Indal is a leading outdoor lighting manufacturer in the Spanish market and the fifth largest player in Europe.

Products include street lighting, projection, industrial, decorative, urban and indoor lighting.


Capital increase in 2003 of € 12 million (€ 8 million from Diana Capital and € 4 million from a co-investor: Axis- ICO) for a 26% equity stake in the company.

Partnering with the Arias family, the owner of the company for more than 50 years.


Consolidate operations of recent acquisitions.
Capitalize on cross selling opportunities in complementary products and distribution and manufacturing synergies.
Expand presence into other European markets through organic growth and add-on acquisitions.

Sector Exterior Lighting
Type Growth
Date of Investment April 2003
Situation Divestment
Fund Diana Capital I, F.C.R.


Financing, through a capital increase, of the acquisition of the French subsidiary 3E.

Identified and negotiated major acquisition of Industria with presence in the U.K., Netherlands, Belgium and Germany, which resulted in 80% sales growth and 50% EBITDA growth in 2006.

Divestment in August 2008 generated an 24.3% IRR and a 3.1x multiple of capital invested.
“Growth Capital Deal of the Year 2008” award from ASCRI (Spanish Private Equity and Venture Capital Association), Deloitte and IESE.