July 9, 2023

Diana Capital receives SpainCap Award for Best Expansion Capital Transaction

Madrid, July 7, 2023.

The private equity firm Diana Capital has received the “Best Expansion Capital Transaction” award at the 16th edition of the Private Equity Awards in Spain, organized by SPAINCAP, Deloitte and IESE Business School. The award was given for the operation in Gransolar, an integrated photovoltaic energy company with a broad international presence.

Diana Capital invested in Gransolar in 2016 and in 2019, through two capital increases and through Diana Capital II and, together with co-investors of the fund, acquired 35% of the company. Since then, the company achieved a series of milestones of great relevance, such as increasing to 9% the global market share of solar trackers, doubling the production facilities in Cheste, Valencia, to 16,000 square meters, installing a new plant in Saudi Arabia, exceeding 10GW of trackers sold and 2.5GW built, building in Dubai the largest plant in the world until 2018.

During the period of Diana Capital’s investment, Gransolar increased its turnover by 5 times, from 100 to 500 million euros, and its workforce by 4 times, from 200 to 800 employees. In addition, the company achieved a significant international expansion, developing projects in, besides Spain, 25 other countries, such as the UK, Italy, Portugal, Denmark, Turkey, the USA, Australia, the Philippines, Egypt, Brazil, Colombia and Argentina.

In 2022, Diana Capital reached an agreement with Trilantic through which it acquired 60% of the company, with the management team retaining the remaining stake. For Diana Capital II, this transaction has resulted in a 5x increase of the investment made and an IRR of 33%.

This is the third award received by Diana Capital from SPAINCAP. Previously, it has been recognized with the “Best Expansion Capital Transaction” for Indal, a lighting company currently part of the Philips Group, or “Best Economic and Social Impact” for Guascor, a manufacturer of motors and energy equipment, acquired by Siemens and sold to Mutares last year, both operations within the framework of its first fund.

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