ortho-Clinical Diagnostics 3.038,50
Diagnostics Business Aesthetics and Cosmetics
Ferroatlntica,
ABOUT US Ferroglobe
United Steel, Metallurgy and
Globe Specialty - 2.000,00
Kingdom Industrial Production
Metals
Latham & Watkins Healthcare, Hygiene, Medical
Unidad Negocio Tecnologa Cerner
Germany Aesthetics and Cosmetics Siemens 973,00
The firm is one of the largest global law firms. With 31 offices around the world, including the Atencin Mdica
Technology
Corporation
Madrid and Barcelona offices, Latham & Watkins is positioned as a global leader, with an established Sobrinos de Jos Pastor
international reputation. More than 2,000 lawyers provide a cohesive platform which covers all judicial Inversiones, Roma Valors,
Gatacha, Ralacan, Trinidad
practices in Europe and the US, as well as the Middle East and Asia. Grupo NACE Spain Education Magnum Capital Capital, Duco Paido, 100,00
Induworld1, Creatia,
In Spain, the practice is focused on mergers and acquisitions, private equity, transaction financing, Baring Iberia II, Private
capital markets, procedural, administrative and regulatory law, as well as tax, competition and EU law. Shareholders, Banco Popular
The firm has advised clients in some of the highest-level transactions within the respective sectors, in Pharmaceutical,
Euromed Spain Parapharmaceutical Riverside Meda 82,00
recognition of the dedication, energy and talent of the professionals in Madrid and Barcelona. Latham and Cosmetics
& Watkins is dedicated to working with clients to help them achieve their business goals and overcome Medicine Business Unit
Netherlands,
Italy,
legal challenges anywhere in the world. (Netherlands, Italy, Germany,
Germany, Pharmaceutical,
France, Belgium), Unidad de
France, Parapharmaceutical Aurobindo Pharma Actavis 30,00
Philosophy negocio de medicamentos
Belgium, and Cosmetics
(Spain), Unidade de negcio
Since the firm was founded in the US in 1934, the firm has maintained a solid commitment with each de medicamentos (Portugal)
Spain,
Portugal
and every one of its clients, a value which was ingrained in the firm by its founders, as well as a constant Glass, Ceramic, Paper, Plastics,
dedication to quality. This philosophy has accompanied Lathams professionals during the firms growth Mespack Spain
Wood and Timber
Duravant
Emig Enric Mart Investments
ND
Steel, Metallurgy and Group, Geinfisar 99
to become one of the leading and most prestigious international firms. Industrial Production
Practices and positioning ITL - International Transport, Aviation and TIL- Terminal
Argentina Puerto Patagonia ND
Trade Logistics Logistics Investment Limited
Latham & Watkins has become a benchmark in the broad spectrum of legal practices, from M&A, capital Nature's Variety United States Food Industry Agrolimen Private Shareholders ND
Pharmaceutical,
markets and private equity, to financial operations, litigation and regulatory aspects. The firm is also Bioeq Pharma Germany Parapharmaceutical
Amneal
Private Shareholders ND
recognized for its innovative approach to legal solutions and for pro bono work in local and international Pharmaceuticals
and Cosmetics
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LAWESOME LEGAL SERVICES ID in TTRecord.com: 26499
CORPORATE PROFLES
48009 Bilbao Website www.lawesome.es Venture Capital
LEGAL ADVISERS
LEGAL ADVISERS
Email administracion@lawesome.es Intellectual and Industrial Property Law
Internet
Fashion Law
PROFILE Bankruptcy Law
Litigation
Start of Activity 2013 Banking Law
N of employees 10 Other offices
Calle de Velzquez, n 10, 2 Planta - Madrid
TEAM
TRANSACTIONS
Xabier lvarez Lombarda Laura Lucio Sedano
AMOUNT
Founding Partner Associate TARGET COUNTRY SUBSECTOR BUYER SELLER
(EURm)
Director of Growth Services Responsible for the Litigation area
Go4It Spain Technology Fundacin Izarra, Tecnalia - 0,13
Martin Eguia Barrio Aitor Zubizarreta Gorostiza
Founding Partner Senior Associate
Director of Crisis Management Services Startups, M&A and Venture Capital Watchland Corporation Spain Internet Casbac 2008 - 0,10
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LINKLATERS ID in TTRecord.com: 1540
SPAIN Our structure gives us complete flexibility to set up multi-jurisdictional and multi-disciplinary teams, offering
clients the ease of having a single point of contact in Madrid and the guarantee of a consistent service in
Address Almagro, 40 Telephone (+34) 913 996 000
line with our firms standards of quality. Linklaters has established itself as one of the leading firms in M&A
CORPORATE PROFLES
CORPORATE PROFLES
28010 Madrid Website www.linklaters.com and private equity in Spain, being regularly lauded by its clients and by the most important legal directories
LEGAL ADVISERS
LEGAL ADVISERS
Email madridclientconnections@linklaters.com (band 1 in Chambers and Legal 500).
The team is led by Alejandro Ortiz, partner and head of the corporate department. It includes a group of
PROFILE partners and senior lawyers highly experienced in the design, negotiation, execution, financing and tax
Start of Activity 2000 structuring of all kinds of deals, whether private equity or mergers and acquisitions in general. Particularly
notable is Linklaters involvement in most of the takeover offers and P2Ps in the Spanish market over the
N of employees The firm boasts more than 120 lawyers, including 18 partners, five counsels, a senior
last ten years.
consultant and four consultants, including four academics (catedrticos) who are highly regarded in the
Spanish legal field.
TEAM TRANSACTIONS
ABOUT US Distribuidora de
Televisin Digital Spain Telecoms Telefnica Prisa 706,80
Linklaters (Canal +)
Linklaters has become one of the leading law firms in Spain, with over 16 years experience in the country.
Telecable de Asturias Spain Telecoms Zegona Liberbank, Carlyle 640,00
Practice areas
The corporate/M&A finance and dispute resolution departments make up the firms core practice areas, Sigma & WH
complemented by market-leading specialist teams in other areas (tax, competition/antitrust, public/ Spain Food Industry Alfa Smithfield Foods 317,95
Food Europe
administrative law, real estate and employment). We also have lawyers practicing English and U.S. law who
Desarrollo de
advise on the international aspects of the transactions in which we are involved. Linklaters is able to offer Concesiones Spain
Transport, Aviation Grupo Aeroportuario
Abertis 177,00
technical excellence and sound and comprehensive advice on almost all key areas of business law. and Logistics del Pacfico (GAP)
Aeroportuarias
International presence Healthcare,
The firm has about 2,600 lawyers worldwide. Besides our presence in Europe, Linklaters also has a network Clnica Eugin Spain
Hygiene, Medical
NMC Health ProA Capital 143,00
of offices in the main financial hubs of Asia (Beijing, Seoul, Shanghai, Hong Kong, Tokyo, Singapore and Aesthetics and
Cosmetics
Bangkok), the U.S. (New York), Latin America (So Paulo) and the Middle East (Dubai and Abu Dhabi). In
addition, Linklaters has integrated alliances with leading firms Allens, in Australia, and Webber Wentzel, in * Includes closed M&A transactions in 2015, including assets.
South Africa.
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ONTIER ID in TTRecord.com: 19743
CORPORATE PROFLES
CORPORATE PROFLES
SPAIN
LEGAL ADVISERS
LEGAL ADVISERS
Practise areas
Address P de la Castellana, 55 Telephone (+34) 914 313 000
28048 Madrid Business Inheritance & Corporate Governance
Website www.ontier.net
Corporate, M&A
Employment
Finance & Capital Markets
PROFILE
Intellectual Property & New Technologies
Start of Activity 1959 Litigation & Arbitration
Public Law (including Urban Planning)
N of employees 250 lawyers, including 45 partners.
Real Estate
Restructuring & Insolvency
TEAM Tax
White Collar Crime
Bernardo Gutirrez de la Roza Main practice areas managers
CEO
Litigation & Arbitration Pedro Rodero Rodrguez & Cristina Camarero Espinosa
Pedro Rodero Corporate, M&A Pablo Enrile Mora-Figueroa & Francisco Silvan Rodriguez
Managing Partner ONTIER Spain
Energy & Natural Resources Bernardo Gutierrez de la Roza Perez & Pablo Enrile Mora-Figueroa
Adolfo Surez Illana Public Law and Urban Planning Jorge lvarez Gonzalez & Pedro Rubio Escobar
International Chairman
Restructuring & Insolvency Bernardo Gutierrez de la Roza Perez & Eutimio Martinez Suarez
Ramn Hermosilla Martn Finance & Capital Markets Ramon Ruiz de la Torre Esporrin
Honor Chairman
Employment Ana Gomez Hernandez & Javier Aurelio Rodriguez Perez
Intellectual Property & New Technologies Joaquin Muoz Rodriguez
Real Estate Jaime Diaz de Bustamante Berasategui
ABOUT US Tax Enrique Lpez de Ceballos Reyna
White-Collar Crime Berta Aguinaga Barrilero y Juan Casanueva Perez-Llantada
ONTIER
Business Inheritance & Corporate Governance Bernardo Gutierrez de la Roza
Is a law firm with offices in 13 countries: Bolivia, Brazil, Chile, China, Colombia, Mexico, Paraguay,
Peru, Portugal, Spain, UK, USA and Venezuela. ONTIER, which combines top local expertise with an Other Offices
international reach, offers legal services and counsel in all areas of law, including: Bankruptcy & Res- Bolivia(La Paz and Santa Cruz), Brazil (Rio de Janeiro and So Paulo, in collaboration with Derraik &
tructuring Proceedings, Corporate Criminal Liability, Corporate Law, Employment Law, Finance & Capital Menezes Advogados), Chile (Santiago), China (Shangai), Colombia (Bogota), Mexico (Mexico City),
Markets, Litigation & Arbitration, Mergers & Acquisitions, New Technologies and Intellectual Property Paraguay (Asuncion), Peru (Lima), Portugal (Lisbon, Porto), Spain (Madrid, Oviedo, Santander, Seville),
Law, Property Law, Public Law & Town Planning and Tax. ONTIER also provides legal advice and services UK (London), USA (Miami) and Venezuela (Caracas).
to a number of different sectors, particularly in the areas of Energy and Natural Resources and Family
Businesses. Furthermore, ONTIER has extensive experience in dealing with complex international
transactions, as well as a solid track record in the Spanish market, where the firm has advised on some
of the most significant and complex disputes and transactions of recent years.
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OSBORNE CLARKE ID in TTRecord.com: 11264
SPAIN
CORPORATE PROFLES
CORPORATE PROFLES
Holland (Amsterdam), Hong Kong and USA (New York, Silicon Valley (Palo Alto) and San Francisco). In
Address Av. Diagonal, 477, planta 20 Address P de la Castellana, 52, planta 6.
LEGAL ADVISERS
LEGAL ADVISERS
total, our clients have access to a team of 160 partners and more than 600 lawyers capable of providing
08036 Barcelona 28046 Madrid practical and imaginative legal services tailored to the needs of each individual case.
Telephone (+34) 93 419 18 18 Telephone (+34) 91 576 44 76
Our Corporate and M&A team boasts extensive experience in mergers and acquisitions. Our lawyers have
Website www.osborneclarke.com played a leading role in some of the most relevant corporate transactions carried out by Spanish companies
in recent years.
PROFILE We have therefore in-depth knowledge of the peculiarities and problems associated with such transactions
from a commercial, financial, labor, tax and regulatory point of view.
Start of Activity 1986 At Osborne Clarke we believe that we cannot provide quality advice without knowing our clients' business.
N of employees We currently have a panel of over 60 lawyers distributed between our Barcelona and We work with industries we know and understand. And we love being creative. This is why we are a
Madrid offices, 17 of which are partners. leading law firm in sectors such as Digital Business, Life Sciences, Energy, Financial Services, Retail, Real
Estate and Infrastructures.
TEAM
Toms Dag Managing Partner Spain Daniel Rioprez Managing Partner Madrid TRANSACTIONS
tomas.daga@osborneclarke.com daniel.rioperez@osborneclarke.com
AMOUNT
TARGET COUNTRY SUBSECTOR BUYER SELLER
Nuria Martn Managing Partner Barcelona Rafael Montejo (EURm)
nuria.martin@osborneclarke.com rafael.montejo@osborneclarke.com United Chemical and
Alkahest Grifols Private Shareholders 33,71
States Chemical Materials
Jordi Fbregas Lus Castro
jordi.fabregas@osborneclarke.com luis.castro@osborneclarke.com Accel Partners,
Spain Ventures, 11,28
Jordi Muix ngel Garca Packlink Spain Internet -
Eight Roads Ventures (Approx.)
jordi.muixi@osborneclarke.com angel.garcia@osborneclarke.com Active Venture Partners
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PREZ-LLORCA ID in TTRecord.com: 1377
SPAIN
Address Paseo de la Castellana, 50 Av. Diagonal 640, 8A
CORPORATE PROFLES
CORPORATE PROFLES
28046 Madrid 08017 Barcelona The Corporate team offers comprehensive legal advice to both public capital companies and private
LEGAL ADVISERS
LEGAL ADVISERS
Telephone (+34) 914 360 420 Telephone (+34) 934 813 075 capital corporations, and the lawyers often take part in complex cross-border transactions. Their practice
Website www.perezllorca.com encompasses advice to clients in all areas of the economy and in every phase of their corporate existence:
from incorporation, financing, international expansion to their possible integration in complex corporate
Other offices structures or, where necessary, their sale or financial restructuring. Additionally, the team has developed
broad and sophisticated expertise in mergers and acquisitions, capital markets, corporate governance and
London Monument Place New York 375 Park Avenue, 38th floor
restructuring, banking, transactions related to the energy sector, financing, development and purchase of
24 Monument Place Street,. 8th floor New York, NY 10152
projects and assets.
EC3R 8AJ London (+1) 646 846 6660
(+44) 207 337 9700 Professional Memberships
Spanish Section of the International Law Association (ILA)
PROFILE International Chambers of Commerce (ICC)
Start of Activity 1983 Asociacin Espaola para la Defensa de la Competencia (AEDC)
N of employees Currently employing more than 150 lawyers, including partners. The London Court of International Arbitration (LCIA)
International Bar Association (IBA)
TEAM Union Internationale des Avocats (UIA)
Asociacin Espaola de Directivos (AED)
Pedro Prez-Llorca Managing Partner Carmen Reyna Partner
Club Espaol de Arbitraje (CEA)
pperezllorca@perezllorca.com creyna@perezllorca.com
Asociacin Espaola de Entidades de Capital Riesgo (ASCRI)
Fernando Quicios Partner Alejandro Osma Partner
Others
fquicios@perezllorca.com aosma@perezllorca.com
Practice Areas
Fausto Romero-Miura Partner Gerard Serra Partner
Administrative Law, Banking and Finance, Capital Markets, Civil and Commercial Litigation, Commercial Law,
fromeromiura@perezllorca.com gserra@perezllorca.com
Competition law, Copyright Law, Corporate compliance, Corporate Governance, Corporate Law, Corporate
Ivn Delgado Partner Sergio Agera Partner Restructuring, Data Protection and E-Commerce, Environment, European Union Law, Insolvency, Intellectual
idelgado@perezllorca.com saguera@perezllorca.com Property, Labour Law, Land Planning, Litigation before the ECJ (European Court of Justice), Litigation before
Jos Luis Garca-Manso Partner Pablo Gonzlez Partner the, Public Administrations , M&A, National and International Arbitration, Private Equity, Project Finance, Public
jlgarciamanso@perezllorca.com pgonzalez@perezllorca.com Procurement Real Estate, Tax, Unfair Competition, White Collar Crime.
254 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 255
PLMJ ID in TTRecord.com 2023
also focus on training multidisciplinary teams with the skills and experience necessary to act for clients in
specific sectors.
PORTUGAL
CORPORATE PROFLES
International projection
CORPORATE PROFLES
Address Av. da Liberdade, 224 Telephone (+351) 213 197 300
LEGAL ADVISERS
LEGAL ADVISERS
With a team of more than 270 lawyers, the focus on internationalisation is increasingly relevant for
Edifcio Eurolex Website www.plmj.com PLMJ and through PLMJ International Legal Network, the firm has also been establishing itself as a
1250-148 Lisboa
Email plmjlaw@plmj.pt reference outside Portugal. This network is made up of partnerships with local, independent firms in Angola,
Portugal
Mozambique, Macao, China, Brazil, Cape Verde, Switzerland and the countries of Central and Eastern Europe
PROFILE and all of these markets represent a strengthening of PLMJs presence in destinations of interest to investors.
PLMJs investment in the continuous training of its lawyers through PLMJs Excelentia Training Centre has
Start of Activity 1967 N of employees 370 made it possible to provide lawyers with the in-depth, critical vision of the challenges of the profession and
of their clients businesses and the market in which they operate that it so crucial today. Sharing know-how
TEAM has always been a concern of PLMJ because we believe the only way to contribute to enriching the legal
community is by publishing books, articles, guides and manual on the topics of greatest concern to our
Luis Sragga Leal Partner Maria Joo Ribeiro Mata Partner
clients and the firm.
International Projects Mergers and Acquisitions
luis.saraggaleal@plmj.pt mariajoao.ribeiromata@plmj.pt TRANSACTIONS
Manuel Santos Vitor Partner Hugo Rosa Ferreira Partner
AMOUNT
Energy and Natural Resources Banking and Finance TARGET COUNTRY SUBSECTOR BUYER SELLER
(EURm)
manuel.santosvitor@plmj.pt hugo.rosaferreira@plmj.pt Electric Energy
Efacec Power Winterfell Gesto
Portugal Consultancy, Audit Efacec Capital 194,80
Andr Figueiredo Partner Duarte Schmidt Lino Partner Solution
and Engineering
de Investimentos
Capital Markets Private Equity
Fundo ESV III, Esprito Novabase Capital,
andre.figueiredo@plmj.pt duarte.schmidtlino@plmj.pt FeedZai Portugal Technology Santo Ventures, Oak EDP Ventures, Private 15,40
Sofia Gomes da Costa Partner Toms Pessanha Partner HC/FT Partners Shareholders
International Projects Corporate; Mergers and Acquisitions Glintt Technology,
HCCM Outsourcing
sofia.gomesdacosta@plmj.pt tomas.pessanha@plmj.pt Netpeople, Glintt Portugal Technology Glintt 7,00
Investment
Bussiness
Vasco de Atade Marques Partner Quinta das
German Desk Lgrimas Portugal Real Estate Oxy Capital Private Shareholders ND
Imobiliria
vasco.ataidemarques@plmj.pt
Steel, Metallurgy and
MIM Moambique Mozambique Mecwide Private Shareholders ND
Industrial Production
ABOUT US Imperial
Portugal Food Industry
Vallis Sustainable
Grupo RAR ND
Chocolates Investments I
PLMJ Quinta Essncia
Perfumarias,
Is Portugals largest law firm and has more than 45 years of history. We are recognised for our immediate Perfumaria
Healthcare, Hygiene,
and assertive response to all our clients needs and for our investment in human capital and the Anita, Perfumaria
Portugal Medical Aesthetics Ari Grupo Barreiros Faria ND
development of legal talent. We are also recognised for our unparalleled quality and track record of Mars, Perfumaria
and Cosmetics
Barreiros Faria,
work on innumerable transactions of enormous complexity, advising Portuguese clients and handling
Perfumes &
major international and foreign investment operations. The reputation and values of PLMJs brand and Companhia
legal services have spread across borders and have merited extensive international recognition for both MC - Mercados
Portugal Real Estate Time Out Mercado Private Shareholders ND
excellence and innovation. da Capital
PLMJ is one of the most innovative law firms in continental Europe, according to Financial Times. Internet
BestTables Portugal Tourism, Hotels LaFourchette Private Shareholders ND
As a true full-service, PLMJ offers a high level of specialisation in all areas of the law together with and Restaurants
accumulated experience and specific know-how in the most important industries and sectors of activity. We Brisa Inovao
Portugal Technology Pathena Brisa ND
e Tecnologia
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RAMN Y CAJAL ID in TTRecord.com: 818
SPAIN
Practice areas
CORPORATE PROFLES
CORPORATE PROFLES
Public Law Real Estate
LEGAL ADVISERS
LEGAL ADVISERS
Address Calle Almagro, 16-18 Telephone (+34) 91 576 19 00
28010 Madrid Arbitration Gaming
Website www.ramonycajalabogados.com
Competition Labor
Insolvency M&A
PROFILE Commercial Contracts Environment
Corporate compliance Capital Markets
Star of activity 1986 Energy Litigation
N of employees 120 Abogados, 38 de ellos socios Finance Criminal
Tax Project Finance
TEAM Corporate Governance Corporate
CISs Information Technology
Francisco Pal Infrastructure Urban Planning
Managing Partner
FPala@ramoncajal.com
TARNSACTIONS
Pedro Ramn y Cajal
Founding Partner TARGET COUNTRY SUBSECTOR BUYER SELLER
AMOUNT
PRamonyCajal@ramoncajal.com (EURm)
Distribuidora de
Rafael Mateu de Ros Televisin Digital Spain Telecoms Telefnica Prisa 706,80
Founding Partner (Canal +)
RMateu@ramoncajal.com Healthcare, Hygiene,
Vitalia Plus Spain Medical Aesthetics Portobello Capital Private Shareholders 100,00
Diego Lozano and Cosmetics
Founding Partner Exus Management
Rejadorada
DLozano@ramoncajal.com Parque Elico Pujalt Spain Wind Energy Partners, Cerberus 56,00
Inversiones
European Investments
Cerberus European
Investments, Exus
Parque Elico Rejadorada
ABOUT US Spain Wind Energy Management Partners, 42,00
Tur del Magre Inversiones
Cerberus Capital
Ramn y Cajal Management (Global)
Consultancy, Audit
Ramn y Cajal Abogados is a firm that provides legal advice to companies and individuals at its offices Fluor Espaa Spain Sacyr Industrial Fluor Corporation 39,00
and Engineering
located in Madrid, Barcelona and Pamplona. Security and Private
Securitas Group Grupo Segur
Since its founding in 1986, the Firm has grown and evolved, becoming one of the leaders in the Spanish Segur Control Spain Arms, Ammunition 20,30
(Securitas Direct) (Segur Ibrica)
and Explosives
market. Its staff currently comprises more than 120 lawyers, 38 of whom are partners, and covers all major Technology
practice areas. Oesa Spain Consultancy, Audit Grupo Heisenberg - 17,40
Our clients include large and mid-sized companies from highly diverse sectors. Many of them have been and Engineering
with the Firm since its beginning. We are open and approachable in our relationships with clients and tailor Transportes, Aviacin Santander
Infraportva Spain Ership 16,00
y Logstica Infraestructuras
our services to meet their specific needs.
Estacionamientos Isolux Corsn
Spain Car Parks Private Shareholders ND
Granada Aparcamientos
Parque Elico Alto
Spain Wind Energy Cfiro Energa Private Shareholders ND
del Coterejn
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RIVERO & GUSTAFSON ID in TTRecord.com: 1617
CORPORATE PROFLES
CORPORATE PROFLES
LEGAL ADVISERS
LEGAL ADVISERS
SPAIN Membership of professional organizations
Asociacin Espaola de Entidades de Capital Riesgo (ASCRI)
Address Avda de Burgos, 17 - 3 Telephone (+34) 915 615 101
28036 Madrid American Chamber of Commerce in Spain
Website www.riverogustafson.com
British Chamber of Commerce in Spain
Email jgustafson@riverogustafson.com French Chamber of Commerce in Spain
Spanish Chamber of Commerce in France
PROFILE
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RCD - ROUSAUD COSTAS DURAN ID in TTRecord.com: 2409
SPAIN
CORPORATE PROFLES
the firm among the top-10 most active legal advisors in the Iberian Peninsula. Likewise, the firm is
08017 Barcelona 28006 Madrid
LEGAL ADVISERS
LEGAL ADVISERS
recognized year after year by the prestigious legal directory Chambers & Partners as a leader of the
Telephone (+34) 935 034 868 Telephone (+34) 917 583 906 Private Equity Mid-Market sector in Spain.
Website www.rcdslp.com "The lawyers are always available to help with possible crises that need a rapid response. Chambers &
Email rcd@rcdslp.com Partners, Private Equity: Mid - Market, 2016
The lawyers have a lot of knowledge at the technical level and at the legal level. Whenever I need to do
any sensitive transactions I dont think twice about working with the firm. Chambers & Partners, Private
PROFILE Equity, Mid-Market, 2015
A brilliant team with strong experience RCD gives you advice based on real experience, unlike other
Start of Activity 2003 N of employees Over 200
firms that seem to learn as they go along. Chambers & Partners, Private Equity, Mid-Market, 2014
It has great technical knowledge and is able to find solutions where others struggle to. Chambers &
TEAM Partners, Private Equity, Mid-Market, 2013
Activity
Adolf Rousaud We customize our advice according to the needs of each client and matter and we cover all practice
Managing Partner and Head of Corporate and Commercial areas with over 20 legal practices and strong knowledge of the main economic sectors.
arousaud@rcdslp.com Practice areas: bankruptcy, corporate and commercial, corporate crime, dispute resolution, finance,
immigration, innovation and entrepreneurship, intellectual property, labor and employment, public,
Ignasi Costas
administrative law and urban planning, regulatory, and tax.
Partner, Head of Innovation and Entrepreneurship and Head of International Relations
icostas@rcdslp.com Sectors: automotive, family business, energy, foundations and NGO, hotels and leisure, insurance, life
sciences, private wealth, real estate and construction, TMT, and venture capital.
Our professionals have wide experience in corporate law, corporate restructuring, drafting and
supervision of commercial contracts, M&A operations as well as in advising on the best practices for
ABOUT US
corporate governance.
Private Equity & Venture Capital: Advice to investors and venture capital firms on the creation
RCD - Rousaud Costas Duran
of legal collective investment vehicles; advice on compliance with the law, particularly before the
RCD is a leading independent, dynamic and innovative law firm and a reference for providing CNMV (Spanish National Securities Market Commission); as well as on the negotiation of investment
comprehensive legal advice. transactions and sale of investee companies. We also advise companies on seed investment rounds
In the last decade we experienced strong and unstoppable growth and we are now ranked among the with business angels, and also on investments, sale operations and/or divestments (mergers and/or
top-15 law firms in Spain. acquisitions) and IPOs (continuous stock Exchange market, Alternative Equity Market).
Team and values M&A: Advice on the definition of strategies for investment and divestment processes; support and
RCDs greatest asset is its team, made up of 29 partners and over 200 professionals who offer assistance in the purchase and sale of businesses or business groups, corporate restructurings and joint
personalized advice focused on clients needs. We have business vision and knowledge and we provide ventures; legal, tax and labor due diligence procedures; constitution and establishment of subsidiaries
innovative solutions by anticipating to market trends. and branches in foreign countries.
National and international coverage Contractual Law: Advice and drafting of all types of commercial contracts, both at a national and
We advise clients nationwide from our offices in Barcelona and Madrid; our firm works on an international level.
international level thanks to our global network of alliances and best friends agreements with foreign Financial Commercial Law: Design and implementation of refinancing and debt restructuring
world-class firms. operations.
Market Positioning Corporate law: Comprehensive advice to partnerships, family businesses and other legal entities on all
In 2015, RCD led TTRs 2015 ranking of most active legal advisors by number of transactions in the stages of their activity; continuous advice to the companys management and administration bodies.
Private Equity and Venture Capital market and rankend second in M&A. Bloomberg also positioned
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TRADINVESTE ID in TTRecord.com: 1184
SPAIN
CORPORATE PROFLES
CORPORATE PROFLES
Address Calle Prncipe de Vergara, 187 Website www.uria.com
LEGAL ADVISERS
LEGAL ADVISERS
28002 Madrid Email madrid@uria.com
Telephone (+34) 915 860 400
PROFILE TRANSACTIONS
International Network
Our international structure allows us to provide Spanish, Portuguese and EU legal advice to clients on Neinor Homes Spain Real Estate Lone Star Kutxabank 930,00
their investments in the Iberian Peninsula and abroad. We work in close collaboration with renowned
CVC Capital
firms in Latin America and through our network of best friends in Europe: France (Bredin Prat), Germany R Cable Spain Telecoms Euskaltel Partners Espaa, 890,00
(Hengeler Mueller), Italy (Bonelli Erede Pappalardo), the Netherlands (De Brauw Blackstone Westbroek) and Abanca
the United Kingdom (Slaughter and May). Through our participation in Philippi, Prietocarrizosa, Ferrero DU
Private Shareholders,
& Ura we are also present in Colombia,Chile and Peru. Ura Menndez is also a member of international
Deutsche Bank, Barclays
associations such as Lex Mundi. San Jos Desarrollos
Spain Real Estate Bank, Banco Popular, Grupo San Jos 743,00
Inmobiliarios
Bank of America Merrill
Other offices
Lynch, Vrde Partners
Barcelona, Bilbao, Valencia, Brussels, So Paulo, Beijing, Lisbon, Porto, London, New York, Frankfurt.
KKR Global Corporacin
Chile, Colombia and Per with a participation in Philippi, Prietocarrizosa, Ferrero DU & Ura; Mexico, in X Solar Spain Solar Energy
Infrastructure Investors II Gestamp
735,97
collaboration with Galicia Abogados, SC; in Argentina, in collaboration with Marval, OFarrell & Mairal.
Compaa Logstica de
Spain Oil and Gas Marthilores Repsol 325,00
Awards and Recognitions Hidrocarburos (CLH)
Uria Menendez is considered a leading firm by the most prestigious international directories and has been Financial and Oaktree Capital Private
honored in recent times with some of the most important awards in the legal sector. Eolia Renovables Spain 280,00
Insurance Management Shareholders
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U&LAW ID in TTRecord.com: 18189
SPAIN
CORPORATE PROFLES
CORPORATE PROFLES
LEGAL ADVISERS
LEGAL ADVISERS
Address Calle Nez de Balboa, 120 Website www.u-law.es
28006 Madrid Email info@u-law.es
Commercial contracting
Protection of intellectual an industrial property
PROFILE
Personal Data Protection
Start of Activity 2012 Tax
Arbitration and LitigationAdvice to business angels, venture capital and private equity
N of employees 6
TEAM TRANSACTIONS
Gonzalo Mara de Ulloa Lapetra Maria Barbed Isusi AMOUNT
TARGET COUNTRY SUBSECTOR BUYER SELLER
Partner and Managing Director Associate (EURm)
gonzalo@u-law.es maria@u-law.es
Cabify Spain Technology Seaya Ventures, Rakuten - 10,55
Pablo Casado Bueno Beatriz Prieto Almoguera
Partner Junior Associate
Private
pablo@u-law.es beatriz@u-law.es Idealista Spain Internet Private Shareholders 9,00
Shareholders
Core Jimnez Nez
Associate ComparaGuru Mexico Internet Seaya Ventures - 3,54
core@u-law.es
Marketing and Sun Mountain Capital,
Plenummedia Spain - 2,50
ABOUT US Advertising Private Shareholders
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WATSON FARLEY & WILLIAMS ID in TTRecord.com: 840
CORPORATE PROFLES
CORPORATE PROFLES
We have the skills to manage a wide range of corporate and finance transactions, and disputes, and to
SPAIN
LEGAL ADVISERS
LEGAL ADVISERS
provide our clients with the high quality advice they require. We have teams which are integrated across
legal disciplines and offices so that a consistent level of service can be provided on all matters, in each
Address C/ Mara de Molina, 4 - 6 planta Website www.wfw.com jurisdiction and in combination across borders.
28006 Madrid Email madridinfo@wfw.com We establish trusting relationships with our clients and take time to understand their businesses. We
generally work in small, partner led teams where our sector knowledge and experience enable us to
provide effective, commercially focused advice.
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WHITE & CASE ID in TTRecord.com: 21953
CORPORATE PROFLES
CORPORATE PROFLES
LEGAL ADVISERS
LEGAL ADVISERS
SPAIN Practice area
M&A/Corporate: M&A, Private Equity
Address Paseo de la Castellana, 7 Telephone (+34) 917 876 300
Capital Markets
28046 Madrid Website www.whitecase.com Banking/Finance
Email florencia.radizza@whitecase.com Real Estate
Financial Restructuring and Insolvency
PROFILE
Emphasized sectors
Start of Activity March 2013 in Spain Financial Institutions
Construction
Maritime
Mining and Metals
TEAM
Oil & Gas
Juan Manuel de Remedios Carlos Daroca Pharmaceuticals and Healthcare
Partner and Managing Director Partner Power
jderemedios@whitecase.com cdaroca@whitecase.com Technology
Yoko Takagi Irene Arvalo
Partner Counsel
Other offices
ytakagi@whitecase.com iarevalo@whitecase.com
North America (Los Angeles, Miami, New York, Silicon Valley, Washington, DC); Latin America (Mexico City,
So Paulo); Europe (Almaty, Ankara, Astana, Berlin, Bratislava, Brussels, Bucharest, Budapest, Dsseldorf,
ABOUT US Frankfurt, Geneva, Hamburg, Helsinki, Istanbul, London, Madrid, Milan, Moscow, Paris, Prague, Stockholm,
Warsaw); Asia (Beijing, Hong Kong, Jakarta, Shanghai, Singapore, Tokyo); Middle East/ Africa (Doha,
Johannesburg, Riyadh, United Arab Emirates).
White & Case
Is a leading global law firm, uniquely positioned to assist our clients achieve their projects around the
world.
As a pioneering international law firm, our cross-border expertise and diverse team of local, US and
English-qualified lawyers consistently deliver results for our clients. In both established and emerging
markets, our lawyers are integral, long-standing members of the community, giving our clients insights into
the local business environment alongside our expertise in multiple jurisdictions.
We work with some of the world's most respected and well-established companies, as well as start-up
visionaries, banks, governments and state-owned entities.
White & Case Spanish practice comprises a global team of more than 60 Spanish-speaking lawyers,
qualified to practice under Spanish, English and US law. We work in in-bound and out-bound transactions
for Spanish and international clients. Our Madrid office opened in March 2013.
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ADDVANTE M&A ID in TTRecord.com: 6717
SPAIN
Practice areas
Address Av. Diagonal 482, 1. Planta Telephone (+34) 93 415 88 77
08006 Barcelona M&A
Website www.addvante.com
Corporate finance
www.addvante-ma.com
Venture capital buyouts
Email addvante@addvante.com
Strategic advice
PROFILE Fundraising
Strategic analysis and planning.
Start of Activity 1992 Business, financing and viability plans
N of employees 50-100 Company valuation
External advisor on the Board of Directors
Business transfer and generational change-over
CORPORATE PROFILES
CORPORATE PROFILES
FINANCIAL ADVISERS
FINANCIAL ADVISERS
TEAM
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AW INVESTMENT ADVISORY ID en TTRecord.com: 57111
SPAIN
Strategic Advisory:
Address Provenza, 290 2 A Telephone (+34) 932 055 950
08008 Barcelona Business development
Website www.awinvestment.com
Internationalization services
Email carlosaw@awinvestment.com
Industry research
PROFILE Post-merger integration
Real Estate Advisory
Start of Activity 2008 N of employees 1-10 Real Estate Investment Management: Real Estate Asset Management:
Definition of investors strategy and interests added to Strategic planning of the property portfolio
TEAM derisk profile comprehensive analysis.
Optimization of risk and return of the property portfolio
Detection, analysis, monitoring and closing of real estate
Carlos lvarez Wilmanski Jos Carlos lvarez Tobar Market monitoring
deinvestments operations.
Managing Partner Advisory Board Member Cash flow management
CORPORATE PROFILES
CORPORATE PROFILES
Structured investment vehicles
FINANCIAL ADVISERS
FINANCIAL ADVISERS
carlosaw@awinvestment.com
Enrique Santamaria Morales Financing operations advisory
Divestment advisory
Alberto lvarez Wilmanski Advisory Board Member
Finding investors for industrial plants
Managing Partner
Borja de Abadal Gmiz
albertoaw@awinvestment.com
Advisory Board Member
Josep Jorge Rodrguez
TRANSACTIONS
Ana M. Catafau
Business Partner Inmobiliario AMOUNT
Advisory Board Member TARGET COUNTRY SUBSECTOR BUYER SELLER
josepjr@awinvestment.com (EURm)
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CREA INVERSIN ID in TTRecord.com: 21735
SPAIN
Address Padre Calatayud, 1-2 B Telephone (+34) 948 292 507
31003 Pamplona (Spain) Business development
Website www.creainversion.com
CREA Inversin can help companies strengthen their positioning, including:
Email info@creainversion.com
Debt restructuring.
PROFILE Management and Financial Structure Analysis.
Business and Feasibility Plan. Strategic Review.
Start of Activity 2011 N of employees More than 10 employees. Company Valuations.
Information and control system directed to the property of the company. Support Boards of Directors.
TEAM Analysis of Investment Projects (stakes in companies and industrial assets).
CORPORATE PROFILES
FINANCIAL ADVISERS
FINANCIAL ADVISERS
Energy, Industrial and Construction TIC, Real Estate, Healthcare and Industrial Groups
iolabarri@creainversion.com mprunera@creainversion.com
TRANSACTIONS
Luis Rojas Juan Monge
Healthcare, Energy, Real Estate and Agrobusiness Infrastructure, Construction and Industrial Groups TARGET COUNTRY SUBSECTOR BUYER SELLER
AMOUNT
(EURm)
lrojas@creainversion.com jmonge@creainversion.com
Private Shareholders, Inveready
David Lpez da Lama Sport and
Open Camp Spain Capital (Inveready Technology - 13,50
TIC and Industrial Leisure
Investment Group)
dlopezdalama@creainversion.com
Baozun, Private
Beabloo Spain Technology - 10,00
Marc Murtra Shareholders, SoftBank
TIC, Media and Industrial Navi Lab, Beio & Wi, Firo Investments,
mmurtra@creainversion.com Internet Djin Saidin Inversiones, The Nature
eShop Ventures Spain Distribution Capital, Qualitas Venture Capital, - 7,10
and Retail Private Shareholders, Kibo Ventures,
ABOUT US Onza Capital, Bonsai Venture Capital
Is the reference advisor for investors and businessmen for the development of investment and business Private
Promociones Farma Spain Internet Kibo Ventures 1,50
opportunities. Our philosophy is based on professional rigor and ability to create value for our clients and to Shareholders
provide unbiased and independent recommendations in the analysis and solution of their business needs. Private
Iniker Spain Technology Cosmo Consult ND
Shareholders
Corporate Finance Transactions
Negocio de
CREA Inversin has been founded by a group of professionals with extensive experience in investment Spain Others services Jensen Spain Boaya ND
lavandera industrial
banking, private equity and strategy consulting after working in top tier organizations in Europe and the
United States, who have successfully advised in different types of corporate transactions: Marketing and Private
Kukuxumusu Ideas Spain Bermer & Co. ND
Advertising Shareholders
Company acquisitions
Private
Divestments or entry of new shareholders Coordina Spain Technology TomTom
Shareholders
ND
Fundraising for new projects
Construction,
Mergers and strategic alliances Private
Rentecnika Spain Materials and Private Shareholders ND
Shareholders
Alternative Investments Machinery
* Includes closed M6A transactions between 2013 and 2015, including assets.
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DELOITTE FINANCIAL ADVISORY ID in TTRecord.com: 1260
SPAIN
With the aim of providing effective and customised advice, we focus on industry specialisation allowing us to
Address Torre Picasso, Telephone (+34) 915 145 000 adapt to our client needs. Our team has extensive knowledge within all transactional areas and expertise in
Plaza Pablo Ruiz Picasso 1, Website www.deloitte.es developing projects with the largest national and international entities.
28020 Madrid
Email deloitte@deloitte.es Additionally, we are part of an international network present in over 150 countries enabling us to share
substantial information and to be on top of the latest global trends and policy developments.
PROFILE
Start of Activity 1987 N of employees 425 TRANSACTIONS
TEAM AMOUNT
TARGET COUNTRY SUBSECTOR BUYER SELLER
(EURm)
Enrique Gutirrez Juan Ramn Rodrguez Partner of M&A Transaction
Partner and Managing Director of Financial Advisor jrodriguezlarraz@deloitte.es
CONSULTANCY
AND AUDIT
egutierrez@deloitte.es Testa Spain Real Estate Merlin Properties Sacyr 861,24
Simon Howard Partner of M&A Transaction
CORPORATE PROFILES
CORPORATE PROFILES
FINANCIAL ADVISERS
FINANCIAL ADVISERS
Jos Manuel Lasa Partner of Corporate Finance showard@deloitte.es
jlasa@deloitte.es L Capital Asia, L Capital (Spain),
Cristina Cabrerizo Partner of Financial Advisory Pepe Jeans Spain Fashion and Textile 730,00
M1 Group Torreal, Dey Capital
Fernando Baldellou Partner of Corporate Finance ccabrerizo@deloitte.es
fbaldellou@deloitte.es
CONSULTANCY
Jordi Vall Carbonell Partner of M&A Transaction
Jordi Llid Partner of Corporate Finance jvall@deloitte.es Telecable de Asturias Spain Telecoms Zegona Liberbank, Carlyle 640,00
AND AUDIT
jllido@deloitte.es
Jess Valero
Jos Antonio Olavarrieta Partner of Valuation & Business Modelling Socit Financire Financial and Santander
Partner of Corporate Finance jfvalero@deloitte.es France Banque PSA Finance 610,00
de Banque (SOFIB) Insurance Consumer Finance
jolavarrieta@deloitte.es
Emilio Zurilla
Roger Villarino Partner of Corporate Finance Partner of Valuation & Business Modelling Testa Spain Real Estate Merlin Properties - 430,84
rvillarino@deloitte.es ezurilla@deloitte.es
Toms de Heredia Partner of Corporate Finance Jorge Lledias
tdeheredia@deloitte.es Partner of Forensic & Dispute Consulting Testa Spain Real Estate Merlin Properties Sacyr 377,28
jlledias@deloitte.es
Alejandro Gonzlez de Aguilar
Partner of Debt, Capital & Treasury Advisory Amir Sarshar Construction
Ursa Insulation KKR Asset
agonzalezdeaguilar@deloitte.es Partner of Forensic & Dispute Consulting Netherlands (Materials and - 360,00
Holding Management
asarshar@deloitte.es Machinery)
Alberto Valls
Partner of Corporate Finance and Real Estate Enrique Domnguez Partner of Restructuring
avalls@deloitte.es edominguez@deloitte.es Banco Sabadell,
Banco Popular,
Gonzalo Gallego Partner of Real Estate Senn Touza Partner of Restructuring Financial and Bankia, CaixaBank,
ggallego@deloitte.es stouza@deloitte.es Bagoeta Spain - 250,00
Insurance BBVA, Banco
Javier Garca-Mateo Morales Partner of Real Estate Cristian Torras Partner of Restructuring Santander,
jgarciamateo@deloitte.es ctorras@deloitte.es ArcelorMittal
Rafael Arcas Partner of Real Estate Daniel Ramos Morales Gas Energa EDP Naturgas
rarcas@deloitte.es Partner of Financial Advisory - Infraestructures Spain Oil and Gas Grupo Redexis Gas 186,00
Distribucin Murcia Energa
dramosmorales@deloitte.es
Miguel Laserna
Partner of Financial Advisory - Infrastructures Desarrollo de
Transport, Aviation Grupo Aeroportuario
mlaserna@deloitte.es Concesiones Spain Abertis 177,00
and Logistics del Pacfico (GAP)
Aeroportuarias
ABOUT US
* Includes aclosed M&A transactions in 2015.
Deloitte
Deloittes Financial Advisory team is the largest in the Spanish market. We are more than 400 experienced
professionals providing advisory services on corporate finance, M&A transactions, restructuring services,
valuations and business modelling, forensic and dispute consulting as well as real estate.
278 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 279
EUROHOLD ID in TTRecord.com: 1421
Services
SPAIN
Mergers & Acquisitions
Address Av. Diagonal, 361, 2-2 Telephone (+34) 934 578 980 Consulting for Private Equity
08037 Barcelona Website www.eurohold.com Strategic consulting for M&A
Financing search
PROFILE Sectors of expertise
IT, Internet & Telecomunications
Start of Activity 1989
Pharmacy and Health
N of employees The firm has a team of 40 people working in Spain, France, Switzerland, Germany, Industrials
Turkey, Russia, South Africa, China, United Kingdom and Mexico. Distribution
Retail
TEAM B2B Services
Energy and Environment
CORPORATE PROFILES
CORPORATE PROFILES
FINANCIAL ADVISERS
FINANCIAL ADVISERS
Jean-Franois Alandry Dilek Ilhan Transport & Logistics
Founder & Managing Partner Managing Partner Turkey Finance
jfa@eurohold.com Vitali Dasinevich TRANSACTIONS
Pascal Vieilledent Managing Partner Russia
Founder & Managing Partner Pauline Houl AMOUNT
pv@eurohold.com TARGET COUNTRY SUBSECTOR BUYER SELLER
Managing Partner China (EURm)
Ignacio Loring Patrick Camps Nexica Spain Internet Digital Dimension Private Shareholders 16,00
Managing Partner Madrid Managing Partner South Africa
Cast Info Spain Telecoms Aubay Group Private Shareholders 8,12
Franois Fauran Bruno Tourme
Managing Partner Switzerland Chemical and Chemical Private
Managing Partner United Kingdom Productos Q P Spain Private Shareholders ND
Materials Shareholders
Bernard Demode Joaqun Alcal Pharmaceutical,
Managing Partner France Alcala Farma Spain Parapharmaceutical Synerlab Private Shareholders ND
Managing Partner Mexico
and Cosmetics
Oliver Gottstein Phoenix Worldwide
Managing Partner Germany Spain Financial and Insurance Corporaci Gri Private Shareholders ND
Environment
Bodegas Seoro
Spain Industria Alimentaria SPI Group Bodegas Chivite ND
de Arnzano
ABOUT US Private
Equivalenza Spain Distribution and Retail Private Shareholders ND
Shareholders
Eurohold
Selligent Spain Spain Technology Selligent Belgium Private Shareholders ND
The firm was founded in 1989 as a Corporate Finance Consulting Company, and it is nowadays one of the
Pharmaceutical,
most active Mergers & Acquisitions Companies in Spain.
Esteve Veterinaria Spain Parapharmaceutical Ecuphar Esteve ND
The company mainly operates in Spain (with offices in Barcelona and Madrid), in Switzerland (office in and Cosmetics
Geneva), in France ( office in Paris), in Germany (office in Munich), in United Kingdom (office in London), in iParquing Spain Technology EasyPark Private Shareholders ND
Turkey (office in Istanbul), in Russia (office in Moscow), in China (office in Pekin), in South Africa (office in
Johannesburg), in Mexico (office in Mexico city) but also in Italy, Netherlands, Sweden, Norway, Denmark, Selligent Spain Spain Technology MG&T Consulting Private Shareholders ND
Ukraine, Brasil, India and Japan through its network of partners. Recerca i
Asesores Locales
The company is strongly focused on long-term relationships with its clients and is specialized in companies Desenvolupament Spain Technology Private Shareholders ND
Consultora
Empresarial
with high growth potential in key sectors.
Biotools Spain Biotechnology Biolty Private Shareholders ND
280 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 281
EY PORTUGAL ID in TTRecord.com: 747
capital and transactions in a changing world. Our aim is to help businesses drive competitive advantage by
proactively managing their capital agenda which determines how they strategically raise, invest, preserve and
PORTUGAL optimize their capital.
Address Av. Republica, 90 - 3 Telephone (+351) 217 912 000 TAS has three sub-service lines: Transaction Support, Capital Transformation and Transaction Tax.
1649-024 Lisboa, Portugal Website http://www.ey.com EY Portugal has 850 professional based on 3 offices located in Lisbon, Porto and Luanda in Angola.
Email ernst.young@pt.ey.com
TRANSACTIONS
PROFILE
AMOUNT
TARGET COUNTRY SUBSECTOR BUYER SELLER
Start of Activity 1849, in Portugal since 1971 (EURm)
N of employees We currently have 70 professionals in the Transaction Advisory Services (TAS) Cares, Multicare, Financial and CGD Caixa Geral
Portugal Fosun Group 1.635,20
Fidelidade Insurance de Depsitos
CONSULTANCY
AND AUDIT
Department in Portugal.
CORPORATE PROFILES
CORPORATE PROFILES
FINANCIAL ADVISERS
FINANCIAL ADVISERS
Brisa Concesso Private
Portugal Roads and Highways Brisa 770,00
Rodoviria Shareholders
TEAM
Ascendi PT II Portugal Railroads Ardian - 300,00
Miguel Farinha Florbela Lima Carlos Lopes
CONSULTANCY
Partner Partner Executive Director Indaqua Portugal Water and Sanitation Talanx SDC - Concesses 29,41
AND AUDIT
Transaction Advisory Services Transaction Support Infrastructure Advisory Fundo Revitalizar Private
miguel.farinha@pt.ey.com florbela.lima@pt.ey.com carlos.lopes@pt.ey.com FeedZai Portugal Technology 2,92
Centro Shareholders
Joo Sousa Antnio Oliveira Jos Torres Transports, Aviation
Mota-Engil Logstica Portugal Yilport Holding Mota-Engil ND
Partner Executive Director Senior Manager and Logistics
Transaction Tax V&BM and M&A Restructuring Quinta Essncia
joao.sousa@pt.ey.com antonio.oliveira@pt.ey.com Jose.n.torres@pt.ey.com Perfumarias,
Perfumaria Anita, Healthcare, Hygiene,
Grupo Barreiros
Perfumaria Mars, Portugal Medical Aesthetics Ari ND
Faria
ABOUT US Perfumaria Barreiros and Cosmetics
Faria, Perfumes
& Companhia
EY Portugal
Brisa Inovao
We are 212,000 people based in 728 offices in 150 countries, organized into 28 Regions and four Areas. Portugal Technology Pathena Brisa ND
e Tecnologia
All of our people work in one of our service lines Assurance, Advisory, Tax, Transaction Advisory Services Healthcare, Hygiene,
BASE - Servios Vramondi
(TAS) or in Core Business Services (CBS) which provides internal operational support such as HR and IT Dr. Campos Costa Portugal Medical Aesthetics ND
Mdicos International
and Cosmetics
services.
CI Log, Capital
Transport, Aviation
EY is committed to doing its part in building a better working world. The insights and quality services we Logic C Portugal Criativo, Esprito ES Ibria, Sparex ND
and Logistics
deliver help build trust and confidence in the capital markets and in economies the world over. We develop Santo Capital
outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a Tourism, Hotels Private
Hotel Imprio Portugal Just Stay Hotels ND
and Restaurants Shareholders
critical role in building a better working world for our people, for our clients and for our communities.
Private Esprito Santo
Our values define who we are. They influence the way we work with each other, our clients and regulators, TLCI Group Portugal Other Services ND
Shareholders Capital
and our communities, where we use professional skills to create positive change close to home and around
the world. Senhora do Pilar Portugal Real Estate ECS Capital FUNGEPI ND
282 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 283
KPMG DEAL ADVISORY ID in TTRecord.com: 2327
SPAIN
Address P de la Castellana, 259 C Address Plaa dEuropa 41-43
28046 Madrid LHospitalet de Llobregat
08908 Barcelona
Telephone (+34) 914 563 400
Telephone (+34) 932 532 900
Website www.kpmg.es
PROFILE
Start of Activity 1971
N of employees 310 in Deal Advisory at KPMG in Spain
TEAM
CONSULTANCY
AND AUDIT
CORPORATE PROFILES
CORPORATE PROFILES
Ignacio Faus Partner Head DEBT ADVISORY Javier Lpez Torres Partner
FINANCIAL ADVISERS
FINANCIAL ADVISERS
of Deal Advisory at KPMG Spain Gonzalo Montes Partner Head Jess Garca Snchez Partner
CORPORATE FINANCE Jordi Castieira Partner Luis Garca Laynez Partner
Jorge Rioperez. Partner Head Ovidio Turrado Partner TRANSACTION SERVICES
CONSULTANCY
Eloy Serrano Partner STRATEGY AND POST-DEAL Ignacio Faus Partner Head
AND AUDIT
Manuel Santillana Partner David Samu Partner Head Beltrn Romero Cervilla Partner
CORPORATE FINANCE FOR Eduardo Junco Director David Hhn Partner
FINANCIAL SERVICES AND EQUITY CAPITAL MARKETS Jaime Muoz Estrada Partner
REAL ESTATE
Noelle Cajigas Partner Head Juan Jos Cano Partner
Amparo Solis Partner Head
RESTRUCTURING Manuel Carrera Partner
Borja Peas de Bustillo Partner
ngel Martn Partner Head Manuel Parra Partner
Carlos Rodriguez de Rivera Partner
lex Soler-Lluro Partner Miguel ngel Martn Partner
Carlos Rub Partner
Alfonso Junguitu Partner Miguel Montero Partner
Emilio Miravet Partner
Javier Ibaez Partner
ABOUT US
KPMG Deal Advisory
We are trusted advisors of our clients and we work proactively with the management teams and members
of the board throughout the acquisition life cycle and the economic cycle, rendering global services and
working in an integrated manner.
Our team comprises professionals with experience in financial advisory services, strategy and markets, M&A
and valuations, balance sheet, project and infrastructure financing, financial and operational restructurings,
debt refinancing, advisory services on transactions involving non-core asset portfolios, insolvency
proceedings, legal and tax M&A, sales of non-core assets, advisory services to resolve legal or out-of-court
disputes, etc.
Through our global network of firms we offer a high level of knowledge and experience in national and
international markets. KPMG in Spain has been awarded Spain M&A Financial Advisor of the Year at the
Mergermarket European M&A Awards celebrated last December 2015.
284 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 285
NORGESTION ID in TTRecord.com: 771
SPAIN Special Situations Management & Advisory: Operational restructuring, Interim management, Debt advice,
Address Calle Velzquez, 55 -5 Telephone (+34) 91 590 16 60 Investment advice, Legal....
28001 Madrid Management Consultancy: Business diagnostics, Practical consultancy focussed on decision making
Website www.norgestion.com
processes, Support in the implementation of recommended measures, Independent Board Members,
Email norgestion.mad@norgestion.com Management Committees Support, Companies and Business Valuations, Planning and Strategic,
Professionalization of Management Teams, Family Business Continuation.
PROFILE Legal and Tax Advisory: Company & Business law, Tax, Bankruptcy, International, M&A.
CORPORATE PROFILES
FINANCIAL ADVISERS
FINANCIAL ADVISERS
Private Shareholders,
Agile Content Spain Technology - 5,30
Luis Ignacio Lizarraga scar Snchez Igor Gorostiaga Capital MAB
President Partner Partner Biotechnology
Gestin de Capital
Pharmaceutical,
Oncomatryx Spain Riesgo del Pas Vasco, - 4,50
Jos Antonio Barrena Bruno Ruiz Arre Ane Alkorta Parapharmaceutical
Private Shareholders
General Manager Partner Partner and Cosmetics
Grupo Garca Forestal,
Jokin Azurza Maarten de Jongh Fernando Fernndez de Biomasa Forestal Spain Biomass
Impulsa Ferrol Fund
- ND
Partner Partner Santaella
Partner
Iigo Bilbao Iigo Garmendia Steel, Metallurgy and
Laulagun Bearings Spain Portobello Capital Private Shareholders ND
Industrial Production
Partner Partner
Glass, Ceramic,
NORGESTION Ubis Cintas Adhesivas Spain Paper, Plastics, Espiga Equity Fund Private Shareholders ND
Since the incorporation of NORGESTION in 1972 it has been our mission to provide enterprises with a Wood and Timber
professional guidance and consultancy service for the management of their business. As an independent Parque Elico
Spain Wind Energy Gecal Renovables Private Shareholders ND
company owned by our team of professionals, we know that the best results come only from a job well Los Pedreros
done. Our success includes understanding each case in detail, performing clear, objective analyses and
Glass, Ceramic,
providing creative, all-round solutions. Paper, Plastics, Emig Enric Mart
We form a multi-discipline team of more than 60 professionals who work in close collaboration with Mespack Spain Wood and Timber Duravant Investments Group, ND
our clients in search of excellent results. Consequently, we are proud of the level of involvement and Steel, Metallurgy and Geinfisar 99
Industrial Production
commitment we have given our clients over the years, including family businesses and multinationals.
Desarrollos Catalanes Catalunya Banc
Advisory Areas Spain Wind Energy EDP Renovables Spain ND
del Viento (CaixaCatalunya)
NORGESTION is specialized in four areas:
EDP - Energias CatalunyaCaixa
Corporate Finance: M&A, Mergers and Acquisitions, Fundraising and financing, Debt Management, Stock Decavent Spain Wind Energy
de Portugal Capital
ND
markets
* Includes closed M&A transactions in 2015.
286 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 287
www.pwc.es
ABOUT US
PwC
At PwC teams have the vision and the professionals to maximize the value of your processes of financing,
investment, divestment and restructuring.
PwC helps organisations and individuals to create the value theyre looking for. Were a network of firms in Sources: Transactional Track Record (TTR): Iberian Annual Report TTR 2015(4Q) Ranking
157 countries with more than 208.000 people who are committed to delivering quality in assurance, tax of Mergers & Acquisitions of Financial Advice 2015 (January 1st 2015 December 31st 2015)
and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.es.
2016 PricewaterhouseCoopers S.L. All rights reserved. PwC refers to PricewaterhouseCoopers S.L., a member
288 TTR - Transactional Track Record - (www.TTRecord.com) firm of PricewaterhouseCoopers International Limited, each of which is a separate, independent legal entity.
TRADINVESTE ID en TTRecord.com: 3720
PORTUGAL
Address Avenida de Nossa Senhora de Rosrio, Telephone (+351) 21 481 8390 TRADINVESTE is a global M&A advisory firm, both in terms of geographical presence and in sectoral terms,
603, Bloco 1,2M where it crosses all segments of the economy. As well as providing orientation in sale and acquisition
Website www.tradinveste.com
2750-179 Cascais transactions, its team has also successfully directed the process of growth through acquisition of several
Email geral@tcorporateadvisors.com domestic and foreign groups.
The fact that we have a structure with international coverage allows us to offer all our clients cooperation
PROFILE with a wide geographical reach, advising them in all countries where we have a presence, with teams
specialized in the activity and experts on the markets where they operate.
Start of Activity 1991 N of employees 1-10
In 2016, TTR identified us as the Portugal-based company that closed the most transactions in the first
quarter, based on the number of M&A deals, becoming the most distinguished active M&A independent
TEAM
company in the domestic market.
CORPORATE PROFILES
CORPORATE PROFILES
FINANCIAL ADVISERS
FINANCIAL ADVISERS
Joo Santos Ins Silva
CEO Tourism TRANSACTIONS
Founding Partner isilva@tcorporateadvisors.com
jsantos@tradinveste.com Jos Sanches TARGET COUNTRY SUBSECTOR BUYER SELLER
AMOUNT
(EURm)
Joo Carvalho Financial Services
Retail and Real Estate jsanches@tcorporateadvisors.com Private
jcarvalho@tcorporateadvisors.com Selsoft Portugal Technology Advantage Smollan ND
Catarina Brando Shareholders
Antnio Oliveira Analyst Telecoms, Private
Business Services catarinabrandao@tradinveste.com RAV Portugal Advantage Smollan ND
Technology Shareholders
aoliveira@tcorporateadvisors.com Tomas Mexia Thomaz Real Estate,
Ivo Pimentel Analyst Cobertura Portugal Luxury Goods JLL Portugal - ND
IT and Enterpreneuship tthomaz@tradinveste.com and Services
ivopimentel@tcorporateadvisors.com Consultancy, Audit
Seldata, Private
Portugal and Engineering, Advantage Smollan ND
Selplus Shareholders
Gil Guedes de Queirs Technology
F&B Castellaries
Portugal Real Estate Private Shareholders - ND
ggqueiroz@tcorporateadvisors.com Investimentos
290 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 291
VR CORPORATE SPAIN ID in TTRecord.com: 43644
Services
Financial Advisory
SPAIN
Mergers and Acquisitions
Address Calle Mara de Molina 54, 5 Planta, Telephone (+34) 910 287 929
28006, Madrid Buying/Selling Companies
Website www.vrspain.es
Partners and Investor Search
Business Valuation
PROFILE TRANSACTIONS
Start of Activity 1998 N of employees 1-50
AMOUNT
TARGET COUNTRY SUBSECTOR BUYER SELLER
(EURm)
CONSULTANCY
TEAM
CORPORATE PROFILES
CORPORATE PROFILES
FINANCIAL ADVISERS
FINANCIAL ADVISERS
Jos Mara Varas Garca Mario Valbuena Automotive and
Industrias Gol Spain Global SM Tech Alafan 18,00
Recreational Vehicles
President and CEO Partner
jmvaras@vrspain.es mvalbuena@vrspain.es
Compass Group
Jess Ignacio Torres Pao Oscar Pirrone Tourism, Hotels Private
Sabora Spain Espaa 3,40
AND AUDIT
292 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 293
EXPLORER INVESTMENTS ID in TTRecord.com: 40
ACTIVE INVESTMENTS
PORTUGAL COMPANY ACTIVITY DEAL TYPE
Address Av. Eng. Duarte Pacheco, 7, 7A Telephone +351 213 241 820 Nutricafs Coffee roasting and distribution MBO
1070-110 Lisboa Production and distribution of heat regenerators
E-mail explorer@explorerinvestments.com Solzaima Growth
for fireplaces and salamanders
Website www.explorerinvestments.com Charon Private security services Build-Up
MOP Sale of outdoor advertising space LBO
TEAM
CFO Processing and preparation of scrap metal for recycling LBO
Rodrigo Guimares Joo Pessanha Clara Cmara
Founding Partner Analyst Legal Counsel Starfoods Fast-food chain LBO
Elizabeth Rothfield Martim Pinto Sacavm Andreia Sousa Gascan Distribution and retailing of piped propane gas LBO
Founding Partner Analyst Financial Department
Marco Lebre Antnio Rocha e Silva Ana Pimentel PowerVia Special transportation LBO
Founding Partner Analyst Financial Department
TotalMdia Home deliveries Growth
Ana Leite Pedro Valente Mafalda Santos
Partner Analyst Financial Department Brandcare Distributor of home hygiene and cleaning products Build-Up
David Clem Ferreira Vasco D'Orey Sofia Sombreireiro
S. Roque Manufacturers of machinery for the textile industry LBO
Partner Analyst Financial Department
Ins Lopo de Carvalho Sandra Guerreiro Paulo Santos Finieco Producer of paper shopping bags LBO
Analyst Legal Counsel and Financial and Report Department
Espao Casa Household Goods Retail LBO
Gonalo Abreu Investor Relations
Analyst Grestel Production and sale stoneware tableware LBO
Globaltest Car Inspeccion Center LBO
ABOUT US
Explorer Investments
TRANSACTIONS
Explorers objective is to acquire stakes in the capital of Portuguese companies which have a competitive
advantage, promoting their organization, development and growth. TARGET COUNTRY SUBSECTOR BUYER SELLER
AMOUNT
Explorer targets companies at an advanced stage of development which have a competitive advantage (EURm)
CORPORATE PROFILES
CORPORATE PROFILES
either due to the skills they have developed or their geographical position, that Crivedi Portugal Fashion and Textile Fundo Revitalizar Norte Private Shareholders ND
VENTURE CAPITAL
VENTURE CAPITAL
PRIVATE EQUITY
PRIVATE EQUITY
aim to lead a consolidation process and/or intend to expand their activities into other markets. Mariz Portugal Fashion and Textile Fundo Revitalizar Norte Private Shareholders ND
Ibero Massa
Number of transactions in 2015: 14 Portugal Mining Fundo Revitalizar Norte Private Shareholders ND
Investments features Florestal
Minumum investment per project: EUR 1,5m N. of companies in portfolio 31.12.2015: 45 Spicefusion Portugal Distribution and Retail Fundo Revitalizar Norte Private Shareholders ND
Scorecode Portugal Distribution and Retail Fundo Revitalizar Norte Private Shareholders ND
Maximum investment per project: EUR 30m Resources
Tourism, Hotels and
Sunnyplace III Portugal Fundo Revitalizar Norte Private Shareholders ND
Preferred investment stage: Growth / Buy-Outs Capital under management (31.12.2015): Restaurants
Preferred geographies: Portugal / Spain EUR 477m Riscos e Steel, Metallurgy and
Portugal Fundo Revitalizar Norte Private Shareholders ND
Dimetros Industrial Production
Preferred sectors: N.A. Capital available to invest (31.12.2015): Texamrica Portugal Fashion and Textile Fundo Revitalizar Norte Private Shareholders ND
Capital invested in 2015 EUR 21m EUR 65,2m Tourism, Hotels and
Sunnyplace VII Portugal Fundo Revitalizar Norte Private Shareholders ND
Restaurants
FUNDS Greenfiber Tech Portugal
Glass, Ceramic, Paper,
Fundo Revitalizar Norte Private Shareholders ND
Plastics, Wood and Timber
FUND FUND SIZE DEADLINE Impacting Portugal Marketing and Advertising Fundo Revitalizar Norte Private Shareholders ND
Explorer I EUR 62m 2004 Distribution and Retail
Circunland Portugal Fundo Revitalizar Norte Private Shareholders ND
Explorer II EUR 200m 2007 Internet
*Includes announced and closed M&A transactions in 2013, 2014 and 2015
294 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 295
WAYRA ID in TTRecord.com: 4615
SPAIN
TEAM Resources
Capital under management (31.12.2015): n.d
Ana Segurado Capital available to invest (31.12.2015): n.d.
Managing Director
ana.seguradoescudero@telefonica.com
Borja Brea
Investment Portfolio Manager TRANSACTIONS
borja.brenalajas@telefonica.com
AMOUNT
TARGET COUNTRY SUBSECTOR BUYER SELLER
Mara Jos Ginel (EURm)
Business Development Portfolio Manager
maria.ginel@telefonica.com Trustev Ireland Technology TransUnion Wayra Ireland 40,21
Wayra Media,
Wayra
Dynaflows (Iamat) Argentina Multimedia Globant ND
Created in Latin America in April 2011, Wayra aspires to identify projects with the greatest potential in ICT Argentina
and Editorial
and to boost their development, providing them with the technology, mentoring and financing their needs. Media,
Tethered Media United
Startups are provided with financing, access to Telefnica resources (including management and technical Multimedia Sonr New Wayra UK ND
CORPORATE PROFILES
CORPORATE PROFILES
(Skim.it/Twendl) Kingdom
VENTURE CAPITAL
VENTURE CAPITAL
expertise) and a place to work. and Editorial
PRIVATE EQUITY
PRIVATE EQUITY
Wayra is currently present in ten countries: Argentina, Brazil, Chile, Colombia, Germany, Mexico, Spain, Media,
Wayra
Comenta.TV Argentina Multimedia Wayin ND
Peru, U.K. and Venezuela. and Editorial
Argentina
296 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 297
LLORENTE & CUENCA ID in TTRecord.com: 3641
SPAIN
Address Calle Lagasca 88 - Planta 3 Telephone (+34) 915 637 722
28001 Madrid Corporate and Financial Communications with more than 950 professionals which stands annually at the top of the global
Website www.llorenteycuenca.com
rankings of advisers in corporate transactions. The companies that comprise AMO advised in 223 corporate transactions
Email psanchez@llorenteycuenca.com last year, which reached a total of $300 billion, more than any other network or agency in 2015.
LLORENTE & CUENCA is the leader in Corporate and Financial Communications in Spain, developing coherent and Jamaica Energy
Jamaica,
consistent communication strategies to help its clients to interact with markets in all kinds of situations. The firm adapts Partners, Pedregal
Panama
Electric Energy Latin Power III InterEnergy ND
highly specialized teams in Financial Communications with experts in relations with regulators and authorities, as well as Power Company
specialists in Information and Communications Technology. Tourism, Hotels
Hoteles Royal Colombia NH Hotel Group Private Shareholders 65,60
and Restaurants
COMMUNICATION CONSULTANCY
COMMUNICATION CONSULTANCY
We have been involved in the most relevant M&A deals that have taken place in the Spanish and Latin American markets
in the past 10 years. Furthermore, we have been advisors in 6 of the 10 major M&A transactions in the history of the
Spanish market, thanks to our highly qualified and multidisciplinary team.
CORPORATE PROFILES
* Includes announced and closed transactions in 2016 and 2015, including assets.
CORPORATE PROFILES
LL&C has been recognized in the Global Sabre Awards as "Best Consultancy of Financial Communications in the World"
in 2013. This makes us the only Spanish communications consultancy firm to receive this award, granted by the Holmes
Report.
Our leadership would not be possible without our partnership with AMO, the leading global network of consultants of
298 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 299
ACKNOWLEGEMENTS
We would like to thank all of those who have co-operated and supported us in the
creation of our fifth edition of the M&A Handbook, which was created for the first time
in 2011, and its success has enabled us to be more rigorous and comprehensive in the
information we offer. We thank Intralinks for its support, as well as all of the experts and
professionals from the corporate, financial and legal sectors who trusted the TTR team
with all their knowledge and opinions.
301
INDEX OF ENTITIES
Aberdeen Infrastructure 112 Alfa 64, 110 Arbitraje e Inversiones 97, 101
Abertis 70, 93 Algarvetur 78, 127, 142, 183, Arcano 35, 66, 92
193, 196, 197 Ardian 62
Accel Partners 49, 50, 87, 88,
89, 112, 114 Alkahest 112 Argos Soditic 114
Accenture 22, 82, 94, 104, 106 Allende & Brea Abogados 84 Ari 192, 194, 197
Access Capital Partners 77 Allen & Overy 100, 204 Arola 97
Access Industries 50 Allen & Overy Spain 22, 72, 77, Arpa Abogados 100, 101,
80, 100 Art Capital 35, 38, 68, 79, 84,
Acciona 21, 98, 103, 106
Altan Capital 39, 77 181, 185
Acciona Windpower 21, 98,
103, 106 Altan Pharma 67 Arturo Soria Plaza 83
303
Atltico de Madrid 83 Baring Private Equity Partners Bonsai Venture Capital 49, 87, CBRE Spain 20, 72 CMS Hasche Sigle 21 Cuatrecasas, Gonalves Pereira
Atomico Octopus Investments 169, 181, 194 88, 89, 114 CBRE Global Investors 109, 174, Cobega Invest 20, 102 Portugal 59, 75, 126, 127, 163,
153 Baxter Ventures 49 Boomerang TV 101 196, 197 164, 168, 177, 179, 182, 184,
Coca-Cola Iberian Partners 195, 196
Atten2 110 BAY 20, 81 BpiFrance 86, 88 CCA-Ontier 127, 179, 195 (CCIP) 20, 102
Cube Ventures 111
Aubay Group 95, 103 BB Biotech Ventures 67 Bracchium Retail Portugal 181, Cedinsa Conservaci 108 Codacy 153
194 Cutting's 94
Aurelius 68, 107 BBVA 20, 35, 59, 62, 70, 72, 73, Cfiro Energa 93 Compaa Logstica de
77, 81, 87, 92, 93, 94, 101, 111, Bright Food 95 Hidrocarburos (CLH) 62, 94, 103 CVC Capital Partners 35, 77, 78,
Autdromo do Estoril 126 Cellnex Telecom 22, 101
192 99, 104, 105, 107, 115
Broseta 212 ComparaGuru 115
AXA Global Direct 180 Centro Comercial Dolce Vita
BBVA Corporate Finance 35, 59, CVC Capital Partners Spain 35,
Broseta Abogados 100, 102, 103 Oden 194 Comsa Corporacin 31
AXA Portugal Companhia de 62, 70, 127, 163 99, 104, 105, 107, 115
Seguros 180 BStartup 10 78, 87 Centro Comercial El Rosal 102 Concasa Huelva 128, 184
BDO 98 C.W. Downer & Co 39
Axa Portugal Seguros de Vida Buguroo Offensive Security 111 Centro para el Desarrollo Concessionaria Hospital
BDO UK 92 Universitari Son Espases 112 Cyanogen 50
180 Byclosure 153 Tecnolgico e Industrial (CDTI)
Beabloo 95 110
Axon Partners Group 84, 87, 89 Concret Mix 175 D
Aytos 114
BEGASA 79 C Cerberus Capital Management Connect Ventures 49, 87, 105 Dalian Wanda Group 83
Belmond Spain 81 Cabiedes & Partners 50, 77, 79, 38, 59, 60, 77, 93, 113, 116, 163
AZ Capital 92, 93, 93 Conservas Garavilla 100, 101 Daruan Venture Capital 89
Benchmark Capital 50, 87 87, 89 Cerberus European Investments
Continente 196 Dawn Capital 87
Cabify 115 93, 113, 116, 163, 194
B Berger Levrault 114
Cerqueira Gomes & Associados
Corameq (JCDecaux) 84
De Andrs Y Artiano 100, 104
BestTables 194, 195 Caboviso 127, 142, 197
Bain Capital 50, 89 195 Core Innovation Capital 77,
Cachoeira Escura Energtica Debegesa 110
Baker & McKenzie 208 BetaAngels 89, 103 87, 89
164 CGD Caixa Capital 153, 169, Debevoise & Plimpton 38, 64,
Baker & McKenzie Spain 21, 38, Bicentury 93, 95 180, 182, 187, 188 Coretherapix 103
Caetano de Freitas & Associados 68, 78, 81
66, 68, 79, 88, 100, 102 Big Sur Ventures 79, 87, 89 CGD Caixa Geral de Depsitos Corpfin Capital 78, 79, 100
215 De Brauw Blackstone
Baker & McKenzie US 84 Biomasa Forestal 96 174, 192, 193, 196, 197 Corporacin Btica 78, 127, 142, Westbroek 67
Caixa BI 126, 127, 163, 164, 183
CG Health Ventures 89 183, 193, 196, 197
Baker Tilly 141, 168, 192 BioMimetx 153 Caixa Capital Risc 47, 49, 65, 79, Dechert 67
Change Partners 153 Corporacin Financiera de
Baker Tilly GDA Corporate Biotecnol 153 87, 88, 89, 103, 106, 111, 112, 114 Deloitte 98, 128, 169, 181, 184,
Inversiones 102
Finance 92, 93 Birchman Spain 105 Caixa Crescimento FCR 169 Chicago Skyway 70 194, 194, 192, 278
Corporacin Gestamp 21, 38,
Baker Tilly Portugal 141, 168 Bird & Bird 102, 210 Cajamar 75 Chiesi Ventures 49, 112 Deloitte Abogados 21, 35, 67,
60, 94
Banco BIG 126, 184, 192 China Citic Bank International 82, 86, 88, 100, 104, 128, 169,
Bird & Bird Spain 38, 59, 60, Calumet Concession Partners 70 Corporacin J.M Aristrain 96,
77, 101, 111 181, 184
Banco BPI 126, 164, 167, 183, 100, 102 Cmara de Cascais 126 107
192, 192, 192 China Growth Capital 77, 87, 89 Deloitte Spain 20, 35, 38, 66,
Bitacast, MGM Saiso 1971, Campos Ferreira, S Carneiro & Corporacin Qumica VHEM
67, 68, 72, 75, 77, 88, 169, 181
Banco de Crdito Cooperativo Ponso 97, 101 Associados 127, 179 ChinaRock Capital Management 109
(BCC) 96, 113 BlackRock Private Equity 77, 87, 89 Deloitte Global Services 92
Capital Criativo 64, 170 CoyotAir 104
Banco Ita BBA 93 Partners 39, 77 Cilsa 93 Delvy Asesores Legales 100, 105
Capital Expansi 47, 106 CP Carga 126, 184, 192
Banco Popular 73, 75 Blackstone 67, 72, 181 Cimpor 175 Demarest Advogados 84
Capital MAB 87, 96 CP - Comboios de Portugal 126,
Banco Popular Portugal 180, Black Toro Capital 65 Cinpolis 112 184, 192 Derichebourg Multiservises
Cardigos Advogados 127, 142 168, 185
194 Blanco & Etcheverry Abogados CPPIB - Canada Pension Plan
Cintra 70
84 Carlyle 64, 87, 94, 98, 104, 111 Deutsche Bank 22, 82
Banco Sabadell 20, 22, 72, 73, Investment Board 72, 113
Citigroup 22, 68, 77, 84
75, 77, 92, 93, 97, 101, 108 BNP Paribas 21, 59, 66, 82, 92, CartoDB 50 Devonshire Investors 50, 89
Cravath, Swaine & Moore 84
Claro y Ca. Abogados 84
Banco Santander 20, 72, 73, 77, 94, 127, 163, 175, 192, 193 Casa Alta Azeites 126, 170, 177 Dey Capital 35, 38, 68, 84, 96,
CREA Inversion 153
84, 92, 93, 113, 192, 193 Clearwater International Spain
BNP Paribas Corporate & Casa Alta Bagaos 126, 170, 177 98, 102
92 CREA Inversin 47, 92, 95, 128,
Bankia 73, 93, 109, 112, 113 Investment Banking 94, 127, Casa de Sade de Guimares 276 DFJ Growth 87
163 126, 182 Clibb Software Solutions 105
Bankinter 87, 89, 111 Creandum 87 DHCRE II Netherlands 102
BNP Paribas Corporate & Cascione, Pulino, Boulos & Clifford Chance 103, 216
Bankinter Capital Riesgo 87, 89 Creas Fondo Social 83, 87 Diana Capital 35, 65
Investment Banking Spain 21 Santos Advogados 127, 179 Clifford Chance Spain 21, 62,
Bank of America 21, 22, 38, 60, 78, 84, 100 Criteria Caixaholding 70 Digital Dimension 95
79, 82, 86, 92, 94 BNP Paribas Corporate & Caslever Energas Renovables
Investment Banking Spain 66, 98, 102 Clifford Chance Netherlands 21, CS Corporate Advisors 35 Dispal Astur 111
Banque PSA Finance 77, 108 62, 67
82 Cast Info 95, 103 Cuatrecasas, Gonalves Pereira DLA Piper 104, 224
Baozun 95 BNP Paribas Portugal 175 Clifford Chance UK 21, 62 104, 196, 222
Castro, Barros, Sobral, Gomes DLA Piper Spain 35, 66, 80, 81,
Barbosa, Mssnich, Arago 164 Bodegas Chivite 95 Advogados 127, 179 CliHotel de Gaia 126, 182 Cuatrecasas, Gonalves Pereira 100, 105
Barcel Hotels Canarias 20, 81 Brasil 127, 179
Bodegas Seoro de Arnzano Cataln y Arregui Abogados Clnica Eugin 80, 95, 97 DMGSA Domingues Sociedade
Barclays Bank 67 95 103 Cuatrecasas, Gonalves Pereira de Advogados 175
CMC Consulting Spain 47 Spain 20, 22, 35, 38, 47, 49, 50,
Barclays Investment Banking 93 Bolt 182, 188 Catalina Islands 109 CMS Albiana & Surez de Lezo 59, 64, 65, 66, 68, 72, 73, 78, 81, doDoc 153
Barclays Portugal 127, 163 Bolton Group 100, 101 Catalunya Banc 20, 73, 183 21, 100, 103, 103, 218, 220 82, 83, 88, 100, 127, 163 Dominion 107
Draper Fisher Jurvetson (DFJ) Energas Renovables 7, 58, 98, Faraday Venture Partners 87, 89 Galata 22, 101 Gonzlez Calvillo Abogados H
153, 188 102 Farfetch 153 Galgo Medical 98 70, 73
Haitong Bank 126, 127, 163,
DS Ovslaw 49, 100, 105 Enerpal 93 Farmalder 94 Galicia Abogados 39 Goodbody Stockbrokers 22, 82 164, 172, 179, 182, 183, 192, 193
DS Smith 66, 102, 105 Engie 86, 88 FCC 93, 109, 113 Gallego, Martos & Quadra- Goodwin Procter 67 Haitong Bank Portugal 126,
Duravant 110 Enisa 105 FDO Imobiliria 141, 174, 197 Salcedo 68, 100, 105, 107 Government of Ireland 22, 82 127, 163, 164, 172, 179, 182, 183
Eolia Renovables 113 FeedZai 187, 196 GAM 73 GPF Capital 64, 100 Harbourvest 38, 64, 68, 77, 78,
E Elica da Corredoura 195 Garrido Abogados 229, 230 81, 109
Femago 75 Gramax Capital 167
Earlybird Venture Capital 50, 87 HCCM Outsourcing Investment
Elica da Lomba 195 Ferrere 84 Garrigues 232 Granrut Avocats 86, 88
Ecija 100, 106 141, 187
Elica Da Terra Fria 195 Ferroatlntica 65, 99, 110, 115 Garrigues Colombia 21, 82 Grant Thornton Spain 80
ECS Capital 174 Healthequity 49, 112
Elica de Alvarres 195 Ferro Corporation 109 Garrigues Spain 21, 22, 35, 38, Green Merger Sub 22, 61, 62,
EDF Invest 21, 62, 95, 99, 103, 47, 49, 61, 62, 66, 67, 68, 78, 82, Herbert Smith Freehills 106, 238
Elica de Carreo-Outeiro 195 Ferroglobe 65, 99, 110, 115 96, 99, 107
115 84, 100, 107, 127, 142, 183 Herbert Smith Freehills Spain
Elica do Bravo 195 Ferrovial 31, 70 Grifols 112 22, 35, 77, 80, 100
Edge Admar 141 Garrigues Mxico 21, 82, 84
Elica do Penedo 195 Festa 38, 64, 68, 78, 81, 109 Groupe Danone 64 Herbert Smith Freehills UK 22,
Edmond de Rothschild Garrigues Portugal 21, 78, 82,
Investment Partners 49 Equity International 39, 77 Fidelidade 182 Grup Martim TCB 21, 82, 94, 77
127, 141, 142, 168, 169, 174, 183,
Esergui (AVIA Energas) 110 Fides 3 50 187, 195, 196 104, 107, 108 Herovina-
EDP - Energias de Portugal 136,
137, 164 ESIF 116, 163, 194 Fides Capital 82, 87, 89 Gas Natural Fenosa 79, 98, 102 Grupo Acosta Verde 39 Agro-Pecuria 126
EDP Renewables Europe 165 Espiga Capital 66, 78, 83, 116 Filmax 112 GBP Legal 100, 107 Grupo Aeroportuario del Herovina-Agro-Pecuria 170,
Pacfico (GAP) 93 177
EDP Ventures 187, 196 Esprito Santo Investment - BESI Finerge 59, 93, 104, 127, 163, GBS Finanzas 84, 92, 94, 95
94, 193 193, 195, 196, 197 Grupo Alfa, Esergui (AVIA HG Capital 59
Efacec 126, 137, 164, 183, 192, Gecal Renovables 98, 102
193, 197 Esprito Santo Ventures 153, Energas) 110 HIG Capital 72, 77, 84
First State Wind Energy GED Capital 101
Efacec Capital 126, 164, 183, 187, 196 Investments 59, 93, 104, 127, Grupo Barcel 20, 81, 103 Hiscan Patrimonio 73, 98, 102
136, 163, 193, 195, 196, 197 Geinfisar 99 110
192, 193, 197 EUDE - Escuela Europea de Grupo Barreiros Faria 192, 194, Hispania Activos Inmobiliarios
Direccin y Empresa 128 Fito Investors 83, 87 Genars 98 197
Efacec Power Solution 126, 164, 81
183, 192, 193, 197 Eureka-Experts 114 Fondo Nazca III 94 Genetrix 103 Grupo Dacsa 75, 177 Histocell 47, 92
EIG Global Energy Partners 61 Eurohold 92, 94, 95, 280 Forbion Capital Partners 49, 67 GES Group 67 Grupo ECOS 77 Hitsein & Gescon Asociados 97
Eight Roads Ventures 49, 89, Euromed 97, 110 Fornesa Abogados 47, 100, 106 Gespatrimnio Rendimento Grupo Empresarial Juregui 92 Hochtief 73
112 127, 179, 193, 195, 196, 197
Euromoney Fosun Group 59, 177 Grupo Garca Forestal 96 Hogan Lovells Spain 100, 109
EIP - Energa Elctricaidade Gestin de Capital Riesgo del
Institutional Investor 114 Franchising Kurz&Gut 93 Grupo Geriatros 80, 97, 105, Hole 19 153
Industrial Portuguesa 168 Pas Vasco 47, 67, 92, 96
Euskaltel 35, 99, 104, 105, 107, Fremont Group 82 108 Hospital Privado de Guimares
Ekarpen 64, 107 GetYourHero 100
115 Freshfields Bruckhaus Deringer Grupo Imagina 106, 110 126, 182
Ekiom 110 104 Gilde Healthcare 49, 67
Eutelsat Communications 86, 88 Grupo Ingeniera de Hotis Tivoli 127, 179, 193, 195,
Freshfields Bruckhaus Deringer Gingko Tree 21, 62, 95, 99, 103,
Ekiona Evercore Spain 21, 62 196, 197
115 Productos Metlicos (IPM) 93
Iluminacin Solar 110 Blgica 22, 82
Evercore Partners 70, 73, 80, Hotel Ritz Madrid 81
Glintt 141, 187 Grupo Ingeniera de Productos
92, 95 Freshfields Bruckhaus Deringer
Elaia Partners 86, 87, 88, 89 Metlicos (IPM) 92 HR Ventures 82, 89
Spain 20, 21, 22, 65, 72, 81, 82, Glintt Bussiness 141, 187
ElasticTek 141, 167 Exogenus HSBC 80
100, 106 Glintt Tecnologa 141, 187 Grupo Metrpolis 20, 114
El Corte Ingls 21, 79, 94, 96, Therapeutics 153
Freshfields Bruckhaus Deringer Grupo Multiasistencia 38, 64,
98, 102, 109, 111 Exogenus Therapeutics 153 US 22, 82
Global Power
68, 78, 81, 109
I
Generation 116 IAG - International Airlines
El Ganso 92 Exoticca 105 Fritta 94 Grupo Nubiola 109
Global Power Generation 61 Group 22, 30, 82
Elisandra Spain VIII 108 Explorer Investments 167, 183, Fundacin Jos Manuel Grupo RAR 137, 170, 194
187, 294 Globalva 93, 109, 112, 113 Iberdrola 22, 31, 61, 62, 96, 99,
Elliot 87, 89 Entrecanales 47
Grupo Sonae 136, 137, 169, 181, 107, 174, 196, 197
Exus Management Partners 93, Fundamenture 86 Globe Specialty Metals 65, 99,
Elliott 86, 88 194, 196 Iberdrola Inmobiliaria 174, 196,
113, 116, 163, 194 110, 115
Emig Enric Mart Investments Fundiciones del Estanda 35 Grupo Tavex 68, 107 197
EY 98, 181, 192, 194 Goese 141, 165
Group 110 Fundo ESV III 187, 196 Grupo Ticnova 111 Iberian Capital Fund III 109
EY Abogados Spain 49 Goldman Sachs;Deutsche Bank
Emperador Group 72 Fundo Recuperao 141, 174, Grupo Tryo 86, 102 Iberia Nora 108
EY Ernst & Young UK 92 22, 77, 82, 92
192, 197
Emprendiza 105 Gmez-Acebo & Pombo 105, GrupoUno CTC 38, 64, 68, 78, Iberwind 59, 94, 127, 163, 193
EY Spain 20, 21, 35, 38, 66, 68, Fundo Revitalizar Centro 141,
Enags 30, 102 236 81, 109 Ice Cream Factory Comaker 38,
79, 81, 83, 181 165, 167, 168, 169, 192
Encore + 109 Gmez-Acebo & Pombo Spain Grupo Villar Mir 30, 72 64, 68, 78, 81, 109
EY Portugal 282
Enel Green Power Spain 59, 93, G 47, 67, 77, 100, 108 GTA Villamagna Abogados 21, Idealista 88, 115
104, 127, 163, 193, 196, 197 F Gadea 67, 104, 108 Gonvarri Elica 65 82, 100, 108 Ide Elica 98, 102
Enerfer 93 F4LM 126, 126, 170, 177 Gala Capital 77 Gonvarri Steel Industries 65 GymForLess 105 Iden Biotechnology 47
IDG Capital Partners 77, 87, 89 John Laing Infrastructure Fund Lawesome 246 Marinoteis 127, 179, 193, 195, Minoryx 49, 112 Nutrition&Sant 93, 95
Idinvest Partners 49, 50, 67, 77, 78 Lawesome Legal Services 100, 196, 197 Mitsui & Co 65 Nypro (Jabil) 66
86, 87, 88, 112 Join Capital 153, 187 110 Marthilores 62, 94, 103 Miura Private Equity 65, 66, 94
Idodi Venture Capital 77, 87, 89 Jones Day 106 Lazard 22, 61, 62, 86, 88, 95 Mattos Filho, Veiga Filho, Mobile Dreams Factory 111
O
IFM Investors 70 Jones Day Spain 35, 100, 109 L Capital 38, 68, 92, 96, 98, 102 Marrey Jr. e Quiroga Advogados Oak HC/FT Partners 187, 196
128 Mola 89
Imersivo 101 Jones Day France 127, 142 L Capital Asia 38, 68, 96, 98, Oak Investment Partners 187
Mayer Brown 39 MOMSteelPor 141, 168, 192
Just Stay Hotels 179 102 Oakley Capital Investments 174
iMICROQ 106 Montalbn Atlas Capital 92,
Lefosse Advogados 164 MBO Partenaires 78, 84
Imperial Chocolates 170, 194 95, 96 Oaktree Capital Management
K Lener 35, 100, 111 MCH Private Equity 65, 100, 77, 113
Impulsa Ferrol Fund 96 101, 109 Morais Leito, Galvo Teles,
Kaiku Corporacin Alimentaria Lener Corporate Finance 35 Soares da Silva & Associados Obraser 83
IMQ 47, 92 107 Mckinley Inversiones 105
Lexcrea 100, 108, 111 187, 195, 196, 197 Oceanrio de Lisboa 126, 192
Inbiomotion 106 Kantox 50 Mclezar Zamora 98, 102
Liberbank 73, 94, 98, 104, 111 Morgan Stanley 21, 22, 38, 59, Ocibar 35
Incorporatewear 169 Kaplan 97 Meda 97, 110 61, 62, 68, 79, 92, 95, 99, 103,
Liberty Seguros Spain 84, 113 115 OCM Gaud Master Holdco 108
Indes Capital 65, 93 Kay Films & Movies 112 Media Digital Ventures Spain
Linklaters 21, 61, 64, 77, 79, 80, OHL 31, 70, 73, 93, 94, 95
Index Ventures 49, 50, 87, 105 Keensight Capital 142, 187, 188 83, 89 Morgan Stanley Spain 21, 38,
100, 108, 111, 248
Mediasmart 111 68, 79 Ona Capital 77, 89
Inditex 79 Kereon Partners 65, 87, 89 Linklaters Spain 21, 64, 77, 79,
Mediobanca 22, 35, 95 Morgan Stanley Infrastructure Oncomatryx 47, 96
Industrias Alimentarias Navarra Kibo Ventures 47, 50, 87, 89, 111 80, 100
21, 62, 95, 103, 115
(IAN) 35 Linklaters Portugal 59, 127, 163 Mediterrnea de Ctering 38, ONEtoONE Corporate Finance
King & Wood Mallesons Spain Mota-Engil Ambiente e Servios
Industry Funds Management - 64, 68, 78, 81, 98, 109 47, 92, 97, 97
21, 35, 38, 64, 65, 68, 78, 79, 81, Linklaters UK 182 172
IFM 73, 93, 94, 95 83, 100, 109, 128, 153, 169, 181 Mediterrnia Capital 64, 65, 82 Oni 127, 142, 197
Liscont 128, 184 Mota-Engil (Holding) 137, 185
InfraVia Capital Partners 82 King & Wood Mallesons SJ Meleghy Automotive Group Only-apartments 105
LIV Capital 78 M & Partners 49, 100, 112
Inmobiliaria Carso 112 Berwin 107 92, 93 ONTIER 250
Llorente & Cuenca 21, 298 MSC - Mediterranean Shipping
Insight Venture Partners 49, 88, Kirkland & Ellis US 22, 82 Menlo Capital 182 ONTIER Spain 100, 112
Logicomer 126, 180, 194 Company Portugal 126, 184,
89, 114 KKR 21, 38, 60, 94 Merck Serono Ventures 50, 67 192 Onza Capital 87, 89
Logtrust 47, 100
In Store Media Group 84 Klpierre 99, 103, 116 Meriton Holdings; 83 Mubadala 38
Lone Star 78, 127, 142, 174, 183, Opcem 70, 73, 93, 94, 95
Intel Capital 87 Konecta 84, 113 Merlin Properties 20, 30, 72, 83, Muji Europe Holdings 181, 194
193, 194, 196, 197 Open Camp 47, 95
International (Trilantic Capital KPMG 99, 128, 153, 180, 194, 93, 98, 106
Lone Star Inmobiliario Fund III Mumtalakat 101 OPI - Organizacin de Proyectos
Partners) 65, 109 194, 192, 284 Merrill Lynch Brasil 86
127, 142, 183 de Infraestructura 70, 93, 95
Inter-Risco Private Equity 136, KPMG Abogados 100, 110
LOSAN 169, 181, 194
Mesacer Ceramics 141 N Oppro Investiments 181, 194
179, 182 KPMG Spain 21, 22, 35, 38, 47, Mespack 110 N+1 96
LSREF3 Reo Douro 174, 194, 196 Orange 109
Intralinks Spain 38, 64, 68, 78, 59, 60, 61, 62, 66, 67, 84, 128, Metalcaucho 35 N+1 Dinamia 35, 39, 86, 92, 109
81 153, 180 Lundbeckfond Ventures 49 Orion Capital Managers Spain
Metalocaucho 114 Nader Hayaux & Goebel 103, 116
Intrum Justitia Portugal 126, KPMG International 92 Lusort 78, 127, 142, 183, 193,
Metric Capital Partners 64, 79 Abogados 39
180, 194 196, 197 Managers Spain 99
Kurma Life Sciences Partners Nauta Capital 84, 87, 89
49, 67, 112 Luz Sade 126, 182 Metroinvest 20, 114
Inventages 67 Orion Columba Socimi 99, 103,
Metrovacesa 20, 72 Navitaire 22, 82, 94, 104, 106
116
InverCLM Implsate 83, 87 Kutxabank 73, 88
M MGM Saiso 1971 97, 101 Nazca Capital 64, 82
Inveready Capital 47, 83, 87, 89, Orliman 96
95, 98, 111
L M1 Group 38, 68, 96, 98, 102
Microwave Ventures 89 Nero Ventures 89
ORZA 47, 92
La Caixa 31 Maamora Prim 75 Netpeople 141, 187
Inverfiatc 98 Migoa 105 Osborne Clarke 109, 252
LaFourchette 194, 195 Machado, Meyer, Sendacz e Nexica 95
Investcorp 94 Opice Advogados 175 Miguel Pujadas 106 Osborne Clarke Spain 49, 100
Lagardre Services 101 Mijares, Angoitia, Corts y NMC Health 80, 95, 97
Investec Bank 22, 82 Macquarie Atlas Roads 70 OUTFRONT Media 84
Lahnwerk Rub 92, 93 Fuentes 70, 73 Nordex 21, 98, 103, 106
Itnig, Instituto Cataln de Macquarie Infrastructure OUTFRONT Media Chile 84
Finanzas (ICF) 105 Landis Inversiones 81 Partners 70 Milbank, Tweed, Hadley & Norgestin 47, 92, 96, 96
McCloy US 70, 73 Oxy Capital 164, 165, 167, 168,
Ixo Private Equity 86, 87, 88, 89 Laninver SCH 66, 102, 105 Madrigal Participaciones 35 Northzone 87
169, 174, 183, 187
Lanta Digital Ventures 77, 87 Millennium BCP 127, 153, 163, Novabase Capital 187, 196
Madrilea Red de Gas 21, 62,
J Lantero Embalaje 66, 102, 105 95, 99, 103, 115
181
Nova Founders 79, 89 P
Jazztel Spain 109 Millennium IB 126, 164, 183
Lar Spain 102, 108 MagniFinance 153 Novinela 128 P101 79, 89
Jazztel Group 109 Minas de Agua Teida (MATSA)
Large Venture 86, 87, 88, 89 Magnum Capital 59, 67, 80, 94, Novo Banco 172 Packlink 49, 112
38
JBMF 88 Latham & Watkins 107, 244 96 97, 105, 108, 127, 163, 193 NTT DOCOMO Ventures 86, 87, PAI Partners 80, 84, 97, 105,
Minor Continental Holding
Jefferies US 88 Latham & Watkins Spain 65, Maldonado Directorship 81 Luxembourg 127, 179, 193, 195, 88, 89 108, 113
Jobandtalent 47 100, 110 Malpica 100 104, 114 196 NU-RISE 153, 182 Pantanal Energtica 164
Jofemar 101 Latham & Watkins US 65 Mapfre Vida 20 Minor International 179 Nter Feed 92 Parpblica 126, 184, 196, 197
Parque Elico Cova da Serpe II Praedium 68, 84 Rejadorada Inversiones 93, Santander Global Banking & Socios Financieros 80, 92, 97 TAP Air Portugal 126, 184, 196,
116, 163, 194 Precious Advantage 169 113, 116 Markets 59, 70, 73, 78, 84, 97, Sodena 47, 64, 67, 79, 87, 89 197
Parque Elico Pujalt 93, 113, 116 Renaleto Servicios y Gestiones 127, 142, 163, 183 Targobank 75
Premji Invest 50, 87 Sodicaman 60
Parque Elico Tres Picos 93 30, 38, 59, 60, 116 Santander Global Banking & Tavex Europe 68, 107
Prexton Therapeutics 50 Markets Spain 127, 142, 163 SoftBank 95
Parque Elico Tur del Magre Renovalia Energy 38, 59, 60, 99, Tecalum 47
Primor Fruit 75 Santander Infraestructuras 98, Soft (Presto) 97
93, 113 102, 116
Principal Gesto de Activos 128 102 Solnova I 60 Techstars 77, 89
Parque Expo 98 126, 192 Repsol 31, 62, 94, 103
Santander Innoventures 50, 77, Solnova III 60 Tekton Ventures 77, 89
ProA Capital 35, 65, 67, 80, 82,
Partech Ventures 50, 77, 86, 87, Residencial Almedina 179
95, 97, 111 87, 89 Solnova IV 60 Telecable de Asturias 94, 98,
88, 89 Ribbit Capital 87 104, 111
PSP Investments 61 SAP Ventures 187 Solteka New 93
Patron Capital Partners 72, RIB Software 97 Telefnica 30, 50, 86, 87, 88
PTRW Renewable Bid 94, 127, SARquavitae 95 Sonae E. Ventures 89, 95, 128,
174, 194
136, 163, 193 Ricari 66 Science4you 153, 181 153, 188, 194 Telegraph Hill Group (THCap)
Paul Hastings US 39 87, 89
PTT 104, 114 Richardson & Richardson Seatwish 153 Sonae Sierra 137, 174, 196, 197
Peertransfer 50 Portugal 169 Televisa 106, 110
Puerto Venecia 113 Seaya Ventures 47, 77, 87, 89, Souza Cescon Advogados 164
Pegaso Transportation Rioforte Brasil 127, 179, 193, 100, 115 Telles de Abreu Advogados 170
Punto Futuro 97, 101 Spark Capital Partners, 50
International 65, 109 195, 196, 197 Teltronic 86, 102
PwC 99, 126, 141, 163, 174, 180, SEB Private Equity 87 SPI Group 95
Pepe Jeans 38, 68, 96, 98, 102 Ritch Mueller 84 Tencent Holdings 50
187, 192, 194, 194, 288 Seed Capital Bizkaia 47, 89, 92
Percentil 47 Spinnaker Capital Group 112
PwC Spain 21, 35, 62, 65, 66, 80, Rivero & Gustafson 100, 114, Tertir 172
SeedSyndicates 89 Spin.Works 141
Perella Weinberg Partners 127, 81, 83, 83, 84, 86, 88, 163, 174 260
Seguros Catalana Occidente 20 Testa 20, 20, 20, 20, 72, 98, 106
142 Riverside 67, 96, 97, 110 Springwater Capital 65, 68, 77,
PwC Portugal 126, 141, 180, 187 Seidor 111 TEYME Tecnologa Agrcola 93
Prez-Llorca 84, 100, 109, 113, 78, 82, 84
PwC Tax & Legal Spain 80, 84, Roca Junyent 100, 110, 112, The Navigator Company 126,
254 114, 114 Semapa 126, 167, 192 Stella Maris Partners 89
100, 113, 163 136, 167, 192
Prez y Ca 21, 82, 94, 104, 107, Roche Venture Fund 49, 112 Sensefields 108 Stirlingpower 165
PwC UK 92 TiGenix 103
108 Sensitive Technologies 108 Stora Enso 107
Rocket Internet 89 Tirant 68, 79
Perfumaria Anita 192, 194, 197
Q Ropes & Gray US 67
Sepura 86, 102 Stora Enso Barcelona 107
Torreal 38, 68, 83, 96, 98, 102,
Perfumaria Barreiros Faria 192, Serna & Co. (Toms F. Serna) Storm Ventures 153, 188
Qatar Investment Rothenberg Ventures 87 106, 110
194, 197 110, 114
Authority (QIA) 73 Strathspey Crown 79 Torre Espacio 72
Perfumaria Mars 192, 194, 197 Rothschild 22, 49, 77, 80, 92,
Serra Lopes, Cortes Martins Structuralia 97
Q Growth Fund 47 97, 193 Torre Ocidente 174, 196, 197
Perfumes & Companhia 192, Advogados 126, 164, 183
Qualcomm Incorporated 50 Rousaud Costas Duran (RCD) STS Inversions 111 Torrot Electric 108
194, 197 Servei D'Apats 98
Qualitas Equity Partners 89 20, 47, 49, 88, 100, 110, 112, 114, Suanfarma 35, 111 Tradeinn 47, 97
Perseo 87, 110 Servicios, Transportes y
114, 128, 153, 262 Suburbs 126, 137, 167
PF Figestio 98 Quantum Capital Partners 107 Equipamientos Pblicos Dos 78 Tradinveste 193
Quarteira 180, 194 Route 66 Ventures 77, 87, 89 Seward & Kissel 39 Sullivan & Cromwell US 22, Trafigura 38
Pfizer 67 61, 62
Quinta Essncia Perfumarias Royal De Heus 92 Sherpa Capital 35, 66, 92 Trajano Iberia 20, 174, 194, 196
PGGM 21, 62, 93, 95, 99, 103, Sullivan & Worcester 39
109, 113, 115 192, 194, 197 RRE Ventures 77, 87, 89 Shilling Capital Partners 153, Transportadora de Gas del Per
188 Suma Capital 47, 61, 65, 79, 87, (TGP) 102
Plsticos Castell 66 RTA Ventures 49, 87, 105
Plsticos Compuestos 47, 106
R Rugui Steel 96, 107 SI Capital 77
89, 97
Trea Capital 96, 113
Summer
Ramn y Cajal 35, 80, 100, 109, Sigfox 86, 88 Trebol Holdings 70
Playgiga 111 Ruralva 98, 102
113 Constelation 141
PLMJ 126, 127, 141, 164, 165, Ryanair 22, 82 SIMI 141, 175, 183 TSB 22, 77, 97, 101, 108
Raposo, S Miranda & Sun Mountain Capital 84
167, 169, 170, 174, 179, 183, 187, Simpson Thacher & Bartlett US Tuninvest 82
Associados 168, 185 Sunstone Capital 50, 67
195, 197, 256
Rastar Group 114
S 21, 38, 60, 88 Twitter Ventures 50, 87
Sinensis Seed Capital 87, 105 Supremo Cimento 175, 193
Plus Ultra;Metroinvest 20 Sabadell Corporate Finance 97 Typeform 49, 105
RBC Capital Markets 22, 77 Synerlab 110
Poblados de Vacaciones 20, 81 Saba Infraestructuras 93 Sitka Capital Partners 72, 77,
R Cable 35, 99, 104, 105, 107, 83, 87, 89 U
Point Nine Capital 49, 87, 105 115 Sacyr 20, 31, 72, 98, 106, 107 T
SK Innovation 102 Ubis Cintas Adhesivas 116
Pojuca 127, 179, 193, 195, 196, RCD Espanyol 114 Safira 168, 185 Tacomi 92
197 SK Telecom 86, 88 UBS London 77, 101, 111
Real Automvil Club de SAG GEST 128, 137 TAF Helicopters 104, 114
Polibol 35, 66, 92 Smartfren Telecom 50 UIL Holdings Corporation 22,
Catalua (RACC) 104, 114 Saica 35, 66, 92 Taikai Group 164, 168 61, 62, 96, 99, 107
Ponso 97, 101 Smithfield Foods 64
Real de Velln 97, 101 Salesforce Ventures 50, 87 Talent 128 Ulabox 95, 128, 153, 194
Portobello Capital 35, 38, 64, Socialatom Ventures 89
Realia 112 Samaipata Ventures 79, 89 Talgo 65, 109 U&Law 100, 111, 113, 115, 115,
65, 68, 77, 78, 79, 80, 80, 81, 82, Sociedad Concesionaria Salud
109, 113 Realza Capital 64 Sanifit 49 Siglo XXI 107 Talkdesk 153 266
Portugal Ventures 153, 179, Recbus 180, 194 Santander Consumer Finance Socit Financire de Banque Tallerator 105 Unbabel 153
181, 182, 187, 188 Redpoint Ventures 50, 87 77, 108 77, 108 Tamsi Spain 35, 109 Unidas 128
Union Square Ventures (USV) Waterventures 126, 192
87 Watson Farley & Williams 111,
Uniplaces 153, 188 113, 268
United Investments Portugal Watson Farley & Williams Spain
192 38, 59, 60, 100, 116, 163
Univen Capital 65 Wayra 87, 89, 296
Universities Superannuation Weil Gotshal & Manges Paris
Scheme (USS) 93, 109, 113 127, 142
Ura Menndez 111, 113, 264 WF Energy 116, 163, 194
Ura Menndez Spain 21, 35, White & Case 270
38, 60, 61, 62, 65, 66, 68, 81, 84, White & Case Spain 61, 100, 116
88, 100, 115, 128, 169, 181
Wiggin and Dana 22, 61, 62
Ura Menndez - Proena de
Carvalho 78, 126, 127, 128, 142, Windcorp 47
168, 170, 174, 177, 179, 181, 183, Wind Energy Investments 93,
185, 187, 188, 195, 197 127, 136, 163, 193, 195, 196, 197
Wind Energy Transmission Texas
V (WETT) 61
Vacaciones,Barcel Hotels Wind Telecomunicazioni 22,
Canarias 20 101
Valencia Club de Ftbol 83 Winterfell Gesto de
Valid Spain (Valid) 86 Investimentos 126, 136, 164,
Vallis Capital Partners 170, 175, 183, 192, 193, 197
182, 187 World Bulk Wine Exhibition 114
Vallis Sustainable Investments I WPP Group, Mediapro 106, 110
170, 182, 194 Wren House
Valores Integrales Inmobiliarios Infrastructure 116
39
Wren House Infrastructure 61
VARIV Capital 89
Vasconcelos, Arruda & X
Associados 141, 187 Xesgalicia 75
Vast Ventures 77, 87, 89 X Solar 21, 38, 60, 94
Vendor 84
VenturCap 47, 87, 97 Y
Venture 51 77, 87, 89 Yelmo Cines 112
Vestigo Capital 59 Yguaz Cementos 175
Vialegis Abogados 35 Yilport Holding 172
Vieira de Almeida 59, 126, 127, Yolmar Gestin 98, 102
163, 184, 195, 197 Ysios Capital Partners 49, 50,
Viesgo 79 67, 106, 112
Viscofan 35
Vision-Box 142, 187, 188
Z
Zambal Spain SOCIMI 108
Vitalia Plus 35, 80, 113
Zara Vittorio 13 Italia 79
Vitamina K 87, 89
Zegona 94, 98, 104, 111
Vivaci Caldas da Rainha 141,
174, 197 Zentyal 100
Vivaci Guarda 141, 174, 197
Vivamarinha 192
Vollrath 106
W
Wabtec Corporation 114
Wallapop 49, 88, 114
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