Feb. 10 (Bloomberg) -- Three former executives from the Spanish team at U.K. buyout firm Apax Partners LLP started their own firm to buy small and medium-sized companies in the country, said a person with knowledge of the matter.
Oriol Pinya, former head of the Spanish office and co-head of London-based Apax’s global retail and consumer team, founded Abac Capital with fellow ex-Apax executives Borja Martinez de la Rosa and Javier Rigau, said the person, who asked not to be identified because the firm’s formation has yet to be announced. Saul Ruiz de Marcos, a former partner at Madrid-based investment company Thesan Capital SL, is also a partner.
Abac, which is to have offices in Madrid and Barcelona, will invest in profitable Spanish companies that need funding for growth or to reduce debt, said the person. It plans to raise about 200 million euros ($273 million) for its first fund, the person said.
Apax, one of Europe’s biggest private-equity firms, closed its offices in Spain and Italy in March, cutting 11 investment professionals, or about 10 percent of its workforce.
A spokesman for Abac declined to comment and a spokeswoman for Apax didn’t immediately respond to a call for comment.
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