Madrid · Buy-side advisory
Buy-side acquisition advisory for Spanish SMEs.
Delegado Capital helps family offices and operator-investors identify, evaluate and acquire profitable Spanish SMEs where succession, ownership transition or professionalization creates the opportunity.
The Delegado thesis
Access the Spanish lower middle market with discretion, discipline and local judgment.
Spain's lower middle market contains profitable, founder-owned companies that are often too relationship-driven, succession-sensitive or operationally complex for standard investment channels. Delegado Capital helps investors and operators access this market with discretion, discipline and local judgment.
Why Delegado
Four principles that define our work.
Local acquisition delegate
A Spain-focused partner for investors seeking access to relationship-driven private-company opportunities.
Owner-sensitive origination
Discreet, patient approaches to founders and families — framed around continuity, succession and trust, not transactions.
Investor discipline
A disciplined first screen that protects the investor's time, mandate and reputation before any transaction resources are committed.
Operator-led value creation
Preference for acquisitions where capable operators can professionalize, scale or compound the business over time.
Who we serve
Patient capital, capable operators, considered owners.
Family Offices
For investors seeking access to profitable Spanish SMEs through a disciplined, discreet acquisition process.
Operator-Investors
For entrepreneurs, independent sponsors and funded searchers looking to acquire and operate a strong private company.
Business Owners
For founders and families considering succession, liquidity or a long-term ownership transition.
What we look for
Profitable Spanish SMEs with €1m–€5m EBITDA.
Founder-owned, succession-driven, with stable cash flows and clear professionalization potential.
We are sector-selective but not sector-constrained. We prioritize business quality, ownership dynamics, cash-flow resilience and transaction feasibility.
How we work
A disciplined buy-side process.
We combine direct origination, owner relationships, advisor referrals, curated private-market platforms and disciplined screening to identify actionable acquisition opportunities.
Acquisition thesis
Clarify target criteria, sectors, ownership profiles and risk appetite.
Market mapping
Identify attractive segments, fragmented markets and founder-owned businesses.
Owner approach
Discreetly approach owners around succession, continuity or partnership.
Opportunity screening
Assess strategic fit, financial quality, owner motivation and feasibility.
Transaction support
Coordinate NDAs, offers, due diligence and process management.
Private opportunities
Illustrative Opportunity Profiles
Selected blind teasers are shared only with pre-qualified investors under NDA.
Request access to private opportunitiesEngineering Services Platform
Founder-led engineering services firm with long-standing industrial clients; founder approaching retirement and exploring a controlled ownership transition.
Recurring revenue, embedded client relationships, clear professionalization path in commercial and operational functions.
Operator-investor or family office with an industrial-services platform thesis and appetite for buy-and-build.
Specialist Transport Operator
Family-owned specialist transport operator with a defensible regional position; shareholders considering partial liquidity and a long-term partner.
Asset-backed business with stable contracted revenue and consolidation potential in a fragmented niche.
Patient family office or sector-experienced sponsor open to a minority-to-majority structure.
Niche B2B Services Company
Owner-operator of a niche B2B services company open to selling control and supporting a structured transition over 12–24 months.
High customer retention, pricing power, and clear professionalization upside in sales operations and digital workflows.
Operator-led acquirer or sponsor-operator team with sector experience and a hands-on value-creation plan.
For owners
A discreet succession path for business owners.
For founders and families considering a sale, partner or ownership transition, Delegado Capital provides a confidential path to selected long-term investors and operators.
Selected private assets & special situations
Adjacent capabilities, considered selectively.
Renewable Energy Assets
Selective support for private renewable energy and infrastructure-related asset opportunities in Spain, coordinated with specialist advisors where required.
Special Situations
Support for family-owned stakes, minority holdings, inheritance-driven liquidity needs and complex private asset portfolios, typically referred by lawyers, family offices or trusted advisors.
Conflict discipline
A clearly defined role, before each engagement.
Delegado Capital defines its role clearly before each engagement. Where potential conflicts exist, we disclose them and agree the mandate structure before proceeding.
About
A Madrid-based boutique advisory firm.
Delegado Capital focuses on private-company acquisitions in Spain's lower middle market — combining legal, business and investment experience with a practical understanding of owner-led companies, succession dynamics and operator-led value creation.
AboutQuiet confidence. Access. Judgment.
Begin a discreet conversation about acquiring, succeeding or partnering in a Spanish private company.
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