Thesan manages first Spanish turnaround fund

01 June 2008

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Fund

Thesan Capital, wholly backed by Japanese investment bank Nomura, has launched the first Spanish turnaround fund set at EUR200m; the largest and first special situations fund in Spain. The fund is "agnostic" in its sector focus with a preference for investments in the steel, construction materials, paper, telecom manufacturers and food sectors. The only sectors excluded from its interests are hi-tech startups and real estate.

Investors

Currently the totality of the funds subscribed has been provided by Japanese bank Nomura. The fund will open up to other institutional investors once it has completed up to two transactions.

Investments

The vehicle will carry out six to eight investments between EUR20-30m in equity in distressed or deeply undervalued companies with annual sales figures ranging between EUR200-300m inclusive of debt, carrying out 80% of the deals in the Iberian Peninsula.

The fund will have the flexibility to invest in the capital of a company ([s39]51%), provide debt or a combination of both allowing the fund to intervene more proactively if the need arises. Co-investment is possible for deals valued above the EUR300m benchmark. The exit strategy will be assessed on a case-by-case basis according to market conditions. Thesan Capital forecasts closing one or two deals by the year's end.

People

The fund is co-managed by two partners, Santiago Corral and Jose Luis Macho. Corral joined Nomura in 2004 and heads the mezzanine finance business of the investment bank in Europe. Formerly of CapVest Limited, where he was a founding member, Corral has managed a number of private equity and mezzanine funds including AIG-MezzVest. He has over 10 years' experience in private equity, mezzanine and real estate investments and (re)structuring experience. Macho is the former CEO of Campofrio where he joined in 2002 as financial director becoming CEO of the group in early 2004. Previously he also held senior management positions at Uralita, and Alcatel. They are supported by four analysts as well as an operational team of seven to nine people with experience in the various components of turnaround projects.

Name: Thesan Capital

Closed on: EUR200m, May 2008

Focus: Iberia, special situations

Contact: Jose Luis Macho

Address: Thesan Capital, Paseo de la Castellana, 40-5a, 28046 Madrid, Spain

Tel: +34 914 360 597

Fax: +34 915 763 656.