Legal 500 Spain Private Equity
“Very high quality and very consistent: all avocados are good. They go beyond legal advice: they help with negotiations and control of the business process. Very knowledgeable, strict and professional. White & Case LLP has a debt finance team from its Madrid office, created in 2019 following the integration of Fernando Navarro, Practice Director. He assists clients throughout the life cycle of financing matters and fully integrates Spanish, UK and US legal expertise, as well as the support of the firm`s international network. While the team has experience trading for traditional lenders, the list has seen an increase in funding from private equity/borrower sponsors in 2021. Navarro maintains close relationships with several Spanish banks and funds, while advisor Julio Peralta and senior partner Alfonso García provide key support. In line with international market practices, the target company`s management team typically benefits from a management incentive programme (“MIP”) in the context of private equity buybacks structured in the form of sweep share share programmes: either in the form of stock option plans (where managers receive shares of the target company (or other companies in its group) in the event of certain acquisition events) or plans phantom shares (instead of granting shares of the target company). A cash bonus is granted to the management team up to the share price at which the manager would have exercised an option on the existing shares). Of these two structures, the second has become more common in Spanish objectives through: A) the general prohibition for limited liability companies (sociedades de responsabilidad limitada) to acquire their own shares (which makes it difficult to create share pools to structure stock option plans); (B) strict restrictions on the sale of treasury shares; (C) the complex procedure for issuing new shares as part of a capital increase (which prevents the automatic implementation of stock option plans); and (D) other tax reasons. DLA`s real estate and construction practice leverages its global network of offices in 40 countries to help domestic and international investors, financial institutions and large corporations conduct high-value cross-border transactions. Orson Alcocer leads the team, helping clients manage the entire transaction lifecycle, from investment, development and financing to construction, management and marketing. In addition, the Group advises on real estate disputes, leases, purchase sales, condominium structures and project financing.
The team is supported by José María Oliva, real estate development expert, Ignacio Antón, legal director and restructuring specialist, Francisco Perales, planning consultant, Francisco Perales and Angel Maestro, senior associate. The Group`s customer base includes the hospitality, retail and insurance sectors, as well as Rakuten and Allianz. “Gonzalo Olivera and Alberto Artes deserve special attention for their knowledge of the energy sector and commercial activity. Their availability and excellence in legal engineering for the negotiation and conclusion of contracts. “PWC has been supporting us for years on the topics of mergers and acquisitions, real estate, urban planning and taxation. We are honestly satisfied with the work of the partner she leads, Paula Hernández Lemes, who in turn maintains a professional, efficient and cordial relationship with the company`s in-house legal team. “The best joint-stock company in Spain In my opinion, there is no other company with such a multidisciplinary practice. “In my opinion, Francisco Uría has the best legal knowledge in the entire financial sector. Jorge Toral and Jose Gimenez: brilliant, rigorous and endowed with a deep knowledge of the environment and energy, they allow the corporate lawyer to blindly trust their legal criteria to solve any problem. The multidisciplinary group of Pérez-Llorca operates in the banking, financial, direct lending and private lending fields for its international client list, which includes a well-known number of major banks. Practice Manager Ander Valverde is a highly respected all-rounder in the Spanish market and has dual qualifications in Spain and New York. After establishing the firm`s London office and spending five years there, Fernando Quicios continues to work for London-based clients with interests in the Spanish market.
Ildefonso Arenas and Mónica de San Román are emerging partners. The department was strengthened by the arrival of Josefina García Pedroviejo in February 2022 to lead the company`s financial services practice. “The advantage that makes it different is based on two main ideas: 1. Knowledge of the whole process, not just from a legal point of view. 2. The ability to offer the benefits of a large company with the quality of a shop. Hogan Lovells (Paris) LLP is a major player in the mid-cap segment and is also familiar with handling complex large-cap mandates for private equity funds, portfolio companies, management teams and investors. The working portfolio includes buyback operations, exits through IPOs and advice on management packages. Matthieu Grollemund and Hélène Parent in January 2021, former practitioners at Baker McKenzie, were added to the team.
Stéphane Huten heads the firm. Ariane Berthoud left the company in January 2022 and joined HOCHE AVOCATS. DLA Piper has a remarkable presence in the private equity industry, as it is able to employ corporate, tax, litigation, finance, real estate, employment and restructuring lawyers. The group is known for its sector-wide approach with work in areas such as manufacturing, life sciences, education and technology. Clients also benefit from new initiatives such as the Luxembourg Desk, which serves as a cross-border platform between the Paris and Luxembourg offices. Sarmad Haidar, senior partner of the firm, works with Alice Magnan, lawyer. Xavier Norlain, Jérémy Scemama and Matthieu Lampel joined Shearman & Sterling LLP in 2021. “Extensive working knowledge of M&A transactions in the private equity space. They participate in many international activities and therefore have experience with the latest industry trends. “Pedro Ester`s customer focus and legal knowledge as a responsible partner. Above all, his ability to seek original solutions to complex transaction problems.
(a) Small enterprises (including start-ups that have not yet broken even): Debt can take the form of debt-like investments (e.g. convertible loans) provided by private investors rather than banks – allowing these investors to enter equity if, in future rounds or after exits, a The upside potential of equities presents itself. Sometimes the issuance of debt securities is also offered. “The team is not only an expert in its field (private equity), but also has in-depth knowledge of cross-cutting topics (tax, real estate, etc.). ” Antonio de Mariano has an almost encyclopedic legal knowledge, not only with regard to energy, but practically in all areas that concern energy (commercial, civil, regulatory, real estate, etc.), as well as the energy sector, not only legally but also commercially. W&I insurance was not widely used in M&A transactions in Spain until the last years of the decade of the 2000s, when the rise of financial sponsors and private equity investments in Spanish companies became a catalyst for their use. Since then, the use of W&I insurance as an alternative to own exits by financial sponsors and private equity funds has gained traction as a valuable and increasingly popular tool. Although the product was initially driven by private equity funds to liquidate or distribute the proceeds from the sale of an investment to their PMs, it is now increasingly being taken over by companies. “Marta Plaza – availability, speed of confirmation, great legal and practical knowledge.” “I would like to highlight Miguel Odriozola for his approach to legal issues, always taking into account the impact on the company and proposing creative solutions.
His proximity and ability to adapt to the company are exceptional. Belen Irisarry, for the depth of her analysis, her absolute availability and the exquisite personal treatment she offers to her clients. “They are a very practical and proactive team. Technical and legal excellence is guaranteed. “She stands out for her understanding of the business and the risks involved in financing the project beyond legal relationships. No, Spanish deputies are taxed according to the general rules and do not benefit from a specific legal framework (with the only exception mentioned below in the Basque Country and Navarra and finally in the common territory if the aforementioned bill is adopted).