Endurance Partners.

  • Endurance Partners (EP) manages a Private Equity fund supervised by the CNMV (Spanish regulator – Securities and Exchange Commission), is a member of ASCRI (Spanish Capital, Growth and Investment Association) and holds the mandate to deliver solutions in management, operations and liquidity constraints to Small and Medium Sized companies (SMEs) in transformation processes and special situations:
    • Immediate fund drawdown capacity and agility in its deployment, reducing company deterioration in the short term and maximizing its long term potential
    • Executive team with experience in the SME corporate segment (operational improvement and restructuring), finance (private equity and M&A) and corporate/tax/labour law
    • Hands-on Board of Directors and Advisory Committee, composed of professionals with ample experience in a myriad of sectors and in financial and legal aspects, and with an network extensive national and international network
    • Team with strong values of team work, perseverance, humbleness, honesty and respect
    • Decision making with the objective of maximizing the value added to all implied stakeholders in the mid-long term
Investment criteria

Investment Criteria

  • Company:
    • Revenue above €10M
    • Positioning and strong brand/ identity, leadership, strong market position and recognition by clients and relevant parties in the market / segment, sustainable competitive advantage (cost efficiencies, entry barriers, high costs for clients to change, etc.)
  • Industry:
    • Markets with organic and inorganic growth potential nationally and internationally
    • Markets where the domestic economy has differential elements to compete internationally (suppliers, know-how y talent)
    • Limited exposure to technological or regulatory risks.
    • Investment in all industries, except financial sector and real estate, especially:
      • Food & beverage – priority for new investments
      • Industrial – priority for new investments
      • Consumer & retail – add ons for portfolio companies
  • Special Situations:
    • Family business with generational transition
    • Injection of funds needed to overcome operational deficiencies and business model changes
    • Concentrated sales in local market or in markets facing challenges
    • Carve-outs or spin-offs of multinational companies
    • Excessive indebtedness limits the activity of the company
    • Insolvency negotiation, insolvency agreement not achievable, liquidation 

Leadership and transformation

Leadership by EP’s team in the transformation process with an Action Plan defined to drive growth and internationalization projects

  • Growth/ International expansion
  • Strategies of sector consolidation through buy-and-build strategies and acquisition of competitors
  • Professionalization of family business and/or generational transition
  • Operational reorganization / strategic or business model evolution
  • Financial restructuring
  • New sales channels (e.g. online)
  • Introduction to new processes / IT infrastructure / decision making


tuc tuc

tuc tuc was established in 1995 designs and markets childwear and childcare products. Based in Lardero (La Rioja) and Mataró (Barcelona), tuc tuc has currently more than 4.000 multibrand points-of-sale in more than 45 countries around the world, with special contribution from those in Italy, Dubai and Canada; 49 monobrand stores in Spain, Portugal and France and dedicated online shops in Spain, Portugal, France, Italy and UK.


Canada House

Canada House (CH) was established in 1953 as white-label manufacturer of children’s clothing to then become a retail network selling clothes under its brand name. Based in Cabrera de Mar (Barcelona), CH now designs and markets garments for children aged 0 to 16 years/ old. CH has a network of c.70 points of sale in Spain and Andorra, and more than 100 multi-brand stores in the international market (mainly Italy, UK, Holland, Belgium and Portugal).


Oro Vivo

Oro Vivo, established in 1989 by a group of Spanish entrepreneurs with ample experience in the jewelry market, is a pioneering company in the jewelry retail sector in Spain and Portugal. OV markets own products and third party branded products, in its retail network that reached more than 100 points of sale in Spain and Portugal, currently reduced to 48 and 20, respectively. This network is based in shops located in exceptional locations in the main commercial centers in Spain, Canary Islands, Portugal and Madeira.



TCN, established in 1986 by José María Donat and Totón Comella, an international renowned designer, designs and markets women’s clothing with special prominence in the swimwear and intimates segments. Based in Arenys de Mar (Barcelona), TCN has more than 400 points of sale and 7 mono-branded shops in Spain.


Investment and support team

Pedro Picas de la Rosa _ Managing Partner

Pedro has acquired and managed several companies, growing and materializing their potential. Some examples are a company that operates in physical commodity trading, with operations and international presence or a pharmaceutical laboratory that develops and markets parapharmacy and dietary supplements.

Pedro holds a degree in Business Administration, with a major in Finance & Control and an MBA in Tax, (AGT), both from ESADE.

José Mª Rigau _ Managing Partner

José Mª worked in N+1 Private Equity with €800M under management and in Trilantic Capital Partners (previously Lehman Brothers Merchant Banking) with more than €5.000M under management. He actively participated in several debt refinancing processes, stock public offerings and private placements. He also worked in the consulting firm AT Kearney, in the pharmaceutical, energy, financial and retail sectors.

José Mª holds a degree in Industrial Engineering from UPC (ETSEIB) and an MBA from Harvard Business School (scholarship from Rafael del Pino foundation).

Luis Ferrer _ Principal

Luis worked in Deloitte as a Manager in the Audit and Financial Advisory Services teams. Luis has led and participated in due diligences, company valuations, independent business plan reviews and refinancing for clients in multiple sectors including industrial, pharmaceutical, food and beverage and communications. 

Luis holds a degree in Business Administration from IQS, Universidad Ramón Llull.

Mariona Cortada _ CFO

Mariona worked at Deloitte as a senior auditor in the Audit Products & Services department. Mariona has participated in audits of International Groups in the consolidation of financial statements, and development and execution of financial analysis under NIAS, IFRS and Spanish GAAP, for clients in the retail, infrastructures and healthcare sectors, among others.

Mariona holds a BSc degree in International Business Economics from Pompeu Fabra University/City University of Hong Kong and an MSc degree in Management Development from IDEC-UPF.

Olga Belda _ Office Manager

Olga has developed her professional career as office manager and executive assistant. Previously, she worked in a law firm, a film distributor, and an advertising agency where she gave support to teams with more than 30 members, including both specific support to its leadership, and management of corporate events for internal and third parties.

Olga holds studies in Professional Education and a Master in Corporate Personal and Relational Protocol from Escola Superior de Protocol i Relacions Institucionals de Catalunya (ESPRI).

Portfolio Team and Senior Advisors

Javier Barangé _ CEO Canada House

Javier has held several leadership positions in Uniland, FCC and Tradebe, being responsible for +100-member teams and divisions with revenue in excess of 100 M€. He has led their national and international expansion (organic, acquisitions, JV’s and greenfields) and restructured some of them during the Spanish construction crisis. Javier began his career in the Boston Consulting Group strategy consulting firm.

Javier holds a degree in Industrial Engineering from the UPC (ETSEIB) – graduating #1 of his class- and from Ecole Centrale de Paris.

Pedro Berenguel _ CEO Oro Vivo

Pedro has worked at Deloitte, in the M&A and strategy consulting departments, advising clients in strategic, operational and M&A processes in the financial, pharmaceutical and industrial sectors. Previously, he worked as an analyst in the European Investment Bank of Luxemburgo and in the Spanish Market of Financial Derivatives.

Pedro holds a degree in Industrial Engineering and a degree in Business Administration from IQS (Universidad Ramon Llull) and is a member of the YTP program at IESE Business School.

Isabelle Massagé _ CEO TCN

Isabelle worked at Van de Velde, a multinational public-listed Belgian Company specialized in women’s intimate apparel, where she held leadership roles in sales and led the purchase and turnaround of Andrés Sardá. Previously, she held positions of responsibility in ING, Maison Sud BVBA and Banque Paribas while destined abroad in multiple countries due to her 7 language skills.

Isabelle holds a degree in Business and a Masters in Economy and Business, both from the Catholic University of Lovaina.

Asier Sanz Mitchell _ Associate

Asier worked at Activo Trade Global Capital Markets as Financial Markets Analyst and Junior Business Analyst where he raised and managed more than €1,5M in new client accounts, collaborated in the analysis of new business opportunities in Portugal and LatAm, and in the negotiation/ management of several financial products.

Asier holds a degree in Business Administration and a degree in Law from the Universidad Autónoma de Barcelona (UAB).

Joaquim Mach _ Portfolio Manager Digital & IT

Joaquim is a founding partner of Bilua Ecommerce and served as CMO until the company reached c.€30M in sales. Joaquim has deep experience in managing and optimizing marketing online budgets, analyzing metrics and KPIs, traffic generation and managing Google tools.

Joaquim holds a degree in Business Administration from UPF and a master in Digital Marketing from IDEC-UPF, where he conducted lectures on marketing online.

Daniel Ollé _ Board Member

Daniel is currently the CEO of Grupo Industrial – Distribución y Logística de Gas, which manages distribution and logistics for more than 100.000 tons of dangerous products (LPG and LNG). Previously, he was a Director of Danube Property Fund, a €80M investment vehicle catered to invest in Eastern Europe Real Estate. Previously, Daniel worked at Merrill Lynch, Arthur Andersen, and THR.

Daniel holds a degree in Business Administration from IQS / Chicago, Graduate School of Business and an MBA from ESADE.


Endurance Equity Partners, SGEIC, SA
Avenida Diagonal 534, 9ª
08006 Barcelona
T. (+34) 93 202 05 79
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