The Spanish private equity firm Diana Capital, specialised in middle-sized company investments, has announced their first closing of 150 million Euros for their third private equity investment vehicle, Diana Capital III FCR. Diana Capital expects the final closing to take place at the end of 2023 with a hard cap worth 200 million Euros.
Investors of Diana Capital’s previous funds have again committed to the firm with capital in this new investment vehicle. Investors include Fond-ICO Global, the fund of funds of the ICO (Spanish Official Credit Institution) managed by Axis, who again will support Diana Capital in its new vehicle. Diana Capital accumulates 240 million euros in assets under management with its three vehicles.
Francisco Gómez-Zubeldia, Vice Chairman and Managing Director of Diana Capital points out: “We are very proud to announce the first closing of our third investment vehicle, thanks to the confidence shown by investors in Diana Capital investment capabilities. The new investment vehicle reinforces and validates our investment strategy, the same we have followed in our previous two funds, to continue supporting and helping middle-sized companies in their growth and internationalization plans.”
Diana Capital will continue with the same investment strategy deployed in the previous two funds which focuses on the acquisition of companies based in Spain, with high potential of growing internationally and without sector preference. The fund will invest between 10 and 50 million Euros (supported by co-investments) per deal in order to help the companies in their growth strategy or by means of acquisition and international expansion, supporting the geographical diversification of their income. Diana Capital’s strategy is also not to add additional debt to the company, reducing leverage levels, which allows investee companies to benefit from growth opportunities without making excessive use of debt.
Diana Capital focuses on the lower segment of the middle-market, the most dynamic and attractive of the industry, with a solid deal-flow and growth potential and that accumulates a larger number of investments than the rest of the segments. Since its foundation, Diana Capital has invested in 12 companies with its two funds as well as in another 17 companies through the portfolio companies.
Relevant transactions include the recent divestment in Gransolar, a solar tracker manufacturer and developer of photovoltaic solar plants as well as energy storage systems, where Diana Capital multiplied the invested capital by five. This divestment was part of Diana Capital’s second fund.
Additionally, Diana Capital has received numerous management awards, such as the prize awarded by the Spanish private equity association (SpainCap) for the “Best Capital Expansion Transaction” by Indal, a company that operates in the lighting industry which currently is part of the Philips group. Diana Capital has also been awarded for the “Greatest Economic and Social Impact” by Guascor, an engine manufacturer and energy capital goods company, which was sold by Siemens to Mutares last year. Both transactions were part of their first fund.
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