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Operational Investors

Our Strategy

Atena is a value-oriented investor focused on unique Portuguese businesses facing operational or financial challenges. We pursue complex situations such as successions, carve-outs and distressed sales, for which our flexible investment mandate and deep in-house resources are critical. Post-closing, our team works alongside the portfolio management teams supporting the development of ambitious international expansion, operational improvement and buy-and-build plans. 

 

Our current businesses

Atena is currently present in three sectors: Industrials,  Education and Healthcare. Together they represent around 250M€ in sales, with over two thirds abroad, and more than 2000 people. We export to more than 40 countries, with local presence in Portugal, Spain, Poland, Brazil, Algeria, Mozambique and Cameroon.

 

Our Team

Atena was founded on the premise that it is crucial to have in-house operational experience to make sounder investment decisions and to support the portfolio management teams in the design and implementation of truly transformational projects. Today we count with one of largest teams in Portugal and we maintain the same philosophy: M&A professionals working together with Operating professionals from deal origination until exit. Above all, we all share the same culture of Independence, Candor and Merit.

 

Our Investors

Atena is currently investing its Atena II fund, closed in January 2019 with 75M€. Atena's 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. Atena Equity Partners and its funds under management are authorised and regulated by the CMVM.

 

 

What we look for

Investment Criteria

  • Portuguese companies with Revenues of more than 10M€, profitable or loss-making
  • Enterprise value between 10M€ and 100M€
  • Will consider any sector, including Opportunistic Real Estate based businesses
  • Strong barriers to entry: brands, regulatory barriers, location, cost advantages, high client switching costs
  • Acquisition of controlling interests, ideally with a significant co-investment by the management team

Target Situations

  • Buy-and-build strategies
  • Family-owned companies facing succession issues
  • Operational  and financial restructurings
  • Distressed Debt
  • Carve-outs of non-core businesses

Our Team

Atena was founded on the premise that it is crucial to have in-house operational experience to make sounder investment decisions and to support the portfolio management teams in the design and implementation of truly transformational projects. Two of the three Founding Partners have had significant line experience in Portuguese SMEs and our Operating Partners, world-class senior executives who invest and work alongside Atena's investment team, strengthen our due diligence capacity and help to foster change at the portfolio level by "having done it before".

Atena has also developed a network of Operating Executives who are affected to its fund's portfolio companies as interim executive managers when necessary, and with the consultive support from Senior Advisors who are heavyweights in the Portuguese corporate world.

Management Company

Current Investments

Divestments

News