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Led by Hugo Azpiazu and Gonzalo San Martín, who bring extensive experience in investment and business management, Azmar Capital aims to support the continuity and growth of a Spanish SME, ensuring a smooth transition while preserving its legacy. The SF is backed by a group of 16 strategic investors, including Cerralvo Capital, Cromwell Harbor, Dellin Investments, Istria Capital, Lineage Partners, ONEtoONE Asset Management, the Ruiz Family, TMB3, Alex Tuya, Joaquin Pardo, Tobias Raeber, and Fernando Herrero, among others.
Hugo has built his career in investment banking (Alantra) and PE funds (Formentor Capital, Metric Capital), where he analyzed and executed investment opportunities in the SME segment. He has also been closely involved in managing portfolio companies, serving on several boards of directors and supporting management teams in identifying and implementing growth strategies. In 2018, Hugo joined Syna Capital, one of the first SFs in Spain, which acquired Vozitel. This experience inspired him to establish Azmar Capital several years later.
Gonzalo has worked in the investment banking division of Banco Santander, both in the London and Madrid offices. After gaining experience in various teams, he spent most of his time in the debt department, financing M&A transactions and leading syndicated deals. Gonzalo has extensive expertise in originating and coordinating transactions, as well as negotiating deals and legal documentation. Additionally, he has experience leading and managing teams with diverse skill sets.
They have known each other since they were four years old, having attended both school and university together, sharing countless life experiences. Coming from entrepreneurial families, their background has fueled their desire to develop this project together.
They are industry-agnostic, seeking a company with an EBITDA between €1-4M, characterized by strong margins, positive cash flow, and significant growth potential.
