BTSA joins forces with ABAC, the fund specialized in sustainable value investments.

With this operation, BTSA and ABAC combine synergies to provide the company with the necessary resources at a strategic, operational and financial level, to promote its growth strategy.


December 22, 2022 Madrid, Spain: The investment capital fund Abac Sustainable Value II FCR (“Abac”) and the global company BTSA, dedicated to the development and manufacture of natural antioxidants and vitamin E, have completed today the operation announced at the beginning of 2022.

ABAC Capital has acquired a majority stake in BTSA with the aim of continuing to boost its growth in the natural antioxidants market.

Ana Ugidos Álvarez, founding partner and current CEO of BTSA, who will continue to form part of the shareholders with a very significant participation, has stated that she is “very excited about the new stage that the company is facing“. She considers that the entry of Abac will allow BTSA to take advantage of the multiple opportunities that lie ahead, without forgetting the high quality of the products, the excellence in customer service and the continuous investment in research and development of new solutions, which this year have led to obtaining the “European Organic Certificate“, thus being able to market the world’s first tocopherol-based organic antioxidant.

For his part, Federico Conchillo, partner of Abac Capital, stated that “BTSA is a company highly valued by its clients due to the high quality and level of customization of its products, its productive and commercial flexibility, as well as its excellent level of service. Our ambition is to accelerate the growth of the company, relying on BTSA’s talent and its portfolio of highly prestigious clients”.

During the operation, BTSA has had the advice of GC Legal. For its part, Abac Capital has been advised by Roland Berger (commercial due diligence), Deloitte (due diligence) and Herbert Smith (legal).


About Abac Capital

Abac Capital is a private equity fund management firm formed by institutional investors from Europe, the United States and the Asia-Pacific region who invest in medium-sized Spanish companies with international potential. Abac’s team, led by Oriol Pinya, Borja Martínez de la Rosa and Federico Conchillo, has more than 100 years of experience in private equity, with a track record covering a wide range of sectors, countries, phases of development and instruments both equity and debt. Abac Capital is a certified B Corp entity, proof of its commitment to sustainability. The current portfolio of investees includes Plating Brap, a leading European group specializing in electrolytic coatings on plastic with uses in various sectors; Avanza Food, a multi-brand restaurant group; Motocard, Spanish leader in the distribution of motorcycle accessories; Grupo Agroponiente, a leading company in the agricultural sector in southern Europe; Iberfrasa, the leading manufacturer of personal hygiene and household cleaning products in Spain in the MDD segment; Nuzoa, distributor of veterinary products; Kitchen Bath Ventures, a company dedicated to the design and manufacture of kitchen furniture; and Intermas, manufacturer of high-performance technical materials for a wide spectrum of final products. For more information, visit