Stephan Koen
M&ADeloitte CFESADE · Erasmus
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An M&A boutique founded by advisors who are entrepreneurs and investors
Dextra was born in 2012 with a clear premise: advising corporate transactions by applying the judgement of those who have also been investors, buyers and sellers.
The firm
Independent from day one
Dextra Corporate Advisors was founded in 2012 in Barcelona by Stephan Koen and Iker Zabalza, both with prior careers at a major corporate finance consultancy. The firm operates in the Spanish mid-market, focusing on companies with €10–150M enterprise value in acquisition and sale processes.
We are an independent boutique: no investment bank affiliation, no institutional shareholders, no conflicts of interest. Our only alignment is with the client's outcome. Since its foundation, the founding team remains actively involved in executing every mandate.
Unlike most M&A boutiques, Dextra's founding partners also manage proprietary investment funds —Gemba Private Equity and Atalaya Hotels— giving them a real buyer and seller perspective that few advisors can offer.
"The M&A advisor who has been in your position."
Stephan Koen and Iker Zabalza, founding partners
Track record
True to its values since day one
- 2012 Start of activity — Dextra Corporate Advisors founded
Dextra is incorporated and begins activity. Exclusive focus on M&A and corporate finance for Spanish mid-market companies.
- 2013 Start of investment activity
Creation of the first real estate investment vehicles.
- 2019 Navis Capital management company incorporated
Navis Capital, a fund manager, is incorporated by Stephan Koen and Iker Zabalza together with other partners.
- 2021 Fundraising and start of fund activity
Gemba Private Equity and Atalaya Hotels begin activity. Investments made in 7 industrial companies and 4 hotels.
- 2022 Integration into CFA Worldwide
Dextra becomes the exclusive representative for Spain of CFA Worldwide, a network of independent M&A boutiques with presence in Europe, North America, Asia and Latin America.
- Today Over 60 completed M&A transactions
Consolidated track record of more than 60 sell-side, buy-side and valuation mandates for the Spanish mid-market. The founding partners have participated in each of these transactions and have led the mandate.
Why Dextra
Four things that make us different
These 4 differentiating factors allow us to add additional value to our clients.
01
Skin in the game
We manage or have managed investment funds: Gemba Private Equity (7 industrial companies, €60–70M aggregate revenue) and Atalaya Hotels (4 hotels, 900+ rooms). We have been in the buyer's and seller's position. We don't theorise about what our clients ask us.
02
People-first
Selling a business you have built over decades is not just a financial transaction. We manage the process with the technical rigour an M&A transaction demands and with the human support a business owner needs at one of the most important decisions of their life.
03
100% senior execution
The partner who signs the mandate is the one who executes it from start to finish. No delegation to junior teams. No rotation of contacts. The same judgement and the same person in every meeting, from the first analysis to the notarial closing.
04
CFA Worldwide international network
We are the exclusive representative for Spain of CFA Worldwide: more than 30 offices across Europe, North America, Asia and Latin America. Direct access to international strategic buyers and European deal flow for buy-side mandates.
Skin in the game
We are also active investors
We manage proprietary investment funds. This is a core differentiating aspect of our positioning: we advise what we also practise.
Industrial
Gemba Private Equity
7 Portfolio companies
€60–70M Aggregate revenue
Investment vehicle in industrial companies in the Spanish mid-market. We acquire, develop and divest in manufacturing and industrial distribution companies. This experience as buyers and sellers of our own funds' portfolio companies provides added-value perspective during our advisory processes for clients.
Hospitality
Atalaya Hotels
4 Hotels
900+ Rooms
We have managed Atalaya Hotels, building a portfolio of 4 hotels in different locations in Spain. Hotel investment requires a combination of business analysis, financial rigour and analytics, and real estate knowledge — an uncommon perspective with significant added value.
International network
CFA Worldwide: more than 30 offices, 4 continents
We are the exclusive representative for Spain of CFA Worldwide (Corporate Finance Associates Worldwide), a network of independent M&A boutiques with global presence.
This network enables us to identify and contact international strategic buyers directly —without intermediaries— across Europe, North America, Asia and Latin America. In sell-side processes, access to cross-border buyers can create upward pressure on our client's price objectives. The international network also helps us identify and contact potential targets for clients who have entrusted us with company acquisitions.
Learn about the CFA Worldwide network→ 17 North America New York · San Francisco · Houston · Chicago · Boston · Miami
12 Europe London · Frankfurt · Amsterdam · Paris · Milan · Barcelona
3 Asia Hong Kong · Shanghai · Singapore
2 Latin America São Paulo · Mexico City
The team
Seven professionals, one project
All with prior experience at Big 4 or investment banks. We have worked as a team for years and have extensive experience in Corporate Finance advisory.
Iker Zabalza
M&ADeloitte CF20+ years M&A
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Javier Pigrau
EYPompeu FabraM&A
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Manuel Pedrosa
PwCNexia CFIE MBA
View full profile → Frequently asked questions
What people ask us about Dextra
Dextra was founded in 2012 in Barcelona by Stephan Koen and Iker Zabalza, both with prior careers at Deloitte Corporate Finance (formerly Arthur Andersen). The founding partners lead the execution of every mandate, supported by a highly experienced team.
Three main differentiators: the founding partners manage proprietary investment funds (Gemba Private Equity and Atalaya Hotels), giving them a real investor perspective; execution is 100% senior, supported by an experienced team; and we are the exclusive representative of CFA Worldwide in Spain, with a network of more than 30 M&A offices across 4 continents.
They are proprietary investment funds managed by Navis Capital, founded by Iker and Stephan together with other partners. Gemba Private Equity invests in industrial companies in the Spanish mid-market (7 portfolio companies, €60–70M aggregate revenue). Atalaya Hotels invests in hotel assets in Spain (4 hotels, 900+ rooms). This activity as active investors directly informs how they advise clients in transactions.
CFA Worldwide is a global network of independent M&A boutiques with more than 30 offices across Europe, North America, Asia and Latin America. Dextra has been the exclusive CFA Worldwide representative for Spain since 2021.
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