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Private Equity FundPuts its own capital into companiesLAST VERIFIED Oct 2026 · 14 SOURCES

Formentor Capital

Also known as Formentor Capital Partners, SGEIC, S.A.

Madrid private equity manager launched in 2018 by Bernardino Díaz-Andreu and José Ramón de Pablo; €120m first fund for Iberian SMEs with EBITDA of €2–10m. Holdings include GVO, Excom and Adea.

HEADQUARTERS
Madrid, Spain
FOUNDED
2018
AUM
—
OUTSIDE CAPITAL
Yes
TEAM LISTED
6 people

Focus

STAGES
GrowthBuyout
SECTORS
Industrial & ManufacturingConsumer & E-commerceSoftware & SaaS
ASSET MIX
Private equity
GEOGRAPHY
SpainPortugal

Overview

Formentor Capital was launched in 2018 by Bernardino Díaz-Andreu (ex-Torreal) and José Ramón de Pablo (ex-Atlas Capital); its first fund closed in October 2018 with €120m, mainly from North American and European investors. It started by buying the portfolio of Atlas Capital (Serviocio, Adea, VaV Group) on the secondary market, then made direct control investments in GVO and Excom in 2020. It invests in unlisted Spanish and Portuguese mid-sized companies, excluding financial services and real estate. It also manages two SCRs, Recurring Entertainment and Probability Invest; the former's 2025 KID states its object includes companies in the B-type gaming machine business. Its current holdings are Barianza, Excom, GVO, Adea and Serviocio.

Investment thesis

Majority or minority stakes in unlisted Spanish and Portuguese mid-sized companies with EBITDA of €2–10m facing succession, shareholder change, funding or internationalisation needs; multi-sector except financial and real estate; buy-and-build and hands-on 100-day and 1,000-day plans.

PORTFOLIO (6)

  • Barianza
    Consumer & E-commerce · since 2024
  • Excom
    Software & SaaS · since 2020
  • GVO (Grand Vision Optics)
    Consumer & E-commerce · since 2020
  • Adea
    Software & SaaS · since 2018
  • Serviocio
    Consumer & E-commerce · since 2018
  • VaV Group
    Media & Entertainment · since 2018

People

  • Bernardino Díaz-Andreu
    Founding Partner · source
  • José Ramón de Pablo
    Founding Partner · source
  • Luis de Cos Igartua
    Investment Director · source
  • Carlos Gabilondo Cámara
    Associate · source
  • Yolanda Cano
    Chief Financial Officer · source
  • Alfredo Sáenz
    Advisory Board · source

Links

Frequently asked questions

Formentor Capital is a private equity fund based in Madrid, Spain, founded in 2018.

Yes. Formentor Capital invests its own capital in private companies.

Formentor Capital invests at Growth and Buyout stages in Industrial & Manufacturing, Consumer & E-commerce and Software & SaaS.

Formentor Capital's stated ticket size is €10M–€20M.

Key people at Formentor Capital include Bernardino Díaz-Andreu (Founding Partner), José Ramón de Pablo (Founding Partner), Luis de Cos Igartua (Investment Director) and Carlos Gabilondo Cámara (Associate).

Formentor Capital's investments include Barianza, Excom, GVO (Grand Vision Optics), Adea, Serviocio and VaV Group.

The most recent publicly reported investment by Formentor Capital is Excom (Control stake (about €12m, share purchase plus capital increase)), announced in Nov 2020.

Yes. Formentor Capital manages capital from outside investors.