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
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130 transactions since 2005
Source: CAPZA as of 12/31/2023
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