EST. 2004 — MADRID · LISBOA · LONDON

Where
complex
deals
get done.

A leading independent advisory firm specialising in M&A, debt advisory and NPL portfolio transactions across the European middle market. Senior-led, conflict-free, and built for complexity — since 2004.

€3B+ Transaction Value
75+ Transactions
20+ Years Active
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M&A Advisory · Equity Transactions · Debt Advisory · NPL Portfolio Sales · Middle Market · Cross-Border · Buy-Side & Sell-Side · Financial Sponsors · M&A Advisory · Equity Transactions · Debt Advisory · NPL Portfolio Sales · Middle Market · Cross-Border · Buy-Side & Sell-Side · Financial Sponsors ·
Our Philosophy

Independent.
Unconflicted.
Decisive.

MaC Group was founded in 2004 on a simple but uncompromising conviction: the most consequential transactions demand the most rigorous, conflict-free advice. We are a pure advisory firm — no balance sheet, no proprietary capital, no affiliated products. Our only agenda is our clients'.

We operate where complexity is highest and the margin for error is lowest. Our mandates span contested cross-border acquisitions, bespoke debt structures for financial sponsors, and large-scale disposals of non-performing loan portfolios for financial institutions navigating regulatory and balance sheet pressure.

For over two decades, MaC Group has been the trusted partner of choice for corporates, private equity funds, sovereign institutions and banks seeking decisive, experienced advice — not a process managed by analysts.

01
Independence First
We have no balance sheet, no proprietary fund and no affiliated lenders. Our recommendations are driven entirely by what is right for the transaction — not by what generates ancillary revenue for our firm. That independence is non-negotiable and has defined our culture since day one.
02
Senior-Led at Every Stage
A Partner leads every mandate from the first conversation to signing and close. Our clients do not pay senior fees to be handed to junior teams at execution. The people who win the mandate are the people who deliver it.
03
Middle Market Expertise
The European middle market demands a different approach to bulge-bracket M&A — more creativity, more flexibility and a deeper understanding of the specific dynamics of each sector and geography. Over 75 transactions have sharpened our judgement in ways that no textbook can replicate.
04
Pan-European Network
Permanent offices in Madrid, Lisbon and London, combined with 20 years of relationship-building with buyers, lenders and investors across the continent, give our clients access to the broadest possible universe of counterparties — and the local credibility to engage them effectively.
Advisory Services
01 / 03
M&A Equity Advisory

We advise on the full spectrum of equity transactions in the middle market — from founder-led disposals and family business successions to sponsor-backed buyouts, carve-outs and cross-border mergers. Our process is rigorous and proprietary: we run competitive, structured processes that maximise value and certainty of close. On the buy side, we provide strategic origination, target assessment and negotiation support to corporates and private equity funds seeking acquisitions in Iberia and Southern Europe. We do not rely on intermediary networks — we go direct.

Buy-Side Sell-Side MBOs / MBIs Carve-Outs Mergers
02 / 03
Debt Advisory

Debt is increasingly the differentiating factor in competitive M&A processes, and our debt advisory practice is built around that reality. We advise borrowers — corporates, sponsors and financial institutions — on the design, structuring and execution of complex financing transactions. Our approach is lender-agnostic: we run competitive processes across the full range of debt providers, including commercial banks, direct lenders, debt funds and capital markets, to secure the most efficient terms available. We have deep experience in acquisition finance, leveraged buyouts, bilateral refinancings, unitranche structures, mezzanine and hybrid instruments, and liability management exercises.

Acquisition Finance LBOs Refinancing Restructuring Unitranche
03 / 03
NPL Portfolio Sales

MaC Group has been at the forefront of the European NPL market since its inception, building a practice that is unmatched in Southern Europe for depth of relationships, technical expertise and execution track record. We advise banks, savings institutions, insurance companies and public sector entities on the disposal of non-performing and sub-performing loan portfolios, real estate owned assets and other distressed exposures. Our work spans granular unsecured retail books, secured corporate portfolios, REO and mixed collateral packages, and whole-bank NPL programmes. We manage the full process: portfolio stratification and analytics, data room preparation, investor marketing and book-building, negotiation and regulatory liaison through to close.

NPL / NPA Secured Portfolios REO Assets Granular Books
Track Record

Over two decades of landmark transactions.

Since our founding in 2004, MaC Group has advised on more than 75 completed transactions with an aggregate value in excess of €3 billion. Our track record spans complex cross-border M&A, sponsor-backed leveraged buyouts, large-scale NPL portfolio disposals for financial institutions, and bespoke debt financings — across Spain, Portugal, the United Kingdom and continental Europe. We have advised in virtually every market environment, including the 2008 financial crisis, the European sovereign debt crisis and the post-COVID restructuring wave. Our experience across cycles is one of the most valuable things we bring to any mandate.

3B+ Transaction Value

Aggregate deal value across completed buy-side, sell-side, debt and NPL mandates since inception in 2004.

75+ Transactions Closed

Completed mandates across M&A equity, debt advisory and NPL portfolio disposals — spanning 8 countries.

20+ Years of Activity

Advising through the 2008 crisis, the European sovereign debt crisis, the NPL clean-up cycle and beyond.

3 European Offices

Permanent senior presence in Madrid, Lisbon and London — covering the Iberian Peninsula and international capital markets.

Selected Transactions — NPL & REO Advisory
Advised · Sell-Side
Project ISLA
Sale process of a REO Portfolio to Martinez Investment Group LLC
€56M
Client: Banca March
Advised · Sell-Side
Project CANNAS
Sale process of a NPL Secured Portfolio to Waterfall Asset Management
€90M
Client: Novo Banco
Advised · Sell-Side
Project SERRANO
Sale process of a NPL Unsecured Portfolio to D.E. Shaw & Co
€236M
Client: Novo Banco
Advised · Sell-Side
Project COSO
Sale process of a NPL Unsecured Portfolio to H.I.G. Capital
€190M
Client: Bantierra
Advised · Sell-Side
Project TOSCARES
Sale process of a WIP Residential Complex to Blue Coast Capital
€18M
Client: Santander
Advised · Sell-Side
Project RIO
Sale process of a WIP Residential Complex to Dexter
€20M
Client: Servihabitat / La Caixa
Advised · Buy-Side
Project LAS MARIAS
Buy process of urban land from Sareb
€14.5M
Client: Kronos Homes
Advised · Buy-Side
Project LEVANTE
Buy process of urban land from Sareb
€8.9M
Client: Ātica
Advised · Buy-Side
Project TOSCARES
Purchase process of a NPL secured from Sareb
€13.2M
Client: Punta Almina
Advised · Buy-Side
Project CASABLANCA
Purchase process of a WIP Residential Complex from Sareb
€35M
Client: BigBlue Capital Holding
Advised · Structured Sale
Project HAWKING
Structuring and sale process of a Prime Residential Portfolio in major Spanish cities
€250M
Client: Santander
Advised · Restructuring
Project SCUDERIA
Restructuring, reorganization, valuation of RE divisions and merger process
€1.2B
Client: Altamira
Selected Transactions — M&A & Debt Advisory
Advised · Debt Advisory
Project AIR
Facility loan for a new aircraft fleet provided by Flexam / MiraltaBank
€40M
Client: Xcalibur Smart Mapping
Advised · Sell-Side M&A
Project BRUNI
Sale process of the company to Mirai Investments
€15M
Client: Clínicas Diego de León
Advised · Sell-Side M&A
Project DOG
Sale of 100% of the stake to a major car retailer group
Undisclosed
Client: Sabueso / Conquero Automoción
Advised · Debt Advisory
Project CAR
Financial facility management for car lease activity provided by Incus Capital
€100M
Client: APK Renting
Advised · Sell-Side M&A
Project GOBELAS
Sale of 80% of the stake to a major car retailer group
Undisclosed
Client: APK Renting / Grupo Ibérica
Advised · Buy-Side M&A
Project SPRINT
Purchase process of consumer finance division Finanmadrid
€190M
Client: AnaCap Financial Partners / Bankia
Advised · Strategic M&A
Project TORO
Strategic plan, company valuation and equity search process
€900M
Client: Hercesa
Advised · Restructuring
Project NIDO
Restructuring and valuation of the RE division
€1.2B
Client: BBVA / Anida
Advised · Equity Raising
Project OVERLORD
Strategic plan and equity raising
€24M
Client: Renta Corporación / Bluestone Investment Partners
Sectors of Focus
🏦
Financial Institutions
Primary Focus
🏗️
Real Estate & Infrastructure
Active Coverage
Energy & Renewables
Active Coverage
🏥
Healthcare & Life Sciences
Active Coverage
📡
TMT
Active Coverage
🛒
Consumer & Retail
Active Coverage
Leadership

Partners with skin in the game.

Our partners have built their careers at the intersection of M&A, financing and distressed asset markets — at bulge-bracket banks, specialist boutiques and as operating principals. They bring to every mandate not just technical expertise, but the judgement, network and credibility that only comes from having navigated complex transactions across multiple market cycles. At MaC Group, every client has a Partner's personal attention from day one to close.

Pablo Cantos
Pablo Cantos
Managing Partner — Madrid

Pablo brings over 25 years of experience in strategy consultancy and corporate finance, developed at leading global firms. Prior to co-founding MaC Group, he served as European Leader of the Asset & Wealth Management Practice and Financial Services Partner at Deloitte Consulting, where he was a member of the Global Financial Services Industry Board.

He has built deep expertise across financial services, REO and NPL portfolio advisory, and debt restructuring — advising financial institutions, direct lending funds, private equity and debt funds, corporates and promoters. His work spans strategy, M&A, project financing, transaction advisory and acting as Expert Witness in national and international litigation and arbitration proceedings.

Madrid M&A Equity NPL Advisory
Grant Greatrex
Grant Greatrex
Senior Partner — Lisboa

Grant brings over 30 years of experience in strategy consultancy and corporate finance at leading global firms. Prior to co-founding MaC Group, he served as Global Coordinator of Renewable Energies at Arthur D. Little, and before that as Senior Partner at Deloitte Consulting — Iberian Managing Director, member of the European Management Team and Global Board member.

He has developed a market-leading practice in renewable energy and clean technology, advising across Europe, Latin America, MEA and SEA. His clients include venture capital, private equity and infrastructure funds, project promoters, IPPs, utilities and technology providers across the full spectrum of renewables markets. His advisory work spans strategy, M&A, project financing, transaction advisory and Expert Witness roles in national and international litigation and arbitration.

Lisboa Cross-Border M&A Debt Advisory Renewable Energy
Michael Naylor
Michael Naylor
Partner & Board Advisor — London

Michael is an internationally renowned expert in renewable energy and cleantech, serving as Chairman and Board Advisor to numerous funds and companies active in the sector, as well as being an investor in his own right. He brings unparalleled depth of expertise and relationships within the global renewable energy institutional investor and financing communities.

His experience spans a broad range of renewable energy technologies, water-related utilities and innovative cleantech companies across the US, Latin America, Europe and Emerging Markets. Michael has supported companies across the entire renewable energy value chain — from initial capital raises and growth equity to venture capital, private equity and infrastructure investment — and combines active board roles with corporate finance mandates in equity raising for funds and projects.

London High Tech Structured Finance
Our Offices
Madrid
Spain — Headquarters

Cuzco IV Building
Paseo de la Castellana 141, 5th Floor
28046 Madrid

info@macgroup.es
Lisboa
Portugal

Rua Latino Coelho 87
1050-134 Lisbon

info@macgroup.es
London
United Kingdom

8 St James's Square
London SW1Y 4JU

info@macgroup.es

Let's discuss your next transaction.

Whether you are exploring a sale process, evaluating an acquisition, optimising your capital structure or managing a distressed asset disposal, we would welcome a confidential conversation. Our partners are directly reachable and give every enquiry their personal attention.

Contact a Partner View Track Record