Rubén Huertes, Federico Suárez and Álex Pardillos, new consultants with proven experience to continue leading the sector.

Altria Corpo has just reinforced its team in the Corporate Finance Area with two professionals who will drive the business from its Madrid office. Rubén Huertes and Federico Suárez have a recognised track record in the financial sector and have in-depth knowledge of the corporate finance business in the medium and large company segment.

Rubén Huertes has spent 12 years managing corporate banking clients at Banco Santander and AKF Bank, where he was responsible for the factoring business. He holds a degree in Business Administration and Management from the Universidad Rey Juan Carlos in Madrid and a Master’s Degree in Commercial Banking from the Universidad de Alcalá de Henares.

Fede Suárez joins Altria Corpo after more than 20 years of successful career at Banco Santander and Banco Sabadell, where he held senior positions in the corporate business. In recent years he has promoted the management and financing of real estate assets at Aliseda and has advised on the financing of companies and real estate projects. He holds a degree in Business Studies from the San Pablo CEU University in Madrid and has complemented his training with a Master’s degree in Finance and several specialised courses in corporate financial advice.

In addition, the Barcelona team, which already had 14 people between consultants in the corporate area, the analysis team and a team specialised in external financial management and turnaround processes, incorporates a new consultant. Álex Pardillos has more than 7 years of professional experience in different roles in financial and strategic consultancy as well as in the management of Corporate and Business Banking in entities such as Banco Santander or Targobank. Álex holds a degree from the University of Barcelona and has complemented his academic training with certifications in the financial field at the University of Cantabria, IE Business School and EADA.

We welcome these new additions and wish them every success at Altria Corpo.

Altria Corpo is a financial consultancy for medium and large companies, founded in 2014 by Albert Gumà and with offices in Barcelona, Madrid and Luxembourg. Its main services are advice on debt and equity financing, and access to more than 160 financial providers including banks, alternative financing, debt funds and other instruments. In its 8 years of existence, Altria Corpo has positioned itself as a benchmark in the search for financing for medium and large companies, with an accumulated amount of more than 350 million euros and more than 500 operations financed. The scope of the companies advised covers the whole of Spain, with a concentration in Catalonia, which represents 75% of the total amount advised.

In June 2021, Wallbox, the Catalan electric car charging systems company, announced its intention to list on the Nasdaq using an investment vehicle called SPAC. This SPAC provided $270 million to Wallbox for future investment and international expansion, and allowed the company to go public only after a few months, in October 2021.

What is a SPAC?

In recent years, a new investment and financing vehicle has emerged that has captured the attention of the media by allowing technology projects with high growth potential to go public. This is known as SPAC, for Special Purpose Acquisition Company.

A SPAC is a vehicle that is listed on the market without any business activity and with the sole purpose of raising funds for the acquisition of a company and making the operation profitable. The necessary capital is raised through an initial public offering (IPO).

The SPAC is a kind of simplification of the classic Initial Public Offering through which a company goes public on the stock market. In the SPAC, simplification is achieved by eliminating intermediaries and financial agents, shortening the time and cumbersome processing of an IPO.

How does a SPAC work?

The SPAC is created by a team of investors (usually hedge funds or private equity firms), and the management team are the so-called sponsors. The SPAC raises capital and in the meantime scans the market for a private company looking to go public.

Once this target company has been identified, all shareholders must agree to the deal. After the acquisition, shareholders have the option of either redeeming their shares in exchange for their initial investment or exchanging their SPAC shares for shares in the acquired company.

Sponsors have a maximum of two years after the IPO to find a target company. If unsuccessful, the SPAC is liquidated and shareholders receive their initial investment plus interest.

If the SPAC is successful, the sponsors have the opportunity to take a 20% stake in the pre-acquisition SPAC with very little money out of pocket. The promoters’ capital covers the costs of the IPO and the salaries of the team while they search for the company to be acquired and raise the money. On the side of the IPO investors, they usually receive a commitment to buy back their shares and a guaranteed interest on the amount invested as well as free options.

Pros and cons of SPAC

Among the advantages of SPAC are:

• A cheaper, simpler and faster process for businesses
• SPAC investors can redeem their shares if they disapprove of the takeover
• A fixed valuation is agreed between the SPAC and the target company, limiting price volatility.

There are also negative aspects to consider:

• “Blind spots”: when investors buy the SPAC IPO, they do not know which company will be bought and must rely on the sponsors.
• Opportunity cost of being able to have uninvested money within a maximum period of two years
• Difficulties in finding a target company
• Historically lower returns: despite some great success stories, it is generally difficult for SPACs to beat the market. On the other hand, both promoters and shareholders who separate at the time of the merger with the acquired company tend to perform very well.