According to figures from the Spanish Association of Capital, Growth and Investment (ASCRI), in collaboration with Webcapitalriesgo.com, Spain saw investment volumes of 746 million euro in the first half of 2016 across 296 operations.
For ASCRI -the private capital sector association in Spain aimed at developing and boosting capital investment in unlisted firms- these figures are below forecasts since no large operation was finalised. Nonetheless, it explains that this is set to change in the coming months as several major investments have been announced and are near completion.
The lack of a stable government has been the main reason behind this slowdown, alongside the impact from the brexit and the upcoming election in the United States. This uncertainty has impacted international private equity (which cut investment in expectation of greater political uncertainty) more than domestic sector, which actually saw a near 48% rise.
The middle market saw most activity with 18 operations totalling 568 million euro. Acri's press release highlights the following: Ingesport (led by Torreal), Digitex (by Carlyle), Masquepet (by TA Associates), Chereau (by Miura), Arenal Perfumerías (by Corpfin), Ramón Sabater (by Portobello), Carbures Europa and Gas Gas (by Black Toro), Brasmar and Jeanología (by MCH), Job&Talent (by Atomico), Discefa (by Oquendo and GED), Distribuciones Juan Luna (by Nazca), Galloplast (by Sherpa), Grupo Grandsolar (by Diana) and SGEL (by Springwater).
ASCRI highlights international investor commitment to Spain and co-investment from domestic investors in many operations, especially in venture capital. It also underscores the essential role of CDTI (Innvierte) and FOND-ICO Global in driving these investments.
Venture capital investments stood at 155 million euro across 222 operations, with 90 million coming from domestic funds and 65 from international funds, which finalised eleven of these deals with co-investment from domestic investors.
The sectors with the highest investment volumes were: consumer products (32%), IT (23%) and hotel/leisure (14%). The sectors with the highest number of operations were: IT (44%), consumer products (9%), industrial products and services (9%), biotechnology (7%) and medicine/health (6%).
In line with the trend seen in 2014, and albeit below 2015's figures, divestments in the first half of the year were high with a total of 107 operations representing 1.177 billion euro. 68% were sales to third-parties and 21% were stock market listings.
Last updated: 21|07|2016