Kartesia fully exits Veta+
Kartesia, the European specialist provider of financing solutions for small and mid-sized companies, is pleased to announce that it has fully exited its investment in Veta+ (“the Group”), a Spanish property insurance outsourcing business. Kartesia’s stake, as well as that of All Din, will be acquired by trade buyer MSA Mizar, a provider of outsourced insurance claims management services in Italy and a portfolio company of Columna Capital.
Founded in 1971 and headquartered in Madrid, Veta+ is a leading independent tech-led provider of insurance services for the management of multi-risk claims across Spain. The Group consists of five companies, offering a comprehensive solution for the insurance industry, including: end to end claim management services, full claim processing, on site and remote appraisals and repair solutions.
Kartesia first invested in Veta+ in 2017 and during its ownership period the Group has grown significantly, with the trebling of revenues and doubling of EBITDA as of 2024. Veta+ has also expanded to employ around 350 professionals. With the support of Kartesia, the Group has made the successful transition from a tech-enabled player to a tech-led platform, having strongly invested in the development of proprietary technology. The transaction represents yet another successful exit for the Kartesia Credit Opportunities (“KCO”) strategy in the Spanish market. Since inception, the strategy has invested more than €800 million in local companies. The deal team at Kartesia was led by Tomás Neuhaus and Maria Blanquet.
Pablo Valdés, CEO of Veta+ Group, commented: “We would like to place on record our thanks to Kartesia for their investment, advice and support over the past seven years. During this period, we have firmly established Veta+ as the market leader in Spain and developed a product that provides our users with an extremely high quality of service using our proprietary technology. We are confident that with the foundations laid by our fantastic team and the expertise of Kartesia, we are well-placed to continue our growth trajectory with the support of new partners.”
Tomás Neuhaus, Partner and Head of Value Enhancement at Kartesia, added: “We are very proud of the culmination of this transformational journey. We have supported the company and its management team in a period during which the business evolved from a founder’s led organisation to a professionalised platform, from leveraging on certain apps using public sources to providing fully automatised claim management services. We are very happy that Veta+ becomes part of the MSA family and believe both parties will grow stronger together given complementarity in business and similar culture.”
Andrea Frecchiami, Partner at Columna Capital, commented: “MSA Mizar’s acquisition of Veta+ represents a huge step in advancing its strategic vision to expand into new markets and achieve significant, sustainable year-on-year growth. With this acquisition, they will have more than quadrupled in size within just three years, demonstrating further validation of MSA’s panEuropean appeal. As partners, we are proud to have supported MSA throughout their expansion into the Property Insurance space and congratulate the team on their vision and execution in bringing this deal to fruition.”