Ardian’s decade of growth in Spain

While Ardian had invested in the region prior to 2015, it was the opening of its Madrid office a decade ago that marked the beginning of a deeper expansion across the Iberian Peninsula. The office is located in a 19th-century district in the heart of Madrid, near Plaza de Colón – a central square that commemorates the explorer Christopher Columbus, whose voyages, launched from Spain, ushered in a new era of global discovery.

A cosmopolitan city with a rich history, Madrid is Ardian’s base for a team covering Spain and Portugal through three primary strategies – Buyout, Infrastructure, Real Estate – while also supporting many other activities. With over $1 billion in assets under management, the office serves more than 70 LPs in the region.
 

One of Europe’s fastest-growing economies

Estimated at $1.7 trillion GDP, the Spanish economy is the fourth largest in Europe and has shown very strong post-pandemic economic performance. Setting out the country’s attraction for Ardian, Gonzalo Fernandez-Albiñana, Head of Buyout Spain & Portugal and Managing Director, points out that it has one of Europe’s highest growth rates.

Much of this dynamism comes from Spain’s service-driven economy, which accounts for around two-thirds of GDP.
This favorable macroeconomic backdrop is also reflected in the private equity market, which saw a meaningful recovery in 2024, with 600 transactions recorded—up 37% from 439 in 2023 . Deal value also jumped, reaching €31.1 billion.
As one of Europe’s main orchards and agricultural producers, Spain also boasts a strong food industry. It was in this sector in 2018 that the office made its first Spanish transaction, acquiring and merging two companies with the aim of consolidating the frozen dough sector in Spain. Over six years, Ardian supported the newly-created company, Monbake, to become a sector leader with over 1,700 employees, a broad network of shops, and a presence in 30 countries. Ardian successfully exited the company last year.

A dynamic market for SMEs

Another important feature of Spain’s economy is the structure of its entrepreneurial landscape: Spanish companies are, on average, significantly smaller than those in other developed European markets. SMEs represent over 95% of companies in Spain and account for more than 70% of GDP, making it a diverse and dynamic market with a lot of opportunity – and competition – for small and mid-cap buyouts.

The question of trust is particularly important when dealing with family-owned firms. Here, Ardian’s involvement with another company in the food sector offers an example of the opportunities unlocked by having boots on the ground. Headquartered in Porto and backed by Ardian since 2020, Frulact is an ingredients manufacturer specializing in fruit-based preparations for the food industry. With an emphasis on R&D and sustainability, the company supplies customized formulations for dairy, beverage and plant-based products. Leveraging 20 years’ experience investing in the food sector, Ardian supported this second-generation family-owned company to internationalize, notably gaining a foothold in North America.

Across all strategies

Beyond Buyout, Ardian is also notably active in Infrastructure, with recent deals in energy, motorways and fiber optics. The team has a strong track record in renewables, benefiting from Spain’s favorable natural conditions and competitiveness in the sector. One of the first and most relevant transactions was becoming the largest shareholder of Exolum, the leading storage and transportation company of refined oil in the country. In addition, the transaction of Heathrow Airport is a very good showcase of cross-border capabilities, with the Spanish team leading and collaborating with other teams in the execution of a deal in the UK, led by Juan Angoitia, Co-Head of Infrastructure Europe & Senior Managing Director.

Since 2019, the office is also home to a dedicated Real Estate team, led by Edmund Eggins, Managing Director. A recent highlight was last year’s acquisition of a c.3,600 sqm, 350-bed purpose-built student accommodation (PBSA) asset in Barcelona’s 22@ Innovation District. This transaction is part of a pan-European strategy, to build up a portfolio of high quality PBSA assets. 

The Madrid office also supports transactions across the activities of Growth, Co-Investment, Expansion, Private Credit, as well as Ardian’s adjacencies in semiconductors and hydrogen. Across all strategies, the office has seen 25 transactions during this first decade, deploying over $3 billion and establishing itself as a reference in the region.

A career in Spanish private equity

When Fernandez-Albiñana entered the Spanish private equity sector in the late 1990s, there were only a handful of active funds, and the wider financial ecosystem was still finding its footing. “In Spain, the industry is relatively young – I would say it's a teenager,” he says. He’s seen the sector grow up firsthand, evolving rapidly and absorbing best practices from more established markets.

Fernandez-Albiñana joined Ardian’s Buyout team in 2015 and today runs the Spanish office alongside Juan Angoitia, Co-Head of Infrastructure Europe & Senior Managing Director, and Edmund Eggins, Managing Director in the Real Estate team.