CLAVE

Clave Mayor has a team of 15 professionals with extensive cross-sector experience:

• José Javier Armendáriz – Chairman / CEO
• Santiago Lozano – Deep Tech Funds Director
• Alberto Bermejo – Deep Tech Funds Director
• César Mendoza – Fund Director
• Sergio San Agustín – Investment Director
• Guillermo Salanueva – Investment Manager
• Antonio Tornero – Investment Manager
• Ignacio Prieto – Investment Analyst / Tech Transfer Investment Analyst
• Amaya Tanco – Investment Analyst
• Beatriz Soria – Investment Analyst
• Juanjo Etxalar – Head of Legal Affairs
• Adriana Rubio – Administration Director
• Ángela Zaldo – Administration
• Ana Gómara – Administration

Investment Areas

- Deep Tech / Technology Transfer
More than €100 million under management, with approximately 70% of investments allocated to Deep Tech companies.
Technology Transfer projects originating from universities and technology centers.
Start-up projects focused on commercializing innovative technological developments based on Deep Tech technologies.

- Growth Capital: Industrial SMEs
We manage a private equity vehicle established in June 2015 to invest in industrial SMEs with a proven track record, export-oriented business models, and strong management teams that require a shareholder transition to support and lead their expansion plans.

- Alternative Investments
Alternative investment projects focused on emerging sectors, including solar photovoltaic energy.
Access to photovoltaic projects totaling 70 MWp.
Through two investment funds, we expect to invest approximately €43 million in projects representing 46 MWp of installed capacity.
The electricity generated by these facilities is sold at market prices through the wholesale electricity market (power pool).

1. Opportunity Identification
A proximity-based sourcing model supported by an extensive network of SMEs and project origination partners, generating a strong and consistent deal flow.
Deep experience and knowledge in some of the most attractive investment sectors, including industry, food & beverage, healthcare, and related fields.
Collaborative working models with management teams and potential co-investors to structure and define the most suitable transaction for each opportunity.

2. Investment
Thorough and rigorous analysis of identified investment opportunities, with particular emphasis on market dynamics, technology assessment, and the evaluation of management teams.
Investment structures tailored to the different stages of each project, ensuring alignment between management teams and investors.
Agreements with management teams designed to align the interests of executives and investors, facilitating long-term value creation.

3. Portfolio Management and Monitoring
Active participation on the Boards of Directors of portfolio companies, contributing strategic value through sector expertise and prior investment experience.
Regular and systematic monitoring of strategic and financial performance, combined with periodic reporting to investors and the involvement of industry specialists where appropriate.
Ongoing support and advisory services for management teams, particularly in areas such as strategic planning, financial management, organic and inorganic growth, and international expansion.

4. Exit Strategy
Continuous assessment to identify the optimal timing for an exit based on the evolution of both the company and its sector.
Identification of the most appropriate exit route, including buyer sourcing and transaction negotiation with both financial and strategic acquirers.
A consistent focus on maximizing value for shareholders and investors while ensuring the long-term continuity and sustainability of the business.

INVESTEE COMPANIES:

- Investments in VENTURE CAPITAL

- Investments in TECH TRANSFER

- Investments in CAPITAL EXPANSION

- ALTERNATIVE investments