Nazca Capital, a leading firm in private equity investment in unlisted Spanish SMEs, has acquired, through the Nazca Opportunity I vehicle, 100% of the capital of Doga S.A., together with the company’s management team. Doga specializes in the manufacture of electrical systems for agricultural, logistics and construction machinery and Nazca‘s entry will accelerate its international growth plan.
Founded in 1958 in Barcelona, Doga specialises in high value-added windshield wiper solutions for large vehicles such as excavators, tractors, buses, trains and trucks, for which the company designs and manufactures both electric motors and wiper arms. In this sector, Doga is the world leader with an estimated market share of more than 40%. More than 95% of its sales come from abroad, with the United States being its main market, accounting for almost 20% of the Group’s sales. Besides, Doga complements its core business with the design and manufacture of a wide variety of expansion, recovery, hydraulic or cooling tanks, with clear applications for sustainable mobility.
The company has more than 1,000 employees and production plants in Spain, Italy, Morocco and China, as well as a commercial presence in the United States, Brazil, India and Mexico, with sales in more than 80 countries. In recent years, Doga has seen significant growth, going from €100 million in sales in 2019 to close to €150 million in estimated sales in 2022, a year in which it expects to reach more than €17 million in EBITDA.
The project will continue to be led by its CEO, Jordi Miró, who will remain at the helm of management together with a strong management team.
Nazca’s entry into Doga’s capital aims to promote an ambitious international growth plan, strengthening its position in the United States, Brazil and China, and consolidating strategic markets such as Korea and Japan, as well as promoting its R&D activities with the launch of innovative products in high-growth sectors such as solar panel motorization, electric mobility and precision agriculture. Within this business plan, the company does not rule out accelerating its growth through acquisitions, seeking above all technological complementarity and new applications for electric motors.
Jordi Miró, CEO of Doga, says that “the entire management team is very excited about this new stage in which, hand in hand with Nazca, we hope to continue with the business successes achieved together with the Garcia-Coma family in the more than 60 years of the company’s history”.
Carlos Carbó, partner at Nazca Capital has commented that “Doga’s project fits perfectly with Nazca’s investment strategy, due to its character as a family-owned company, a strong management team, leadership positioning and ambitious growth objective”.
Clearwater, Uria, EY, Monitor/Deloitte, ERM and Jhasa Brokers have advised Nazca in this transaction, while Ars Corporate and Broseta have advised the sellers.
About Nazca
Nazca is a Private Equity firm specialized in the Spanish low-mid market. Nazca is owned by 11 partners and leads its market segment, both by volume of deals and profitability. Since 2001, it has accomplished 92 transactions and currently has 16 companies in the portfolio. In 2022, Nazca completed 11 deals (4 direct acquisitions, 2 exits and 5 add-ons from our portfolio companies), making it one of the most active managers in the Spanish private equity market. This deal confirms Nazca’s positioning in niche companies focused on innovation and sectors with high growth potential. For more information, visit www.nazca.es
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