Altas Capital chairman steps down to focus on Blackstone

Amy King
22 August 2013

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Atlas Capital chairman Claudio Boada Pallerés has stepped down to focus on his role as senior adviser for Iberia at Blackstone, according to Spanish publication Vozpopuli.

The firm's existing CEO Pablo Cervera has taken over his duties with immediate effect. Boada will spend more time on his role as chairman of Iberia at Blackstone. He will continue to work alongside recently-appointed Inaki Echake, managing director for Iberia.

Atlas has increased its activity with Blackstone recently, and both parties are understood to have felt uncomfortable with the dual role of Boada. The decision was voluntary and both firms will continue to focus on medium-sized unlisted businesses in the Spanish market.

Boada joined Atlas in 2007 as chairman and head of the investment committee. He is also honorary chairman of Spain's Circulo de Empresarios (similar to the Business Roundtable in the US).

Last year he was appointed senior adviser at Blackstone, where he focuses on developing business initiatives and deal origination in the Iberian region.

He is a former managing director and member of the European investment banking committee at Lehman Brothers, where he was responsible for Spanish and Portuguese business. He later became a non-executive chairman of Lehman Brothers in Iberia.

Atlas Capital's most recent transaction in Spain occurred in March 2012, according to unquote" data. The firm bought 98.2% of Adea, the document management subsidiary of Spanish IT firm Indra, for around €15m in a transaction that included both debt and equity.