The Endurance fund has focused on the industrial sector after years investing in companies in the fashion and retail sector. This year, the venture capital firm acquired Qualque and Distribuidora Joan, specialized in the production of paper napkins and logistics services, respectively. Additionally, this summer, Endurance took over the production unit of the Aragonese firm Telnet, specialized in fiber cables and optical components.
The price of the operations is confidential. Since its birth in 2011, Endurance has been characterized by acquiring family companies in complex economic situations or in generational succession problems. “We have the capital and resources necessary to get these companies back on the path of growth and profitability,” says Pedro Picas de la Rosa, partner of the venture capital fund along with Pedro Berenguel, José María Rigau and Javier Barangé.
In the case of Qualque and Distribuidora Joan (and its subsidiary Macline Import), the reason for taking 100% of the capital is due to a lack of generational change of ownership, which to date was controlled, in both cases, by the businessman Joan González. In addition, the two businesses had suffered the crisis of the pandemic. “Half of Qualque’s clients belong to the hospitality sector and because of this, the business suffered harshly during the Covid years,” explains Picas de la Rosa. In the case of Distribuidora Joan, which specializes in the distribution of cellulose products, chemicals and cleaning equipment, the impact of the health crisis caused losses in the years 2020 and 2021.
Despite this situation, Endurance is confident in the future and strength of these businesses, whose acquisition closed in July. “Qualque expects to invoice 9 million euros this year, a historical record, which exceeds 8.3 million in 2022,” says the Endurance partner. As part of its recovery strategy, the fund has just appointed a new general director of the company and maintains the staff of 45 people, who work in Valls de Torroella (Bages).
In the case of Distribuidora Joan, born in 1981 in the municipality of Sant Fruitós de Bages, the expected turnover at the end of this year is 14 million euros, compared to 12.4 million in 2022. “It is the highest figure.” high in the 44 years of history,” says Picas de la Rosa. Endurance’s plans for this firm, which employs 40 people, include the acquisition of competing companies, the expansion of the product catalog and the acquisition of new customers.