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Pymes: objetivo prioritario para el Capital Riesgo en España


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BY : Diego GutiérrezMay Thu, 2013

200345858-001Según el informe 2012 de la Asociación de Capital Riesgo en España (ASCRI), en el mercado español de capital riesgo predominan las operaciones pequeñas en pymes con un importe medio invertido de 4,6MM€ por operación (15% menos que en el 2011).

El 60% de las operaciones, en pymes de menos de 100 trabajadores.

De las 543 operaciones cerradas en 2012, 451 se dirigieron a pymes de menos de 100 trabajadores. De ellas, 438 (97%) estuvieron protagonizadas por ECRs nacionales, ya que el inversor internacional, en su mayoría, está orientado a operaciones de mayor tamaño en empresas consolidadas.

"Convendría analizar el sector por separado entre las grandes operaciones (>100MM€) y el resto. El primer grupo representa solo el 1,3% y ha estado dominado por los fondos internacionales. Se pueden contar con los dedos de las manos, han sido 6 operaciones: Advent International en Maxam, Bain Capital en Atento, Bridgepoint en Borawind, Doughty Hanson en USP Hospitales, Trilantic e Investindustrial en Euskaltel e Investindustrial en Portaventura", comenta Diego Gutierrez (ABRA INVEST)especialista en finanzas corporativas en pymes.

Operaciones cada vez más pequeñas: 72% inferior a 1 MM€.

La actividad del Capital Riesgo en España, fundamentalmente enfocada a la financiación de la pyme, hace que el tamaño de las operaciones realizadas por el sector sea normalmente pequeño. De las 543 operaciones contabilizadas, casi la mitad (49%) fueron inferiores a los 250.000 euros. El 72% recibió menos de un millón de euros, el 21,7% entre 1 y 10 millones de euros, un 2,9% entre 10 y 25 millones y un 2% entre 25 y 100 millones. El resto 1,3% fueron operaciones superiores a los 100 millones.

" Es alentador que la financiación esté orientándose a las pymes y a las empresas en fase de crecimiento. Hay que tener en cuenta que el tejido empresarial en España está principalmente compuesto de Pymes que necesitan, más que nunca, de nuevas inyecciones de capital para abarcar nuevos mercados, ganar tamaño integrándose con otras compañías, u otros procesos de crecimiento" señala Diego Gutierrez Zarza.
El importe medio invertido por empresa cayó hasta los 4,6 millones de euros por operación (en 2011 la media se situó en 5,4 millones), lo que supone un 15% de descenso interanual.

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