Private Equity | Europe

A&O Shearman boasts a superb client list that includes several of the largest global asset management companies. The firm is frequently chosen by international funds for buyouts, divestments and high-value acquisitions of minority equity stakes in companies, including via auctions. It represents companies active in a range of sectors, including the IT, real estate, hospitality and energy sectors. It leverages a strong global network to assist with investments into Spanish target companies that have subsidiaries abroad.

Clifford Chance is viewed by many international and major domestic asset management firms as a top choice to handle complex and high-value investment transactions. The firm acts on private equity buyouts, handles add-on acquisitions to bolster portfolio companies and assists with eventual exits, which often take the form of secondary sales. Clifford Chance advises on equity investments into companies holding infrastructure, energy or real estate assets. It offers experience in standout public-to-private transactions, earning additional praise for its ability to draw on strong expertise in various supporting practice areas, including finance and antitrust.

Linklaters has a wide-ranging practice, with an outstanding reputation for work both on traditional private equity transactions and on investments into a wider range of asset classes, often advising on the buy side of LBOs or acquisitions of occasionally high-value minority stakes in Spanish corporates. The firm acts for funds and portfolio company managers on the sale of shareholdings to new investors, drawing on its English and Spanish law finance capabilities both in Madrid and London to advise on new leveraged deals, and on the financial restructuring of existing portfolio companies. Linklaters also has experience in direct lending transactions and distressed asset and energy sector investments. The department benefits from close collaboration with the public law team to advise on the regulatory aspects of transactions.

Uría Menéndez is a well-known Spanish powerhouse that proves a consistently popular choice for local as well as international private equity firms. The firm acts on both high-end and mid-cap deals, having experience on the buy side of major buyouts and partial exits. The team acts on add-on acquisitions that entail the combination of global industrial companies. Uría Menéndez provides an interdisciplinary approach through the involvement of experts from other departments, particularly finance and tax.

Freshfields represents large international funds in inbound Spanish transactions. Its broad client roster also features other investment institutions active in this area, such as sovereign wealth funds. The firm offers a full-service approach supported by lawyers in the corporate, tax and real estate departments, frequently undertaking cross-border mandates for international investors, including restructuring operations.

Garrigues draws from a strong bench of transactional experts who regularly act for private equity firms on LBOs, carve-outs, add-on acquisitions and sales. The department is well suited to handling transactions that draw on the knowledge and skills of lawyers based in smaller Spanish cities. The firm provides wider services to private equity clients through its expertise in finance, restructuring, tax and disputes. Garrigues also enjoys a strong presence in venture capital mandates, with a solid track record in equity deals carried out by several of the key venture capital firms investing in Spain.

Latham & Watkins' private equity team draws on the firm's global reputation to handle sophisticated transactions on behalf of major US and European private equity investors. The firm acts for asset managers pursuing either traditional private equity strategies or targeting opportunities in Spain's real estate, manufacturing, energy and technology fields. It also assists with multi-jurisdictional buyouts, being predominantly instructed on high-value deals. The firm's consolidated international network supports the team in cross-border mandates, operating an integrated practice in global transactions.

Pérez-Llorca benefits from an extensive domestic footprint and assists national and international funds that are active in Spanish private equity and venture capital transactions, often with a cross-border dimension. The firm acts on mid-cap acquisitions on behalf of important Spanish asset management companies. Additionally, it handles portfolio management mandates, including post-acquisition mergers. The group is also noted as a strong choice for entrepreneurs looking to raise capital and scale up, regularly acting on all stages of fundraising. It also assists venture capital funds with their early-stage and growth capital investments. The team further advises on the structuring of partial exits, which involve selling funds maintaining a minority stake in portfolio companies following secondary sale processes.

Cuatrecasas offers a wide-ranging practice advising on a variety of mandates in the private equity space. The firm often acts for corporate clients that are the targets of private equity investment, with experience on the buy side of standout transactions that have significant Latin American or Portuguese considerations and a proven track record in direct lending transactions. Cuatrecasas is also well equipped to assist clients with venture capital financing rounds.

Gómez-Acebo & Pombo maintains strong venture capital capabilities spread across key teams in Barcelona, Madrid and New York, with a client list that consists of major Spanish and US funds. The team advises on funding rounds in favour of start-ups in the IT, fintech and food sectors. It acts for Spanish companies seeking to buy foreign VC-owned competitors. The firm has won roles in several mid-cap and larger transactions carried out by investment managers, including those targeting the energy sector or real estate assets, and also acts for portfolio companies on add-ons.

Herbert Smith Freehills acts for Spanish asset managers pursuing a wide range of alternative investment strategies. The team advises on mid-cap buyouts of companies in the life sciences and technology sectors. It is a strong choice to handle add-ons and asset sales on behalf of infrastructure funds investing in heavily regulated businesses, such as renewable energy, real estate and telecoms. The individual lawyers' multidisciplinary skills are bolstered by access to other key departments, including real estate, finance and competition law. Herbert Smith Freehills regularly undertakes cross-border transactions, supported by a wide global network.

Ashurst stands out for its expertise in the financing of Spanish private equity and real estate investments, with experience acting either for funds as buyers or for banks and debt funds as lenders. The firm assists private equity sponsors with the restructuring of debt in portfolio companies, further advising on the corporate aspects of buyouts targeting the Spanish mid-market. Ashurst is well positioned to assist international funds with the acquisition of real estate that spans multiple European jurisdictions.

Baker McKenzie advises on corporate transactions that have a key private equity component, including add-on acquisitions carried out by portfolio companies. The firm is well positioned to handle transactions that touch on multiple jurisdictions. It has notable experience across the healthcare and real estate sectors.

DLA Piper advises a broad range of private equity houses on takeover offers and divestitures. The firm supports clients with investments in varied asset classes, including real estate and distressed debt. It also assists target companies and their management teams with the defence of their interests throughout private equity investments. DLA Piper is active in matters involving the technology and food and drink sectors.

Hogan Lovells attracts attention for handling mid-cap private equity buyouts on behalf of foreign-headquartered asset managers, including important US and French funds. The firm's experience includes advising on deals structured through Luxembourg in order to maximise tax efficiency for investors. It has additional experience in transactions that target companies with operations across several Latin American jurisdictions. Hogan Lovells also acts on sale processes and restructurings of portfolio companies.

Pinsent Masons represents private equity houses and management teams at the national and international scale in various transactions. It assists with venture capital deals, leveraged buyouts, M&A activity and commercial contracts. The team aids clients active in a multitude of sectors, including healthcare, technology, finance and real estate.