Private Equity FundAllocates capital directlyActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 14 SOURCES

Phi Industrial

Also known as PHI Industrial Acquisitions, PHI ASSET MANAGEMENT PARTNERS, SGEIC, S.A., Phi

Madrid special-situations private equity firm active since 2006; buys majorities in European industrial and service companies with €20M–€250M revenue, incl. carve-outs, turnarounds and successions.

HEADQUARTERS: Madrid, Spain
FOUNDED: 2006
AUM: —
OUTSIDE CAPITAL: Yes
TEAM LISTED: 7 people

FOCUS

STAGES: Buyout
SECTORS: Industrial & Manufacturing Consumer & E-commerce Food & Agriculture
ASSET MIX: Private equity
GEOGRAPHY: Europe

WHAT IT IS

Private Equity Fund. A fund manager investing limited-partner capital into mature private companies.

ABOUT

Phi Industrial (PHI Industrial Acquisitions) is an operational private equity firm that began operating in Spain in 2006 and has acquired more than 30 companies. It buys majority stakes in European industrial and service companies facing technological or structural change, succession, financial restructuring or corporate carve-outs, and supports them with its own operations team. Its managed vehicles include Phi Fund II, Phi Fund III (about €80M), the €287M Phi Continuation Fund I for BlueSun (2025) and PHI Fund IV, expected to reach about €150M, which made its first acquisition in September 2026.

INVESTMENT THESIS

Majority acquisitions of European companies with €20M–€250M revenue in any sector except financial and real estate, in special situations: technological or structural change, non-core assets of multinationals, succession, financial restructuring and carve-outs; more recently profitable family-owned industrials in transition.

PORTFOLIO (12)

LladróNOTABLE
Consumer & E-commerce
BlueSunNOTABLE
Consumer & E-commerce
ALJO
Industrial & Manufacturing · since 2026
Verot
Industrial & Manufacturing · since 2026
Palinox
Industrial & Manufacturing · since 2025
Panalia
Food & Agriculture · since 2024
Teknicalde (MEP Group)
Industrial & Manufacturing · since 2024
Compañía del Trópico
Food & Agriculture
HD Plus Insurance Broker (HD Daza)
Mascioni
Industrial & Manufacturing
Lapp Insulators
Industrial & Manufacturing · since 2021 · Exited
PPC Insulators
Industrial & Manufacturing · Exited

TEAM

Alexander Wit
Managing Partner (founder) · source
Jordi Bricio
Managing Partner · source
Jaime Echániz
Partner · source
Ignacio Hormaechea
Partner · source
Carlos Simón García de Alcaraz
Director M&A · source
Elena Mialdea
Financial Director · source
Francesco Russo
Vice-president of Operations · source

FAQ

Phi Industrial is a private equity fund based in Madrid, Spain, founded in 2006.

Yes. Phi Industrial invests directly in private companies.

Phi Industrial invests at Buyout stage in Industrial & Manufacturing, Consumer & E-commerce and Food & Agriculture.

Key people at Phi Industrial include Alexander Wit (Managing Partner (founder)), Jordi Bricio (Managing Partner), Jaime Echániz (Partner) and Ignacio Hormaechea (Partner).

Phi Industrial's investments include Lladró, BlueSun, ALJO, Verot, Palinox, Panalia, Teknicalde (MEP Group) and Compañía del Trópico, among others.

The most recent publicly reported investment by Phi Industrial is ALJO (Buyout, 100% (PHI Fund IV)), announced in Sep 2026.

Yes. Phi Industrial manages capital from outside investors.