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Operational Investors

We invest in Portuguese leaders operating in niche segments with strong barriers to entry, in situations where our direct involvement unlocks substantial value. Given our accumulated experience and flexible investment mandate, we are very comfortable navigating through the complexity typically found in buy-and-build, succession and restructuring scenarios.

Atena is owned by its three founding partners, and its funds under management have as ultimate beneficiaries its management team (with a significant share) and several European and US institutions in a syndicate that includes Foundations, Universities, Insurance companies and Pension funds. Therefore, we have absolutely no conflicts of interest with either national Financial Institutions or Public Entities, being fully aligned with the management teams that co-invest with us.

Atena can invest across the target's capital structure and this flexibility enables it to swiftly close transactions in complex situations. Through its Atena I fund and a co-investment facility, Atena can quickly secure up to €15M of equity per investment opportunity (Enterprise Value tipically between €10M and €50M).

Atena Equity Partners and its funds under management are authorised and regulated by the CMVM - Comissão do Mercado de Valores Mobiliários.

Independence, Execution, Candor

What we look for

Investment Criteria

  • Companies with Revenues of more than €10M, operating in niche segments where they have a clear leadership position
  • Strong brands, regulatory barriers, cost advantages (scale, distribution, location) and high client switching costs
  • Any industry except Real Estate, but oriented towards export-driven businesses and local defensive sectors
  • Acquisition of controlling stakes, and we privilege significant co-investments by the management teams
  • Equity investments of up to €15M in companies with an Enterprise Value typically between €10M and €50M

Target Situations

  • Buy-and-build strategies
  • Companies facing succession issues
  • New money injection to achieve operational improvements
  • Financial restructurings
  • Growth Equity after insolvency/pre-insolvency
  • Spin-offs and carve-outs of non-core businesses

Our Team

Atena’s 6 investment team members accumulate around 70 years of complementary experience: more than 23 years of Private Equity, 20 years of executive management, 15 years of financial advisory and 10 years of strategic consulting experience. They also possess wide experience in internationalization processes, acquired in board and management positions across several countries, including Spain, Brazil, China, Italy, Mozambique and Argentina.

The investment team is complemented on-the-ground by Operating Executives fully dedicated to Atena's portfolio companies. Atena is proud to also count with the support from Senior Advisors who are heavyweights in the Portuguese corporate world.

Management Company

Current Investments

Divestments