Subscribe to unlock this article
Thanks for your support.
Leonardo Gonzalez wants to work alongside founders and families, focusing on smooth handovers, operational continuity, and the long-term stewardship of a Spanish SME. He has launched Baetica Capital, paying tribute to the Roman province of Hispania Baetica, one of the most prosperous regions of the ancient world, spanning what is now Andalusia. The name reflects his belief that great businesses, like great civilizations, are built on strong foundations and long-term thinking. He fundraised in a dozen weeks and was nearly twice oversubscribed. His journey as a searcher is supported by JB46, Alza Capital, Evolutiq, Pina Capital, Lineage Partners, Beka Finance, Celium Capital, Cabiesa, Asta Capital, 9T Capital, and Mazal Capital.
Leo brings more than 15 years of experience across investment and business management. Over the course of his career, he has acquired more than 30 companies and led one of the largest hospital networks in its sector, comprising 100 centres and 3,000 employees. His experience as both an investor and an operator has shaped his approach to entrepreneurship and succession, with a particular focus on understanding the challenges of building a business and preserving what works when leadership changes hands. Leo studied at the University of Oxford and is a CFA Charterholder. His previous roles include Director and Senior Vice President in Private Equity at Patria Investimentos, CFO of Opty, Board Member of Smart Fit, and Analyst at Credit Suisse.
Leo focuses on acquiring one established mid-sized business in Spain, with a sector-agnostic approach that includes services, B2B, technology, and other proven industries. He is particularly interested in businesses facing a retirement or succession situation, including family-owned companies without a next-generation successor, as well as stable businesses with clear potential for further growth. He will start his search with companies with more than €2.5M in EBITDA located in the south of Spain. Beyond financial performance, he values strong management teams, loyal customer bases, solid reputations, and defensible competitive positions, seeking companies with a strong foundation that can be preserved and further developed under new ownership.
