According to initial estimates obtained by the Spanish Venture Capital & Private Equity Association (ASCRI) through the European EDC Platform, investment volume in Spain in the first half of 2018 totaled €3,064M in 334 investments. 4 megadeals were closed in this period (CVC Capital Partners in Gas Natural, Orient Hontai Capital in Imagina Media Audiovisual, Ardian in Grupo Monbake, Cinven in Planasa and TowerBrook Capital, Torreal and Penninsula Capital in Aernnova).
By type of investor, international funds continue to show significant interest in Spain, accounting for 77% of total investment volume in a total of 50 deals. Private domestic investors made a total of 214 investments, with public domestic investors making 70 investments.
By investment size, the middle market (transactions with an equity investment between €10M and €100M) reached record highs, raising a total of €961.4M in 32 investments. By total number of investments, 85% received less than €5M in equity. Furthermore, a total of 4 megadeals were closed, totaling €1,820M (60% of total volume invested).
By stage of development, investments in buy outs stood out, totaling €2,297M in 26 transactions. Growth capital received 59 deals totaling €348M.
Investments by Venture Capital funds totaled €163M in a total of 243 investments: 155 investments were made by private domestic funds, 60 by public funds and 28 by international funds.
Including both Spanish Venture Capital & Private Equity, the sectors with the highest investment volume were primarily Energy (38%), Consumer Products (14%) and Communications (13%). By number of investments, the best-performing sectors were IT (127 deals), Consumer Goods (43) and Biotech (26).
Fundraising by private domestic investors totaled €783.6M, 35% decreased respect the same period in 2017.
Divestment volume maintained a good rhythm, with €609M in 146 divestments. Divestment deals were made as follows: 65% by “Secondary Buyout (SBO)”, 23% by “Trade Sales” and 7% by “Owners