Jan’ 2020

CAPZA arranges unitranche financing for ASPY

CAPZA arranges a €40m unitranche financing to support ASPY’s organic and external growth.

With this 5th investment in Spain, CAPZA backs ASPY’s management team in its plans to consolidate the Spanish occupational risk prevention market.


ASPY, founded in 2006 as a subsidiary of the mutual insurance group ASEPEYO, and independent since 2014, is one of the leading companies in Spain in the occupational risk prevention sector. With c.1,100 employees and 210 centres, ASPY protects more than one million employees and self-employed workers for 43,000 companies. The group specialises in three business areas: occupational risk prevention services, general medical assistance and employee training.


Since its spin-off from ASEPEYO, ASPY has completed several investments in digital transformation and in the transformation of its commercial strategy, in order to strengthen the company’s position and improve its efficiency. ASPY is now ready for a new stage of growth in which it intends to consolidate itself as one of the leading operators in the sector. This growth will be carried out organically and through acquisitions: the company is currently in discussions with various SMEs in the sector for potential acquisitions.

This is our fifth transaction in Spain, confirming our interest in the Spanish mid-market, a commitment that will continue in the coming years through our various investment platforms.
José Tomas Moliner, on behalf of CAPZA

ASPY is a company driven by a top-level management team. It operates in a regulated market with steady growth and consolidation potential. With this financing, we intend to support the group in its external expansion plans. This is our fifth transaction in Spain, confirming our interest in the Spanish mid-market, a commitment that will continue in the coming years through our various investment platforms. In fact, ASPY is the first transaction financed in our country with CAPZA’s new private debt fund.” José Tomas Moliner, on behalf of CAPZA.


Over the last few years, ASPY has invested in the modernisation of its business model, strengthening processes and consolidating the company. Today ASPY is in an advantageous position to lead the consolidation process that is taking place in the atomised occupational risk prevention market. CAPZA’s financing gives us the necessary means to carry out this plan, with a structure adapted to our needs, which will allow us to focus on the business. Quality of service will continue to be the cornerstone of our activity.Oscar Santos, CEO of ASPY.


This is CAPZA’s fifth transaction in Spain, the third of its private debt strategy (unitranche and mezzanine investments in companies with more than € 10m of EBITDA), after having financed the acquisition of Goiko Grill by L Catterton and the refinancing of MBA, the orthopaedic prostheses distributor, owned by Alantra Private Equity. Through its Flex Equity fund (equity and mezzanine investments in companies with EBITDA of less than €10m) CAPZA has invested in Ivnosys, the Spanish leader in electronic signature and digital certificate management, and in W Clinics, the Spanish leader in cosmetic surgery, fertility and psychology.

Private Debt
Private Debt
Leading mid-market
direct lender
Read more
125 transactions since 2005
Source: CAPZA as of 12/31/2022
More news
  • 26
    Apr’ 2023
    Charles Devevey joins CAPZA's Private Debt team
    Charles Devevey joins CAPZA as Principal on the Private Debt expertise in Paris.
    Read more
  • 19
    Apr’ 2023
    Coutot-Roehrig - CAPZA hands over to Luxempart
    Luxempart to replace CAPZA as a minority shareholder in Coutot-Roehrig and to deploy ca. EUR 57m
    Read more
  • 17
    Apr’ 2023
    Magellan Partners welcomes Adone Conseil
    CAPZA supported Magellan Partners, the digital transformation specialist, in its new external growth operation
    Read more
  • 6
    Apr’ 2023
    CAPZA supports Ortivity’s next stage of growth
    CAPZA has arranged a Unitranche financing to support Ortivity’s buy-and-build strategy
    Read more