2 May 2004
Newspaper: Diario de Navarra (Money and Employment section)

"The best manager of a company is its best purchaser"

Jorge Mataix is the President of ASCRI, a national association created in 1986 covering more than 100 venture capital companies. He visited Pamplona to attend the V Congress of the Association, held in the city to «drive forward venture capital in this region».

-Why did the congress focus so much on management buyouts?

-At a time when there is uncertainty about possible delocalisation, we think there might be excellent opportunities for managers to become entrepreneurs. Management buyouts have helped the venture capital sector to grow in Europe. In the UK, 70% of company purchase operations are management buyouts, but only 30% in Spain.

-What does our country need to do to reach that level?

-It is a question of mentality. Money is available in Spain, in funds like ours, and the banks are willing to loan, there are consultants... Spanish managers should not be wary or ashamed of thinking of buying their own business, and the owners should not think that a management buyout is a negative thing. Basically, the management knows the company best and knows its needs. It is the best possible buyer.

-Is venture capital an alternative to the Stock Exchange for investors?

-The Stock Exchange is increasingly concentrated. It is not easy to find opportunities. So, investing in private companies is an option; indeed, more than that it is a necessity.

-Where is venture capital investing nowadays?

-Venture capital can never be sector focused. We look for good managers in good companies. We are not going to specialise in a particular sector, we are not big enough for that. There is no point in having a Spanish fund for biotechnology to carry out a single operation every five years. Spanish investors need to look at all sectors.