Barnechea leaves Riverside for HIG

Riverside has promoted Lars Eriksson, former principal in the origination team for the UK, Nordic and Baltic countries, to replace Barnechea. 

Barnechea will focus on growth, LBO and distressed investments in Iberia for HIG. The reshuffle will not affect Riverside's strategy regarding investments in the region, it is understood.

Barnechea joined Riverside in 2008 first as vice president of origination, before a promotion to director in 2010. In May 2012, he became managing director, heading up the firm's deal sourcing efforts in Europe.

According to unquote" data, 6% of HIG's activity has occurred in Spain, with Germany taking the lion's share of the GP's capital. By contrast, Riverside's Spanish deals represent 2% of its overall portfolio, according to unquote" data. 

HIG's Spanish portfolio companies include Vértice 360 Servicios Audiovisuales, an audiovisual group backed by the GP in 2012 with a €16m investment made in exchange for a 49.99% stake. In July 2013, HIG increased its stake in the firm to 50.01%, exercising a call option.

The GP was thought to be in negotiations to acquire Valencia-based healthcare provider Rivera Salud from Bankia and Banco Sabadell last year. Its Spanish portfolio also includes animal feed producer Núter, formally known as Saprogal, which HIG backed in 2010.

The investor opened a Madrid office in 2012, headed up by managing director Jaime Bergel. 

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