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A Chat with Borja Gari Munsuri

Q. How long have you been with the company?

A. I have worked at Ventient since 2019. Previous to that, I was working for a sister company of the fund.

Q. What is your day-to-day role and your team’s day-to-day role?

A. My day-to-day role is to originate opportunities for the business development team.

I look into markets for merger and acquisitions opportunities in Continental Europe and the UK. The team and I also carry out the investment analysis for those opportunities reporting back to the executive committee and board.

Q. What is your favourite part of the job?

A. I am lucky to work in an industry – dramatically growing across the globe – that contributes to creating a better planet for us and the next generation.

As a leader in the sector, we are making a difference towards securing the future of people and the planet with all our teams’ hard work and expertise. The acquisitions we make are significant and perfectly aligned with our growth strategy.

I love that we have the opportunity to learn about businesses in other countries and work with our incredible partners learning from their experience. Renewable energy is a growing business that helps reverse global warming and climate change. The purpose of this sector is what excites me every day!

Q. Tell us about one of the latest acquisitions for Ventient, which expanded Ventient footprint in Portugal?

A. The Iberwind acquisition was crucial for the team and the company because it included a big step up in the size of both our wind power capacity and team. We sensed that it could have been out for sales before it went on the market, so we looked at it beforehand. Then we worked on market intelligence with our advisors to assess the opportunity and get ready for it.

It was a very fast process, and we analysed all the information very quickly. A short list of potential buyers was put together and invited to the process. By August 2020 non-binding offers were made. We worked hard and efficiently on due diligence in a short period of time, and that was a challenge during the Pandemic that posed lots of questions about investments, risks, operations etc. We successfully managed the entire process and analysed how the opportunity would look after the acquisition in terms of the potential sources of value and the competitive value size of the teams. Finally, we reviewed what Ventient would look like after the integration because it would be a totally different company. What we saw after all the analysis, was an opportunity that fitted our purpose, our values, and our strategy and we went for it.

Q. What is Ventient’s M&A strategy for the next five years?

A. For the next five years, we have an ambitious growth plan.

We are looking at value rather than volume. The Iberwind acquisition is high value and we want to replicate this in the future with what makes sense efficiently with balanced and sustainable growth. To acquire what makes sense for us as a business. Projects that we can manage efficiently to diversify our risk exposure in Europe.

The teams should add to and reinforce what we do. We are looking at continental Europe and the UK and new countries such as Italy and other countries with similar risk profiles we are already established in.

We have a clear investment mandate that follows our strategy – the projects and investment criteria and jurisdictions and the mandate can’t deviate from them.

We work closely with operations and finance and legal teams and look at all the opportunities from different points of view from the beginning. We analyse projects together with other teams to identify those values that make a difference in a competitive environment that put us in a better position.

Q. What is your best achievement during your time at Ventient and why?

A. Bringing Iberwind into the company, we managed such a large acquisition in such a short period of time. It made a difference to the market and it’s made a massive difference to the company. It was a huge operation executed in a challenging historical moment, and we succeeded.

The acquisition proved the strength of the company culture. We reacted quickly to a large opportunity, and there aren’t many players that can do that. It consolidated our position as European Leader and contributed to create opportunities for our people.

The Iberwind acquisition allowed us to really show what diversity, equity and inclusion means at Ventient and highlighted our commitment to them. It was and is an example of what the Ventient Way is, a combination of high-performance, sustainability, expertise, innovation and care for people underpinning a strong business vision.

Q. Diversity, Equality and Inclusion play an important part at Ventient. How does this affect your team’s work?

A. When we formed the team we were seven people from five different nationalities – four men and three women. From Portugal, South Korea, Argentina, Spain, Germany and France. Now we are still four different nationalities in a team of seven people. We need to be diverse because we operate in different countries, to get access to new opportunities you need to be able to speak the local language and understand local jurisdictions, it’s so important. We believe that we can get the best talent, if we are diverse. This is the DNA of Ventient and our shareholder.

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