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The time for Private Equity

divestments

in Spain 2015

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The time for Private Equity divestments in Spain. July 2015. Release 1.0 Webcaprisk Servicios S.L. is the owner of www.webcapitalriesgo.com

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WEBCAPITALRIESGO

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INTRODUCTION

WEBCAPITALRIESGO

The Private Equity activity in Spain has experienced very difficult times in recent years. The crash of Lehman Brothers and the subprime crisis largely complicated the activity of PE firms, which had to focus even more in the management of investee firms. It has been a very difficult task to ob-tain the funding needed to complete a new Buyout. It also was not the right moment to divest, with stock markets closed and industrial investors trying to balance their accounts. The pantry was beginning to be empty and funds had to think about starting to raising money for their new vehi-cles, with the risk premium at a maximum level and the threat of a bail out. After a long journey in the desert local player started to convince limited partners that PE remained as a profitable finan-cing alternative in Spain.

The Spanish economy was gradually soaring and foreign investors showed again its confidence in the country. Even though some PE firms disappeared, many of them withstood the pressure and continued to provide value to their portfolio firms. A priceless experience that started to show posi-tive results in 2014, and continues in 2015, with the opening of an extraordinary divestment period in Spain.

This report details the keys of the divestment activity and its connection with the fundraising and investment activity.

The Time for Private Equity divestments in Spain report includes: interviews (only in the Spanish version), insights on activity1, list of active investors and links to 148 related news2.

Webcapitalriesgo.com wishes to express its gratitude to the sponsors of the report, PwC and COFI-DES , and to Bridgepoint for its support in sustaining www.webcapitalriesgo.com.

Marcos Salas de la Hera Partner at Webcapitalriesgo.com

1. The information supplied by more than 250 investors was obtained by Webcapitalriesgo.com, in conjunction with the Asociación Española de Entidades de Capital Riesgo (ASCRI), and constitutes the basis for the elaboration of the official VC and Private Equity statistics published in the ASCRI´s 2015 Annual Report. The Private Equity activity was separated from the general information.

2. The information comes from the press briefings sent by investors and news releases published in the media.

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PAGE

Outstanding Divestment Activity 5

Special: 2006-2014 Divestment ratings 10

List to Active Investors 44 PE investors carried out at least one new investment in 2014

13

Related News 148 News related to Investment, Divestment and Fundraising in 2014

15

INDEX

WEBCAPITALRIESGO

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OUTSTANDING DIVESTMENT ACTIVITY

WEBCAPITALRIESGO

The volume divested at cost in that year amounted to €4.77 billion, exceeding for the first time at this century the amount invested in the year (€3.46 billion), as stated in the AS-CRI´s 2015 Annual Report. This level of acti-vity has remained in the first half of 2015. 90% of the activity developed by Venture Capi-tal/Private Equity in Spain corresponds to the Private Equity3 segment.

Trade Sales peaked

Trade sales (industrial or financial) drove this significant volume last year, exceeding the pro-ceeds in the previous six years through this me-chanism, featuring the sale of the cable opera-tor ONO to Vodafone, which accounted for almost a third of the total. This divestment re-ported significant gains to the six investors in-volved in that deal: CCMP, Candover, Provi-dence, Quadrangle, Thomas Lee and Santander Capital Desarrollo.

The sale of the helicopter operator Inaer to Bri-tish company Babcock by Investindustrial (6x) and KKR (2.5x); and the sale of Mivisa to the US group Crown Holdings by N+1 and Bla-ckstone (2.4x), also reported significant gains. The Murcia-based manufacturer of tinplate for the food industry, is one of the most profitable companies for Private Equity activity in Spain, having completed 3 investment/divestment cy-cles. In 2001, PAI and Suala invested in the company, to sell the stake to CVC later in 2005. Subsequently, CVC and Oquendo (shareholder in 2008) divested again in 2011.

N+1 and Blackstone were the incoming inves-tors that exited in 2014. Other sales carried out last year were the sale of Grupo hospitalario Quirón (Doughty Hanson) to IDC Salud, leading its merger, or the Hofmann sale (Portobello and Realza) to the British company Photobox. The two largest Spanish commercial banks were present in two of the largest divestments in the first half of 2015. First, Banco Santander and the U.S. private equity firms Warburg Pin-cus and General Atlantic, agreed to merge the fund management firm Santander Asset Mana-gement with Pioneer Investments, resulting in a leading global asset management firm in Euro-pe and Latin America. Second, the private equity subsidiary of BBVA Valanza, sold its 57.5% stake in the hotel chain Occidental Ho-teles to the tourism-related group Barceló. In early 2015, we should also highlight the sale of funds advised by N+1 and Dinamia in Teltro-nic to the British company Sepura, which amounted to €124 million, representing a cash out of 2.4 times the investment in the company specializing in the manufacture of electronic systems and components.

Regarding IPO activity, the returns of eDreams and Applus+ IPOs in 2014, owned by Permira and Carlyle Group and Investindustrial, respec-tively, should also be highlighted.

3 Deals in firms in the expansion stage and consolidated firms: leveraged acquisitions (Buyouts), Replacement of shareholders, Turnaround and others, and any successive add-ons that there might later be in them are included.

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WEBCAPITALRIESGO

Renewed IPO activity

2014 was a good year for VC/PE activity in Spain from all points of view, with a divest-ment activity that broke all historical records.

Also in the first half of 2015, the train manu-facturing company Talgo completed an IPO in the Spanish stock exchange, allowing the par-tial exit of Trilantic and MCH. In addition, the-re were also extis from private investments in public equity in Applus+ (Carlyle) and in Abertis (CVC). Even in early July 2015, the Basque cable operator Euskaltel completed an IPO in the Spanish stock exchange, which allowed divestments for Trilantic and Investin-dustrial.

In sum, several international investors have also managed to obtain significant gains for their limited partner through this exit mecha-nism, albeit after a long and uncertain period. Secondary buyouts (SBOs) also registered a significant activity in the period analyzed. Two large SBOs should be mentioned in 2014.

The first is the sale of Grupo Quirón, owned by Dougthy Hanson, to IDC Salud (CVC), which resulted in the merger of the two hospital groups. The second is the 49.9% sale of the stake held by Investindustrial in Port Aventura to KKR. In sum, international firms played an important role in the overall investment acti-

vity in Spain in 2014 (see next page), with their commitment representing the 78% total amount invested in Spain. They were involved in 26 mid- and large-size deals, with active par-ticipation from 16 investors. But SBO activity has decreased in 2015 due to existence of other exit alternatives, such as IPOs and, specially, by the increasing competition of industrial in-vestors. With the improved economic outlook and the renewed access to credit, industrial in-vestors are becoming buyers of portfolio firms and strong competitors of PE in the invest-ments that have been completed in the last few months.

SBOs do not lag behind

However, in the first half of this year, several outstanding SBOs took place, as the sale of the stake held by ProA and Talde in the food group Palacios to The Carlyle Group; the transfer of the recovery consumer credit platform Gesco-bro by Miura to the U.S. fund Cerberus; or the sale of funds advised by AC Desarrollo in Li-talsa, the independent provider of services in lithography and varnishing for packaging ma-nufacturers and shutters, to Realza Capital.

Private Equity firm Company Divestment mecha-

nism

Corpfin Cunext Cooper

Industries Trade Sale (Industrial)

3i / Baring Derprosa Trade Sale (Industrial)

3i / Hutton Collins / Lan-don

Everis Trade Sale (Industrial)

Doughty Hanson Grupo Quirón Secondary buyout (SBO)

Portobello / Realza Hofman Trade Sale (Industrial)

Investindustrial / KKR Inaer Trade Sale (Industrial)

N+1 / Blackstone Mivisa Trade Sale (Industrial)

CCMP / Candover / Provi-dence /

Quadrangle / Thomaslee / Santander Capital Desarro-

llo

Ono– Auna Trade Sale (Industrial)

MCH / Suma Parkare Group Trade Sale (Industrial)

MCH Repasa Trade Sale (Industrial)

N+1 Xanit Trade Sale (Industrial)

CVC Zena Group Trade Sale (Industrial)

Qualitas Garnica Plywood Trade Sale (Financial)

Santander Capital Desarro-llo

Invin Trade Sale (Industrial)

3i Café & Té Secondary buyout (SBO)

Baring Nace Secondary buyout (SBO)

Investindustrial Port Aventura Secondary buyout (SBO)

First Reserve Abengoa Post IPO sales of shares

Carlyle / Investindustrial Applus Initial Public Offering

(IPO)

Permira eDreams Initial Public Offering

(IPO)

Table1

Main divestments in 2014

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WEBCAPITALRIESGO

Summary of Investment activity International funds led, as usual, the list of the largest deals (11). Besides the mentioned deals in IDC and Quirón and in Port Aventura, we should also highlight the investment of Eurazeo Capital in the fashion chain Desigual, which represented its first deal in Spain; the acquisition of the neutral optical fiber operator Ufinet by Cinven; and the acquisition of the oil group Deoleo, also

carried out by CVC. Other deals that also exceeded the €100 million threshold were Grupo Alfonso Gallardo and Telepizza (KKR), Bizkaia Energía (ArcLight), Goldcar (Investindustrial), Endeka Ceramics (Alchemy) and Savera (Partners Group).

PE firm Company Deal Industry Typo of Investor

CVC IDC-Quirón Buyout (MBO) Health care International

Eurazeo Desigual Expansion Consumer related International

Cinven Ufinet Telecom Buyout (MBO) Communications International

CVC Deoleo Buyout (LBO) Consumer related International

KKR Grupo Alfonso Gallardo Refinancing Industrial products&serv International

KKR Port Aventura Replacement Industry/Leisure International

ArcLight Capital Bizkaia Energía, S.L. Buyout (LBO) Energy International

Investindustrial Goldcar Buyout (MBO) Other Services International

Alchemy Endeka ceramics Turnaround Construction International

KKR Telepizza Buyout (MBO) Industry/Leisure International

Partners Group Savera Buyout (MBO) Industrial products&serv International

Avenue / JZ International Petrocorner Buyout (MBO) Consumer related International

Magnum Nace Buyout (LBO) Other Services Domestic Private

Springwater Aernnova Replacement Industrial products&serv International

Cofides Acciona, S.A. Expansion Energy Domestic Public

Cofides OHL Concesiones Expansion Transportation Domestic Public

Cofides South East U.P. Power Transmission Company

Expansion Energy Domestic Public

Realza Capital Industrias Dolz Expansion Industrial products&serv Domestic Public

Cofides Tradebe Environmental

Services Expansion Other Services Domestic Public

Corpfin El Fornet d’En Rossend Buyout (MBO) Consumer related Domestic Private

Springwater Adveo (Unipapel) Buyout (LBO) Consumer related International

Platinum Terratest Expansion Other Services International

Miura The Visuality Corporation Buyout (MBO) Consumer related Domestic Private

Diana Bq Expansion Computer: Hardware Domestic Private

Oquendo Terratest Expansion Other Services Domestic Private

H.I.G. España Grupo Compañía del

Trópico Replacement Industry/Leisure International

Cofides Isolux Corsán Concesiones Expansion Energy Domestic Public

Magnum Geriatros Buyout (MBO) Health care Domestic Private

MCH Lenitudes Expansion Health care Domestic Private

Miura TiendAnimal Expansion Consumer related Domestic Private

OpCapita La Sirena Buyout (LBO) Consumer related International

Baring PE Forus Deporte y Ocio Expansion Other Services Domestic Private

Diana Gocco Confec. S.A. Expansion Consumer related Domestic Private

Nazca Gestair Expansion Transportation Domestic Private

ProA Rotor Componente

Tecnológicos Expansion Consumer related Domestic Private

Springwater Grupo Monesa Buyout (MBI) Industrial products&serv International

Springwater Pullmantur-Nautalia Buyout (LBO) Industry/Leisure International

Table 2

Largest Private Equity deals in 2014

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WEBCAPITALRIESGO

4 Of which, 28 were Private Equity and 5 Venture Capital deals. 2013 did not registered any VC middle market transaction..

Private sector-related domestic players showed a slightly different pattern. They experienced serious diffi-culties in materializing new investments between 2008 and 2010, due to the restricted access to bank financing. This situation even worsened in the following years due to the lack of fresh money as the investment periods in their existing funds finalized. As a consequence of the scarcity of own resources the investment activity in 2013 was very limited. Nevertheless, there was an improvement in 2014, which is expected to be even higher in 2015, as more investors have again new funds to invest. The con-tribution of public sector-related funds has remai-ned stable in recent years, mainly due to the contribution of Cofides. The contribution of private sector-related domestic funds to the middle market segment (€10 and €100 million) was significant. 33 mid-size deals4 were recorded in 2014, exceeding the minimum of 19 deals completed in 2013. Some deals to be highlighted are: the educational group Nace (Magnum), Industrias Dolz (Realza Capital), BQ (Diana), Tiendanimal (Miura), Rotor (ProA), Gestair (Nazca) or El Fornet d 'en Rossen (Corpfin). The public sector-related entity Cofides, also materialized important deals, such as the support for the international expansion of Acciona or Grupo Isolux. The middle mar-ket segment also showed a solid activity in the first half of 2015, with 19 deals (€552 million) compared to 12 (€243 million) in the first half of 2014, according to ASCRI’s preliminary statistics. In contrast, transactions of more than €100 million were not recorded in the first half of 2015. Some mid-size deals to be highlighted are Indus-trias Alimentarias de Navarra (Carretilla), Cegasa, Cualin Quality, El Granero Integral, FoodBox, Fundiciones del Estanda, Litalsa or Vitalia Home. More than half of the amount invested went to those deals conducted by interna-tional funds, as Palacios, Saloro, Telvent Global Services or Bodybell.

7 international PE firms invested for the first time in Spain last year: Alchemy Capital Management, ArcLight Capital Partners, Aurelius, Avenue Capital, Eurazeo, Op Capita and Platinum Equity; and one domestic investor, Black Toro Capital.

Type Private Equity firm Num-

ber

Domestic Private

PHI Industrial 6

Torsa Capital 6

Miura Private Equity 4

Nazca Capital 4

Oquendo Capital 4

Domestic Public

Cofides 108

Gestión de Capital Riesgo del Páis Vasco

(GCRPV) 9

Springwater Capital 9

International H.I.G. España 4

JZ International 4

KKR 4

Table 3

Most active Private Equity investors

Number of new deals between 2012-

2014

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WEBCAPITALRIESGO

This divestment activity is allowing the closure of the investment cycle of many PE funds, which facilitates new fundraising activity (see column). If we estimate conservatively that the investors involved in final divestments in trade sales (industrial or financial) in 2014 had in-creased by 1.5 times their investment, their Li-mited Partners would recover around €3.5 bi-llion that could return to the system via commit-ments to new funds. This has been an incentive to raise new funds, which was a real headache of the VC/PE industry in recent years. As a re-sult, new funds raised in Spain (including the allocation of international funds for their invest-ments in Spain, totaled €480 billion in 2014 (+109%).

Summary of Fundraising activity Private-sector domestic PE management firms are closing their new funds more easily due to the improvement of the Spanish economy and the growing interest of foreign in-vestors in our country. Part of the "success" is also due to the fund of funds FOND-ICO Global, which is acting as a catalyst and guarantor for them, and also to some interna-tional firm, with more capacity to convince other Limited Partners to invest in their funds. Among private-sector domestic players, the new funds launched by Portobello (€375 million), Corpfin (€255 million), ProA Capital (first closing of €250 million), Miu-ra (€200 million), Sherpa, (€100 million), Espiga (€105 million) or PHI Industrial should be highlighted. Some of them received money from FOND-ICO Global in 20145, along with the funds sponsored by Diana and Oquendo, which were launched in 2013. Regarding public-sector-related investors, Cofides was the only investor that recorded a substantial increase in new funds in 2014. In 2015, more than a dozen of domestic players continue raising funds to start a new investment cycle. A sample of them is Abac, Baring Private Equity Partners, Blacktoro, Clave Mayor, CRB Inverbío, MCH, Magnum, N+1, Nauta, Cheetah, Qualitas, Talde or Suanfarma.

5 The funds committed by FOND-ICO to other PE investors, such as Bridgepoint, MCH or Black Toro Capital, in its third call will be accounted for in 2015 because the respective funds did not complete a first closing before December 31, 2104. The same situation applies to the investors selected at the fourth call (GED or Magnum).

Private Equity

firm Fund

Amount

(€Million)

Portobello Portobello CFIII 375

ProA Capital ProA Capital Iberian

Buyout Fund II 331

Corpfin Capital Corpfin Capital Fund IV 255

Miura Private Equity

Miura Fund II 200

Espiga Capital Espiga Equity Fund, FCR 105

Sherpa Capital Sherpa II, FCR 100

PHI Industrial PHI Fund II Conf.

Table 4

Main Private Equity funds raised in

2014

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WEBCAPITALRIESGO

Special: 2006-2014 Divestment

ratings The objective pursued by an investor in any as-set class is to obtain a profit that compensates for the risk faced. VC/PE activity is not an excep-tion. Maybe some perspective is lost because it is a type of investment with a medium to long term perspective (about 6 years on average) and far from transparent. It is not easy to conduct a good exit, and when it takes place, the investor and the company sometimes do not disclose the returns for confidentiality reasons. That is why the "successful exit" propagation is cut and a chance of spreading the benefits of this financial activity is missed sometimes.

Can the quality of the Private Equity di-vestments be measured? There are almost no data about investment re-turns In Spain, with the exception of Dinamia (listed company) and isolated comments made by some investor in conferences, interviews and private conversations. Therefore, we introduce a method to estimate a proxy of the overall

performance found in 869 PE final divest-

ments in Spain from 2006 to 2014, covering a period in which this financial activity experien-ced peaks and valleys. The methodology consists in assigning a 0, 5 or 10 points score to each di-vestment depending on the mechanism used. Di-vestments written-off by the investor or the li-quidation of the company scores 0 points; 5 points for owner’s buyback, either "forced" that almost hardly allows to retrieve some of the in-vestment, or agreed at the time of the initial in-vestment. In the remaining situations, it can be considered that the operation has been "successful", rating with 10 points trade sales to industrial, to other PE firm or to another finan-cial investor, and the divestment by IPO (IPO and post-IPO). There have been some cases of agreed repurcha-ses more profitable than sales to industrial or

SBO, and sales to industrial more prolific than IPOs. However, in the absence of more accurate data, the method is based on the sample size and reliability of data provided by investors.

According to the divestments analyzed in the period, 268 Owner’s buybacks (31%), 243 Write-offs (28%), 196 Trade sales (22.6%), 72 Sales to other financial investors (8.3%), 68 Secondary Buyouts (7.8%) and 22 stock market offerings (2.5%), of which 14 were IPOs and 8 Post IPO sale of shares. Some interesting conclusions can be extracted from this clasiffication. First, more than one out of four investments were entirely lost. Second, it is very hard for a Spanish company to go public. A high weight of no man's land deals, repurcha-ses, and an encouraging 38.7% of profitable di-vestments (industrial, financial and other PE firms) is observed. If the proposed scale is applied, a total of 4,920 points and an average of 5.7 points per di-

vestment is obtained, slightly above the score set for the repurchase category.

Divestment

mechanism Scoring

Trade Sales (Industrial) 10

Trade Sales (Financial) 10

Secondary Buyout (SBO)

10

Initial Public Offering (IPO)

10

Post IPO sale of shares 10

Owner’s buyback 5

Write-off 0

Table 5 Score according the type of divest-

ment

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WEBCAPITALRIESGO

However, the outlook improves significantly when analyzing the 2014 data, with 7.3

points (43 Trade sales), which makes it the

best year of the last decade, along with the one in 2006, with fewer sales to third parties (38).

Regarding the type of investor involved (Table XXX), the international funds achieved the

highest overall score for the entire period, with 7.6 points on 108 divestments. The highest score of 8.6 points was obtained in 2014 (22 di-vestments). The private-sector-related domestic PE firms obtained 6.3 points on average, featu-ring 539 definitive divestments. Their score also peaked to 7.4 points in the 52 divestments ca-rried out in 2014. Finally, the public-sector-related PE firms reached an average below 5 points in the period analyzed (222 divestments). This score is caused by the buyback contracts signed with the managers of most investee firms.

Type of

investor 2006 2007 2008 2009 2010 2011 2012 2013 2014 Avg.

Domestic Private

7.5 7.4 7.1 6.2 6.1 6.3 4.3 5.4 7.4 6.3

Internat. 8.3 6.9 7.8 4.4 6.7 7.5 8.0 8.0 8.6 7.6

Average

/year 7.3 6.4 5.7 5.5 5.9 4.7 3.9 4.4 7.3 5.7

Table 6

Rating of definitive divestments between 2006-2014 by

type of investor

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LIST OF DOMESTIC PRIVATE-PUBLIC AND INTERNATIONAL PE INVESTORS IN 2014

DOMESTIC PE PRIVATE INVESTORS 1. Black Toro Capital LLP 2. Baring Private Equity Partners España, S.A. 3. Corpfin Capital Asesores, SA, SGECR 4. Corporación Empresarial de Extremadura, SA 5. Diana Capital, SGECR, S.A. 6. Hiperion Capital Management, SGECR, S.A. 7. Institut Català de Finances Capital SGECR (ICF) 8. Magnum Industrial Partners 9. MCH Private Equity S.A 10. Miura Private Equity 11. Nazca Capital, SGECR, S.A. 12. Oquendo Capital 13. Phi Industrial Acquisitions 14. Proa Capital de Inversiones SGECR, SA 15. Realza Capital SGECR 16. Sherpa Capital Gestión 17. Suma Capital Private Equity 18. Taiga Mistral de Inversiones 19. Talde Gestión, SGECR, S.A. 20. Torreal, S.C.R., S.A. 21. Torsa Capital SGECR, SA

DOMESTIC PE PUBLIC INVESTORS 1. AXIS Participaciones Empresariales, SGECR, S.A.U. 2. Compañía Española de Financiación del Desarrollo (COFIDES) 3. Extremadura Avante 4. Gestión de Capital Riesgo del País Vasco, SGECR, S.A. 5. InverCLM (SODICAMAN) 6. SEPI Desarrollo Empresarial, S.A. (SEPIDES) 7. Sociedad Regional Promoción del Principado de Astu-rias, S.A. (SRP)

INTERNATIONAL PE INVESTORS

1. Alchemy 2. ArcLight Capital Partners LLC 3. Aurelius AG 4. Avenue Capital Group 5. Cinven Limited 6. CVC Capital Partners Limited 7. Demeter Partners 8. Eurazeo Capital 9. H.I.G. European Capital Partners Spain, S.L.U. 10. Investindustrial Advisors, S.A. 11. JZ International 12. Kohlberg Kravis Roberts & Co. L.P. 13. OpCapita 14. Partners Group 15. Platinum Equity Capital Partners 16. Springwater Capital

Investors having conducted at least one initial investment in 2013

DOMESTIC PE PRIVATE INVESTORS 1. Artá Capital SGECR, SA 2. ADE Capital Sodical, SCR 3. Baring Private Equity Partners España, S.A. 4. Cantabria Capital, SGECR, S.A. 5. Corpfin Capital Asesores, SA, SGECR 6. GED Iberian Private Equity, SGECR, SA 7. Institut Català de Finances Capital SGECR (ICF) 8. Landon Investment, S.C.R. 9. Magnum Industrial Partners 10. MCH Private Equity S.A 11. N+1 Private Equity 12. Navarra Iniciativas Empresariales, S.A. (GENERA) 13. Oquendo Capital 14. Phi Industrial Acquisitions 15. Riva y García Gestion, S.A. 16. Santander Private Equity, S.A., SGECR 17. Torsa Capital SGECR, SA 18. Vigo Activo, S.C.R. de Régimen Simplificado, S.A.

DOMESTIC PE PUBLIC INVESTORS 1. Compañía Española de Financiación del Desa-rrollo (COFIDES) 2. Gestión de Capital Riesgo del País Vasco, SGECR, S.A. 3. InverCLM (SODICAMAN) 4. Sociedad de Desarrollo de Navarra, S.A. (SODENA) 5. Sociedad para el Desarrollo Industrial de Ex-tremadura, S.A. (SODIEX) 6. Sociedad para el Desarrollo Económico de Canarias, S.A. (SODECAN) 7. Sociedad Regional Promoción del Principado de Asturias, S.A. (SRP)

INTERNATIONAL PE INVESTORS

1. Aurelius AG 2. Ergon Capital Advisors Spain SL 3. Springwater Capital

Investors having conducted at least one follow-on investment in 2014

WEBCAPITALRIESGO

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List of investors with active portfolio at 31/12/2014

DOMESTIC PE PRIVATE INVESTORS 1. AC Desarrollo, SGECR 2. ADE Capital Sodical, SCR 3. Ahorro Corporación Infraestructuras 4. Aldebarán Riesgo SCR de régimen simplificado 5. Alia Private Equity 6. Anexa Capital SCR 7. Arnela Capital Privado, S.C.R. de Régimen Simplificado, S.A. 8. Artá Capital SGECR, SA 9. Atlas Capital Private Equity SGECR, SA 10. Banesto SEPI Desarrollo F.C.R. 11. Bankinter Capital Riesgo, SGECR (Intergestora) 12. Baring Private Equity Partners España, S.A. 13. Black Toro Capital LLP 14. BS Capital 15. Cantabria Capital, SGECR, S.A. 16. Clave Mayor SGECR, S.A. 17. CMC XXI SA, SCR Sociedad de Régimen Simplificado 18. Corpfin Capital Asesores, SA, SGECR 19. Corporación Empresarial de Extremadura, SA 20. Corporación Sant Bernat, S.A. (CORSABE) 21. Diana Capital, SGECR, S.A. 22. EBN Capital SGECR, S.A. 23. Eland Private Equity SGECR SA 24. Espiga Capital Gestión SGECR, S.A. 25. Fides Capital, S.C.R., S.A. 26. Gala Capital Partners Equity SCR S.A 27. GED Iberian Private Equity, SGECR, SA 28. Gescaixa Galicia, SGECR, S.A. 29. Going Investment Gestión SGECR 30. Hiperion Capital Management, SGECR, S.A. 31. Impala Capital Partners, S.L. 32. iNova Capital Management, SGECR, S.A. 33. Institut Català de Finances Capital SGECR (ICF) 34. Inverpyme SCR de Régimen Común, S.A. 35. Inversiones Progranada, S.A. 36. Inversiones Valencia Capital Riesgo SCR, S.A. 37. Investing Profit Wisely 38. Landon Investment, S.C.R. 39. Lealtad Desarrollo, SCR, SA 40. Madrigal Participaciones 41. Magnum Industrial Partners 42. MCH Private Equity S.A 43. Miura Private Equity 44. Monitor Capital Partners 45. Murcia Emprende Sociedad de Capital Riesgo, S.A. 46. N+1 Eolia SGECR SA 47. N+1 Private Equity 48. Navarra Iniciativas Empresariales, S.A. (GENERA) 49. Nazca Capital, SGECR, S.A. 50. Netaccede, SCR de Régimen Simplificado, S.A 51. Next Capital Partners, SGECR, S.A 52. Ona Capital Privat SCR, de régimen simplifi-cado S.A. 53. Oquendo Capital 54. Phi Industrial Acquisitions 55. Portobello Capital 56. Proa Capital de Inversiones SGECR, SA

INTERNATIONAL PE INVESTORS

1. 3i Europe plc (Sucursal en España) 2. Advent International Advisory, S.L. 3. Alchemy 4. Apax Partners España, SA 5. ArcLight Capital Partners LLC 6. Argos Soditic 7. Aurelius AG 8. Avenue Capital Group 9. Bain Capital 10. Bridgepoint 11. Bruckmann, Rosser, Sherrill & Co 12. Candover España, S.L. 13. Cinven Limited 14. CVC Capital Partners Limited 15. Demeter Partners 16. DLJ South America Partners 17. Ergon Capital Advisors Spain SL 18. Eurazeo Capital 19. First Reserve 20. G Square Capital 21. General Atlantic 22. Goldman Sachs 23. H.I.G. European Capital Partners Spain, S.L.U. 24. Investindustrial Advisors, S.A. 25. JZ International 26. Kohlberg Kravis Roberts & Co. L.P. 27. L Capital 28. Magenta Partners 29. Oaktree Capital Management, L.P. 30. OpCapita 31. PAI partners 32. Palamon Capital Partners 33. Partners Group 34. Permira Asesores 35. Platinum Equity Capital Partners 36. Riverside España Partners, S.L 37. Springwater Capital 38. Sun Capital Partners, Inc 39. The Carlyle Group España, S.L. 40. Trilantic Partners 41. Triton Partners 42. Warburg Pincus

57. Qualitas Equity Partners 58. Realza Capital SGECR 59. Riva y García Gestion, S.A. 60. Santander Capital Desarrollo, SGECR, S.A. 61. Santander Private Equity, S.A., SGECR 62. SES Iberia Private Equity, S.A. 63. Sherpa Capital Gestión 64. Suanfarma Biotech SGECR 65. Suma Capital Private Equity 66. Taiga Mistral de Inversiones 67. Talde Gestión, SGECR, S.A. 68. Thesan Capital 69. Torreal, S.C.R., S.A. 70. Torsa Capital SGECR, SA 71. Up Capital 72. Valanza 73. Valmenta Inversiones, S.C.R., S.A. 74. Vigo Activo, S.C.R. de Régimen Simplificado, S.A. 75. Vista Capital de Expansión, S.A.

DOMESTIC PC PUBLIC INVESTORS 1. AXIS Participaciones Empresariales, SGECR, S.A.U. 2. Compañía Española de Financiación del Desarrollo (COFIDES) 3. Extremadura Avante 4. Gestión de Capital Riesgo del País Vasco, SGECR, S.A. 5. InverCLM (SODICAMAN) 6. Inversión y Gestión de Capital Riesgo de Andalucía, S.A. - Invercaria 7. SEPI Desarrollo Empresarial, S.A. (SEPIDES) 8. Sociedad de Desarrollo de Navarra, S.A. (SODENA) 9. Sociedad para el Desarrollo Industrial de Extrema-dura, S.A. (SODIEX) 10. Sociedad para el Desarrollo de las Comarcas Mine-ras, S.A. (SODECO) 11. Sociedad para el Desarrollo Económico de Cana-rias, S.A. (SODECAN) 12. Sociedad para el Desarrollo Industrial de Aragón, S.A. (SODIAR) 13. Sociedad para el Desarrollo Regional de Cantabria, S.A. (SODERCAN) 14. Sociedad Regional Promoción del Principado de Asturias, S.A. (SRP) 15. XesGALICIA, SGECR, S.A.

WEBCAPITALRIESGO

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INVESTMENTS

Mercapital and Capio awarded with CRC assets

KKR acquires to Investindustrial the 49.9% in Port Aventura

January Springwater Capital buys the industrial business unit of Adveo for €16 million

Springwater and Gowaii agree with Pullmantur the entry in the shareholding

February Cofides finances with €1 million the Russian consolidation of Inoxpa

Cofides finances with €9.5M the Czech Republic consolidation of Barceló Corporación

Springwater acquires 100% of Inspiring Benefits

FCC sells FCC Logística to Corpfin Capital for €32 million

Tryo Technologies, owned by N+1 Mercapital, acquires Mier Comunicaciones

March Springwater Capital acquires 30% of Aernnova Group

Baring takes a minority stake in Forus by €10 million

Magnum Partners acquires Geriátricos del Principado

Proa Capital takes a minority stake in Rotor for €10 million

Dogi approves the entry of Sherpa Capital in its shareholding

French VC/PE firm Eurazeo buys 10% of Desigual for €285 million

ICF fund Capital Expansió FCR invests €1 million in fashion chain Aïta

April Diana Capital buys 40% of Gocco, a leading Spanish children clothing firm

Nazca Capital acquires 100% stake in Gestair

Cofides finances the Colombia expansion of La Sepulvedana

Demeter Partners and Axis take a minority stake in Suaval. Enisa also provides funding

Secuoya, owned by N+1, buys 55% of BGL to founders

May Cofides and IFE to drive forward the presence of Spanish companies in Angola

Cofides finances Inbobe Group with €525,000 to strenghthen its presence in Brazil

Magnum becomes shareholder of NACE, one of the five major world educational groups

Cofides finances Grupo Navec with €1.1M to consolidate its presence in Mexico

KKR acquires Cementos Balboa and Papresa to Gallardo Group

Arclight Capital Partners acquires 100% of Bizkaia Energía

DEALS’ DESCRIPTION (LINKS)

2014

INVESTMENTS DIVESTMENTS FUNDRAISING

WEBCAPITALRIESGO

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Ingesport, owned by Corpfin and Oquendo, will open in Madrid the largest gym in Spain

June Talde invests in Ñaming

AMC Juices expands in Holland with Cofides funding

Cofides joins forces with Codorniu to strengthen its international expansion

CVC materilalizes 29.9% acquisition of Deoleo, which refinance €600M debt

Caucho Metal Productos strengthens its production in Romania with financial support from Cofides

Cofides supports the international development of OHL Concesiones

Cofides backs Russula R&D division in the U.S.

July Realza Capital acquires a majority stake in Industrias Dolz

Cofides funds with €1 million the Mexican deployment of Panelfisa

Springwater buys Monesa to create an engineering group in the Basque country

PHI Industrial acquires Wesper to strenghten Hitecsa

Cofides finances Ecenarro with €600,000 for its Mexican expansion

Cofides funds Pacadar with €1.25 million for its Saudi Arabia expansion

August HIG Capital agrees the acquisition of Café&Té to 3i

Cofides funds Acciona with €30 million to boost its international expansion

Cofides finances with €1,5M the expansion in China of Ikor Sistemas Electrónicos

Cofides finances Vondom with €270,000 for the creation of a commercial showroom in New York

Cofides finances with €897,250 the Romanian consolidation of Agrovin

Clever Tecnología consolidates its presence in Peru with Cofides financial support

Partners Group acquires 75% of Savera by $325 million

Cofides finances with €382,125 the Miami expansion of Apartments Only

Cinven completes the acquisition of Gas Natural Fenosa Telecomunicaciones (GNF Telecom) by €510M

September Gijón Invierte I takes a minority stake in Altabox

KKR acquires a 36% stake in Telepizza and Permira reduces stake to 51%

Springwater Capital awarded with Establiments Miró

Sherpa Capital 67% owner of Dogi after the €2.6M capital increase

Miura Private Equity invests in The Visuality Corporation

Springwater agrees with Grupo Espirito Santo the purchase of its travel division

October Cofides will finance Cales de Pachs with €3,5M for its international expansion

Diana Capital agrees to become shareholder in Megafood

Springwater Capital completes the acquisition of Daorje

British fund Alchemy acquires a majority stake in Endeka Ceramics

Platinum Equity acquires 90% of Terratest

KKR becomes shareholder of Telepizza that reduces debt in 200 million

WEBCAPITALRIESGO

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Miura Private Equity acquires 51% of TiendAnimal

Competition accepts the merger of IDC Salud (CVC) and Quirón (Doughty Hanson)

Springwater Capital buys a minority stake in the travel agency Nuba

Cofides supports Phibo with €534,900 for its Mexican expansion

Cofides grants a €120.000 loan to Clavijo Group for its Chile expansion

November Cofides finances the commercial deployment of S2 Group with €143,000

Black Toro agrees the acquisition of Antibióticos and will invest €25 million

Cofides will finance the international expansion of Sesé Group in Romania and U.S

Investindustrial acquires 80% stake in the low cost car rental company Goldcar

Ergon acquires a 13% stake owned by Carandell family in Benito Urban

Cofides finances with €400,000 the Dominican Republic expansion of Medcom Tech

Hiperion Capital awarded with Grupo Playa Sol

Cofides will fund the international expansion of Isolux Corsan Group with €15M

December Diana Capital invests in Bq to stregthen its international expansion

Cofides funds with €383,000 the South Africa expansion of Molecor

Cofides supports Financiera Maderera with €5M for its Portugal expansion

JZ Capital and Avenue Capital invest €300M in the gas station chain PetroCorner

Cofides finances with €7 million the international expansion of Tecnocom

Sesé Group consolidates its internationalisation in Mexico with Cofides support

CVC acquires a 18.10% additional in Deoleo´s takeover bid and raises stake to 48%

Cofides finances Alsina Group with €2.5M to consolidate its growth in Latin America

Cofides finances the expansion to Latin America of Ezentis with €3 million

Cofides finances Walter Pack Group with €1 million for its India and Mexico expansion

Cofides finances Gestamp Solar with €1.09 million for its South Africa consolidation

Suma Capital agrees the 22.5% acquisition of Party Fiesta

Cofides supports the international expansion of Teknia Group with €3 million

Cofides supports P4Q in their USA internationalisation process with €500,000

Corpfin Capital acquires a majority stake in Fornet D´en Rossend

Opcapita invests €4.7 million in La Sirena

DIVESTMENTS

NTT Data acquires Everis amounting to €559M. 3i, Hutton Collins and Landon exit

Investindustrial sells to KKR 49.9% of Port Aventura

January Bankia sells a 12.6% stake in NH Hoteles

March Corpfin Capital divests stake in Cunext Cooper Industries

WEBCAPITALRIESGO

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The European Commission confirms Mivisa´s sale by N+1 Mercapital to Crown Holdings

Aldebarán SCR (Caser) divests stake in MásMóvil

KKR and Investindustrial sell Inaer by €2Bn with major gains

April eDreams debuts in the Stock Exchange

Qualitas sells Garnica Plywood to Spanish family offices reaching 3.7 times the investment

3i and Baring divest stake in Derprosa Film

N+1 Mercapital completes Mivisa´s sale to Crown Holdings

May Baring sells its stake in NACE to Magnum Capital

Applus+ debuts in Spanish stock market with a 4.48% raise to €15.15

HG Capital reduces by 70% the book value of its renewable energy assets in Spain

Capital Riesgo Global sells to Abertis its 42.3% in two Chilean highways by €291M

Zriser invests €125,386 to revive Punt Mobles. Valcapital divests stake

EBN Banco de Negocios divests stake in Europac with the sale of shares to the company

International School Partnership (Partners Group) completes the acquisition of Colegios Lau-de. Dinamia and N+1 divest stake

July The European Commission confirms Ono´s sale to Vodafone

N+1 Mercapital, Akina and Partners Group sale Xanit to Vithas Group

August CVC sells Zena group to Alsea and Alia Capital by €270 million

HIG Capital agrees the acquisition of Café&Té to 3i

3i sells Daorje to Springwater after 7 years in the company

ACS regains 100% ownership of Clece with the 25% acquisition to N+1 Mercapital by €130M

September First Reserve sells 4.25% of Abengoa

October Atento debuts on the U.S. Stock Exchange and accumulate a 20% drop

MCH and Suma Capital divest stake in Parkare Group

CNMC approves the acquisition of El Árbol by Dia. Madrigal divests stake

IDC Salud (CVC) and Quirón merge with the sale of stake of Doughty Hanson

November Photobox buys Hofmann. Realza and Portobello divest stake

García Carrión repurchases a 26% stake. EBN and other four financial entities divest stake

Sinia XXI (Bidsa) and Adelanta Corporación, sell Part Eolic Veciana Cabaro to Avenue Capi-tal and Exus

December Dinamia divests stake in Colegios Laude

Eurofragance repurchases to Aurica XXI its stake

FUNDRAISING

Mediterrània Capital II raises €90 million in first closing

January Riverside closes second fund at $1.5 billion

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February Former Apax Partners executives launch Abac Capital aimed at raising around €300M

Basque Government launches the Regional VC/PE fund Basque FCR with €28M

March Diana and Ambar receive the first two FOND-ICO Global capital injections

April Cofides and FIAB opt to finance the internationalisation of the food and beverage industry

Corpfin Capital raises the first buyouts fund in Spain since 2010 (€150-200M)

Suma Capital Growth will have €45 million to invest in Catalan SMEs

Cofides and AMRE agree to create a capital fund dedicated to finance the internationalisation projects of Spanish companies

May VC/PE firm Aurelius looks for settling in Spain

Sherpa Capital closes second fund amounting to €100 million

FOND-ICO Global distributes €248M between Axon, Caixa CR, Forbion, Seaya, Espiga, Oquendo, PAI and Trilantic

June Basque Government launches Basque FCR fund to boost Basque SMEs

Permira closes Permira V fund at €5.3 Billion

Trea and Black Toro plan the closing of its €300M fund for september

September Miura Private Equity closes its second fund at its €200 million hard cap

ProA Capital completes the closing of its second €250 million fund

Portobello Capital raises €375 million with third fund

October Aurelius, the listed mid-market pan-European investor, opens office in Madrid

MCH Private Equity sells 57.01% of Repasa

November Espiga Capital conducts a first closing of the new fund for more than €100M

Fond-ICO Global announces the 9 VC/PE management firms selected in the third call

Ambar Capital launches the social investment fund Vivergi

WEBCAPITALRIESGO

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