At Moonbase Capital, we’ve had the privilege of supporting Arturo Alvarez-Marcello Casado and Ignacio Ortiz Figueroa from the very beginning of their search fund journey.

Friends and former colleagues at BCG, they brought complementary skills, deep trust, and a shared desire to move from corporate careers to entrepreneurship. Together, they founded Nobis Capital, a search fund focused on acquiring and operating a great business in Spain.

Their disciplined, sector-agnostic approach prioritized business fundamentals over trends, guiding a rigorous two-year search across the country. That persistence paid off with the acquisition of Leaseir, a Gijón-based company that designs, develops, and manufactures advanced medical devices for laser hair removal. Leaseir is recognized as a leader in high-power diode laser technology for aesthetic and medical applications.

We’re proud to have backed Arturo and Ignacio from search to acquisition and excited to support them as they scale Leaseir into its next chapter.

We recently sat down with Ignacio to hear how the transition into ownership is going:

 

Moonbase Capital: Ignacio, thank you for joining us. To start, can you tell us how you identified Leaseir and what your search process looked like?

Ignacio: Thank you for having me! The process took about a year and a half from start to closing. From the beginning, we saw that Leaseir was a high-quality company. We conducted thorough due diligence, speaking with competitors and customers to understand the company’s competitive advantage and confirm the product’s quality. The financials required extra attention, as we discovered that the margins and results were even better than the official accounts suggested.

One challenge was that the company was growing rapidly, which meant the price we initially considered had to be adjusted upwards as the business expanded. We also needed to understand the owners’ motivation for selling. They were experienced professionals in their 50s, and we wanted to ensure their reasons were sound. Ultimately, they decided to reinvest significantly in the company, which gave us confidence in the transition and future collaboration.

Finding and Acquiring Leaseir Through a Disciplined Search Process

Moonbase Capital: So the previous owners stayed on as investors?

Ignacio: Yes, they are now among our largest investors, which is great for continuity and shared vision.

 

Moonbase Capital: Why did they decide to step back from day-to-day management?

Ignacio: They had been with the company for over a decade and felt it was a good time to realize some gains. The business was beginning to expand internationally, which would have required more travel and effort. They saw an opportunity to step back, take on advisory roles, and let a new team drive the next phase of growth. It was a smart and timely move for them.

Operating and Scaling a Spanish Medical Device Business After Acquisition

Moonbase Capital: Did you have prior experience in the laser treatment manufacturing industry? How did you approach learning about it?

Ignacio: No, it was new territory for us, and not an easy industry to understand. Spain is one of the most mature markets globally for these treatments, but our customers’ businesses were quite different from ours. While our business had healthy margins and was technologically driven, many of our customers, especially in Spain, faced cash flow challenges due to the way services were sold. It took time to understand the market dynamics, but we eventually identified a strong segment where we could thrive.

 

Moonbase Capital: You mentioned international expansion. What factors do you consider when entering new markets?

Ignacio: There are many variables. Regulations differ significantly: some countries require treatments to be performed by doctors, others do not. Device registration processes also vary. We look at treatment pricing, market penetration by large chains, population demographics, and GDP. The effectiveness of our devices can depend on skin type, so that’s another consideration. Ultimately, finding the right local partners is crucial; sometimes, a seemingly unattractive market can become a success story with the right distributor.

 

Moonbase Capital: What was your first day like as CEO?

Ignacio: We were fortunate to have support from the former CEOs and spent our initial days meeting the middle management team over lunches and dinners, reassuring them about continuity. The first weeks were stressful; there’s a lot to learn about the company and industry, and you need to establish yourself as a leader quickly. There’s pressure from investors, employees, clients, and even family. However, because the company was well-managed, things ran smoothly, and that made the transition easier.

 

Moonbase Capital: Did you encounter any major challenges early on?

Ignacio: Not really. The company was in good shape, with a strong sales pipeline and solid management. We didn’t face the typical post-acquisition nightmares you sometimes hear about.

 

Moonbase Capital: What are your plans for the future? Are you considering an exit or further acquisitions?

Ignacio: We plan to stay for many years. We want to deliver returns to our investors, which could be through dividends or share repurchases. As for acquisitions, it wasn’t part of our original thesis, but now that we’re generating strong cash flows and repaying debt faster than expected, we’re considering ways to improve our product portfolio. We have a strong R&D team, but sometimes M&A can accelerate growth, so we’re open to complementary acquisitions.

 

Moonbase Capital: Is all your R&D based in Spain?

Ignacio: Yes, the founders built a robust R&D team, and all production is in Spain.

 

Moonbase Capital: Did you come close to acquiring other companies before Leaseir?

Ignacio: Yes, quite a few. We signed 15 Letters of Intent over two and a half years. There was always a pipeline of opportunities, which is both good and bad. On one hand, you never worry about running out of deals; on the other, you can become overly strict and perhaps miss out on good opportunities because you’re always comparing. Looking back, some companies we passed on were acquired by others in 2023 and 2024.

 

Moonbase Capital: Any lessons you can share with other searchers regarding investor relations?

Ignacio: We had nearly 20 investors, but you naturally end up working closely with three or four. Some want to be very involved; others are more hands-off. The most valuable investors are independent thinkers who give quick, honest feedback. It’s important not to take it personally if someone doesn’t invest, they may have other commitments or similar deals elsewhere. 

Another key lesson is that you don’t need every investor on board; there’s always capital available if the deal is good. Having deep-pocketed investors can be a lifesaver.

 

Moonbase Capital: Did you use bank financing as part of the acquisition?

Ignacio: Yes, we did, as is typical in these transactions. However, leverage is limited: if you have five times EBITDA, you can only leverage two to two and a half times. The rest has to come from equity.

 

Moonbase Capital: Thank you, Ignacio. This has been incredibly insightful!