Nexxus Iberia, one of the leading mid-market private equity fund managers in Spain, is pleased to announce the successful closing of OFG Continuation Fund capitalized by Headway Capital Partners and Mill Reef Capital as “Lead Investors” of a consortium of limited partners which also includes the EIF (as advisor to AMUF), Columbia Threadneedle and several family offices.
OFG Continuation Fund (the “Continuation Fund”) was established to acquire OFG Telecomunicaciones S.L. (“OFG” or the “Company”) a leading independent provider of integrated telecom services in Europe, LatAm and the U.S. The Company employs a highly qualified workforce of c. 1,400 employees to serve a very blue-chip client base including leading equipment providers, global telecom carriers and tower companies. OFG was the first investment of Nexxus Iberia Private Equity Fund 1 (“Fund 1”) in July 2018 when Nexxus Iberia backed the Company alongside the incumbent management team led by Jose Juan Vidal in a primary buyout from the original founder to professionalize and help OFG grow in Spain as well as internationally.
Under the ownership of Nexxus Iberia and the leadership of Jose Juan Vidal with his management team, OFG has successfully professionalized as well as internationalized through the consolidation of its presence both in Europe and the Americas. As a result, Sales almost doubled organically between 2018 and 2022. With this first phase of the primary buyout delivered, OFG needed to enter in its next phase of growth alongside Nexxus Iberia. The plan for this second phase in Nexxus Iberia’s ownership is to continue to support OFG in its internationalization journey, riding the tail winds of the industry which include the deployment of new technologies as well as the growing consumption of data globally. The purpose of establishing the Continuation Fund was to offer liquidity to Fund 1 investors through an election process and give additional time to Nexxus Iberia and OFG to deliver the next phase of growth.
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