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Summary and extracts
1 Market overview
1.1 Definition and presentation
Turnaround funds, also known as capital turnaround funds, are funds that specialize in taking over bankrupt companies to turn them around and return them to viable economic activity. For these funds, the aim is to provide the financial and human resources needed to get the company back into business.
In Europe, there are numerous private equity (PE) firms specializing in leveraged buy-outs (LBOs) and buy-outs, and, to a much lesser extent, in turnarounds. In Europe, industry remains the leading sector for turnaround funds. Looking ahead to 2021, the industry sector will account for 101 turnarounds, well ahead of the telecoms (58) and retail (64) sectors.
In Spain, turnaround funds are an emerging sector. Around ten operators are currently on the market, and the country only accounts for around ten deals a year. The 2008 crisis has had a lasting impact on Spanish and international creditors, and real estate is often excluded from these turnaround funds. Nevertheless, the new institutional framework set up by "La nueva Ley Concursal" (the new bankruptcy law), applicable from 01/01/2023, should facilitate the development of the private equity sector and these funds in the country.
1.2 Restructuring in Europe concerns millions of workers
There are many private equity funds in Europe. These funds have substantial resources at their disposal, enabling them to invest in LBOs (***) in companies that are doing more or less well. Turnaround is generally not their core business, and is therefore relatively neglected. Acquisitions tend to be made in companies with ...
1.3 The market for turnaround funds: a niche within private equity
The private equity sector appears to be growing and developing in Spain. If we exclude the years **** and ****, years impacted by the covid ** crisis, we obtain a ***.**% growth in investments made by the sector between **** and ****. The sector expanded strongly between **** and ****, with an increase in investment value of just **.**% between ...
2 Demand analysis
2.1 Business failures in Spain
Between **** and ****, several trends can be observed in the number of business failures in Spain. Firstly, it is remarkable that over this period, the number of business failures oscillates from a low of ***.* thousand in ****, to a high of ***.* thousand in ****. The average number of business failures over the period is ...
2.2 The preferred targets of turnaround funds
By virtue of the way they operate, turnaround funds focus mainly on SMEs -PYMES in Spain. These companies are favored by these funds because their characteristics make them particularly profitable to invest in: limited size, making access to capital possible; unlisted shares, enabling private financing. ASCRI (***) estimates that, by ****, **% of private ...
3 Market structure
3.1 Turnaround activities in private equity
Private equity activities can be divided into * main types of fund. The aim of these funds is to support the development and sustainability of a company. In the case of turnaround capital funds, the aim is to make a massive investment in a company to help it emerge from the crisis, ...
3.2 Turnaround players in Spain
Business turnaround remains a particularly complex sector, requiring a thorough understanding of the law and relevant technical skills, among other things. The chart below shows the echosystem of professions within Spanish turnaround funds.
Each player has a role to play at different stages of the turnaround process. Court-appointed receivers, for example, ...
4 Offer analysis
4.1 Turnaround funds in Spain
Turnaround funds always make a capital contribution that enables them to take control of the company, or at least to have decision-making power. This contribution also enables the company to steer its strategy and initiate the restructuring process. Sometimes, debt is added to the investment to enable the turnaround fund to ...
4.2 Exit procedures
When an investment fund (***) wishes to recover the profits from its investment after several years, there are several possible ways to divest:
Initial public offering Sale to a manufacturer Sale to another investor Selling the company to the management team Etc...
In **** in Spain, of the *.*** billion euros divested (***).
Means of ...
5 Regulations
5.1 Changes brought about by the reform of the Ley Concursal
The new Ley Concursal, which came into force on **/**/****, governs insolvency procedures for all types of debtor, whether natural or legal persons. Its aim is to ensure the efficient and rapid reallocation of productive resources in the event of a company's insolvency. The law speeds up the process of restructuring or ...
6 Positioning the players
6.1 Segmentation
- H.I.G. Europe
- BDO
- Norgestion
- Noso Capital
- ASHURST
- KOHLBERG KRAVIS
- BEAMONTE INVESTMENTS
- ALVAREZ & MARSAL
- BlackPearl Capital
- PHI Industrial
- Sherpa Capital
List of charts presented in this market study
- Company bankruptcies in Spain
- Spanish corporate insolvencies by sector in 2020
- Company bankruptcies in 2020 in Spain, by size of business
- The origins of turnaround funds in Spain
- How an LBO works: the fund repays the borrowed debt using the company's cash flow
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Latest news
June partners: Consulting firms: the raid by the big on the small continues | The great predation continues - 14/09/2023
- June Partners, a small French structure, has 80 employees and 11 partners, and generates sales of €20 million.
- BDO France has carried out 10 external growth operations, equivalent to 50 million euros in sales.
- In two years, BDO France's sales have risen from 140 to 220 million euros. The Chairman of BDO France, Arnaud Naudan, is aiming for sales of 300 million euros within five years.
- Consulting accounts for 50 million euros in sales for BDO France.
- BDO claims the number one position in the mid-market segment for SMEs and ETIs worldwide.
BDO becomes France's first audit consulting firm - 15/12/2017
- BDO France reports 8% growth for fiscal year ending September 30
- Adoption of new articles of association as a mission-driven company
BDO France says it is ready for consulting - 16/04/2017
- BDO Group: 1,200 employees in France (43% of whom are managers and executives)
- In 2017, public accounting accounted for half of the business
- auditing (20%)
- social services (16%)
- consulting (14%)
Arnaud Naudan, on assignment at BDO - 24/01/2017
- BDO France's seventh-largest law firm
- 170 million euros in sales and 1,500 employees
- Objective: double in size within 5 years
- CEO Arnaud Naudan targets three to five acquisitions a year
New CEO for BDO France - Capital Finance - 21/01/2017
- Arnaud Naudan appointed CEO of audit and consulting firm in France
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the market for turnaround funds | Spain
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