Club Deal



ACF has created the Club Deal as a service to clients seeking to create a portfolio of participations in medium-sized companies (listed and unlisted), with the possibility of taking an active part both in the selection of their investments and in their governance and strategic direction.

Investment opportunity

  • Operations in Spain in a wide typology of assets and sectors, including listed and unlisted companies (replacement capital, expansion, MBOs and LBOs), assets with low risk and high cash generation, as well as real estate assets
  • This type of investment offers profitability expectations according to the risk assumed, with favorable tax treatment in some cases, although both its execution and its management are usually complex, and require specialized advice
  • Multi-sectoral approach, without excluding any sector considering also real estate or financial sector (in funds or venture capital companies would be excluded)
  • Wide type of assets: listed and unlisted, including assets with recurring cash flow such as infrastructure and renewables as well as real estate assets (also excluded in a venture capital fund)
  • Flexibility in the structuring of operations as well as in the terms of divestment
  • Focus on majorities preferably or minorities with control (through a partner agreement) in unlisted companies. In listed minorities aspiring to presence on the board of directors ideally
  • Investment in companies with a good market position with potential for organic growth and / or with the will to lead a corporate process to increase their volume through acquisitions (“buy and build”)
  • Investment preferably through Capital ("Equity or preferred Equity"), without ruling out Debt (Subordinate or Convertible) as the case may be, always with the idea of ​​capturing the revaluation of Equity in terms of return

Focus

The goal of wealth management consists of a conservative approach in any scenario and achieving an adequate return based on the asset class and risk assumed.

The key factor to achieve this goal is not only the choice of one or another investment, but also the distribution of wealth in different asset classes and the management of asset.

Direct investment in different asset classes allows the creation of a diversified portfolio by type of asset and sector, accessing different investment opportunities that offer attractive returns based on the risk assumed

This multi-asset and multi-sector approach is differentiating from other investment alternatives and has the following advantages: Direct investment, Flexible investment, Access to more investment opportunities and Natural portfolio diversification

Listed


Focused on small & mid caps with excellent fundamentals and capacity to create value

Securities with real possibilities of revaluation and of “outperform” the market in the medium term

Target IRR: ~15-20%

Term: 3-6 años

Investment per operation: €15m-€50m

Unlisted


Focus on medium-sized companies (middle market), with potential for revaluation and operational improvement

Capital expansion, replacement and LBOs operations, with moderate levels of debt

Target IIR: 20-25%

Term: 4-6 años

Investment per operation: €15m-€40m

Recurring Cash-Flow


Companies with recurring cash-flow: high cash generation, capital structure with leverage between 50% -80%

Companies with low operational risk and in some cases with a regulated environment

Target IIR: ~10%

Term: 4-8 años

Investment per operation: €20m-€40m

Real State


Development projects with a value-added strategy (“Value-Added”)

Potential for appreciation through reform, repositioning, renovation or development (“greenfield”)

Target IIR: 10-13%

Term: 3-4 años

Investment per operation: €15m-€30m

Special Sits


Focused on good companies and assets with specific problems of over-leverage

Need for recapitalization or refinancing but no need for operational restructuring, only financial

Target IIR: ~20-25%

Term: 3-6 años

Investment per operation: €15m-€35m

Kelkoo

Sale of a minority position

Persan

Sale of a 30% stake

Famosa

Sale of a 21% stake

Addenda

Sale of a 90% stake

Alhambra

Sale of a 14% stake

BJC

Sale of 100% of the Capital Stock

Molinare

Sale of 100% of the Capital Stock

Masmovil

Maintains a 3.7% stake

Borja Fernández-Espejel
Borja Fernández Espejel
Head of Club Deal

Borja is Corporate Managing Director of ACF and joined the Group in order to head up Club Deal.

He has over 22 years of experience in investments (14 years in Private Equity) in both listed (€3.7bn) and non-listed (€2bn) companies in a wide range of sectors (Real Estate, Infrastructures, Renewable energy, Telecom, Retail, Consumer, Industrial, Services, etc.).

In addition, he is currently an Independent Director of MásMóvil, where he has attended numerous board meetings since 2004

Previously, Borja was the CFO of Vía Célere and Metrovacesa. Before that, he held management positions at Caser, Alantra, Ahorro Corporación, PwC and ACS.

Javier Borrero
Javier Borrero
Investment Director

Javier is Director of Investments and has more than 10 years of experience in Private Equity and M&A, as well as in listed companies and real estate. Previously, Javier has been VP on Arcano's investment banking team. He has also worked in M&A, ECM and DCM at Deutsche Bank, as well as N + 1 in the Private Equity Restructuring fund. He was also a consultant at Accenture. Additionally, Javier is the co-founder of a start-up which has received funding from prestigious organizations.

Alejandro Barranco
Alejandro Barranco
Investment Analyst

Alejandro is an Investment Analyst. He has a Degree in Business Administration and Management from ICADE. Before joining Ahorro Corporación, he worked at Renta 4, in the Equity Research and Corporate Finance departments.

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