GPF Partners announces the merger of Gor Factory and JHK T-Shirt to create the leading platform in the European market for the commercialization and distribution of printable textiles and merchandising products.
The combination of both companies under a single shareholder structure creates the leading European operator, with more than 170,000 m² of logistics warehouse across multiple centres. The new company offers a unique value proposition combining textile garments (including T-shirts, polo shirts, sweatshirts, outerwear, sportswear and workwear) and merchandising products, together with fully integrated customization and printing capabilities through its own facilities.
Gor Factory, Spain’s leading printable textiles and merchandising company
Founded in 1985 by Fernando Rubio and headquartered in Murcia, Gor Factory is the leading company in Spain in the distribution of printable garments and merchandising products under the brands Roly, Roly Workwear, Stamina, Musai and Made to Order. With more than €300 million in revenue, the company offers a catalogue of more than 23,000 SKUs, serves over 27,000 customers in more than 90 countries, and sells more than 210 million products annually.
JHK T-Shirt, Spain’s second-largest printable apparel company
Founded in 2002 by Jacinto Cervera, JHK T-Shirt, in which GPF Partners has held a stake since September 2025, specialises in T-shirts, sweatshirts and polo shirts. Headquartered in Madrid, it generates more than €100 million in revenue in 2025. JHK operates in more than 30 countries, serves over 9,000 customers, and sells 50 million garments annually.
The founders’ comments
“This transaction represents a natural step in Gor Factory’s evolution. Over the past four decades, we have built a strong company with a unique product offering and a loyal customer base across Spain and Europe. Joining forces with JHK, with the backing of GPF Partners, opens the door to a new dimension of growth while preserving the values, team and culture that have brought us to where we are today,” said Fernando Rubio, founder of Gor Factory.
“The integration with Gor Factory is exactly the kind of transformational project I envisioned when bringing GPF into JHK: a strategic move that makes the combined group the undisputed leader in the sector across Europe and opens highly attractive new markets and opportunities,” added Jacinto Cervera, founder of JHK T-Shirt.
Fernando Rubio and Jacinto Cervera will remain closely involved in the group and continue as significant shareholders, demonstrating their commitment and confidence in the project’s long-term success. GPF will invest through GPF Capital IV S.C.A. SICAV-RAIF, its fourth private equity vehicle.
GPF Partners: €2 billion AUM after a decade of growth
GPF Partners is a Spanish investment group with more than €2 billion in assets under management, focused on acquiring market-leading companies with strong value creation potential. The firm’s investor base includes 60 entrepreneurial families (80%) and leading institutional investors (20%) from Spain, Latin America and the United States.
The transaction with Gor Factory takes place in the year GPF celebrates its 10th anniversary since inception. Over recent years, the firm has become the most active private equity investor in Spain.
GPF has consolidated an integrated platform comprising four private equity funds totaling €1.2 billion and two real estate vehicles with €500 million, including Inbest-GPF, the SOCIMI led by Javier Basagoiti. The firm has also mobilized more than €300 million in co-investments alongside its investors.
Since inception, GPF has invested in 27 companies, complemented by 31 add-on acquisitions. Its latest fund, GPF IV, with €600 million committed capital, achieved a 100% reinvestment rate from investors in GPF III. Its current portfolio includes six platforms: Rafa Nadal Academy; Gor Factory/JHK; food group Palacios; private banking firm A&G; restaurant group La Flauta; and Beedigital, the digital marketing services platform.
The firm has also been highly active in exits, completing 15 divestments out of 21 total investments, with 10 exits executed in the last 24 months. Notable transactions include the sale of The Natural Fruit Company to Fremman for €300 million, Imedexa to Semapa for €200 million, Acuntia to French group Vinci, Gestair to Hyperion, and the partial divestment of Nox to Oakley Capital.
Founded in 2015 by Martín Rodríguez-Fraile, Ignacio Olascoaga, Lorenzo Martínez de Albornoz and Guillermo Castellanos, the firm has grown from four founding partners to a team of 40 professionals. Supported by a broad international investor base spanning nearly 20 countries, primarily entrepreneurial families, and leveraging its proprietary sourcing network, GPF enters its second decade as a more institutionalized platform while remaining true to its entrepreneurial-family DNA and focused on Spanish businesses.
About GPF Partners
GPF is a Private Equity and Real Estate investment firm with more than 60 investments completed and over €2 billion in assets under management. Its current portfolio includes six platforms: Rafa Nadal Academy; Gor Factory/JHK; the Palacios food group; the private banking firm A&G; the La Flauta restaurant group; and Beedigital, the digital marketing services platformhttps://gpf-partners.com/
Guillermo Castellanos, Lorenzo Martínez, Martín Rodríguez, and Ignacio Olascoaga, partners at GPF Capital.
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