Carmen Esteban advises global private equity funds and multinational companies on their most sophisticated M&A transactions.

Ms. Esteban leverages trusted relationships across the Spanish private equity market and extensive transactional experience to guide clients on:

  • Mergers and acquisitions
  • Asset acquisitions
  • Joint venture investments

She approaches each matter with pragmatism and a clear understanding of clients’ commercial goals. Ms. Esteban seamlessly integrates with the firm’s global platform and regularly leads on cross-border European transactions.

Ms. Esteban’s experience includes advising:

Private Equity

  • Proa Capital de Inversiones on acquiring isEazy group, a Spain-based group of companies that develops and sells B2B e-learning solutions and trainings
  • Solum Partners on acquiring Agrupa Lettuce, a leading Spanish agricultural holding company
  • Bain Capital Private Equity on acquiring a majority stake in Fedrigoni, an Italy-based manufacturer and seller of paper, film, self-adhesive, and related products
  • Vivalto Santé Investissement on acquiring Ribera Salud, a Spain-based healthcare services provider
  • EIG on acquiring a 25% stake in Repsol Upstream, a global oil and gas exploration and production company, for US$4.8 billion
  • Platinum Equity on acquiring:
    • Urbaser, one of the world’s largest providers of environmental services, from China Tianying for a US$4.2 billion enterprise value
    • Iberconsa, a global frozen seafood products provider
  • The Carlyle Group on acquiring:
    • A majority stake in Garnica Group, a Spain-based manufacturer of premium plywood solutions
    • Altadia, a leading Spanish ceramic products manufacturer
    • A majority stake in Codorniú, Spain’s oldest family-owned cava producer
    • Gleva Cellars, a major wine producer based in Spain
  • Farmfront Group, controlled by Carlyle investment funds, on acquiring RKD Irrigacion and Irrimec Group, two irrigation system companies
  • Partners Group on creating:
    • A joint venture with Dunas Capital to invest in real estate assets in Spain
    • Aristeas Logística, a joint venture platform for investing in logistic real estate assets
  • Triton Partners on acquiring Fertiberia, a Spain-based company that manufactures and markets fertilizers and agricultural chemicals, from Grupo Villar Mir
  • TA Associates on selling Hana Group, a France-based prepared sushi provider
  • Portobello on selling Multiasistencia, a Spanish company that manages and repairs claims for insurance companies
  • L Catterton on acquiring an 80% stake in Goiko Grill, a fast-casual restaurant chain based in Madrid


  • X-Elio Energy, a Spain-based renewable energy services provider, on:
    • Its joint venture with Nature Infrastructure Capital and acquiring a majority stake in ECO STOR NewCo, one of the leading developers of commercial-scale battery energy storage systems (BESS) in Germany   
    • Selling its solar assets portfolio to China Three Gorges
  • Urbaser on selling Urbaser Limited, a UK-based subsidiary engaged in environmental and waste management services
  • Equatorial Coca-Cola Bottling Company on:
    • Acquiring Atlas Bottling Company, a Morocco-based bottling company
    • Its agreement with the Castel Group and AB InBev Africa to jointly operate the Coca-Cola bottling business in Algeria
  • Banca March on selling March Risk Solutions, a Spain-based insurance brokerage company, to Howden Group Holdings
  • Karnov Group on acquiring the legal information businesses of Thomson Reuters in Spain and Wolters Kluwer in Spain and France 
  • Autogrill, the leading global operator in food and drink services for travelers, on selling its Spanish operations to Areas, a PAI Partners portfolio company
  • Sener and Masdar on selling Torresol Energy Investments, a company in the thermosolar energy industry, to Q-Energy

Bar Qualification

  • Spain (Abogado)


  • LL.M., Instituto de Empresa, 2013
  • Dual Degree Program in Business Administration and Management (ADE) and Law (E-3), ICADE - Universidad Pontificia de Comillas - Madrid, 2011

Languages Spoken

  • Spanish
  • English