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.
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