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


… with solid business fundamentals:

  • Sectors that are sustainable in the future, excluding real estate, financial related sectors and those with significant technological risk
  • Sales figures that are stable and higher than €10M (realizable potential or peak sales considered)
  • Capacity/potential to export to international markets in the near future,  with headquarters located in Spain

… through transformation processes and/or special situations:

  • 1) Transformation process
    • Strategic carve-outs of subsidiaries/business unit by multinationals
    • Professionalization of family business and/or support in management and generational change
    • Growth projects/ international expansion in situations of revenue stagnation and/ or competitive threat
    • Human and financial resources to deliver operational, strategic and/or business model evolution
  • 2) Restructuring
    • Cash/liquidity constraints solutions (realignment of cash flow generation/consumption, with new-money)
    • Balance sheet restructuring to avoid financial stress affecting core business (deterioration of commercial terms/ relationships with suppliers and/or clients)
  • 3) Distressed situation
    • Investment to resolve bankruptcy procedures (concurso acreedores – Spanish legal code for Chapter 11 reorganization)
    • “Business unit” acquisition (as defined in Chapter 7 reorganization) and investment in working capital/fixed assets

Transformation process

Leadership by EP’s team in the transformation process with an Action Plan defined in the short, mid and long terms:

1. Short term: Financial and legalmanagement
Financial and legal stabilization to tackle transformation processes

  • Information exchange, communication and management with key stakeholders (banks, suppliers, clients, collaborators, etc)
  • Financial situation management (cash flow management tool, supplier management, restoring of client relationships, etc.) and legal assistance
  • Financing up to €4M (possibility of higher investment through co-investment with fund investors) through capital increase, shareholder loan or any other instrument to overcome cash stress, invest in working capital or fixed assets and/ or balance sheet restructuring (debt renegotiation, etc.)

2. Short and mid term: Operational rationalization and establishment of solid pillars for growth
Operational stabilization and Action Plan implementation to set foot for growth

  • Action prioritization based on relevance/ impact and urgency
  • Design and implementation of a credible and feasible Action Plan to transition from a stressed situation to developing company’s potential
  • Management team reinforcement with top-notch professionals in the sector and/or expertise in operational transformation and reorganization
  • Development of a value creation culture/ mentality
  • Development of short-mid term operational improvement projects (e.g. fixed assets rationalization, operational-strategic alignment, etc.)

3. Mid and short term: Definition and consolidation of strategic vision
Building the structure to consolidate the potential and long term growth of the company

  • Development of processes and teams to maximize potential (e.g. existing clients’ profitability, margin improvement, product mix, etc.)
  • Crafting and implementation of growth projects: internationalization, new business model expansion, acquisition of add-on companies


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 _ Senior Associate

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.

Miguel García-Nieto _ Associate

Miguel worked at Uría Menéndez in the M&A and private equity department in Madrid, and at Cuatrecasas Gonçalves Pereira in the Corporate department in Barcelona. Miguel has participated in M&A, refinancing and public market transactions.

Miguel holds a degree and master in Law from ESADE, and is currently a candidate for the executive MBA from Columbia Business School and London Business School.

Asier Sanz _ Senior Analyst

Asier worked in 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).

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 of Business Administration from IQS (Universidad Ramon Llull) and is a member of the YTP program from IESE Business School.

Joaquim Mach _ Portfolio Manager Digital & IT

Joaquim is partner of Bilua Ecommerce, plus he was CMO. 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.

Michael Poynor _ Senior Advisor Consumer & Retail

Michael is a renowned leader in the consumer y retail international scene. Currently, he is also a Senior Advisor at Nomura, Squarepoint and PwC.

Previously, Michael was Global Retail & Consumer Advisor for PwC in the period 2001 – 2012 where he contributed to numerous M&A, strategic consulting and transaction processes in clients such as Alliance Boots, Burberry, C&A, Façonnable, Hugo Boss, Mars, Prada, Primark, Sandro-Maje, Tesco, Toys R Us, Tumi, Valentino, Vilebrequin o WHSmith, among others. Michael has also been Non-Executive Director at UP Global Sourcing, Financo and Icon Live.

In parallel to his job for private corporations, Michael is a columnist at several specialized publications (e.g. Retail Week) and member at the jury and y panelist at the World Retail Congress.


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