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After more than 15 years of experience in operations management, technology, and business development, Fernando García Benavides launched Divisadero Capital in mid-2023 with the objective of searching for and acquiring a Spanish SME. He has now successfully completed this process with the acquisition of the Spanish engineering company Visual Counter. 60% of the equity was provided by established SF investors, while the debt, representing approximately 50% of the EV, was financed by Banco Santander.
Founded in 2003, Visual Counter is a Spanish engineering company that designs, manufactures, and markets advanced technological solutions for analyzing people flow and customer behavior. Its systems leverage cutting-edge sensors and data analytics to count and track people in environments such as retail stores, public transport networks, airports, banks, and museums. By collecting accurate real-time and historical data on visitor numbers, movement patterns, queue lengths, and occupancy, Visual Counter enables organizations to optimize operations, enhance customer experience, and make better strategic decisions.
The company’s solutions are deployed in tens of thousands of locations across more than 80 countries, providing valuable insights that improve marketing effectiveness, resource planning, and overall performance. Visual Counter is expected to generate approximately €8M in revenue in 2024, with an EBITDA of €3.5M.
Fernando commented that he was attracted to Visual Counter because, although it is based in Madrid, the company has strong international potential, a truly global footprint, and cutting-edge innovation, combining advanced hardware and software technologies with significant competitive advantages, particularly due to its expertise in developing Time-of-Flight sensors.
DD: Oderis / Legal (buyer): Grant Thornton / M&A: Translink / Legal (seller): Pérez Llorca
