audaz
Spanish/Portuguese adjective; denotes courage, boldness, and determination
Name of the expedition fleet led by Magellan and Elcano that completed the circumnavigation, the greatest exploratory feat ever accomplished
Begins with "a" and ends with "z", suggesting a path from start to finish
Who we are
Audaz Capital is an investment vehicle dedicated to the acquisition and operation of a private company in the Iberian Peninsula. We look for a company whose product or service is critical to its customers yet represents only a small share of their total costs, fostering long-lasting, resilient relationships.
The team will leverage its expertise to drive the development of the acquired company while optimising its operational efficiency. Our approach aims to create significant value for all stakeholders, including customers, suppliers, employees, and investors.
Our goal is to ensure a smooth transition for the owners, preserving their legacy while initiating a new phase of sustainable growth.
The team
Meet Filipe – the founder and leader of the investor group that makes up Audaz Capital. With a career in financial markets spanning two decades, Filipe has dedicated himself to identifying and capitalising on the most promising investment opportunities within the publicly listed equity markets, contributing his knowledge to some of the most reputable investment firms in the world.
His enterprising nature reached new heights when he co-founded and managed a fully operational asset management firm, which was later integrated into the world’s largest quoted hedge fund manager.
Born to a Spanish father and a Portuguese mother, Filipe's business-mindedness is deeply rooted in his upbringing within a family of entrepreneurs, instilling in him a profound sense of legacy and purpose. Driven by a fervent desire to cultivate an environment in which capabilities can truly thrive, Filipe is fuelled by a passion to leave a lasting impact.
Filipe is backed by a group of 18 investment partners, national and foreign, with extended strategic and operational experience, which will assist him through the search and management periods. Once an acquisition takes place, a selection of these will integrate the Board of Directors.
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Former searcher and the CEO of Page Bros, a company that evolved from a traditional printing business to a multi-channel, broad-based service provider in the education sector. Alex has over 15 years of experience in the technology industry.
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Private equity firm specialising in search fund investments on a global scale. Its managing partners, Angel Alvarez and Guillermo Zambrano, are pioneers in the search fund industry. They successfully acquired and sold Universidad Tres Culturas, a private university in Mexico City, achieving an outstanding return for their investors.
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First European search fund investor established by a traditional private equity firm: Aurica, the former PE arm of Banco Sabadell, which boasts over 20 years of experience supporting companies and their teams in expansion and internationalisation.
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Entrepreneurial family in Spain, with a solid track record of value creation through several successful ventures. Felipe Ruiz has been a professor of business administration at the Polytechnic University of Madrid, having previously founded two companies and served on several boards of directors for both public and private companies. Rafael Ruiz manages an investment fund and previously worked in investment banking at Citigroup.
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Luis has over 20 years of experience as an investment professional in private equity, having served as a Managing Director at Advent International for 10 years. Prior to that, he was a founding partner of Dresdner Kleinwort Capital Spain (DrKC) and an investment director at Iberfomento. He is currently an active investor in several search funds and a mentor.
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Director at Ryton Equity, a UK investment vehicle specialising in search fund investing. His previous experience includes consulting roles at Bain & Company and Ernst & Young, among others.
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US-based private equity investment firm. Led by Alexander Schuil, a former searcher and the successful exited CEO of Briscoe Protective, a burglar and fire alarm installation and monitoring services’ provider. Alex grew the business fifteen-fold through organic initiatives and more than ten acquisitions, largely without resorting to equity issuance.
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Austrian family office with extensive experience in private equity and venture capital, including search funds. Its core business is RP Global, a 40-year-old pioneer in the renewable energy sector with projects in Europe, Africa and South America, and an exemplary track record of growth and value creation.
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Scipio Holding and Swanlaab Venture Factory formed a strategic alliance, creating a team with ample experience and a complementary mix of entrepreneurial, financial, and operational skills.
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Multi-asset private fund that began its foray into the search fund industry five years ago and has since been involved in 20 acquisitions, with a portfolio of 30 active searchers. The team brings extensive experience investing across both liquid and illiquid assets in various geographies and continents.
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Former searcher and the successful exited CEO of Herchenbach Industrial Warehouses. He launched the first partnered traditional search fund in Switzerland and South Germany in 2013. Under his leadership, the business more than doubled both revenue and EBITDA, delivering outstanding returns for investors, before Tobias’ partial exit in early 2019.
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US-based investment firm with a core focus on search funds and a unique long-term investment horizon. The founding members of TTCER bring years of collaborative experience from building Asurion, a search-acquired company that has evolved into a global leader in insurance solutions and probably the most successful investment case in the entire search fund industry.
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Venture capital and private equity investment arm of the Spanish family office Espai D’Inversions. It deploys capital with a long-term vision and without an obligation to ever sell its stake.
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Will is a pioneering investor in the search fund asset class and has played a central role in refining its acquisition criteria. He is the Chairman of two public companies and a Director of several private companies. Will is also the author of The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success, which was named by Business Insider as one of ‘The 25 Most Influential Business Books Ever Published’ and is the host of the 50X podcast.
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Value added
The productive structure of the Iberian Peninsula is highly fragmented, with small and medium-sized enterprises (SMEs) forming the backbone of its economies. However, many of these companies face an existential challenge: despite their quality and track record, the lack of a succession plan leaves them in a state of uncertainty that threatens their continuity and could even lead to their disappearance.
Audaz Capital offers a solution to this problem, providing a credible alternative for the owners of solid businesses seeking to divest their asset. Through a committed and long-term approach, not only facilitates the transition but also ensures the continuity and growth of the business under new leadership aligned with the founder’s principles.
The following values set us apart and make Audaz Capital a trusted option to lead the business:
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Filipe Bergaña will dedicate himself exclusively to the single acquired company – not a portfolio – ensuring an orderly transition and a focus on preserving the owners’ legacy. This bond goes beyond the transaction and is constantly aimed at strengthening the company for the future.
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We act with transparency, ethics, and respect in all our interactions. We believe in building relationships based on trust, maintaining open and honest communication with the owners, ensuring that the company’s original values are upheld and respected. We guarantee total discretion throughout the entire process.
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We aim to drive the growth of the company we acquire. We focus on developing strategies that foster expansion and maximise the business’s potential, always oriented towards long-term value creation.
Audaz Capital offers the most suitable alternative to traditional divestment models:
We are devoted to generating exceptional value added through a well-defined and systematic approach, including the following initiatives:
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Comprehensive assessment of the company's competitive position with a view to developing a long-term strategy in close collaboration with the previous management team.
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Extended review of all functions aimed at identifying opportunities through upskilling.
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Implementation of a programme to attract and retain qualified talent, fostering a high-performance culture.
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Integration of functional and operational improvements that enhance efficiency and outcomes.
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Review of the technological system to maximise data-driven knowledge and stimulate innovation.
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Evaluation of potential markets and geographical areas to capitalise on the company’s successes.
Investment criteria
Audaz Capital targets industries and companies that possess the following attributes:
Industry
Large, fragmented marketHigh structural organic growth, low cyclicalityNon-commoditised product or service offering
Low rivalry among existing competitorsLow threat of substitutionLow bargaining power of customers and suppliersLow risk of technological obsolescenceLow risk of adverse regulatory changesCompany
SimplicityTrustworthy managementConcentrated ownershipDistinctive competitive positioningRecurring revenue, low customer concentrationSuperior cash flow generationStrong balance sheetSustainabilityThe investable universe is composed by existing, privately held companies based in Spain or Portugal, typically with revenues between €10m and 30m and EBITDA in the €1m to 5m range.
We pursue mature rather than start-up businesses and does not engage in turnaround or distressed investment opportunities.
Press room
Audaz Capital has been mentioned in the following media outlets:
Contact us
filipe.bergana@audazcapital.com
+34 682 925 237Paseo de la Castellana 200 - Piso 3 - 28046 Madrid