MBA is the leading independent distributor of surgical orthopaedic products in Europe. Founded in 1988, the headquarters are located in Asturias and the group operates in Spain, Portugal and Italy. MBA is the fourth player in Spain (just behind international manufacturers) and is specialised in the distribution of hip, knee and column implants as well as external fixation devices. The group also has a biological product line commercialised under the BIOSER brand. MBA distributes its products under its own brand on an exclusive basis as a result of the long term and solid relationship with international recognised suppliers (mainly from US and UK). Public Hospitals are their main clients, representing more than 80% of the group’s sales. The deal was structured as an MBO leaded by the management team and the local managers, all of them with broad experience in the sector and the company. Investment rationale: Resilient sector with great visibility and growth future perspectives. Excellent brand recognition based on technologically advanced and high value added products. MBA has a solid and complementary management team strongly motivated with the project.
		Bestin Supply Chain is a build-up project in the freight forwarding services market, initiated in 2008 with the simultaneous acquisition of 2 companies: ITS and Barnatrans. With these acquisitions, Bestin Supply Chain turns into one of the main Iberian peninsula logistics operators with aptitude to offer services across the different areas of the supply chain: from the design and planning, to operating activities such as storage and transport. ITS and Barnatrans are leading companies in their respective geographical areas and possess a solid tradition in the international logistics market. Both companies develop air activities, terrestrial and maritime transport, customs, distribution and foreign trade advice. The Management team has great experience in the sector and is led by D. Jose Maria Puig. He initiated the Bestin project in 2006. Before joining the Group, he developed his professional career in positions such as CEO or managing director in companies such as Owens Corning, Derbi, La Vanguardia or Tradisa. Investment rationale: Fragmented Sector and opportunity of positioning in the middle market. Spanish logistic Market presents low outsourcing rates compared with Europe.  Build-up project with great income and cost synergies and good exit perspectives.
		Xanit is a build-up project in the Spanish private healthcare market. The goal is to build one of the leading private hospital groups in the country. This project was initiated with the acquisition of Hospital Xanit Internacional. This recently created hospital began operations in January 2006. Since then it has become one of the benchmark hospitals in southern Spain and a leader in several specialities including oncology and heart surgery. Its philosophy is to guarantee its patients the highest level of care, using next generation technology in diagnostics and treatment. In the second half of 2008 the group has acquired a relevant stake in Gabinete Medico Velazquez, a leading medical center Group specialised in ginecology and obstectrics. The hospital group is headed up by a renowned management team with extensive sector experience, spearheaded by Enrique Catalán, a former Managing Director of Sanitas. Investment rationale: A highly fragmented sector with an outlook for significant consolidation Defensive profile: tremendously resistant to economic downturns; rapid growth A build-up project presenting substantial revenue and cost synergies; visibility into exit route high
		ZIV ZIV is one of the leading manufacturers, distributors and installers of safety, control, metering and telecommunications products for power utilities. ZIV’s products are critical to the proper functioning of substations and electricity networks; accordingly, ZIV’s revenues are highly correlated to utilities’ spend on transmission, distribution and telecommunications equipment. This transaction took the form of an MBO led by ZIV’s management team, which has stayed on in the key management positions under the leadership of Norberto Santiago Elustondo. Investment rationale: High visibility into the outlook for ZIV’s target market Excellent positioning among Spanish utilities in the protection and control, telecommunications and metering segments; one of the sole suppliers to guarantee its clients adequate flexibility Very highly rated by its clients in terms of its product quality and customer service
		Alcad founded in 1988, is engaged in two main lines of business: (i) high frequency, spanning the R&D, design, manufacture and commercial launch of digital and analogue television signal reception and distribution products for residential buildings; and (ii) entry control, including entryphones, videophones and intercommunication systems. In relation to the outlook for the high frequency segment, it is worth highlighting that recent digital terrestrial television (DTT) legislation stipulates an analogue blackout by 2010, which means that, although analogue broadcasting dominates today, DTT television will be the only broadcasting technology in use by 2010. The deal was structured as an MBO in which the vast majority of the management team came on board. Antxon Galarza has served as General Manager (and continues to do so) since the company was founded. Mr Galarza previously worked as sales manager for IKUSI. In 2008 Francisco Navarro (former head of manufacturing) was appointed the company’s General Manager. Mr. Galarza, meanwhile, will spearhead international expansion. Investment rationale: Strong competitive positioning in its operating sector Growing market with TDT boom envisaged before the analogical blackout Significant entry barriers in the high frequency segment
		Colegios Laude is, since incorporation, the largest chain of for-profit private schools in Spain, schooling children aged between 2 and 18. The chain currently operates 9 schools and 11 centers distributed nationwide: Madrid (3), Alicante (3), Castellon (1), Cadiz (1), Malaga (1), Asturias (1) and UK (1). The target is to build a chain of 25 to 30 schools over a 5-year time horizon, to be developed and administered by the management team. The core transaction team has extensive experience in the management and acquisition of private schools. Investment rationale: Growing demand for private schooling at the expense of public and semi-public education Highly fragmented sector marked by a low incidence of professional management at the school level Sector in rapid expansion, driven by growing demand for high quality private education
		Serventa is a leading player in the food and beverage distribution industry through vending machines. Serventa manages over 18,000 food and drink vending machines for more than 4,000 companies in Spain and Portugal. Most of Serventa’s clients are private companies or public organisms seeking to provide hot and cold drinks and food for their employees. This transaction was structured as an MBO, led by Carlos Oderiz, head of operations at Serventa at the time. A few months after its acquisition from the Altadis Group, the team was reinforced with the addition of Francisco Lopez Reina, a managing auditor from Deloitte, as CFO. Both men currently hold significant stakes in the company. Investment rationale: The vending machine segment is forecast to grow at 7% per annum; penetration is low relative to other European countries      Highly fragmented sector (97.5% of operators manage fewer than 100 vending machines), creating clear scope for consolidation Scope to rationalise operating and management systems
		The Grupo Bodybell has 240 stores after Juteco competitor acquisition in 2007 and is the leading perfumeries and cosmetics chain in Spain and the number two retailer of high end cosmetics nationwide. The group retails select perfume and cosmetics goods and wholesales consumer health and beauty products. The company’s strategy is based on intensifying the pace of growth successfully executed to date, both organically and through selective add-on acquisitions. The transaction was structured as a BIMBO, led by Francisco Martín-Consuegra (current CEO), who has extensive experience in the retail sector. Before launching this project, he held management positions at Leche Pascual. Two other key managers stayed on: Mr. Carballo (General Manager) and Mr. Cabanas (CFO), both with longstanding experience at the company and in-depth knowledge of the perfumery and cosmetics sector. Investment rationale: Solid growing market Fragmented sector with consolidation opportunities Strong market positioning and brand image
		Grupo Novolux,, through its Cristher and Dopo, brands, is the leading, and only pure-play, retailer in the private exterior lighting sub-segment in Spain. This position has enabled the group to develop a captive retail channel which, combined with a top class delivery service, a broad catalogue and a network of international manufacturers exclusive to Spain, has underpinned a market share of 20% and a strong brand image vis-à-vis customers and suppliers. This deal was structured as an MBI, led by Alfredo Diaz, put in place by N+1 as General Manager. Alfredo formerly served as General Manager of Nireo, where he spearheaded consolidation of the hardware retail sector in Spain. Investment rationale: Scope for operational streamlining and introduction of professional management to a family-run business. The attractive business model makes it a cash cow. The private exterior lighting sector shows the largest growth figures within the lighting market. Scope for consolidation within a highly fragmented sector in an specialised market niche.
		Holmes Place Iberia ( “HPI”) is the leading operator of high end gyms in Spain and Portugal. The company manages 27 centres in Spain and Portugal, 24 under the Holmes Place brand and 3 under the Európolis brand. The company plans to open another 10 clubs in the coming 18 months.  Holmes Place Health Clubs has operated in Spain and Portugal since 1997. It also operates 9 franchised centres under the FitnessWorX brand. HPI’s management team is headed up by Nick Coutts, CEO. Mr. Coutts has over 14 years of experience at the company and has been in charge of “Holmes Place” in Spain and Portugal from 1998 to date. In aggregate the management team’s sector experience amounts to over 70 years. Investment rationale: Sole player with a presence throughout Spain and Portugal. International management team with extensive sector experience and knowledge. Fragmented sector with sound demand outlook driven by increasing public awareness of health related issues
		éMfasis Billing & Marketing Services is the leading provider of mass marketing and billing services for large companies in the financial, telecoms and utilities sectors, among others. The émfasis Group is the result of a build-up process which has taken in four companies. Over the past two years, the company has been reinforced with a top class management team. Eusebio Martinez de la Casa chairs the company, having formerly served as head of sales at Correos (the Spanish postal service) and Azkar. Jose Manuel Alonso-Viguera, CEO, comes from the publishing sector, having also trained as an accountant at PriceWaterhouseCoopers. Investment rationale: Build-up of the billing and personalised marketing sector through acquisitions of small scale players Potential to generate economies of scale and exploit synergies by building up a sizeable company Growth prospects underpinned by the increasing outsourcing of these services and growing average mailing figures
		The Grupo Segur Ibérica is a leading provider of security services in Spain. It is focused on four lines of business: surveillance services, alarm installation and management, and installation of fire safety and prevention systems, the latter business less material in terms of volume. The company’s strategy is predicated on leveraging growth in the private security services sector and consolidating its market position behind Prosegur and Securitas. The Segur Group has over 20 offices strategically distributed throughout the main cities of Spain. It has a presence in Morocco and over 7,000 customer service employees. The management team is made up of José Luis Novales (General Manager of Segur Ibérica), former General Manager of Vinsa (the ONCE Group’s surveillance company), Ángel Ruiz, (head of sales) and Eduardo Gutiérrez (head of operations). Both Mr. Ruiz and Mr. Gutierrez worked with Mr. Novales at Vinsa and have extensive experience in the private security sector. Investment rationale: Reinforce Segur Ibérica’s position in Spain Bright outlook for security service outsourcing and low penetration of alarm systems New business growth opportunities
		High Tech Hoteles & Resorts, SA, is a hotel chain focused on the 3-star and higher segment in the urban business traveller and tourist segments. It currently has 47 hotels in operation or in the pipeline, located primarily in Madrid (26 of the total) and in the main regional capitals. 31 of these are already operational while the remainder will be opened as their refurbishment is completed. The company is headed up by five executives from the Tryp chain. The team left following the acquisition of Tryp by Sol Meliá to launch their own hotel chain, leveraging their vast sector experience and total commitment to the project. Investment rationale: Well defined and flawlessly executed business model Close-knit team with vast sector knowledge Highly fragmented segment, with solid fundamentals and good medium-term perspectives

(*) Companies in which Dinamia, together with the other funds managed by N+1 Capital Privado, has a majority or controlling stake.

For additional information on portfolio investees, please see Dinamia’s valuation reports.