Explorer Investments

Explorer Investments is a private equity and venture capital firm based in Lisbon, Portugal, established in 2003. It focuses on growth capital, buyouts, expansion and replacement capital in middle-market and mature companies, investing across various sectors excluding real estate and finance. The firm targets opportunities in Portugal, with occasional investments in Spain, and typically allocates equity of about 15 to 45 million euros, with debt capacity up to 150 million euros per company when appropriate, and potentially higher in co-investments. It takes at least one board seat to influence management and may pursue either majority or minority stakes depending on the level of decisive influence sought. Exits are typically planned within three to six years through the sale of the company to a strategic or financial investor. In addition to investments, Explorer offers real estate and tourism advisory services, leveraging its market experience in the Portuguese private equity landscape.

Pedro Barros

Investment Team Member

Pedro Coutinho

Partner

Rodrigo Guimarães

Co-Founder, Partner, Board Member and CEO

António Rocha e Silva

Partner

Elizabeth Rothfield

Co-Founder, President of the Board, Investment Commission Member and CEO

José Silva

Partner, Member of the Executive Committee and Board Member

João Caro Sousa

Member of the Investment Team

Past deals in Portugal

Throttleman

Private Equity Round in 2015
Throttleman is a retail brand owned by Brasopi-Comercio De Vestuário, S.A., which was established in 1991 and is based in Maia, Portugal. The company specializes in the sale of a diverse range of apparel, including t-shirts, kids' wear, undergarments, outerwear, swim trunks, and knits. Throttleman operates both physical retail stores and online channels, allowing it to cater to a broad customer base. However, it is important to note that Brasopi-Comercio De Vestuário, S.A. is currently under liquidation.

Texamérica - Têxteis

Private Equity Round in 2015
Texamérica - Têxteis is a Portuguese textile and fashion company that designs and manufactures apparel fabrics, including circular knitted and plain fabrics, and produces light knitted clothing for men, women, and children. Its product range includes tops, dresses, shirts, trousers, and cardigans, with a focus on quality across its offerings.

Scoop

Private Equity Round in 2015
Scoop is a clothing manufacturer and supplier focused on sportswear. The company develops and offers apparel for a range of activities such as skiing, mountaineering, snowboarding, and golf, including vests, trousers, jersey polos, and thermic jackets. It operates in the textile sector as an exporting business and emphasizes experience and a human-centered approach in its operations.

Ibero Massa Florestal

Private Equity Round in 2015
Ibero Massa Florestal, Lda, founded in 2011 and based in Lisbon, Portugal, specializes in the production and commercialization of vegetal coal and bio-charcoal. The company is recognized as a pioneer in the marketing of biocarbon for both domestic and agricultural applications. Ibero Massa Florestal utilizes innovative green technology and slow pyrolysis processes to convert agricultural and forest biomass into eco-friendly bio-fuel. This approach offers a safe and cost-effective alternative to conventional charcoal, while also contributing to the restructuring of agricultural and forestry soils. With a focus on sustainability, Ibero Massa Florestal aims to meet the growing demand for ecological products in various sectors.

Shikan & Grill

Private Equity Round in 2015
Shikan & Grill is a drive-in restaurant located in Vila Nova de Famalicão, Portugal, known for its diverse menu featuring various types of barbecued chicken, burgers, salads, snacks, and desserts. The establishment offers customers the convenience of enjoying healthy and fresh fast food through both drive-in and takeaway options. In addition to its culinary offerings, Shikan & Grill has incorporated digital signage to enhance the customer experience, providing information about menus, pricing, and external communications. This strategic integration aims to streamline service and improve customer interaction within the restaurant environment.

Grestel

Private Equity Round in 2014
Grestel is a manufacturer of tableware, serving accessories, and ovenware based in Portugal, utilizing the finest natural resources and an original high-fired stoneware formula. The company integrates traditional artisanal ceramic craftsmanship with advanced technology to create durable, stylish, and innovative sandstone products. By combining high-quality raw materials with expert handmade techniques and high-temperature processes, Grestel offers customers around the world an extensive range of oven-to-table items that include matching dinnerware. The company is dedicated to delivering fine products that meet contemporary design standards while maintaining the integrity of artisanal manufacturing.

GlobalTest

Private Equity Round in 2014
GlobalTest is a privately held company based in Barcelos, Portugal, specializing in vehicle inspection services. The company provides MOT test services aimed at enhancing road safety and ensuring the security of drivers and their vehicles. By promoting responsible vehicle maintenance, GlobalTest contributes to the safety of drivers while also addressing societal and environmental concerns. Through its comprehensive inspection services, the company helps customers maintain their vehicles in optimal condition, thereby fostering a safer driving experience.

Moldit

Private Equity Round in 2014
Moldit has a Design department in Portugal, two manufacturing facilities (Portugal and Brazil) and a network of partners across the world.

ROQ

Private Equity Round in 2013
ROQ is a manufacturer of textile printing and packaging machinery based in Vila Nova de Famalicão, Portugal. Founded in 1983, the company specializes in creating automatic screen printing machines known for their precision, reliability, and durability. ROQ's product line includes hybrid screen printing and digital textile stamping equipment tailored for garment manufacturers, particularly those serving mass-market brands. The company, formerly known as S.Roque - MAquinas E Tecnologias Laser, S.A., has established a reputation for delivering innovative solutions that support both digital and analog direct-to-garment printing needs in the textile industry.

Brandcare

Private Equity Round in 2013
Brandcare is a retailer based in Miraflores, Portugal, specializing in the sale of beauty, home care, personal hygiene, and cleaning products.

Six Senses Douro Valley

Private Equity Round in 2013
Six Senses Douro Valley is a luxury hotel and spa situated in Lamego, Portugal, nestled within the scenic Douro Valley. The establishment offers a range of accommodations, including rooms, suites, and villas, designed to provide a comfortable and upscale experience for guests. In addition to its lodging facilities, the hotel features a comprehensive spa, multiple restaurants, and a wine library that highlights the region's renowned viticulture. Guests can also enjoy recreational amenities such as swimming pools and an organic garden, all set against the stunning backdrop of the Douro Valley. This combination of luxurious accommodations and wellness-focused services positions Six Senses Douro Valley as a premier destination for travelers seeking relaxation and indulgence in a picturesque setting.

NDrive

Private Equity Round in 2013
Founded in 2007 as a spin-off of a digital map business, NDrive specializes in developing cloud-based navigation software for mobile systems. Its software offers a network-independent user experience with features like real-time traffic information and social networks integration. With headquarters in Porto, Portugal, and offices in Shenzhen, China, the company serves several million active users across over 50 countries. NDrive has partnered with over 50 companies worldwide to install its navigation solutions on more than 20 million devices.

Gascan

Acquisition in 2009
Gascan is a company that owns and operates various gas networks in Portugal, supplying propane gas to approximately 60,000 customers. The company focuses on delivering a safe and convenient energy source, primarily to residential and bulk users. Gascan is committed to providing efficient service, ensuring that customers experience safety and satisfaction in their energy usage. Through its distribution network, the company aims to meet the growing demand for reliable gas services in the region.

Starfoods

Private Equity Round in 2008
Starfoods SA is a privately held company based in Portugal that operates a chain of fast food restaurants. The company specializes in serving a diverse range of food options, including sandwiches, rusks, wraps, and salads. In addition to standalone locations, Starfoods operates food courts within shopping centers, allowing it to reach a broad customer base throughout the country. By focusing on variety and accessibility, Starfoods aims to meet the fast-paced demands of contemporary consumers.

Nutricafes

Private Equity Round in 2006
Nutricafes is a Portuguese company specializing in coffee production and restaurant operations. It markets its own brands, Nicola and Chave D'Ouro, both domestically and internationally.
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