Private equity firms Axis and Baring have injected more than $25 million into Spanish outsourcing firm Avanza, which operates delivery centers in seven Latin American countries.
Axis committed to invest in Avanza in September this year, and Baring joined the funding round in October. Madrid, Spain-based Avanza said it would use the money to expand operations overseas, focusing particularly on Latin America.
Founded in 2003, Avanza offers outsourcing services, including contact centre management, back-office processing, logistics and data collection.
In his recent statement to a Spanish paper, Luis del Olmo, Avanza Group CEO, acknowledged that Spain was going through tough economic situation. But he showed optimism, saying “we will go forward. Just work harder and focus on our goal.”
He expressed his interest in focusing on his company’s core business – outsourcing.
“Right now, expansion is fundamental,” he added. He said Europe’s economy is struggling and Spain is not growing as it did in the past. “Therefore, we must look to Latin America, which has great growth.”
Avanza, whose annual turnover reached $183 million last year, has operations in Argentina, Uruguay, Paraguay, Brazil, Colombia, Mexico, Peru and Miami, United States.