About private equity

How private equity invests in privately-owned businesses, supports jobs and creates prosperity.


Login to access your exclusive member-only content and account information.


Not a member? Join us

  • Operate to the highest level of professional standards
  • Access authoritative industry research and data
  • Navigate the complex EU regulatory environment
  • Network and engage with industry leaders
Private equity in action - Case Study


Back to results
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.

Pedro Luis Fernandez



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

new branches opened in less than 3 years


increase in employment

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

More information


N+1 Private Equiity


What can I do to manage cookies stored on my computer or phone?

You can accept or refuse cookies. Accepting cookies is usually the best way to make sure you get the best from a website.

Most PCs automatically accept them but you can change your browser settings to restrict, block or delete cookies if you want. Each browser is different, so check the 'Help' menu of your particular browser (or your mobile phone's handset manual) to learn how to change your cookie preferences. Many browsers have universal privacy settings for you to choose from.

Help on how to set and customise your cookie settings for your browser

How to manage cookies in Internet Explorer

Cookie settings in most versions of Internet Explorer can be found by clicking the tools option and then the privacy tab.

How to manage cookies in Firefox

Cookie settings in Firefox are managed in the Options window's Privacy panel. See Options window - Privacy Panel for information on these settings.

How to manage cookies in Chrome

Click on the spanner icon on the toolbar, select settings, click the under the bonnet tab, click on content settings in the privacy section.

How to manage cookies in Opera 

You can manage cookies in Opera if you Click on settings, then Preferences, then Advanced and finally Cookies

How to manage cookies in Safari

Choose Safari, then preferences and then click security. You should then be able to specify if and when Safari should accept cookies.

To manage cookies on your mobile phone please consult your manual or handbook.

Get more help about how cookies work with specific browsers.

What happens if I don't accept cookies?

If you decline cookies, some aspects of Invest Europe site may not work on your computer or mobile phone and you may not be able to access areas you want on the website. For this reason we recommend that you accept cookies.

What happens if I delete my cookies?

If you delete all your cookies you will have to update your preferences with us again and some aspects of our site may not work.

What happens if I change computers or mobile?

If you use a different device, computer profile or browser you will have to tell us your preferences again.

If you'd like to learn more about cookies in general and how to manage them, visit aboutcookies.org.

We can't be responsible for the content of external websites.

Opt-out of cookies


Join today

This is for members only. To view in full login or join Invest Europe today.