Ángel González: “In Andalusia there is no more M&A simply because there are no more vehicles”
Growth of the M&A Market in Andalusia
Ángel González Bravo, Managing Partner of Alter Capital, highlights that Andalusia is experiencing a pivotal moment for the growth of its M&A market, but notes that its development is constrained by the limited availability of investment vehicles. Although the region is among those with the highest number of active companies and boasts highly attractive sectors —such as agri-food, leisure, energy, and defense— the volume of transactions remains modest compared to its potential.
Strong Presence in the South
Alter Capital, a management firm rooted in Andalusia and also present in Madrid, maintains a firm commitment to the region: eleven of its fourteen portfolio companies are Andalusian, including businesses such as Kampaoh, Wuolah, Dawn Energy, Global Coffee Industries, and Dental Company. Ángel González, Managing Partner of Alter Capital, emphasizes that the ecosystem could multiply its activity if the creation of new regional funds were accelerated, particularly those driven by Trade as an anchor investor. The recent designation of the agency as the financial agent of the Andalusian Public Fund opens the door to new public–private vehicles that management firms such as Alter Capital could manage with their own capital contributions.
In addition, our Managing Partner underscores the urgency for these funds to be activated swiftly and on a recurring basis, recalling that the dynamism observed since 2022 was due precisely to three FEDER-backed funds launched in 2021, through which Alter Capital was able to invest 12 million euros in the region. With those funds now fully invested, the firm is awaiting new calls to meet the high demand: “We close two deals a year, but I see a hundred potential ones.”
he firm considers the region a still-underexploited strategic opportunity and anticipates that 2026 —with the arrival of a new regional fund— could mark a turning point in transaction volume.
