About Alcara Partners
We're a boutique M&A advisory connecting investors with Spain's best businesses—and helping Spanish business owners navigate succession with confidence.
While most M&A advisors in Spain represent sellers, we take a different approach. We work exclusively on the buy-side for investors, which allows us to approach Spanish business owners confidentially and build trusted relationships without pressure or public listings. For business owners, we provide honest guidance on exit options, valuation expectations, and buyer matching—without the conflicts of interest that come with traditional sell-side representation.
Our specialty is cross-border transactions, where we bridge the gap between international capital and Spain's exceptional small and medium enterprises. Whether you're an investor seeking your next acquisition or a business owner exploring what's possible, we bring the operator perspective, local market knowledge, and cross-border expertise needed to navigate successfully.
Why We Founded Alcara Partners
I always knew I wanted to work in M&A and finance. It wasn't a pivot—it was the plan.
But I also knew I couldn't just jump in unprepared. So I deliberately built my toolkit:
Started in consulting, learning analytical rigor and client management. Moved into corporate finance in Germany, understanding how traditional Mittelstand companies actually operate. Joined a French unicorn, seeing how high-growth businesses scale differently. Then co-founded 23harmony Studio—because I needed to prove I could build and transform businesses myself, not just advise on them.
That last part was critical. Running 23harmony taught me something that changed everything:
"Building from scratch is brutally hard. The odds are always against you."
You can spend years scaling something that will likely fail. But if you have access to capital? Buying an established, profitable business with loyal customers and proven operations is a fundamentally better opportunity.
Then bring it to the next level. Improve operations. Modernize technology. Add new capabilities. Help the existing team do what they already do well—but better.
"That's when the pieces came together."
Spain has 40,000+ SMBs in the €2M-€10M range. Owners in their 60s with no succession plan. Profitable businesses with strong fundamentals. The baby boomer retirement wave is creating once-in-a-generation wealth transfer opportunities.
And investors? They have the capital, networks, and operational expertise sellers need. But they lack deal access, local market knowledge, and post-acquisition support.
We're at a unique moment in history. The opportunity is massive. The timing is perfect.
That's why I launched Alcara Partners now—not before, now.
Everything I've built over the past years—the consulting skills, the finance expertise, the operational transformation experience, the cross-border perspective—exists to help investors seize these exceptional opportunities.
- We find profitable Spanish businesses
- We help investors acquire them
- We transform operations to unlock value
- We contribute to a thriving economy by strengthening companies and supporting founders in transition
This is Alcara Partners.
Our Values
The principles that guide every engagement.
Honesty & No Bullshit
We don't sugarcoat due diligence findings or oversell deal quality. You get straight talk—even when it's not what you want to hear. Our job is to help you make smart decisions, not close bad deals.
Buy-Side Exclusive
We only represent investors, never sellers. No conflicts of interest. No divided loyalties. Your success is our only metric. When a deal is wrong for you, we say so—even if it costs us a fee.
Operator Perspective
We've built businesses, managed P&Ls, and transformed operations across Europe. We don't just understand financial models—we understand the messy reality of running companies. That insight shapes everything we do.
Partnership Through Complexity
M&A is hard. Deals fall apart. Sellers get difficult. We don't disappear when things get messy—we show up, solve problems, and see it through with you. Your toughest challenges are when you need us most.
Meet the Team
Jose Miguel Almonacid Caracciolo
Founder & Managing Partner
Most M&A advisors have finance backgrounds. Jose has something better: he's been inside the businesses investors want to buy.
His journey started in consulting, where he developed the analytical rigor and client management skills that define exceptional advisory. He then moved into corporate finance in Germany, working in accounting and controlling for a traditional Mittelstand company – the type of stable, family-owned business that represents the backbone of European SMB M&A.
He later joined a French unicorn in their finance department, progressing from Finance Associate to Finance Product Manager, where he saw how high-growth companies operate differently from traditional SMEs. This combination of traditional SME stability and startup scale taught him to see value from both perspectives and apply technology to improve processes and productivity in traditional businesses.
In 2023, Jose co-founded 23harmony Studio, a product studio and business transformation firm serving venture-backed startups and established companies across Europe. The firm has delivered dramatic operational improvements – including one project that reduced service delivery from 6 months to 5 days, unlocking €900K in stuck revenue and achieving 1,100% ROI.
This operational expertise is what investors actually need post-acquisition. Financial models are easy. Making the business better is hard.
Alcara Partners was founded on a simple insight: investors don't just need someone to find deals and coordinate lawyers. They need someone who can spot operational value, navigate cross-border complexity, and help them succeed after closing.
Jose's background – consulting + finance + operations + entrepreneurship + cross-border experience – positions him uniquely to serve investors acquiring Spanish SMBs.
Based in Valencia and fluent in English, Spanish, and German, he brings the local market knowledge and international perspective investors need.
Ready to Start a Conversation?
Whether you're exploring acquisition opportunities or considering your exit options, let's discuss how we can help.