Luceiro Capital is an independent private equity investment firm specializing in high potential SMEs.

Through the closed investment vehicle Luceiro Capital Partners I, we work with the capital of more than 20 professional investment partners, including institutional funds, family offices and private investors, with a global reach and united with the objective of acquiring a majority stake in private companies located in Spain or Portugal; to subsequently become involved in the active management of the company and the creation of long-term value.

We differentiate ourselves from other investment models by offering business owners a flexible capital and expertise solution that allows them to make an orderly transition of their business while maintaining their legacy and values. We offer the current owner the ability to generate a tangible return for their efforts over time through a liquidity-generating sale, with the peace of mind of a continuity plan, and always with a fast and discreet decision making process.

From our headquarters in A Coruña (Galicia, Spain) we analyse investments with flexibility of geography and sector. We look for quality companies, with proven business models and sustainable competitive advantages; in industries with favourable dynamics. We do not invest in companies that require deep restructuring or sectors that are highly dependent on regulation.

We provide flexible capital and expertise to family-owned companies and institutional shareholders looking for a partner to help them provide continuity to their project and ensure a successful transition to a new stage of growth.

We bring operational, financial and strategic value to our partners. Our team and our capacity to act make us different.

Luceiro Capital offers business owners & entrepreneurs a different alternative to traditional buyout solutions, designed to offer flexibility to the entrepreneur in the next stage of his career:

  • Competitive valuation of your business.
  • Flexible solution to buy 100% of the company or keep part of the current shareholding.
  • Possibility for the entrepreneur to continue working alongside the new team with capital and resources to see their business grow and achieve new goals.
  • Commitment to all the people who work in the company, customers, suppliers and other stakeholders.
  • Excellent reputation of the investment team accumulated after years of business management and deep knowledge of the investment world.
  • Multidisciplinary team with specialisations in different areas.
  • Confidentiality and agility throughout the process.
  • Understanding of the challenges of the family and the entrepreneur.

Focused on long-term value creation.

  • Companies with a history of good management and a well-defined strategy.
  • Ability to invest with a long-term horizon.
  • Generation of capital for business expansion through a committed institutional shareholding.

High-quality companies in sectors with favourable dynamics

  • Proven business models with sustainable competitive advantages.
  • Preference for sectors with structural and stable growth.
  • Cash generative companies, with attractive ROIC and growth prospects.

Investment flexibility

  • Ability to invest in the range of €5-30m (focus on €10-25m transactions).
  • Capital solution tailored to the entrepreneur and the company's objectives.
  • No preference as to sector.

A solid management team, committed to the entrepreneur.

  • Businesses with strong management teams.
  • Partners with the business owner, with 100% aligned objectives.
  • Focus on engaged employees and customer satisfaction

Financial characteristics of the company:

  • EBITDA between 1 and 5 M€
  • Significant profit margin (>10% EBITDA margin)
  • Track record of growth and cash generation
  • Good quality productive assets and moderate debt levels.

Operational characteristics of the company:

  • Competitive advantages that cannot be replicated
  • Recurring revenues
  • Fragmented customer base, with low turnover
  • Non-cyclical and growing industry
  • Low regulatory impact

We create new opportunities for our investors.
We open new paths for business owners.
Always with a rigorous approach.

Transparency, confidentiality, and expertise in the investment process.

Our experience managing corporate transactions allows us to carry out a solid, predictable and efficient process that facilitates the entrepreneur's decisions, with well-defined steps and timelines.

The valuation and negotiation process can take 4 to 6 months. After an initial conversation to get to know the entrepreneur as a person and to present the company to us, we will move on to valuing the company with the appropriate professional advice, always in a simple manner and without interrupting the company's operations. At all times we will manage the process in a transparent manner, adapting to the objectives of the business owner, and building a solution that generates value for everyone.

  • Initial Conversation Presentation of Luceiro Capital's business and project. Identification of interests. Design of an agile and dynamic work proposal Signing of the
    Non Disclosure Agreement
    (NDA)
  • Preliminary assessment Gathering of the most relevant information on the company's strategy and finances. Understanding of the company's vision for the future, shared between the entrepreneur and Luceiro Capital. Signing of a Letter of Intent to open the Due Diligence (LOI - "Letter of Intent")
  • Due Diligence Complete business information gathering. Independent financial and legal evaluation. Presentation of binding offer and resolution of doubts.
  • Closing the transaction Signing of the agreement, execution of the payment of the purchase in the agreed form and start of the transition process to the next stage of the company.
  • Duration 4 to 6 months

Luceiro Capital's partners have more than 10 years of local and international experience in management and investments and are backed by a group of professional investors.

As Managing Partner of Luceiro Capital, Ivan Varela Rozados brings his experience managing investments and advising on corporate transactions, having spent the early part of his career working in investment banking in London for MUFG and Nomura; as well as for the investment firm PIMCO. Together with him, Efren Lopez Ferreiro is a partner of the project and Strategy and Operations Advisor, where he brings his experience as a strategic consultant at Accenture and Oliver Wyman, with extensive international experience advising large companies on improving their processes and operations. Together they have more than 15 years of experience in finance, consulting and business management, and have worked in Spain, Portugal, UK, USA, Middle East and Latin America.

The Luceiro Capital team is backed by a group of more than 20 investors who will contribute their experience to the project and to the board of directors of the invested company. The investment team has first class experience, with businessmen and executives who have held senior positions in leading companies and financial firms such as McKinsey & Company, Santander, BBVA, Repsol, Gas Natural, Inversis, JP Morgan Chase, Barclays, Bank of America or Advent International, among others.

Iván Varela Rozados

Managing Partner


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Efrén López Ferreiro

Partner and Strategy & Operations Advisor


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The key to our capabilities lies in the teamwork that allows us to make better decisions and seek better investment solutions for the entrepreneur.

Luceiro Capital has the financial and operational backing of a local and international network of investors with relevant experience in the areas of management and investment in companies.

Our investor group has completed more than 150 transactions, investing more than 3.2 billion euros in capital, and has managed more than 50 companies. They are committed to supporting partners throughout the entire process, both during the investment discussions and during the management of the company.

Cabiedes & Partners SCR
Inversiones Cabiedes is the investment vehicle of José and Luis Martín Gutiérrez de Cabiedes, and one of the most successful investment vehicles in Spain.

Luceiro Capital is supported by José Martín Gutiérrez de Cabiedes, founder and Managing Partner of Inversiones Cabiedes. José is Professor of Entrepreneurship at IESE, and Member of the Board of Directors of Europa Press. He is also founder and mentor at UEIA, an incubator for social initiatives in the ICT field. Previously, José was Executive Director of BBVA Asset Management and founder of the BBVA & Partners Hedge Fund.

He also worked in the trading area of Banco Santander. José holds a degree in Industrial Engineering from the Universidad Pontificia de Comillas (ICAI), and a Master in Business Administration (MBA) from IESE.
Dellin Investments
Founded in 2010, Dellin Investments is a private equity firm based in Philadelphia, Pennsylvania.

Prior to moving into the search fund space, Dellin's founder Frank van Lint worked for twenty-five years as an international tax advisor in the Netherlands and Japan. He also spent eight years as head of tax at Morison International, a global network of accounting firms.

In 2010 he founded Dellin Investments, which invests in early stage companies, SME-focused Private Equity deals and search funds. In 2012 he moved to the US to develop and grow Dellin's US operations. Dellin's portfolio includes investments in US and non-US companies . Frank also sits on the board of directors of several private companies.
Luis Camilleri
Luis Camilleri has been an active search fund investor since 2016. Luis has more than 20 years of experience in private equity, having been Managing Director of Advent International, and director at Dresdner Kleinwort Capital Spain , and Iberfomento.

Prior to that he was Controller at Texaco Spain; he started his professional career in the audit and tax department of Arthur Andersen in 1981.

He is currently actively involved in various initiatives linked to entrepreneurship, particularly his collaboration with Ashoka, supporting social entrepreneurship.

Luis holds a degree in law and business from ICADE E-3.
Fernando Herrero
Fernando Herrero was founder and CEO of Inversis Banco until 2015. Previously, he held management positions in corporate and business banking at Grupo Argentaria and Banco Exterior de España, as well as at Credit Lyonnais and the venture capital firm Talde. He has also been a member of the board of directors of several companies, including: Indra Sistemas S.A., Banco Atlántico S.A., Cross Road Biotech S.A., Bilbao Trading S.A., Banco Exterior de España and Banco de Negocios Argentaria, NCapital SL, Ecolumber SA and Andbank España.
Istria Capital SCR-PYME
Istria Capital is the first European-based investment fund specialised in investing in search funds, and currently has 17 SME investees in its portfolio.

Istria invests with a global mandate, with a focus on Europe and especially Spain. Partners Simón Bores and Ignacio Olavarría together have more than 25 years of experience in investment management, strategic and operational consulting and family business. They have been investing together for several years, having made more than 70 investments in search funds.
Seronera Capital Partners Ltd
Seronera Capital is a family office based in London, UK, founded by entrepreneurs, with a focus on active investment in industries in which it has extensive operational experience, such as Healthcare, Industrials or Real Estate.
Jose Barreiro
Mr. Barreiro is a member of the Advisory Board of the Strategic Value Partners funds, and an experienced private investor.

Jose Barreiro has over 30 years of experience in the banking sector. He has held various executive positions at BBVA from 1998 to 2012, including Global Head of Corporate and Investment Banking since 2005. He was also a member of BBVA's Executive Committee at Group level from 2005 and, more recently, Senior Advisor to the bank.

Prior to BBVA, Mr. Barreiro held senior positions in several financial organisations, including Banco Santander, Bankers Trust Company and Chase Manhattan Bank. In addition to non-profit board positions, he was, until recently, Vice President of Bolsas y Mercados Españoles, the operator of all securities markets and financial systems in Spain.
Frank Kenny
Frank Kenny founded Delta Partners in 1994, having previously worked in the venture capital industry with Burr, Egan, Deleage & Co. in Boston from 1983 to 1993. He served on the board of directors of many private technology companies in the U.S. and was on two NASDAQ Boards, Abacus Direct Corporation and Vivid Technologies Inc. from 1989 to 1999.

Frank currently serves on several private boards, including Advanced Surgical Concepts, Neoss and Miracor.

Frank holds a B. Comm. and M. Econ. Carolina from University College Dublin and an MBA from the University of Chicago.
Alza Capital Partners LLP
Based in Mexico and Spain, ALZA Capital Partners is a private equity fund specialising in investments in global search funds. ALZA is founded by Ángel Álvarez and Guillermo Zambrano, and has a distinctive value proposition that is characterised by working closely with the managers of the funds in which it invests throughout all phases of the project. In addition, Alza's global and multi-sector orientation has proven to be a source of value creation in the transactions it has undertaken.

Ángel Álvarez, is the person appointed by ALZA Capital to oversee the investment in Luceiro Capital. Ángel has extensive experience in the world of M&A, private equity and venture capital, having worked for firms such as JP Morgan and Miura Private Equity, and as an advisor and consultant on various investment committees in the world of seed capital. Additionally, together with Guillermo Zambrano, he has founded and successfully managed Lottus Capital Partners, one of the first search funds in Mexico. Ángel holds a degree in industrial engineering and economics from Northwestern University and a Master in Finance from London Business School.
N3X Investments NV
Private investment company based in Belgium, led by Tom Hendrickx. Tom is a serial entrepreneur and investor. He bought his first company, Sels, at the age of 28. The company is known for the construction and renovation of luxury homes.

After selling Sels 10 years ago, Tom became an active investor through buyout and search funds. His investments include a SAAS provider, a coffee roaster, a temporary jobs provider, a field services company and a testing equipment company.

Private investment firm based in Belgium, led by Tom Hendrickx. Tom is a serial entrepreneur and investor. He bought his first company, Sels, at the age of 28. The company is known for the construction and renovation of luxury homes. After selling Sels 10 years ago, Tom became an active investor through buyout and search funds. His investments include a SAAS provider, a coffee roaster, a temporary labour provider, a field services company and a testing equipment company.

Cabiesa Capital
Investment vehicle of the Pardo Martín family. The investment in Luceiro Capital will be supervised directly by Manuel Pardo Martín, with the support of his brothers Asís and Carlos.

Manuel holds an MBA from IESE and is director of digital development at Europa Press. Asís also holds an MBA from IESE and is a risk trader at BBVA. Carlos has a PhD from Harvard and is a strategic consultant in the New York office of McKinsey.
Ignacio Alvarez-Cedron
Ignacio Alvarez-Cedron is Managing Partner of Beka Alpha Partners, Beka Finance's alternative capital management firm, which manages investments in private equity and real assets.

Previously, Ignacio worked for more than 20 years at the US investment bank JP Morgan Chase, where he was Managing Director and Head of Global Markets for Iberia.
Liberty Search Ventures LLC
Liberty Search Ventures is a New York-based investment firm that partners with search funds in the acquisition of small and medium-sized operating companies around the world.

With over 5 decades of experience across a wide range of industries and verticals, from growing its own businesses to investing in and acquiring unrelated companies, Liberty has extensive experience in M&A lifecycle operations, execution and enterprise value creation.
León Bartolome
León is active in listed and unlisted companies as well as real estate investment. León is one of the most active and internationally respected members of the Search Funds Community and is, among other positions, Chairman of Anek-Proyecto Salvavidas and a Director at Nortconsulting, as well as a Director at Nauplia Capital.

Previously, Mr. León founded and was CEO and CIO of BBVA&Partners A.V., a company dedicated to the management of Hedge Funds. Mr. León was also Managing Director and Head of Proprietary Trading at Banco Santander, and Treasurer and Member of the Board of Directors of Bank Of America S.A. in Spain.

Mr. León holds a degree from the Universidad Comercial de Deusto, and an MBA from IESE.
Enrique Locutura
Enrique is a mining engineer and has dedicated his entire professional career to the world of energy, always in the Repsol group, its subsidiaries and investees, both in corporate areas and in all business areas. He was General Manager of Campsa (later CLH), CEO of Repsol Química, Executive Vice-President of Repsol Comercial, CEO of Petronor, CEO of Gas Natural, General Manager of YPF, General Manager for Argentina, Brazil and Bolivia, and member of the Repsol Management Committee. He ended his professional career as Executive Vice-President of the Repsol Foundation. He was also a director, among other companies, of Enagás and Omel (now OMIE). In the Spanish Energy Club, he has been Chairman of the Spanish Committee of the World Energy Council, and is currently a member of its Board of Directors.
Angel Blanco
Angel Blanco is Managing Partner of Beka Alpha Partners, Beka Finance's alternative capital manager, which manages investments in private equity and real assets.

Previously, Angel worked for over 20 years at the US investment bank JP Morgan Chase, where he was head of cash equities for Southern Europe.
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Values and reputation are our main assets.

We invest and work alongside entrepreneurs through responsible leadership. Our vision is to create better companies, returns for our investors and value for society.

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Honesty

Our reputation and the fulfilment of our commitments are above all, and are our best guarantee in the market.
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Continuity

We have the highest respect for the entrepreneur, and seek to establish a relationship of trust in which you know that we value your business.
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Effort

We are not only financial investors, we are an experienced management team with the ability to create value.
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Vision

We bet on companies in which we find high potential. We transform that potential into reality.

We are a responsible investor. Our valuation criteria takes into account how to improve our impact on the three ESG metrics: Environmental, Social, and Corporate Governance.

Contact

If you are the owner of a company, an intermediary or would like to know more about Luceiro Capital, please do not hesitate to contact us.

We will be happy to assist you, with the utmost confidentiality and discretion.

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    We are in:

    Luceiro Capital de Inversiones S.L.U.

    Office:
    Avenida de Buenos Aires 5-6
    15004 A Coruña

    Registered office:
    Ronda de Outeiro, 243
    15010 A Coruña, Galicia, España
    +34 881 874 490

    Luceiro Capital Management Ltd

    29 Commercial Wharf, Island Row
    E14 7HU London, U.K.
    +44 777 958 6038