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SR_MAL24_FI_Fiadex_Portrait_Luis Martinez Almoyna

SPAIN - Finance

Luis Martínez-Almoyna Rifà

Director, Fiadex

Bio

Luis Martínez-Almoyna Rifa holds a cum laude degree in Business Administration and Management and an MBA from ESADE (Barcelona). He has more than 20 years of professional experience having worked in international investment banking in London and Madrid. In 2013, he founded Fiadex: an M&A boutique focused on corporate transactions and financing operations. His main clients operate in the tourism, technology, distribution, real estate and investment funds / family office sectors. Luis Martínez-Almoyna Rifa has participated in deals with a total transacted volume over €60,000 million. He is a member of boards of directors and management committees of tourism and family businesses.

"Most of our clients are in the tourism sector, reflecting Mallorca’s business environment."

TBY talks to Luis Martínez-Almoyna Rifà, Director of Fiadex, about the tourism sector, complex transactions, and investment in Mallorca.

How does Fiadex adapt its services to the specific needs of tourism sector clients compared to other sectors?

Most of our clients are in the tourism sector, reflecting Mallorca’s business environment. We mainly offer traditional services such as financial advisory services on company adquisitions, sales, and financing structures, while keeping up with market trends with strong track record in the advisory sector. During the COVID-19 Pandemic, we were extremely busy securing loans and COVID relief funds for clients, with almost nonstop work in the first two months. As the market recovered, client needs shifted from buying and selling hotels to finding operators through management contracts or leases. Recognizing these changes, we are now more focused on these types of transactions, adapting to meet our clients’ evolving needs while always keeping the transaction advisory services ongoing

How does Mallorca’s regulatory environment affect corporate operations?

A growing trend is the increasing number of regulations–covering tourism, health, technical standards, data protection, and insurance. This demands significant investments of money, time, and resources for compliance teams just to meet these requirements. We often hear from hoteliers who feel overwhelmed by these demands. They went into the business to focus on clients and marketing, but now their time is consumed by inspections and compliance. This shift is leading many to consider hiring professional external hotel operators. Larger companies are better equipped to handle regulations efficiently across multiple hotels, while smaller hoteliers struggle to keep up. This has contributed to sector consolidation, as smaller businesses face greater challenges in adapting to constant regulatory updates. While an auxiliary industry of consultants exists to support hotel owners, managing these various aspects can still feel overwhelming. New regulations continue to emerge, complicating day-to-day operations, and ensuring all documentation is thorough and up-to-date is more important than ever.

How significant are ESG factors in corporate transactions today?

These factors are increasingly crucial, and their full impact is yet to be realized. In the Balearic Islands, larger companies have adapted more quickly to these trends, but medium-sized businesses are now starting to feel the effects of ESG considerations. It is not just about transactions, but also about the demands of investors. Previously, most deals involved local companies with similar, less stringent ESG criteria. Now, with foreign investors who are more advanced in these areas, new standards are being introduced. This shift has brought ESG to the forefront of meetings, influencing management and lease contracts. Investors now insist on clauses related to sustainability, as their own stakeholders and customers demand it. As a result, companies now highlight ESG efforts during transactions, something that was not emphasized in the past. Financial sustainability is equally important. Progress in sustainability must align with a company’s financial health, and balance is key. Labor sustainability is also part of this broader concept.

How do you navigate the complexities of international transactions involving multiple territories?

International transactions across different regions and legal systems bring added complexity, both technically and in terms of regulatory compliance. While we provide all the necessary support and have extensive experience with these deals, the most critical factor is the personal guidance we offer. Our business is fundamentally about people and long term relationships. Often, capital flows into the region rather than out, and we have facilitated many transactions, usually for local buyers and sellers who may lack international experience. For example, a businessperson familiar with purchasing local hotels may find international procedures unfamiliar or equally an international investor could be lost in the Mallorca business execution practices Language can also be a challenge, as conducting transactions in English is often necessary. We support our clients throughout the process. While most of our clients are based here, we have handled transactions in the Caribbean, mainland Spain, and other areas, offering consistent guidance. With a background in international investment banking, I am equally comfortable navigating both local and global transactions.

What sectors are currently attracting significant investments in Mallorca?

While tourism drives Mallorca’s economy, other sectors play crucial roles in supporting it. Tourism technology, for instance, is growing rapidly, with several powerful yet lesser-known tech companies based on the island. Other key sectors include the distribution of auxiliary services such as food and beverages, which generate significant employment, and the nautical industry in Palma, especially shipyards and repair services, which require skilled labor. Construction, though slightly reduced, remains important for residential and hotel renovations. Mallorca has also attracted qualified talent, with major companies establishing their European headquarters here, highlighting the island’s appeal. Additionally, investment capital is flowing into sectors that were previously overlooked, driven by decreasing interest rates and liquidity. In summary, while tourism remains central, other sectors are thriving and attracting investment. The potential is vast, and attracting talent is now more feasible, especially with the rise of remote work. High-salaried individuals are increasingly drawn to Mallorca for its quality of life.

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