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Entrepreneurs Diego Canales and Nicolás Romo have joined forces to launch Targos Capital in Spain. They have secured the backing of 18 international investors from three continents and nine countries to support their search, including institutional investors and family offices such as JB46 Partners, Aniol, Itaca Capital Partners, Secways, Grupo Santa Marta, 9T Capital, ALX Hormes Capital, Colca Capital, Soare Holdings, Cabiesa Capital, Ventus Capital Partners, and Navigator. They are also supported by private investors and former searchers, including Ibérica Partners, João Diogo Stoffel, Neil Cuggy, Jonathan Ferrari, Mario Mustafá, among others.
With over 20 years of combined experience in PE, consulting, operations, and entrepreneurship — both in multinational corporations and family-owned businesses — Diego and Nicolás understand the unique challenges faced by SMEs and recognize the critical importance of ensuring effective succession planning.
Diego brings 11 years of private equity experience, having analyzed more than 100 transactions across sectors including healthcare, real estate, technology, education, and logistics. He began his career at Enfoca and Altra Investments in Peru before moving to London to work with Patron Capital and LetterOne. Beyond investing, he spent two years as Head of the PMO at a portfolio company, leading a 14-person team to implement value-creation initiatives from within. Alongside his PE career, he has co-founded three companies operating in the education and entertainment sectors.
Nicolás, a lawyer by training, started his career in M&A at a top-ranked firm in Mexico City, before joining Bain & Company as an Associate Consultant in the same city. After earning an MBA degree from LBS, he joined Qima as Chief of Staff, where he collaborated closely with the CEO to plan and execute high-priority strategic, operational, and organizational initiatives. He later joined Aromaria, launching its European operations and overseeing financial and operational activities, while simultaneously co-founding Avelor Capital Management, a real estate fund where he continues to provide advisory services.
Targos Capital is seeking to acquire a high-growth Spanish SME with recurring revenues, low customer concentration, and EBITDA between €2M and €6M. They have a particular interest in businesses operating within highly fragmented industries.
