Top Private Equity Firms in Spain

Spain, a key economy in Southern Europe with a dynamic and resilient business landscape, has become a hotbed for private equity (PE) activity. Its firms invest across a diverse range of industries, from renewable energy and technology to consumer goods and healthcare, driving growth and international expansion for Spanish companies.

In this article, we’ll explore the top private equity firms in Spain, highlighting their portfolio, investment focus, and notable contributions in the broader private equity space.

1. Alantra

With deep Spanish roots and a global footprint, Alantra Private Equity is one of the most prominent financial advisory and asset management firms in Spain. Its private equity division is a major force in the Spanish middle-market, focusing on acquiring and professionalizing family-owned companies with strong growth potential.

Alantra’s portfolio spans industries like food, healthcare, and specialized industrial sectors. A standout investment is its partnership with agri-food group Moyca, which Alantra helped expand internationally. Another key deal is its investment in health food brand Frías Nutrición, showcasing its focus on scaling strong consumer and healthcare businesses.

The firm takes a hands-on, operational approach with a "buy-and-build" model, working closely with management teams to implement strategic initiatives, improve efficiency, and drive global growth.

2. Portobello Capital

Founded in 2010, Portobello Capital is an independent private equity firm that has rapidly grown into a major Spanish player, managing over €2 billion in assets. The firm primarily acquires majority stakes in mid-cap companies across Spain and Portugal.

Its investment sectors are broad, spanning consumer products, healthcare, industrial, and services. Notable investments include IAN, BlueSea Hotels, and Trison, where Portobello helped modernize and scale traditional companies.

With its broad investment focus, Portobello attracts both private equity investors and strategic partners, positioning itself as a versatile and influential player in Spain.

3. Miura Partners

Founded in 2008 and based in Barcelona, Miura Partners focuses on Spanish middle-market and SME investments. Known for its entrepreneurial approach and ESG commitment, the firm appeals strongly to investors in environment-conscious and natural resource-based businesses.

Miura typically invests in businesses with revenues between €20 million and €200 million, using growth equity strategies such as international expansion, acquisitions, and operational improvements.

Notable investments include Citri&Co (citrus exports) and Logisfashion (logistics), reflecting its strong activity in food, beverages, and industrial services.

4. ProA Capital

Founded in 2007, ProA Capital is one of Spain’s largest and most established PE firms, specializing in buyouts of mid-market companies. Having raised over €1.5 billion, ProA acquires majority stakes in profitable, well-established businesses across multiple sectors.

Its strategy emphasizes unlocking value through capital infusion, strategic direction, and operational support to professionalize and scale companies.

A landmark investment was the acquisition of Pastas Gallo, Spain’s iconic pasta brand, where ProA drove innovation and international expansion. The firm is particularly known for partnering with founding families and executing complex transactions.

5. Magnum Capital Industrial Partners

Founded in 2006, Magnum Capital was one of the first major independent PE firms focused on Spain and Portugal. It targets mid to upper-mid-market companies with high growth potential.

The firm emphasizes sectors such as healthcare, technology, and specialized industrial services, applying its operational expertise to deliver transformational growth.

Notable investments include Aire Networks (telecom operator) and Indiba (radiofrequency technology for aesthetics and physiotherapy). Magnum is recognized for its hands-on approach and active role in portfolio management.

6. Asterion Industrial Partners

Established in 2018 and based in Madrid, Asterion Industrial Partners is a specialist private equity firm focusing on European mid-market infrastructure. It targets sectors including energy, telecommunications, and mobility.

The firm bridges the gap between large-cap infrastructure funds and local investors by combining capital with deep operational expertise. One flagship deal is Nabiax, a data center operator formed after acquiring 11 Telefónica data centers, which later expanded across Spain and Latin America.

Asterion’s strong focus on essential infrastructure assets positions it as a unique and influential player in Spain’s PE market.

Let’s Recap

Spain is home to some of the most influential private equity firms in Europe, contributing to the growth of numerous industries and companies. These firms stand out due to their expertise, strategic investments, and ability to create lasting value.

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