TA Associates, a leading global growth private equity firm, announced that it has completed a majority investment in Masquepet S.L. (“Kiwoko”) . Corpfin Capital Fund III (“Corpfin Capital”) and Prince Capital Partners, S.C.R., S.A. (“P rince Capital ”) have exited their investment in Kiwoko, selling their 89.4% stake to TA Associates and t he founders of Kiwoko. Financial terms of the transaction were not disclosed.
Founded in 2007 by Alvaro Gutiérrez, Javier Osa and Emilio Goyanes, and headquartered in Madrid, Kiwoko is the largest chain of pet care specialty retail stores in Spain. Over the last nine years, and w ith the financial support of Corpfin Capital and Prince Capital , the founders have grown Kiwoko to become Iberia’s sector leader with approximately 90 stores in Spain and Portugal .
Prince Capital and the founders provided Kiwoko with seed capital to start the business and, in February 2012 , invited Corpfin Capital to pr ovide the growth capital required to continue to grow the company . Since then, Kiwoko has successfully implemented an ambitious expansion plan that has resulted in the opening of 43 new stores and 40 vet clinics, the acquisition and integration of several smaller chains , including Mr. Guau and Zona Mascota, and the development of a full online business. During this period, Kiwoko generated approximately 700 new jobs and achieved more than 3,000 animal adoptions.
With TA Associates ’ support , Kiwoko will seek to capitalize on significant growth opportunit ies in the Iberian pet care market .
“Kiwoko ’s impressive expansion and notable business momentum is a perfect fit for TA’s growth- focused consumer investment strategy ,” said Patrick Sader, a Director at TA Associates who will join Kiwoko’s Board of Directors . “We are delighted to partner with Alvaro and Javi to support Kiwoko in its next stage of organic and acquisitive growth.” Christopher Parkin, a Managing Director at TA As sociates, will also join Kiwoko’s Board of Directors.
"It has been a privilege for Corpfin Capital to have the opportunity to partner with Prince Capital to support such an extraordinary team of entrepreneurs as Kiwoko’s founders,” said Alvaro Olivares, the Partner at Corpfin Capital responsible for Kiwoko. “TA Associates’ inv olve ment will help Kiwoko rapidly develop to its full potential.”
"We are pleased to have supported Kiwoko through its start -up stage and to have partnered with Corpfin Capital to develop the company into an industry leader led by a talented, engaged management team ,” said Jesús Torres, CEO of Prince Capital . “Kiwoko is exemplary of the opportunity for growth and investment in the Spanish retail sector , and we believe TA Associates’ guidance will further the company’s ability to compete with the large European market players .”
"We are very grateful to Corpfin and Prince for their trust and support during the last eight years, and are confident that TA’s support will allow us to ex pand Kiwoko’s leadership position, helping Spanish and Portuguese pet owners improve the lives of their pets ,” said Javier Osa and Álvaro Gutiérrez, co- founders of Kiwoko.
Alemany, Escalona & De Fuentes served as legal advisor to Corpfin Capital and Prince Capital . Latham & Watkins served as legal counsel to TA Associates .
About TA Associates
TA Associates is one of the largest and most experienced global growth private equity firms. The firm has invested in more than 460 companies around the world and has raised $24 billion in capital. With offices in Boston, Menlo Park, London, Mumbai and Hong Kong, TA Associates leads buyouts and minority recapitalizations of profitable growth companies in the business services, consumer, financial services, healthcare and technology industries. More information about TA Associates can be found at www.ta.com .
About Corpfin Capital
Corpfin Capital is the longest established independent private equity firm in the Spanish market with more than 25 years of experience. Since its foundation, Corpfin Capital has successfully managed c. €700 million with an investment strategy focused on the local and int ernational expansion of Spanish SMEs across a wide variety of sectors. Corpfin Capital is currently investing Corpfin Capital Fund IV, from which it has already completed various acquisitions such as: Logiters (number two contract logistics company in Spai n); El Fornet (fast growing regional coffee & bakery chain); Preving Group (build- up in employee health and safety compliance services); Secna (global producer of natural colorants for the food industry); and Arenal (fast growing hygiene, beauty and health specialty retailer).
About Prince Capital Partners
Prince Capital Partners is the first and only private Venture Capital Company in Asturias. It was set up on February 2008 with the vocation of making the necessary financial resources available to Spanis h companies so that they can make the most of their potential for growth and expansion, prioritising companies that are undergoing a process of business consolidation. Currently, Prince Capital is a shareholder in Azvase (company offering services for the elderly people), Coonic (the communication agencies and marketing online Group) as well as Huni Hotel School (educational project focused on touri sm). Prince is managed by Torsa Capital, SGEIC SA, an entity that has begun the fundraising of a new private equity fund and expects to have it operational by the end of the yea
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