AnaCap buys GTT from GED Capital

GED Capital has sold GTT, a Spanish software developer, to AnaCap Financial Partners.

GED Capital has sold GTT, a Spanish software developer, to AnaCap Financial Partners. No financial terms were disclosed.


Gestión Tributaria Territorial, SA (“GTT”) and its shareholders GED Capital (“GED”), an independent private equity group specialised in the Spanish lower mid- market, and Oquendo Capital, a firm that specialises in flexible capital and private debt for Spanish lower mid-market companies, have today reached an agreement on the terms of a sale to AnaCap Financial Partners (“AnaCap”), a leading specialist European financial services private equity and credit firm and active investor across Europe, for the acquisition of GTT, subject to regulatory approval.

The existing management structure will remain in place as key long-term shareholders, partnering with AnaCap through GTT’s next phase of growth. Terms of the transaction were not disclosed.

GTT is the market leader in the design and development of software driving the management of tax collection for both local and regional public administrations across Spain. The company was founded in 1998 by Fernando Plaza, with headquarters in Alicante, and looks to modernise public administration processes through technological innovation and digital transformation. The company partners with more than 3,300 institutions throughout Spain and LatAm, providing them with leading technological, organisational and management support solutions, tailored to their specific requirements.

GED acquired a majority stake in GTT in 2017 with the aim of supporting the organic and inorganic growth of the company, both in Spain and internationally. Oquendo Capital, a firm that specialises in flexible capital and private debt for Spanish lower mid-market companies, invested alongside GED as a minority co-investor. The management team of GTT held the remaining shares in the company.

The deal between GED Capital and AnaCap was negotiated almost entirely remotely by all parties during the current Covid-19 pandemic and was executed despite the increased logistical hurdles. GTT represents AnaCap’s first proprietary deal in Spain following a recent, strong track record of activity across Europe.

AnaCap will deploy its expertise in tech-enabled businesses and operational engagement to support management’s ambition to grow GTT’s market share into Europe and wider geographical markets. The growth of the business will be through organic expansion as well as identifying attractive bolt-on acquisition opportunities.

Nassim Cherchali, Managing Director at AnaCap, commented:
“The acquisition of GTT represents AnaCap’s first move into the Spanish market. Its highly impressive product offering and robust software platform was a significant catalyst for the pursuit of this investment and we expect it will grow significantly from its initial platform.

GTT and its management team are widely recognised in Spain as the leading software provider in the tax collaboration space and we are very excited to apply our data-driven investment approach to its already strong technological capabilities. We look forward to working alongside the existing, highly impressive management structure to further grow the business with a strong pipeline of bolt-on opportunities available to drive inorganic growth and our internationalisation strategy during the remainder of 2020 and beyond.”

Fernando Plaza, CEO and founder of GTT, commented:
“I am delighted to see the business begin a new chapter under the guidance of such a successful organisation like AnaCap. GTT is now in a powerful position to grow both organically and via M&A activity across Spain and into Europe..”

Carlos Rico, deputy CEO of GTT, commented:

“We are very excited to have attracted a leading European investor like AnaCap to support us with capital, operational expertise and innovation on the next phase of our vibrant growth trajectory. With its rich understanding of financial services and track record of technology implementation, we feel this is a big moment for GTT. In my role as deputy CEO, I’m looking forward to working with their fantastic team to further cement our market leading position in the coming years.”

Enrique Centelles Satrústegui, Private Equity Managing Partner at GED Capital, commented: “We are very satisfied about GTT’s evolution during our holding period in the company, increasing significantly its EBITDA both organically and inorganically after, doubling its software business, which is its main growth driver, and internationalising the company. All these factors combined together made the company beat its original 5 years business plan. We are happy to see that the company has attracted the interest from foreign investors of the quality of AnaCap and its blue chip LPs. Without any doubt AnaCap is the right partner for GTT to expand its software and business model into other geographies where the European investor has a strong presence.”

Daniel Herrero, Founding Partner at Oquendo Capital, added:
“We are delighted to have accompanied GED and GTT’s management team through this investment, during which the company has consolidated its leading position as the reference provider of tax management software in Spain. We are certain that AnaCap will leverage on its strong capabilities in technology operations and innovation to further develop GTT’s platform in this new phase”.
AZ Capital (financial) and Cuatrecasas (legal) acted as advisors for the buyer.

The sellers were advised by Rothschild (financial), KPMG (due diligence), Arthur D. Little (commercial DD) and King & Wood Mallesons (legal).

AnaCap Financial Partners (
AnaCap is the leading Financial Sector investor in the European mid-market, investing across the industry through complementary Private Equity and Credit platforms.

Since 2005 we have raised €5.1 billion in AUM and completed over 85 primary investments across 15 European jurisdictions. We operate out of 5 offices in London, Luxembourg, New Delhi, Madrid and Lisbon.

Our name, AnaCap, defines our investment approach: ‘Analytics before Capital’. Our investment decisions are founded on a disciplined, operational and data-driven investment approach with support from Minerva, our digital proprietary intelligence platform.
Leveraging our deep expertise as Financial Sector investors, owners and operators, we are an active investor and generate value in Private Equity through our intense operational engagement model and carefully calibrated M&A programmes. In Credit, our active asset management approach focuses on using data intelligently to provide servicing solutions and optimise recoveries.

About GED Capital (
GED is an independent management company founded in 1996 that operates in the middle-market segment. It currently manages more than 900 million euros through different vehicles of Private Equity, Infrastructure and Venture Capital.

GED has a universe of more than 50 national and foreign investors, among which are mainly pension funds, funds of funds, insurance companies, family offices and financial institutions.

About Oquendo Capital (
Oquendo Capital is the leading provider of flexible capital and structured debt solutions for Spanish mid-market companies with over 500 million euros under management.

Since its incorporation in 2007, Oquendo has invested in over 45 companies of different industries pioneering the use of flexible capital instruments in the Spanish market.