CapCorp 2003

CapCorp 2003, the annual conference hosted by Capital & Corporate, took place at the Hotel Meliá Castilla in Madrid 18 and 19 November 2003. The two-day event was attended by around 500 professionals, representing the private equity, M&A, advisory and banking sectors. The conference saw various topical issues being debated by leading figures from Spain’s top firms, starting with a discussion of the attraction of the Spanish private equity market for foreign funds. The debate was moderated by Javier Loizaga (Mercapital), and included Juan Díaz-Laviada (Advent International), Nicolás Bonilla (Apax Partners), José María Maldonado (Bridgepoint Capital), Javier de Jaime (CVC Capital Partners) and Pedro de Esteban (The Carlyle Group). Javier Loizaga expressed the view that as far as private equity in Spain is concerned, the worst is yet to come, with too many firms competing in the top-end of the market. However, Díaz-Laviada suggested that there were grounds to expect more different types of transactions in the future, including secondary buyouts, public-to-privates and spin-offs from bug industrial groups. There was a general consensus that competition within the industry was healthy and that they would not fear finding themselves competing for a deal if it was in a sector in which they had already established a name for themselves. With regard to the presence of large pan-European funds in Spain, it was generally thought that although these firms have so far waited patiently for deals, some of them may eventually be forced to abandon the Spanish market. On the other hand, their ability to wait out any deal drought may be mitigated by the fact that one €150m deal every three years would be enough to justify their existence. The second debate was led by Mark Heappey of 3i, who was joined by Felipe Oriol (Corpfin Capital), Jorge Mataix (Nmás1), Carlos Guerrero (Suala Capital Partners) and Ignacio Moreno (Vista Capital de Expansión). The debate tackled the issue of the appeal of the domestic private equity market, and heard some more optimistic views being aired. Some believed that the Spanish market was young and dynamic, and could feasibly double or treble in size within the short term. Many of the speakers claimed that dealflow was improving and that this boded well for future MBOs. The effects of competition created by the pan-European funds were also raised, with many agreeing that there was some considerable overlap between their own investment remit and that of the larger foreign players. CapCorp 2003 was sponsored by 3i, KPMG, Mercapital, Bank of Scotland Corporate Banking, Catalana d’Iniciatives, Chacón Unzué y Asociados, Gómez-Acebo & Pombo and Norgestión.

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• Topics
• Southern Europe
• Industrials