Alter Capital, a private equity fund manager specialized in investing in SMEs, together with Marcos Alonso and executives Ana Ferrer and Mercedes Alonso, have formalized their entry into the capital of Vilagallo, a Spanish firm dedicated to designing and producing accessible luxury women’s fashion, through a management buy-out (MBO) transaction.
The transaction involves the acquisition of 100% of the company’s shares and marks the beginning of a new chapter with an ambitious roadmap focused on international expansion, digitalization, and the operational consolidation of Vilagallo, while maintaining the unique identity and design that have defined Vilagallo since its founding. The company’s founders will continue to lead the design team.
On the buy-side, BDO acted as debt advisory and legal counsel, while Deloitte provided financial due diligence services. On the sell-side, Bufete Barrilero y Asociados acted as legal advisor.
A brand with strong identity and proven growth
With more than 25 years of history and guided by its founding partners, Vilagallo has established itself in the women’s fashion sector with a business model based on exclusive designs developed in-house by its teams in Madrid and Piacenza (Italy). In recent years, the company has experienced significant growth, doubling its turnover since 2021 and achieving a sales CAGR of 19.8% between 2022 and 2024.
Its business model is based on three main sales channels:
• Multibrand channel with nearly 1,000 points of sale in 30 countries.
• Own stores and franchises located on Madrid’s Serrano Street, as well as in Bilbao, Logroño, Zaragoza, Salamanca, and Reus.
• Online channel, currently operating in select European countries, with high potential for further growth.
“Vilagallo is a brand with a unique style, a distinctive product, and significant growth potential across all areas. Thanks to the exceptional work of the founding team, the brand has achieved a strong market position. Our responsibility now is to build on that legacy, driving growth, strengthening the company’s structure, and expanding its reach both domestically and internationally,” say Ana Ferrer and Mercedes Alonso, who will take on the roles of co-CEOs of the company.
Ana Ferrer has over 10 years of experience at Vilagallo, where she led its international expansion as Commercial and Export Director, having previously worked at Abercrombie and Michael Kors. Mercedes Alonso brings strategic and digital expertise from her time at Zalando and LVMH and has also worked at Vilagallo for more than four years.
Joining them as partner is Marcos Alonso, a professional athlete with a passion for business, who strengthens the project from the investor side, with a long-term commitment and growth mindset.
The new partnership will enable Vilagallo to further professionalize its structure, establish robust reporting and management systems, optimize processes, and execute an ambitious roadmap: continue its international expansion, increase its online presence by launching its digital channel in the U.S. and the rest of Europe, and explore new opportunities in strategic markets.
“Vilagallo is a brand with a very strong identity, a committed management team, and a clear international ambition. Our goal is to support Mercedes and Ana in this new phase of consolidation and expansion, bringing not only capital but also structure, strategic vision, and professionalization,” says Faustino Valdés Gallardo, Investment Director at Alter Capital.
About Alter Capital, the Lead Investor
Alter Capital is an independent private equity management firm specializing in small and medium-sized enterprises (Lower Mid Market) with offices and teams in Andalusia and Madrid. With more than 20 years of experience, it currently manages over €80 million and has a portfolio of 13 investee companies, including the Dental Company chain of dental clinics and the Wifit gym chain. Since its founding, it has worked alongside management teams to create sustainable value, support internationalization and consolidation processes, and implement strategic operational improvements.
Backed by an experienced team with over 50 years of combined industry experience and more than €100 million in investments under management, Alter Capital has participated in over 40 private equity transactions. With its investment in Vilagallo, the firm reaches 50% deployment of its Alter Cap III Ventures FCR fund, which targets national investments ranging from €1.5 million to €7 million. In addition, it has secured a management account with a pan-European fund for investments between €15 million and €30 million, in both minority and majority deals, providing liquidity solutions and supporting generational transitions for shareholders.
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