Tandem Capital fund closes down

The vehicle, which launched in July 2007 and closed in March 2008, cited the impact of the economic crisis as the rationale for its decision. Its managers, led by Máximo Buch, were unwilling to close more deals that could have obliged them to continue operating, as had been the case with a number of their peers.

Tandem had originally planned to invest in family-owned companies with sales between €10-100m in the food, industry, logistics, retail and services sectors. However, it only closed one investment during its entire lifespan, acquiring a majority stake in signaling firm Ovelar Merchandising and its Mexican subsidiary in a deal valued at €21m.

The fund had considered making several other investments, including in three businesses in the food, leisure and packaging sectors, but all were decided against amid the tough economic conditions. Plans to launch a second, similar-sized fund in summer 2008 were also dropped.

Tandem Capital will officially cease to exist on July 10th.

Eduardo Navarro, Tandem's partner and managing director, will continue as the manager of Sherpa Capital, a €30m vehicle designed to support companies in distressed situations.

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• Topics
• Southern Europe
• Buyout
• Spain