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Operational Investors

Our Investment Strategy

We pursue control-oriented equity and debt investments in Portuguese companies where our intervention unlocks significant growth and improvement potential. The combination of our broad operational background, flexible investment mandate and deep knowledge of the local business fabric is unique to the portuguese Private Equity market.

 

Our businesses

Atena invested in four sectors: Industrials,  Education, Healthcare and Business Services. Together they represented around 260M€ in sales, with over two thirds abroad, and more than 2000 people. We have experience with exporting 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. Above all, we all share the same culture of Independence, Candor and Merit.

 

Our Funds

Atena raised its first Atena I fund in 2014 and  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 and several international (European and US) institutions. 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
  • Will consider any sector, including Real Estate intensive 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

  • Operational and financial restructurings
  • Control-oriented distressed debt 
  • Carve-outs of non-core businesses
  • Family-owned companies facing succession issues
  • Buy-and-builds

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 we count today with in-house dedicated Transactions and Portfolio Development teams. 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

Environmental, Social and Governance

Atena is an active promoter of ESG principles, when allocating resources from its funds under management and also when promoting initiatives as a management company.

When allocating our funds under management, our only objective is to excel in executing the investment mandates we are given by our clients. We firmly believe ESG-driven decisions by consumers and governments worldwide have a material impact on the success of our investment mandates. Therefore, as long-term investors, we hold that a focus on ESG throughout the investment lifecycle allows us to better identify investment risks and value creation opportunities.

Furthermore, as part of our ESG commitment, we are active signatories and promoters of the United Nations-backed Principles for Responsible Investment.

ATENA’S 4 PRINCIPLES FOR RESPONSIBLE INVESTMENT ARE:

  • Climate Centric: 
    We are focused on optimizing climate impact and committed to continuously improving our operations, aiming to neutralize our carbon footprint and reduce negative environmental impacts.
  • Transparent Reporting:
    We are committed to actively reporting on our ESG matters, following best international practices.  
  • Inclusion Focused Governance:
    We foster gender equality and non-discrimination; We share best practices, provide adequate resources and training to management teams.
  • Sector Sensitive Capital Allocation:
    We do not invest in sectors that have a negative impact to society, among others: weapons, gambling, tobacco industries or companies associated with fraudulent practices

Latest Atena Sponsored Initiatives:

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