Kramer Inversiones acquires Ibérica Semiconductores de Potencia, a leading power electronics distributor in Spain

Ignacio Salido de Miguel founded Kramer Inversiones at the beginning of 2023, and in less than 18 months, he has successfully completed his search by acquiring Ibérica Semiconductores de Potencia (ISP), a top power electronics representative, distributor, and application & design support provider. The acquisition was supported by a group of investors, including Beka Alpha Search Funds, Cabiedes Inversiones, Tres Coronas, Mugello Inversiones, and León Bartolomé, among others. The deal was made at a low EBITDA multiple and financed with 50% leverage, with debt provided by Bankinter and BBVA.

Founded in 2004 by a team of experts with over 15 years of experience, ISP has established itself as a leader in the power electronics industry. The company focuses on meeting the specific needs of its clients through project design, product validation, and serial production. ISP’s main areas of expertise include traction, renewable energy, energy storage, marine, and industrial applications. With operations in Spain, Portugal, France, and Germany, ISP represents top brands in the power semiconductor market and has completed more than 3,000 projects for over 350 clients in 15 countries. Collaborating with world-class manufacturers such as Fuji and Hitachi, ISP provides tailored energy control solutions for sectors including electromedicine and electric vehicles. The company has experienced double-digit growth in recent years, achieving a turnover of €13M last year with an EBITDA margin of 12%.

Ignacio noted that ISP’s strong cash flow, its leadership position in a well-defined market niche, and its solid presence in Spain and Portugal were key factors that attracted him to the company. He expects to close 2024 with over €14M in sales and an EBITDA approaching €2M, with plans to expand the company internationally over the coming years, particularly in Europe, and to establish a foothold in Asia and the U.S.

Legal (Vendor): Deloitte / Legal (Buyer): Bufete Barrilero y Asociados / M&A: Albia (IMAP)