Capital Inversión

Going invests in private companies with the objective of generating mid to long-term results above those obtained in the capital market.

Our objective is to maximize value of all companies in which we invest trough the development of the team and the achievement of new business objectives.

Our firm has grown from the understanding of the business spirit, promoting an entrepreneurial culture and key role of innovation.


Going Investment, S.A. was launched in 1998 by a group of professionals who contributed with their capital and experience within multinational environments.

First project were financed with funds provided by the partners, adding later reinvestments of capital gains and generated returns.

In 2004, Going started an opening in capital management, by gaining financial resources from institutions, financial entities and private investors focused on the investment in business shares, reaching €60 million in management.

It structured its investments through venture capital firms regulated and supervised by the Spanish Stock Exchange Regulatory Authority. Compromising funds in the same proportion as the rest of private investors.

Nowadays, Going stills managing business assets valued at around €60 million.


Going has a highly motivated team committed to achieve the objectives and those of its investors and shareholders of the companies it invests.

  • Ability to understand and dissect the financial and strategic needs of business projects.
  • Solid track record in company valuation and transaction projects.
  • Extensive network of highly skilled professional contacts.
  • Successful professional career or its management team.

Main Significances

Number of performed operations

Business managed assets value


Average objective IRR

Corporate Social Responsibilities (CSR)

Going is comitted to contribute in sustainable growth developing of our economy by means of the voluntary incorporation in our objectives, strategies, and management procedures of ethical, environmental, social, labor and good government factors, together with financial factors, in investment decision makin procedures.

We perform our activity in the socially responsible investment scope, with good practices in business social responsibility and looking for generating positive impacts over group of interest of the business activity: clients, employees, shareholders, environment, society.

Furthermore, Going have a total commitment with investors in efficient managing of both economic and financial resources in value creation objective and in providing full transparency in information regarding the developed activity and feasible advances that may be reached.

Objective Investments

In general terms, our vocation is the acquisition of 100% of capital or majority stakes acquisition, although we also make minority stakes between 30% and 40% over the total of the company.

    • Medium SMEs with needs of shareholders’ resources.
    • Medium SMEs with needs of help for growth.
    • No sector restriction but building and regulated ones.
    • Get control of the company (sale of a major percentage of shares).
    • Minimum investment of €3M and maximum of €10M.
    • Objective investment time between 4 and 5 years.
    • Average turnover of €10M.
    • EBITDA greater than €1M.

    Individual Project Strategy

    Understand the unique challenges and opportunities of the SMEs company with the aim of help it to take advantage of its growth potential and create value in the business.

    • Understand the need of each business.
    • To contribute with funds, experience, nearness and manage and strategy ability, together with a network of contacts and experts in the sector.
    • To be committed and patient capital with the project.
    • Active role management, prioritizing the Project development.

    Investment Procedure


    Investment project selection.


    Identification of the project keys, management team, business model, competence positioning with respect to competence, growth potential and profitability.


    Projects valuation by means of several generally accepted methods: discounted cashflow analysis, comparable company multiple analysis and similar acquisitions analysis.


    Documents: memorandum of understanding, deed for share issue and/or equity sale, and shareholders’ agreement.


    Memorandum of understanding, deed for share issue and/or equity sale, and shareholders’ agreement.


    Assisting the company in the value creation process by taking an active role in key management areas and, if necessary, provide support for search and incorporation of managerial staff.

    Value Proposal

    Our main strength is our proven ability to be valuable partners; manage change and incertainty associated with developing business models, allowing companies and management teams to accomplish their vision.

    We are a shareholder with an active presence on the Board of Directors of the companies we invest in, ensuring we monitor and manage our investment withing the agreed objectives.

    We provide our advice, based on our financial and common objectives, along with our experience. We also assist with strategic decisions or in the company’s international development.

    For investors

    • Profitability
    • Trust: nearness, transparency and commitment.
    • Group of reliable entrepreneurs with proven career.
    • To incentive aragonese and Spaniard SMEs growth.

    For participants

    • Entrepreneur partner with experience and contacts with the big business.
    • Reliable and committed with the developments of the projects investor.

    For business fabric

    • Only aragonese business fund that bets for SMEs and their growth potential.



    • More than 20 years of experience in Private Equity.
    • Partners and professionals that have participated together in investment and management operations in more than 30 firms.
    • More than €60M invested in management.
    • Industrial and entrepreneurial experience.
    • Commitment with the region.
    • Knowledge about the environment.
    Carlos Oehling

    Carlos Oehling


    More than 20 years of experience in Private Equity and more than 30 in the industrial and entrepreneurial area.

    Carlos Oehling

    Founder partner and president of Going Investment since 1998.

    Graduated at the University of Zaragoza, 1997. Executive Development Program in the University of Michigan Business School and PADE in 1999 from IESE (University of Navarra)

    From 1986 until 1999 he worked in Hoffman La Roche (Switzerlad), Bayer (Spain), General manager of Group Serva and Senior Manager in Dana Corporation multinational.

    Since 1992 he had participated in more than 20 Boards of Directors.

    Since 1998 in Going, he has participated in more than 37 investments and exits processes in participant entities.

    CEO of A&S Fersa Bearings Europe since 2009

    Ángel Goyanes

    Ángel Goyanes


    More than 30 years of experience in the industrail and etrepreneurial area.

    Ángel Goyanes

    Founder partner and member of the Board of Directors of Going Investment since 1998.

    He studied at the University of Zaragoza, 1998 Executive Development Program at the University of Michigan Business School and General Management Program in 2000 at IESE.

    He worked from 1988 to 1999 in product development area in Industrias Serva S.A. General manager of group Serva and Senior Manager in Dana Corporation multinational.

    In the Board of Directors of Going Investment and as Administrator of group companies, he accumulates wide experience of more than 20 years in numerous investments and exit procedures in entities of different sectors.

    Cesar Martínez

    César Martínez

    Chief Financial Officer

    More than 30 years of experience in finance area and 20 of them in Private Equity.

    César Martínez

    Graduated at the Universidad de Zaragoza, he is officially registered in the registry of auditors of Spain.

    He developed his professional career within the scope of business consultancy and audit in CGM Auditores S.L

    In January 2000 César assumed management of Autocity Networks S.A. (ICT project of Going)

    From 2002 he had been exclusively dedicated to the Financial Management and management control of Group Going and its risk capital managed societies.

    He has a wide experience in private equity due to his participation in all investment and exit corporative procedures made since his oncorporation.

    Elena Blanco

    Elena Blanco

    Chief Administration

    20 years with Administration and participant entities' portfolios reporting.

    Elena Blanco

    Graduated at the University of Zargoza in Financing and Market research and Analysis areas.

    She initiated her professional career in Caja de Ahorros de la Inmaculada in the research and analysis department focusing on fiscal structures.

    Since 1999 developing her professional career in Going investment being currently the Head of the Administration Department of the gorup and the portfolio entities.

    Wide experience accumulated of 20 years in private equity sector in (investment projects analysis and management, board of directors and partners reporting, portfolios and funds valuation reports, etc.)


    Karl Nitsch<

    Karl Nitsch


    40 years of multinational experience

    Karl Nitsch

    Karl earned a B.S. in Business Administration at Bentley College (Boston, USA) and Advanced Management Program from Harvard University (Cambridge, USA).
      After several years working in European chemical/pharmaceutical companies (Ciba-Geigy and Hoechst) he worked in the iron & steel and petroleum sectors in Venezuela.

    From 1988 until his retirement in 2006 he held different positions of responsibility in the automotive multinational Dana Holding Corporation, becoming President of Dana Europe in 1997 and member of the Worldwide Operating Committee. 

    Benito López

    Benito López


    40 years of entrepreneurial experience.

    Benito López

    An industrial engineer and economist from the Universidad Politécnica de Cataluña, where he has also taught for over ten years, complemented with doctoral studies in engineering and economics.

     Benito has held over the years a number of senior management roles in major institutions and companies, including 10 years as Managing Director of the INEM (the National Employment Agency in Barcelona), 10 years as CEO of the Instituto Aragonés de Fomento (IAF), 3 years as Executive Vice-President, a leading engineering group with a focus on the automobile parts sub-industry and production facilities in Spain, Italy and China, and from 2003 until his retirement Chief Financial Officer, of Zaragoza Alta Velocidad 2002.



    Our Investments

    DINÓPOLIS - 2001

    Leisure Services
    Leisure and scientific paleonthological theme park located in Teruel

    FERSA - 2002

    Automotive Industry
    Production and commerce of bearings for automotive sector and agricultural and industrial machinery.


    Real estate company.
    Real estate assets acquisition, management and use ofr commercial, industrial and residential puposes.

    HOMEDOCTOR - 2020

    IT Industry
    Online medical service platform: SOS consultancies, check-ups, remote diagnosis center through home devices, advanced analytics and AI.


    Logo GLASER
    G.EL PILAR 2002-2019

    Automotive Industry
    Sale and distribution of spare parts and paint focused on vehicles mechanical repair.

    Logo DANA

    Exit in october 2019 with sale of 100% of Grupo El Pilar to spanish distributor Recambios Segorbe.

    Logo Araven
    GRUPO ARAVEN 2006 - 2017

    Chemistry and plastics.
    Design and commercialisation of plastic products: preservation of food and purchase transport.

    Logo GED
    GED V España FCR

    Exit in March 2017 with the sale of 100% to GED V España FCR, and Oquendo with minority participation.

    Logo Losan
    Grupo LOSAN 2005 - 2015

    Textile Industry.
    Company dedicated to the design, production and commercialisation of textile products.

    Logo Sonae

    In November 2015, portugese leader in retail group Sonae acquired 100% of Group Losan.

    Logo Araclon
    ARACLÓN BIOTECH 2006 - 2012

    Scientific investigation, pharmacological and biotechnological products creation and exploitation.

    Logo Grifols

    In February 2012 spanish multinational blood products leader Grifols acquired 100% of Araclón Biotech.

    Logo net2you
    NET2U 2000 - 2010

    IT Industry.
    Net2You has been dedicated to offer Internet and technological innovation services.

    Logo Everis

    Exit in october 2010 with sale of 100% of the company to world multinational spanish consulting fim Everis.

    Logo Eatica
    ENÁTICA 2006 - 2009

    Solar photovoltaic plants installation, commercialization, management and maintenance.

    Logo Brial

    Exit on June 2009 with sale of its participation in the company to aragoneese business group Brial.

    Logo Run
    AGUAS DE EL RUN 2006 - 2007

    Food Industry.
    "Sietecaños" natural mineral water spring exploitation.

    Logo Veri

    Exit in 2007 with sale of participation in the company to Aguas de San Martín de Veri, belonging to group Damm.

    Logo Netfilia

    IT Industry.
    Supplier of results marketing services and internet membership programmes.

    Logo Antevenio

    Exit in April 2007 with sale of 100% of the company to Antevenio, leader in advertisement and interactive marketing.

    Logo Embou

    IT Industry.
    Broadband internet services supplier through wireless connection in complex environment.

    Logo MásMóvil

    Exit in 2008 with sale of the participation in the company to the management team of Emobu, that since 2015 integrated them in Group MásMovil.

    Logo Arnedo
    LÁCTEOS ARNEDO 2001 - 2005

    Food Industry.
    Production and distribution of ice-creams, pastry making and freeze desserts.

    Logo Dhul

    Exit with the sale in Decembre 2005 of their 60% participation to group Dhul, spanish leader in the industry.

    Logo Autocity
    AUTOCITY NETWORKS 2000 - 2002

    IT Industry.
    Promotion and development of the pioneer project Autocity.com, engine vertical website in Spain.

    Logo Orange

    Exit in April 2002 with the sale of the company to eresMas Interactiva, Wanadoo after, part of Group France Telecom.

    Logo Nouning
    NOUING 1999 - 2000

    Food Industry.
    Production and distribution of cold mear: products packing and cut service.

    Logo Boadas

    Exit in June 2000, with the sale of its 50% participation in the company to catalan butchery business Boadas.

    Logo GLASER

    Automotive Industry
    Automotive components, stanked and water tightness components producer, leader in Spain.

    Logo DANA

    Exit duting 1999 with the sale of 100% of the company to north-american multinational group DANA corporation.


    Any question?
    Write us!


    Paseo Independencia, 32, 5º C
    C.P. 50004 Zaragoza


    Monday – Friday: 9am-14pm


    +34 976 468 410
    Fax:+34 976 468 522

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