Advent International has announced that it has opened an office in Madrid as part of its push to grow its investment activity in the country.
Jaime Carvajal Urquijo is chairman and Juan Díaz-Laviada is to be the managing partner. The other partner in the office will be Luis Camilleri. These three have been private equity practitioners in Spain since 1988, first through Iberfomento, the firm they founded, and subsequently through Dresdner Kleinwort Capital (DrKC), whose Iberian operation was formed through a joint venture with Iberfomento in 1998.
Mr Carvajal and his team have already coinvested with Advent International, through DrKC, in the firms’ major Spanish investments. Advent said that today’s announcement represents a consolidation of a long-standing partnership.
Advent International’s Spanish investments to date include CLEC JazzTel, Alcala Farma, a pharmaceuticals business and Alta Gestion, the staffing company. The aim is to focus on later stage, majority position investments and buyouts, but the team will also look at certain minority position expansion capital deals.
Advent’s says its sectoral focus covers businesses in the business services, pharmaceuticals and healthcare, speciality chemicals, communications and retail sectors. It has offices in 13 countries spanning Western and Central Europe, the Americas and South-East Asia and has raised over E6.5bn of capital. Since its inception in 1984, Advent says it has backed over 500 companies in 35 countries.