Southern Europe: An underpenetrated market with significant growth potential

The region continues to offer an attractive investment opportunity. Private equity penetration remains relatively low, valuations are compelling, and there is a deep pool of ambitious, founder-led businesses. Many operate in fragmented markets, creating opportunities for consolidation, while lower levels of digital adoption provide significant scope for technology-enabled growth.

For many founders, the right partner brings more than capital. They are looking for an investor who can help them build stronger management teams, pursue acquisitions, harness data and AI, and expand internationally - particularly into the US.

Here, we explore Oakley’s track record across Southern Europe and how we have helped founder-led businesses accelerate growth and create value. We begin in Spain with two businesses, one in sport, the other in legaltech. We’ll also explore why the Americas have become such an important growth market for many Spanish companies.

Spain: a gateway to the Americas

The European Commission reported a robust economic outlook for Spain in 2025, supported by strong domestic demand and continued labour market resilience. Combined with Iberia’s position as one of Europe’s leading start-up hubs, this creates a rich pipeline of off-market, tech-enabled businesses with ambitions that extend beyond the region.

Crucially, Spain also serves as a gateway to Spanish-speaking Latin America, a market of more than 600 million people. This geographic and cultural bridge provides a powerful platform for scaling digital businesses internationally, particularly those built on data-driven and subscription-based models.

Oakley has repeatedly leveraged this dynamic, backing Spanish-founded businesses with significant growth potential such as adtech leader Seedtag, legaltech information platform vLex, and hotel booking platform Paraty to support their expansion across the Americas.

Italy: family ownership and succession as a catalyst

Operating in one of Europe’s largest economies, with GDP of c.€2 trillion and steady growth of around 2% over recent years, Italy’s companies remain predominantly family owned and run. Around two-thirds of Italian companies generating over €20m in revenue are family businesses, and more than half of Italian family entrepreneurs are over the age of 60. As succession considerations come into sharper focus, a growing cohort of founders are seeking partners who can help future-proof their businesses while preserving its entrepreneurial culture. At the same time, younger, ambitious entrepreneurs are looking for capital and know-how to help them accelerate growth.

This creates particularly attractive opportunities in sectors undergoing structural change, where professionalisation, digitalisation and targeted M&A can unlock meaningful value. 

Continuing a proven track record

Oakley’s conviction in Southern Europe is built on a strong realised track record of successful investments in businesses including Facile (3.7x MM), Seedtag, Idealista (2.1x MM) and vLex (6.4x MM) demonstrating Oakley’s ability to identify high-quality, founder-led businesses in underpenetrated markets, helping them to grow, professionalise and expand into new markets.

Southern Europe remains a region of significant untapped potential, with structural change, generational succession and digitalisation creating fertile ground for ambitious businesses to scale. Oakley will continue to build on that opportunity, combining deep local networks, sector expertise and operational experience to back exceptional businesses and help them scale into regional and international leaders.