Country Spain
Region Principado de Asturia
Investor N+1 Private Equity

N+1 Private Equity, together with Pedro Luis Fernández, created Spain’s undisputed leader in equipment rental almost overnight. Having identified over 20 companies throughout 2002, they completed the merger of three companies - Alquioviedo, Aldaiturriaga and T.Cabrera - which became General de Aquiler de Maquinaria (GAM), the only player in the Spanish equipment rental sector capable of operating on a national scale. With Mr Fernández working as CEO, GAM embarked on an ambitious expansion drive. N+1 supported the opening of 33 new branches and GAM reached sales of €126m, twice that of its closest competitor, and five times bigger than when N+1 invested. In 2006, GAM was listed on the Bolsa de Madrid (with an equity value of €103m). N+1 sold its last shares in 2007.

N+1 Mercapital and GAM management team created the undisputed market leader in the equipment rental sector through an intensive build-up process

Pedro Luis Fernandez CEO, GAM

What did the business need?

  • Capital for growth
  • Assistance in merging three distinct businesses
  • Strategic support for a planned rapid expansion in a totally fragmented industry

How did private equity backing create lasting value?

  • Helped identify the right companies to merge
  • Supported the integration of the three businesses to create GAM
  • Created a growth plan based on new branches and acquisitions
  • Positioned GAM to expand beyond the Iberian peninsula
  • Assisted with following most suitable exit route: listing on Bolsa de Madrid

What outcomes did private equity investment achieve?

  • Created a market leader overnight through a build-up process
  • Created 500 jobs, an increase of 2x since investment
  • 33 new commercial branches opened
  • Sales grew from €24m in 2003 to €126m in 2005
  • Listed GAM, which now forms part of the IBEX Small Cap Index


new branches opened in less than 3 years


increase in employment

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N+1 Private Equiity