Venture capital manager Permira has reached an agreement to buy 40% of Spanish asset manager AltamarCAM Partners for an undisclosed amount, the companies said in a joint statement. The possible IPO is also seen as a strategic option for the future of the Spanish wealth management and venture capital firm.
With the entry of Permira, through its Permira Growth Opportunities II vehicle, most of the current financial partners will leave the company, as well as a small part of the participation of some executive partners.
“It is a great satisfaction for our group that a fund of Permira’s reputation has decided to invest in AltamarCAM Partners to accelerate our growth, both organically and inorganically. Our goal is to continue with the internationalization of the company to, in the future, expand our strategic options, including a possible IPO,” said the president of the entity, Claudio Aguirre.
For his part, the head of Permira in Spain, Pedro López, highlighted the risk-return profile of the Spanish firm and expressed his confidence that his experience will contribute to the achievement of the objectives of AltamarCAM Partners. “We look forward to partnering with the team to help further develop and internationalize the business.”
The global CEO of AltamarCAM Partners, José Luis Molina, pointed out the importance of the company increasing its volume and financial muscle to take advantage of growth opportunities in a sector in full consolidation.
With the entry of Permira, the firm is expected to be better positioned to face new challenges and expand internationally both from a commercial point of view and through new alliances and corporate operations.
The operation takes place in a context of slowdown in operations in the venture capital sector, after the cycle of interest rate hikes has made financing more expensive. The purchase of companies and investment with recourse to debt is one of the main keys of this type of investors and the higher rates makes it more difficult to make investments profitable.
