La industria del Private Equity en España y su creación de valor en la restauración - Orue-Echebarria Hernandez, María

Abstract

Este trabajo analizará una transacción de Private Equity del mercado español con el método del control sintético para identificar el impacto de la inversión en la creación de valor. Se identificarán las variables más adecuadas para el uso de este método y se discutirán las ventajas e inconvenientes del control sintético para el análisis empírico de casos.

The following paper explores the impact of private equity funds on the restaurant sector in Spain, with a particular focus on the revenues of invested companies. Using the synthetic control method developed by Abadie and Gardeazabal (2003), this research aims to isolate the effect between a private acquisition and the revenues of the acquired company. In this methos, a synthetic unit, composed of a portfolio of companies, replicates the behavior of the acquired company prior to the intervention to observe its performance in post-intervention periods had the acquisition not occurred. The study focuses on a coffee shop brand “El Fornet”, which was taken over by Corpfin Capital in 2014, and analyses its revenues from 2009 to 2019. The results demonstrate a positive causal relationship between the revenue growth of “El Fornet” and the entry of Corpfin Capital, demonstrated by a positive difference between the company’s revenue and the revenue for the synthetic unit, thus highlighting the benefits of this private equity investment. The revenue increase in the case of “El Fornet”, is attributed both to management strategies and to effective expansion in Barcelona and Madrid. These findings support the significance of private equity funds as agents of transformation and improvement in business practices, helping invested companies to outperform the market in with they compete.