Whitehole
Also known as Whitehole, S.L., Whitehole Investment Partners, SGIIC, S.A., Whitehole Investment Partners
Bilbao direct-investment family office led by Alejandro Ormazabal, with a CNMV-registered manager; takes significant stakes in niche leaders (€2–4M EBITDA) and runs a global macro fund.
USEFUL FOR Business owners seeking a long-term partner · Co-investors
Family & background
- HEADQUARTERS
- Bilbao, Spain
- OUTSIDE CAPITAL
- Yes — also manages others' money
Investment approach
- SECTORS
- Industrial & ManufacturingFood & AgricultureConsumer & E-commerceMobility & LogisticsSoftware & SaaS
- GEOGRAPHY
- Spain
- STAGES
- GrowthBuyout
- ROUTES
- Companies (own capital)
- STRATEGIES
- Direct investmentsPrivate equityHedge funds
Overview
Whitehole describes itself as a direct-investment family office that brings the values of the family industrial company to its portfolio of listed and unlisted assets. Led by its CEO Alejandro Ormazabal, a former vice-chairman of Velatia, it takes significant stakes in cash-generating niche leaders with EBITDA of €2M–€4M and invests its own capital as majority investor alongside a network of co-investors. Its manager, Whitehole Investment Partners, SGIIC, S.A., was registered with the CNMV on 19 April 2024 (no. 290) and manages Whitehole Private Equity 2024, FCRE (target €30M) and the hedge fund Whitehole Global Macro, F.I.L.
Investment thesis
Cash-generating niche-leading Spanish SMEs (EBITDA €2M–€4M) with stable competitive advantages, strong management teams and scope for organic and inorganic growth; significant minority or majority stakes with active governance.
Holdings & investments (10)
INVESTMENT ARMS & VEHICLES
- Private equity vehicle (FCRE, created 2024, target €30M) for minority-significant buyouts of Spanish lower-mid-market SMEs, managed by Whitehole Investment Partners SGIIC
HOLDINGS & INVESTMENTS · MOST RECENT FIRST
- VelatiaNOTABLEIndustrial & Manufacturing
- Embutidos RíosFood & Agriculture · since 2025
- NaizfitSoftware & SaaS · since 2017 · Exited
- EZOMobility & Logistics
- GanuzaIndustrial & Manufacturing
- MEKIndustrial & Manufacturing
- Plásticos HernanzIndustrial & Manufacturing
- ZetrackMobility & Logistics
- DaguFood & Agriculture · Exited
- JalsosaConsumer & E-commerce · Exited
People
- Juan MaortuaInvestment Director, Private Equity · source
- Mario GrafInvestment Director, Global Macro · source
- Ronan CurranInvestment Director, Global Macro · source
- Alejandro OrmazabalCEO · source
- Iñigo EzquerraCFO · source
- Marco DominguezCTO · source
- Unai LópezDirector of Administration and Operations · source
- Ismael IturriDirector of Industrial Operations · source
Frequently asked questions
Whitehole is a family-anchored fund based in Bilbao, Spain.
Whitehole invests its own capital into companies. Its stated asset mix includes direct investments, private equity and hedge funds.
Whitehole invests at Growth and Buyout stages in Industrial & Manufacturing, Food & Agriculture, Consumer & E-commerce, Mobility & Logistics and Software & SaaS.
Key people at Whitehole include Alejandro Ormazabal (CEO), Iñigo Ezquerra (CFO), Marco Dominguez (CTO) and Unai López (Director of Administration and Operations).
Whitehole's holdings and investments include Velatia, Embutidos Ríos, EZO, Ganuza, MEK, Plásticos Hernanz, Zetrack and Dagu, among others.
The most recent publicly reported investment by Whitehole is Embutidos Ríos (Acquisition (founders keep part of their stake)), announced in May 2025.
Yes. Whitehole manages capital from outside investors.