Parallel Ventures has set up a partnership with Excel Partners in Spain. This completes its European team and the firm now has an established presence in the European big five. Parallel is also in partnership with Acland in France, Equivest in Germany and Emerald in Italy. The team has already secured two investments in Spanish firms Meta4 and Real Music.
The partnership is one of two commitments the firm has with Spain. Through Excel, it will be investing euro100 million over a four to five year period. The firm also works closely with Royal Bank Private Equity, which, through its relationship with Bank Santander will also generate significant opportunities in the Spanish market.
Paul Whitney, chairman of Parallel Ventures, said: “We are very much looking forward to growing our relationship with the Excel team, whom we hold in high esteem. This relationship, together with those previously announced will greatly enhance our ability to provide a broad range of European investments for our clients with the benefit of extensive local knowledge.”
He added that while the Spanish market may not be as mature as many of its European neighbours, Parallel tends not to worry about the size of the market, but rather looks at the calibre of the management emanating from the region.
Excel has been active in the Spanish market since 1991. Funds are managed by Jose Maria Lopez de Letona, David Bendel and Ramon Menéndez de Luarca, who have a combined experience in excess of 60 years in private equity investments in Spain and Portugal. The firm has an IRR to date in excess of 40%.
Since its inception in 1997, Parallel Ventures has committed in excess of £650 million into new investments. The firm’s main focus is mid-market private equity transactions in the UK and continental Europe, co-investing alongside 3i, Barclays Private Equity and Royal Bank Private Equity.