Candover, the quoted UK private equity firm, has started to build a presence in Spain and Portugal, appointing Alejandro von der Pahlen as an adviser to originate and transact deals in the region.

Von der Pahlen said: "Candover has already extended its presence from the UK to France and Germany. It is now turning its focus to Spain and Portugal." It opened a Paris office in late 2001 and hired Kurt Kinzius to develop its German business earlier this year. A spokeswoman for Candover said a Madrid office was "quite a long way off" but would be a natural progression.