Business

This small European city shows how fast the family office world is growing

More and more families who own businesses are setting up family offices. Just how rapidly this is happening is interestingly portrayed in this mid-sized European city.  

Valencia might not have the profile of its two rival cities in Spain, Madrid and Barcelona, but its economy has given rise to some wealthy family business dynasties. And an increasing number of them think establishing a family investment group is a smart move. 

If this growth is happening in Valencia, then the trend is likely to be duplicated in many mid-sized cities across western Europe. 

Valencia’s most famous business dynasty is the billionaire Roig family. The family own one of the country’s biggest supermarket chains, Mercadona. But a recent article in a local newspaper showed how some of the city’s other family business dynasties have set up investment offices, which are helping to engage the next generation and creating new sources of wealth for the family. 

These business dynasties are likely to be influenced in this respect by Juan Roig’s investment group Angels Capital. The Roig family set up Angels Capital in 2013 to back startups, particularly in Valencia. Many of the ventures supported by Angels Capital are based in the so-called Marina de Empresas situated in the port of Valencia. The area has been promoted with some success by Angels Capital as well as others as a Silicon Valley-type tech entrepreneurial area for the city. 

Grupo Zriser is a family investment group owned by Ana and Pablo Serratosa Luján. The family’s money comes from a diversified Valencia-based business empire, which originally started in the cement sector. 

Launched in 2007, a few years after a big liquidity event for the family, Zriser had cash at a good time to invest in real estate and businesses – assets hit hard by the financial crisis of 2008, which Spain suffered badly from. Consequently, Zriser built up a sizable portfolio of real estate and businesses mostly in Valencia. 

Medcap is the investment group of the Andrés Puyol family, which made their money from construction and real estate first in Valencia and then throughout Spain. Medcap has a big portfolio of real estate assets, particularly prime retail properties in Barcelona, Madrid and Valencia, with top brand tenants. It’s led by Dimas de Andrés Puyol, the son of Francisco Andrés Sales, one of Spain’s most successful real estate developers. 

Kaiho Capital was set up last year by Quique Calabuig, a member of the third generation of the Calabuig Gimeno family, a prominent Valencian business dynasty. The family’s fortune is still connected to a business called Global Omnium, which is involved in water management and treatment. Kaiho Capital does direct investments into mostly venture businesses, real estate, and indirect into public equity and investment funds. 

Gramami is the private investment group of the Burdeos Andreu family, who own a big Valencia-based chemical/household products company called SPB. Gramami is led by Javier Iborra, who, apart from his management skills, is also a prominent business academic. 

Invext is the investment office of the Royo family. The family own an eponymous sanitaryware business. Invext was set up more than 20 years ago and invests in private equity, taking both minority and majority stakes in Spanish businesses, real estate in Spain and France, and indirect investments in public, and venture funds.

 

  

 

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