Established in 1986, Corporación Financiera Alba (Alba) is a listed Spanish investment holding. The company is part of Grupo March, one of the main family-owned business and financial groups in Spain, which is also integrated by Banca March and the Juan March Foundation.
The group’s strategic investments, excluding those within the financial and insurance sectors, are made via Alba. Its net asset value (NAV) is above 4,200m euros, with a stock exchange market capitalisation of over 2,800m euros.
Alba’s current investment portfolio is composed of listed companies and cash (85%), investments in Artá Capital’s vehicles – a growth private equity house controlled by Alba (7%), and real estate (8%).
The listed portfolio is formed by minority but relevant stakes in companies including Acerinox, BME, Ebro Foods, Indra, Euskaltel, Viscofan and Parques Reunidos. In unlisted equity investments, Alba currently owns minority stakes (or majority stakes along other co-investors) in mid-cap Iberian companies, all of them managed by Artá Capital.
- Alba is a long-term investor. On average, it remains in the share capital of participated companies for more than 10 years, and in some occasions, has invested over 20 years.
- Alba hold minority but significant stakes. In listed companies, the target stake range is 10%–20%. In unlisted companies, Alba’s direct stake could go up to 50%.
- For a potential investment to be considered, Alba should have access to the company’s governing bodies, and therefore be able to appoint a representative on the Board of Directors and its commissions – this is a pre-requisite in any of its investments. This allows Alba to monitor investments and actively participate in the key decisions of each company. This ensures the highest possible level of compliance with market practices in terms of corporate governance, which are considered essential for the long-term success of all companies.
- Alba invests in companies with good long-term growth prospects, led by strong management teams.
- Alba seeks to be a reliable and trustworthy partner of other shareholders, the management team and other stakeholders of the participated companies.
- Alba avoids potential conflicts of interest.
Alba considers that its reputation is one of its strongest assets, and it is therefore very important to avoid reputational risk. The company does not invest in distressed companies or troubled sectors, and does not make hostile acquisitions.