A personal reflection on the decision to dedicate over fifteen years to investing in the Spanish middle market and the reasons that continue to reinforce that conviction.
I have been investing in Spanish companies for over fifteen years. Over one hundred and fifty companies later, across five distinct sectors, I can say with conviction that the opportunity in Spain has not only not been exhausted — it is more relevant today than ever.
This letter is not a marketing exercise. It is an honest explanation of why I have dedicated my professional career to this market and why I continue to do so.
Spain is the fourth-largest economy in the eurozone. It has an extraordinarily rich business fabric, with more than 4,000 companies generating revenues between 10 and 200 million euros. Most are family-owned. Many lead their niches. And yet, private capital penetration in this segment is significantly lower than in France, Germany, or the United Kingdom.
This is not a market weakness. It is an opportunity. Where others see fragmentation, I see entrepreneurs who have built solid businesses without the need for external capital. When the moment comes that they do need it — for growth, for succession, for transformation — the range of options available to them is limited. That is where we come in.
If I have learned anything over these years, it is that the Spanish entrepreneur possesses qualities not easily found in other markets. There is a resilience forged through real crises — 2008, the pandemic, the subsequent inflation. There is a commitment to employment and to the local community that goes beyond what financial optimisation manuals prescribe. And there is a pride in product and service that translates into competitive advantages that are difficult to replicate.
I do not idealise. I also know the limitations: the difficulty in professionalising management, a certain resistance to change, the lack of succession planning. But it is precisely those limitations that create space for a partner like Blue Mountain.
The Spanish middle market needs a type of capital that does not exist in abundance. Large private equity funds pursue deals of 100 million euros or more. Venture capital concentrates on technology and startups. And the middle-market funds that operate in Spain are typically subject to investment horizons of three to five years, which do not always align with the actual transformation timelines of a family business.
Patient capital from a family office resolves that mismatch. We have no LP pressure to divest. We do not need to triple our money in four years. We can sit at the table with an entrepreneur and discuss a ten-year plan, knowing that we have the capacity to accompany them throughout that entire journey.
This is not a philosophical luxury. It is a competitive advantage. The best deals we have completed were possible precisely because we offered something others could not: time.
Investing in Spain is not merely a financial decision for me. It is a commitment to the economic fabric of a country that has given me extraordinary opportunities. The more than 80 companies in our portfolio employ thousands of people in logistics, hospitality, circular technology, engineering, and services. Each one is a link in the productive chain of this country.
When we support a generational transition, we are not simply closing a transaction. We are ensuring that a company that generates employment, pays taxes, and trains professionals continues to exist and grow. That has a value that transcends financial returns, although — and this is important — we have never had to sacrifice one for the other.
Spain is going to need more patient capital in the coming years. The generation of entrepreneurs who founded companies in the 1980s and 1990s is reaching retirement age. Many do not have a clear successor within the family. And the alternatives — selling to a fund with a short horizon, underselling to a competitor, simply closing down — are not what these entrepreneurs want for the businesses they have built over a lifetime.
This is where Blue Mountain wants to be. Not as the largest investor in the market, but as the most reliable. The one that understands that behind every balance sheet there are people, families, stories. The one that knows that patience is not passivity, but the most intelligent way to create value.
We continue to invest in Spain because we believe in Spain. And because every new company that joins our portfolio confirms that the opportunity is real, tangible, and deeply rewarding.
Dirk Manuel Martens Jimenez Founder, Blue Mountain Capital
Founder of Blue Mountain
Over 15 years investing in Spanish companies with patient capital. Expert in business succession, corporate governance, and middle-market investment.
By Blue Mountain Capital
By Dirk Manuel Martens Jiménez
By Dirk Manuel Martens Jiménez
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