Investment Criteria

Instruments

Senior loans
Senior convertible loans

Use of proceeds

Growth financing
Acquisition financing
General refinancing
Balance sheet restructuring
Buyout of minority shareholders

Loan Structure

Term 3 to 7 years
Ticket size above €5 million
Interest can be cash or a combination of cash + PIK
Bullet or amortizing

Investment Requirements

Minimum 5 years of operations and 2 years of audited financials
Strong and defensible market positioning
EBITDA positive (above €2 million)
Relevant and identifiable equity value
Experienced management team aligned with the company
Based in Spain
All sectors except for financial institutions and real estate development

Differentials

Flexibility and creativity

TDL can invest across the capital structure. We pride ourselves for coming up with financing solutions even in complex situations.

Agility

We are an agile organization capable of analyzing a situation, structuring and closing a transaction quickly, without being subject to burdensome approval processes or bureaucracy.

Proximity and responsiveness

Trea has presence in Barcelona and Madrid with a very experienced team on the ground. We provide companies with a clear and accessible interlocutor, avoiding management teams to deal with various layers of decision makers.

Active investment

TDL is not a traditional passive lender. We focus on the financial stability and value creation of the companies where we invest, providing advice and strategic support to management teams.

Sense of ownership

Trea and TDL investment teams are two key investors in all TDL vehicles, providing a sense of ownership and a total alignment of interest with our investors.