Proa Capital is a Spanish investment fund, specialising in transactions MBO and BUILD UP support the management teams of companies in complex consolidation and integration processes in changing sectors and environments. Taking advantage of the fact that this September has been in the news for the purchase of 30% from Vips, we have made an analysis of its investments.
For the maximum employee involvement in the company: MBO What is an MBO?
The purchase of a company (either the whole company, part of it or its assets) by its management team (or a group of them). In most cases, this acquisition requires external financial support, usually from private equity. Proa Capital has participated in several MBOs such as the one carried out in Ibermática in 2013 or more recently, in 2015 in Suanfarma.
To gain muscle: Build Up What are Build Up operations?
A transaction whereby a company gains size by acquiring one or more companies, either rivals in different geographic markets or those with which it simply has a vertical customer-competitor relationship.
Proa Capital's investment model
Proa Capital is focused on investing in unlisted mid-market companies, with a size between €30M and €500M. It focuses on Spanish companies, but with the capacity to invest internationally. Generally invests up to €100M per transaction, relying on the additional capacity of its co-investors. It does not focus on any particular sector.
Investments and divestments made
Founded in 2007, Proa Capital has made a total of 9 investments. Their first investment was made in 2009.
According to their current trend, they are doing one deal per year. Recently, the purchase of 30% from vips by Proa has just been announced. Proa is also expected to increase capital in the company for an amount of €41M.
In addition, Proa has already made two successful divestments. In 2015 it divested the Eugin clinic for €143M, double the money it invested in 2010.
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