Spanish growth investor Aurica Capital has held a first close of its third fund on €140 million, €74 million of which is coming from anchor investor Banc Sabadell, Spain’s fourth largest bank and Aurica’s former parent.
The firm has struck two minority deals from the fund to date, taking a forty percent stake in Delta Tecnic, a manufacturing business supplying the cable and PVC industries and a 20 percent stake in Flex, a manufacturer of bedding products.
The firm said it would use both Spain-based companies as platforms to add-on new businesses outside of the country.
Pension funds, insurance companies and a number of family offices have joined Banco Sabadell in backing the firm’s third fund, which has a target of €150 million and a hard cap of €200 million.
“Both the anchor and the institutional investors clearly see the differentiation between Aurica and most other Spanish funds as a result of its access to under-the-radar deals and a distinguished track record of preserving and growing equity value and underlying companies, in the challenging 2008-2014 period,” Allan Majotra, managing partner at Aurica’s placement agent 5Capital said.
Aurica Capital targets growth capital investments in Spanish companies with revenues in excess of €30 million and Ebitda of more than €5 million.
Aurica has invested in 19 companies and raised its first fund in 2000 when it was the private equity arm of Banco Sabdell.