For two decades, XesGalicia has been managing venture capital entities aimed at supporting the growth of the Galician business fabric. In this sense, our priorities are focused on promoting the economic and industrial development and consolidation of Galicia, for which we have a series of financial instruments oriented to each type of company.
The factors that differentiate us are our public nature, the professionalism of our team, the strong focus of our investment policies and the institutional solidity of the participants in the venture capital entities we manage.
With these pillars, and considering only the operations disbursed during the year 2020, we have approved new operations in favor of more than 20 companies and for an aggregate volume of more than 14 million euros, thus supporting the productive activity of Galician companies with very heterogeneous needs and situations. It is also worth mentioning that for several years we have actively participated in several financing programs for entrepreneurship, both vertical and horizontal, which have obtained numerous national and international awards.
In the short term, the financing of new business initiatives is once again one of our main objectives, for which we are extending our collaboration in new programs to support entrepreneurs. In addition, we continue to provide Galician companies, or those wishing to develop an economic activity in Galicia, with funds especially aimed at supporting the modernization of the productive fabric through its digital transformation, innovation or internationalization, a collaboration aimed at both large business corporations and SMEs.
Likewise, with respect to the different types of operations that we can face, we have products specially designed to reinforce the equity of companies, to facilitate the increase of business size through mergers and acquisitions or to facilitate business succession through various formulas, especially necessary in the case of family businesses. In coherence with the above and within the framework of the objectives of reactivating the business fabric and business transformation and growth after the covid-19 crisis, in fiscal year 2021 XesGalicia launches a new line of financing called "Transformation Line", endowed with 30 million euros.
All this is possible thanks to XesGalicia's main strength, which is none other than its team. We have top-level professionals who bring together extensive experience and knowledge in the field of business support, and who also have a transversal vision in multiple economic sectors, thus completing the support we offer companies in terms of financing.
With the collaboration of our partners, XesGalicia will continue to work along the same lines so that the Galician business fabric gains in dynamism and competitiveness.
Rubén Aguión. General director of XesGalicia
XesGalicia is a Galician Venture Capital Management firm. It finances company development through the temporary acquisition of minority shares of the capital of unquoted companies.
In addition, it may make ordinary or mezzanine loans to the companies in which it invests through differents venture capital funds and the assets of a venture capital company.
Requirements: The only common requirement in the investment study is that they are non-financial companies whose stock porfolio is not listed on the first stock market of the Stock Exchange, although there are additional requirements for each managed entity associated with their particular investment strategy.
Sodiga Galicia celebrates 50 years of history
Now the capital of Sodiga Galicia is owned by Xunta de Galicia at 76%.
In this sense, Sodiga Galicia is part of the set of instruments available in Galicia to support business initiatives, such Instituto Galego de Promocion Economica, the Axencia Galega de Innovación or XesGalicia (the entity that has been managing the assets of Sodiga Galicia since 1999).
In this section, and due to the 50th anniversary, Sodiga Galicia's economic reports of the 20th century, from its constitution until the creation of Xesgalicia in 1999, are available to everyone.
Constitution of Sodiga Galicia, with a capital share of Ptas 600 million, by the Instituto Nacional de Industria -INI- (with held 51% of the capital share), the seven Galician Saving Banks and several Banks.
Its corporate mission is to promote the industrial development of Galicia, to promote the incorporation of new companies and the modernization and restructuring of existing ones.
D. Leopoldo Calvo-Sotelo y Bustelo was appointed as the first president of the entity.
Sodiga starts its business activity in February 1973, with the technical assistance and financial backing of its founding partners.
The first sectorial studies were carried out: primary mitiliculture, dairy, textile, naval or automotive auxiliary.
First investments were made in companies such as "Lácteas de Atlántico", "Proullasa", "Refractarios de Sant-Yago" and "Acuicultura de Atlántico".
Growth of Sodiga's staff, reaching a total of 16 graduates, supported by additional administrative and auxiliary personnel.
Investments were made in 8 companies in different sectors: "Maderas Cer", "Maderas y Aglomeradores del Tea", "Granitos Ibéricos", "Somega", "Acuicultura del Atlántico", "Rodman", etc.
Identification of the promotion of new industrial land as one of the main needs for the industrial promotion of Galicia, for which the constitution of SIGALSA is promoted.
New general studies on the Galician economy were developed, such as the "Analysis and distribution of the active population of Galicia".
The investment in "MEISA" (Manzaneda Mountain Station) and in two transforming industry projects in the primary sector ("COMPLESA" and "UTEGA") stand out.
Beginning of the direct provision of guarantees to investee companies, as well as the provision of accounting, economic and financial advisory services.
Investments were made in five companies: four of them were in operation -including "Caucho Atlántica"-, and one of them was newly created ("Plásticos de Atlántico").
Among other investments, two new companies were incorporated in the aluminum transformation sector: "Fundiciones Industriales de Aluminio" (FUNDIALSA), in San Ciprián industrial zone (Ourense) and "Perfiles del Aluminio" (PERFIALSA), in Sabón industrial zone (A Coruña).
Development of the activity of granting loans to investee companies, resulting in the granting of 5 loans for a total amount of Ptas 96 million.
Capital increases in Rodman, Lácteas del Atlántico and Siderúrgica de Galicia, for a total amount of Ptes 21 million.
Development of the activity of the subsidiary SIGALSA (with the participation of the Galician Saving Banks and several Banks), for the preparation and development of industrial land in Galicia.
Approval of 11 new participations, for a total amount of Ptas 337.4 million.
In 1980 Sodiga Galicia formalized 24 new equity investments, which together with loans, guarantees and capital increases in investees entities, represented an investment of Ptas 1,196 million.
The operations in "Unión Carrocera" (Ourense and Vilagarcía de Arousa), "Tromosa" (Santiago de Compostela), "Lácteos Rueda" (Lugo) or "Electricidad R.T.R." (Lugo and Rábade) stand out.
In 1981 Sodiga Galicia formalized investments in 23 new companies, with an investment in their capital stock of Ptas 292.55 million.
Morevoer, Sodiga increased the capital in investees by Ptas 50 million, and loans were granted in the amount of Ptas 555 million.
New strategies were opened to support technological innovation, including the beginning of collaboration with the University and postgraduate programs.
In 1982, after several capital increases throughout the first decade of Sodiga's existence, its capital stock amounted to Ptas 2,500 million.
In that year, Sodiga's financial investment amounted to Ptas 621 million, helping to create more than 700 jobs.
The operations of "Vehículos Especiales Uro", "Facet Iberica", "Energía de Galicia", etc. stand out, and the first business internship program for postgraduates was launched.
In 1983, Xunta de Galicia participated for the first time in a capital increase of Sodiga Galicia, reaching 7.27% of its share capital, with INI holding 51%. This operation represented, for the first time, the incorporation of an Autonomous Region into an Industrial Development Company ("SODI").
It is important to highlight SODIGA's participation as founding protective partner in the Galician Mutual Guarantee Companies AFIGAL and SOGARPO, as well as the investments in "Lugar de Barral", "Plastycasset" or "Iberica de Autocares".
In 1984, Sodiga Galicia invested in 9 companies and sold 5 previous participations, reaching a total portfolio of 77 companies at the end of the year.
In financial terms, the investment amounted to Ptas 435 million, while divestments amounted to Ptas 428 million.
In 1985 Sodiga Galicia invested in 17 new participations in companies, which meant a financial investment commitment of Ptas 983 million, and the generation of 670 new jobs.
Investments in "Irosa" (Valdeorras), "Matrigalsa" (Vigo), "Galihiorta" (Ferrol) and "Incipresa" (Mos) were particularly noteworthy.
During the year, divestments were made in "Granitos Ibéricos - Grayco", "Coparex Minera", Hypor Ibérica" and "Manzaneda Estación Invernal".
In 1986 Sodiga Galicia invested in 10 new participations in companies, 8 of which were newly incorporated companies.
Investments in "Polyhips" (Vigo), "Galiflor" (O Rosal), "Bodegas de Vilariño-Cambados" (Cambados), "Dinak" (Vigo), "Quegalsa" (Ferrol), "Anodizados de Sabón" (A Coruña) and "Química de Ferrol" (Ferrol) were particularly noteworthy.
During the year divestments were made in the following companies: "Maderas CER", "Cedegalsa", "Caolines de Vimianzo", "Urovesa", "Conservas Carballo" and "Visones del Noroeste".
In 1987, Sodiga Galicia invested Ptas 893 million, including the positions taken in "Norafish" (Vigo), "Intasa" (San Sadurniño), "Zeltifur" (Cambre), "Galicia Manzanera" (O Porriño) and "Insuiña" (O Grove).
During the year, divestments were made in "Quival", Acuicultura del Atlántico", "Evatsa", "Galifox", "Cortiplas", "Ledega", "Galihorta" or "Gamesa", totalling Ptas 296 million.
In 1988, the investment activity in the region of Ferrol was outstanding, related to the benefits of the decrees of delimitation of the Declining Industrial Zone (ZID) and the Economic Protection Zone (ZPE), which facilitated the attraction of new investments.
Thus, three large companies were formed: "Galitec", "Tile Stone" and "Polipropileno de Galicia". On addition, investments were also made in companies in other regions, such as "Norsistemas", "Moldugasa" and "Salnesur".
During the year, divestments were made in "Alunorsa", "Armesa", "Landesa", "Crimagasa", "Gaelico", "Ciesa", "Sidegasa" and "Lácteos Rueda", for a total volume of Ptas 433 million.
In 1989, the investment activity initiated along the previous year in the region of Ferrol continued to be outstanding, thanks to the ZID and ZPE delimitations areas, reaching a total investment of Ptas 652 million.
Within the Ferrol region, new investments such as "Forestal Atlántico" or "Emilio Maffezini" stood out, while in other regions "Termojet" or "Graninter" in Vigo, and "Conservas y Ahumados" in Santiago de Compostela could be highlighted.
During the year, the divestments of "Cía de Motores Deutz-MWM", "Unicar", "Irosa", "Dinak" or "Galiflor" were carried out, totalling a volume of Ptas 544 million.
In 1990, Sodiga made 10 new investments totalling Ptas 544 million.
The most noteworthy investments were in "Frinova" (Pescanova Group), "Servinor" and "Norconsult" (subsidiaries of Unión Fenosa), as well as "Galega de Granitos", "Termojet" and "Sodeimón". Finally, it is also important to highlight the new investment done in "Dinak", in which Sodiga took a stake for the second time after its significant growth (first investment in 1986, sold 3 years later).
In 1991, the "European Group of Atlantic Arc Development Companies" was created, under the presidency of SODIGA. The grouping is made up of 18 European regional development or venture capital companies (1 from Scotland, 1 from England, 7 from France, 8 from Spain and 1 from Portugal), in order to promote relationships between these regions and to obtain European Community aid.
In terms of investments, SODIGA made 14 new investments this year, including "Acuinova Galicia", "Nak Electronics", "Ferroplast" and "Lamcol Orense".
In 1992, Sodiga's financial investment amounted to Ptas 539 million, through the formalization of 14 new operations, being "Ormasa" and "Udesa" the first round investments, and the remaining 12 investments in the previous portfolio, highlighting the operations in "Cyasa", "Neoplástina de España", "Ferroplast" and "Frinova".
In addition, the incorporation of the Instituto Galego de Promoción Económica (IGAPE), as well as the beginning of negotiations for the incorporation of Sodiga into IGAPE itself, are also noteworthy.
In 1993, Sodiga's financial investment amounted to Ptas 560 million, through the formalization of 9 new operations, being "Kiwi Atlántico", "Mecamos" and "Aprohigasa" the first round investments, and the remaining 6 operations investments in the previous portfolio, highlighting the operations in "Rodman-Poliships", "Insuiña", "Tile Stone" or "Gamansa".
With regard to exits, 8 operations were carried out, most notably the case of "Polipropileno de Galicia", where its founder shareholders exercised their right to the return of their shareholding.
In 1994, an agreement was reached for the transfer of the ownership of Sodiga Galicia from "Teneo" (a state-owned company of the Spanish government, active from 1992 to 1996, which received its shareholding in Sodiga from INI), in favor of Xunta de Galicia.
In addition, several agreements were signed to intensify the collaboration between Sodiga and the regional administration.
In terms of investment activity, the operations with "Bajamar Séptima", "Engasa", "Mecamos", "Frinova" or "Parque Eólico de Malpica" were particularly noteworthy.
At the end of 1995, Xunta de Galicia already controlled more than 60% of Sodiga's equity, and a financial cooperation agreement was signed for the creation and management of a "Fondo de Financiamento ao Investimento" (FFI), endowed with Ptas 500 million, to capitalize Sodiga Galicia.
Also noteworthy was the creation of a venture capital fund, Galicia-North Portugal, within the framework of the "Interreg II" European Community initiative, structured through two investment vehicles - one in each territory.
In addition, Sodiga Galicia began collaborating with INESGA.
In 1996, cooperation with the Xunta de Galicia was reinforced, through IGAPE, INESGA and all the economic departments, confirming a substantial increase in the company's financial activity, as a result of the consolidation of SODIGA into a basic instrument of the business promotion policy of Xunta de Galicia.
This promotion, and the financial support to newly created companies, as well as to those already participated in previous years ("Hidrogiesta", "Playdesa", "Pemalsa", "Guimanher", "Univi"), represented an aggregate investment of almost Ptas 1,050 million, mainly in the form of shareholdings.
1997 was the 25th anniversary of the founding of Sodiga.
After the Xunta de Galicia took control of the company in 1995, 1997 witnessed the consolidation of the trend of increased investment volume initiated in 1995.
Thus, 24 financing operations were formalized in a total of 21 companies, for a total amount of Ptas 1,110 million. Of particular note were the investments made in "Arteixo Telecom" (electronics), "Grupo Lácteo Gallego" (food), "Privilege" (materials), "Pescanova Chapela" (food), "Pino Herramientas" (mechanics) and "Allarluz" (energy).
In 1998, the company adapted its by-laws to the new regulatory framework for venture capital companies, updating the name to its definitive version: Sodiga Galicia, Sociedad de Capital Riesgo, S.A.
During 1998 the annual investment trend of above Ptas 1,000 million, which had been achieved since 1995 with the takeover by the Xunta de Galicia, was maintained.
Thus, operations were formalized in a total of 15 companies, for a total amount of Ptas 1,060 million, with investments in "CZ Veterinaria", "Bodegas Terras Gauda", "Balneario de Mondariz", "Comunitel" and "Mecanor" being particularly noteworthy.
In 1999 Xesgalicia was created, a VC management company dependent on the Xunta de Galicia, which was entrusted with the management of Sodiga's assets, Sodiga's staff was also transferred to the new entity.
In addition, the venture capital created "Adiante 2000" and "Emprende" funds, also under the management of Xesgalicia, thus forming a new venture capital structure in Galicia.
In terms of investment, during the year, investments of more than Ptas 1,448 million were made, of which Ptas 398 million corresponded to investments associated with the Galicia-North Portugal agreement.
The main investments were "Cooperativa-Zeltia Veterinaria", "Bioetanol Galicia", "Vicente Romeo", "Comunitel Portugal" or "Fibroplac".
