Headway backs Spanish fund restructuring

Headway Capital Partners has tapped its HIP IV fund to restructure a Spanish manager’s 2014-vintage fund.

The London-headquartered firm backed the transaction in which assets held in Alter Capital‘s Al Andalus Capital vehicle were moved into a new fund, according to a statement. It is understood the three assets involved were general hospital Clinica La Salud, dental clinic chain Dental Company and technology services firm Clever Global.

Headway will also provide follow-on investment to grow the portfolio.

“We are delighted to partner with Alter Capital, who bring valuable experience in the region, deep knowledge of the portfolio companies and close relationships with their excellent management teams, to purchase this diversified and attractive portfolio,” said Sebastian Junoy, founding partner of Headway.

The lead limited partner in Andalus Capital – understood to be regional development agency Agencia de Innovación y Desarrollo de Andalucía IDEA – wanted to generate liquidity as the assets involved in the deal had matured since its original investment.

Al Andalus Capital is a €9 million fund that was established to invest in Andalusian small and medium-sized enterprises, according to a press release announcing its closing in 2014. The fund attracted backing from private investors in addition to IDEA Agency.

A spokeswoman for Headway declined to comment on the size of the deal or the terms of the new vehicle.

It is understood the transaction was a proprietary deal.

This is the second deal from HIP IV and follows its backing of the acquisition of a minority stake in a US medical billing company in early August.

HIP IV launched in February last year with a €300 million target, according to PEI data. It is unclear how much the vehicle has raised so far.