London, United Kingdom – In a strategic move to expand its portfolio in the advertising technology (AdTech) sector, London-based private equity firm Capital D recently acquired a minority share in Refinery89, an innovative AdTech platform known for its support to digital publishers across Europe and Latin America. This investment marks a continuation of Capital D’s efforts to partner with disruptive, founder-led companies in the European mid-market space.
Refinery89, which was established in 2018 in Amsterdam and is now headquartered in Madrid, specializes in maximizing advertising revenue for both web and in-app publishers. The company’s operational footprint extends across significant markets in both Europe and Latin America, including Spain, France, Germany, Belgium, the Netherlands, and Brazil.
The firm’s client base is diverse, spanning various domains such as sports, lifestyle, local news, and politics. This strategic distribution allows Refinery89 to capitalize on a substantial market, with the total addressable market in these regions estimated to be around €3.3 billion ($3.5 billion) each year.
The legal advisement for this transaction was provided by Squire Patton Boggs, a prestigious international law firm. The cross-border advisory team was spearheaded by Tim Stead in London and Jeroen Sombezki in Amsterdam, highlighting the complex, international nature of the deal. The team was bolstered by significant contributions from Teresa Zueco, Manuel Gomez, and Íñigo Oliván, based in Madrid.
This acquisition by Capital D is indicative of a growing trend where private equity firms are increasingly interested in the technology and digital media spaces, sectors known for rapid growth and innovation. By investing in Refinery89, Capital D not only diversifies its investment portfolio but also positions itself strategically within the lucrative AdTech industry.
Moreover, this deal reflects the ongoing evolution of the advertising landscape, especially in regions with a high digital consumption rate. As publishers continue to look for efficient ways to manage and monetize their content, companies like Refinery89 are crucial for enhancing profitability through targeted ad placements and optimizations.
Investments like these also underscore the importance of cross-border collaborations and legal advisories in navigating the complexities of international business deals. The involvement of legal experts from multiple countries underlines the need for nuanced understanding of different regulatory environments, which is critical in securing successful investments.
This development could set the stage for further investments in the AdTech sector as other equity firms might follow suit, seeing the potential for high returns in an increasingly digital world economy.
The collaboration between Capital D and Refinery89 not only demonstrates the potential for growth in media and advertising but also solidifies the role of innovative AdTech solutions in the global market.
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