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The search process is challenging and can take a long time. David Malo, founder of Pontem Capital, is a testament to grit and resilience. It took him nearly three years to achieve his dream: acquiring a growing Spanish company while preserving the founder’s legacy.
A few months ago, after a year of intense negotiations, he successfully acquired Alonso Luz y Gas with the backing of several private investors and family offices, including Iniginy Capital, Inversiones Cabiedes, Enrique Locutora, Javier Martín Chocarro, Alex Tuya, and Tomás Barrilero, among others. The EV was approximately €4M, representing around 4x adjusted EBITDA. Of the total, 30% was financed through debt provided by BBVA, and 20% via vendor financing, with the seller also reinvesting in the SPV.
Alonso Luz y Gas is a company with over 40 years of history, founded in Sariñena under the name Electricidad Alonso. Initially specializing in electrical installations, it has expanded to offer services in four business areas: Electricity, Gas, Water, and Maintenance. With a network of operations in Aragón (three locations in Zaragoza, one in Sariñena, and one in Monzón) and Navarra (Pamplona), the company has more than 70 employees and a large fleet of vehicles to optimize service delivery. Alonso Luz y Gas serves over 25,000 households and businesses annually, managing projects of varying scale, from residential installations to large industrial infrastructures. Additionally, the company is a certified partner of REDEXIS GAS and an official ENDESA service point in several locations, strengthening its leadership position in Aragón. The company had a turnover of approximately €5.3M and €0.6M EBITDA in 2023.
David shared with us that he was drawn to the company because of its recurring revenue and the growth potential offered by its partnership with Endesa. He foresees several growth levers, particularly in photovoltaic installations, with a focus on the residential segment and small industrial facilities. The sector is highly fragmented, with many small-scale installers, which presents an opportunity to integrate some of these companies in the future to accelerate growth.
Legal: Bird & Bird / DD: RSM
