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Nutria Capital, a self-funded SF founded by Sergio García and Javier Romero-Requejo, has acquired 100% of Hincado Directo, a specialized contractor supporting the construction of photovoltaic power plants across Spain. The transaction closed in December and was backed by 6 investors. The acquisition was financed through a balanced mix of equity and debt, with Cajamar and BBVA providing a club-deal debt package.
Founded in 2019 and headquartered in Badajoz, Hincado Directo operates within the renewable energy construction value chain, providing specialized pile-driving services for photovoltaic power plants across multiple regions in Spain. The company installs the posts and structural supports required for solar panel infrastructure, using a fleet of purpose-built machinery designed for high-efficiency execution on large-scale sites. The business operates with multiple crews working in parallel and a lean, highly specialized operating model. Hincado Directo employs 12 people and works primarily with major EPCs and construction groups active in Spain’s photovoltaic market. Revenue in 2024 reached €1.5M, with EBITDA of €0.9M. The company’s key differentiator is its strong focus on quality and close alignment with contractors, ensuring both rapid execution and consistent delivery standards during critical phases of solar plant construction.
Sergio García commented: “We chose Hincado Directo because it combines robust fundamentals with a clear opportunity to scale. The company operates in a simple, specialized niche with strong demand drivers, high customer repeat business, and a reputation built on reliable execution. What stood out most was its ability to align closely with contractors’ timelines and quality requirements, becoming a trusted on-site partner. The sellers also demonstrated a high level of professionalism and operational sophistication, which helped establish a strong platform for the next stage of growth.”
Legal (buyer): DLA Piper / DD: Deloitte / Debt Advisory: Premier Corporate Group / Legal (seller): Martinez Echeverria / M&A: Bankinter / Financial advisor: Seabird Capital
