Private Equity | Europe

Allen & Overy boasts a superb client list that includes several of the largest global asset management companies. The law firm is frequently chosen by international funds for buyouts, divestments and high-value acquisitions of minority of equity stakes in companies, including via auctions. It represents companies active in a wealth 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 or major domestic asset management firms as a top choice to handle complex and high-value investment transactions. The law 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. The team is also adept at assisting with fund formation and structuring involving Spanish private equity funds, including in deals that present a Luxembourg law component. Clifford Chance acts for investors taking positions as limited partners in Spanish funds, and also has experience in secondaries and GP-led transactions.

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 sometimes high-value minority stakes in Spanish corporates. The law 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 or on the financial restructuring of existing portfolio companies. Linklaters also has experience in direct lending transactions and distressed asset or 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 law 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 involvement of experts from other departments, in particular finance and tax.

Freshfields Bruckhaus Deringer 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 law 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 handle transactions that draw on the knowledge and skills of lawyers based in smaller Spanish cities. The law firm provides wider services to private equity clients through its expertise in finance, restructuring, tax and disputes. The firm is also well placed to handle fund formation matters, including the structuring of alternative funds and regulatory issues. 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.

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 identified as a strong choice to handle add-ons or asset sales on behalf of infrastructure funds investing in heavily regulated businesses, such as renewable energy, real estate and telecoms. 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 widespread global network.

The Latham & Watkins private equity team draws on the firm's global reputation for a capacity to handle sophisticated transactions on behalf of major US and European private equity investors. The law 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 law 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 series fund-raisings. It also assists venture capital funds with their early-stage and growth capital investments. The team further advises on the structuring of partial exits, in which selling funds maintains a minority stake in portfolio companies following secondary sale processes.

Cuatrecasas offers a wide-ranging practice advising on a variety of mandates in the funds sphere. The law firm often acts for corporate clients that are the targets of private equity investment, including experience on the buy side of standout transactions that have significant Latin American or Portuguese considerations, with a proven track record in direct lending transactions. Key individuals in the team advise on regulatory and corporate questions pertaining to the establishment and distribution of diverse alternative investment funds, including European long-term investment funds or debt funds. 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 startups in the IT, fintech and food sectors. It acts for Spanish companies seeking to buy foreign, VC-owned competitors. The law firm has won roles on several mid-cap and larger transactions carried out by investment managers, including those targeting the energy sector or real estate assets, also acting for portfolio companies on add-ons.

Baker McKenzie advises on corporate transactions that have a key private equity component, including add-on acquisitions carried out by portfolio companies. The law 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 law firm supports clients with investments into 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 on 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 law firm's experience includes advising on deals structured through Luxembourg in order to maximise tax efficiencies 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 or restructurings of portfolio companies.

Watson Farley & Williams is a well-known international firm with a strong presence in Spain. The private equity team is heavily focused on energy sector mandates, advising institutional investors on the drafting and negotiation of M&A, finance and other commercial agreements. The law firm has extensive experience in private equity deals involving renewable project portfolios.