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In mid-2023, with over 15 years of experience in fast-moving consumer goods and beverages, Jaime Rioja launched Dangalena Capital, a Spanish SF backed by 15 investors, with the aim of creating a group of wineries combining several single appellations. In just one year, he succeeded in securing the cornerstone of his build-up strategy by acquiring Pago de Tharsys, a pioneer in the production of sparkling wines under the DO Cava designation in the region of Valencia. The acquisition was completed for less than 6x EBITDA, with an EV of approximately €8M. The deal was financed through a 10% seller note and leverage financing from Caixa Popular, covering approximately 55% of the required funds.
Investors supporting Jaime in this acquisition include Agirax, Cloudbreak, Mugello Inversiones, Novidam, Tres Coronas, Enrique Locutora, Ignasi Botet, Francisco Javier Peña, José Luis de Mora, León Bartolome, Gernot Eisinger, Ángel Muñoz, Alejandro Rodríguez Carmona, and Bart Van Hoek.
Although the winery dates back to 1808, Pago de Tharsys was founded in 1991 in Requena (Valencia) by Vicente García and Ana Suria. The company manages its vineyard under the principles of ecological viticulture and is one of the first producers of sparkling wines under the DO Cava designation in the region. It also produces unique wines under its own Tharsys DOP—white, red, and sweet wines—as well as spirits and liqueurs. Pago de Tharsys exports 40% of its production and is one of Spain’s most profitable and fastest-growing Cava producers, with sales projected to reach €5M in 2024 and an EBITDA of around €1.3M.
Jaime stated that this initial acquisition will serve as the foundation for building a portfolio of premium wine producers in Spain. He is currently exploring two additional acquisitions and hopes to close at least one within the next few months.
Legal: Bufete Barrilero y Asociados / DD: Baker Tilly
