Squire Patton Boggs has advised Capital D, the private equity fund manager investing in disruptive founder-led mid-market businesses across Europe, on its acquisition of a minority stake in Refinery89, the AdTech platform dedicated to supporting regional European and LATAM digital publishers.
The team advising Capital D was led by Corporate partners Tim Stead in London and Jeroen Sombezki in Amsterdam, and included Matt Lapin in London, Nina Meijer-de Kwaasteniet, Jurriaan Puijpe and Chelsea Gunning in Amsterdam, and Manuel Gomez and Inigo Olivan in Madrid.
Founded in 2018 in Amsterdam by Hugo Welkers and Robert Ottens, and headquartered in Madrid, Refinery89 is an AdTech company specialised in optimising advertising revenue for web and in-app publishers. Refinery89’s clients include publishers dedicated to providing quality content across sports, hobbies and interests, local news and politics, and more, with a current focus on the non-English language markets of the Netherlands, Belgium, Spain, France, Germany and Brazil. Refinery89 currently operates in six core European and LATAM markets which are worth around €3.3 billion annually.
London-based Capital D works with aspiring European disruptors to grow in their current markets and looking to pursue new ones. The fund invests without a sectoral bias, focusing on pioneering, innovative or refined offerings and business models seeking to reshape their markets and rise as strategic assets typically commanding premium valuations at exit.