Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229- 91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu.  
  EUROPEAN COMMISSION  
Brussels, 07.10.2019  
C(2019)  7341 final  
PUBLIC VERSION 
To the notifying parti es 
Subject : Case M.9532 -  GLENDOWER CAPITAL / INVESTINDUSTRIAL / HTG / 
ROTOR  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No  139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 10 September 2019, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the 
undertakings Glendower Capital Secondary Opportunities Fund IV, LP (“Glendower 
Capital ”, United Kingdom)  and International Emergency Services, S.à r.l (“IES”, 
Luxembourg , belongin g to the Investindustrial Group)  acquire within the meaning of 
Article 3( 1)(b) and 3(4) of the Merger Regulation joint control of Health 
Transportation Group S.L..  (“HTG ", Spain). As part of the same concentration, 
Glendower Capital also acquires within the meaning of Article 3(1)(b) control of 
Rotor Componentes Tecnológicos, S .L. (“Rotor ", Spain). The concentration is 
accomplished by way of purchase of shares.3 
2. The business activities of the undertakings concerned are:  
− for Glendower Capital: focuses on secondary private equity assets on a global 
basis, with investments in companies active in markets such as 
ophthalmologic, private clinics, wine and spirits distribution and truck 
manufacture;  
− for IES: an independently managed investment company, ultimately part of the 
Investindustrial Group, which in turn focuses on investme nts in medium -sized 
companies in Southern Europe;  
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union’  and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout th is decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 320, 24.09.2019 , p. 6. 

 
2 − for HTG: a company dedicated to land medical transport with its main 
activities in Spain, although it also provides some services in the United 
Kingdom, mostly for the UK´s National Health Service;  
− for Rotor: a company dedicated to the manufacture, design and 
commercialisation of bicycle components, active in particular in the 
production of bike components, specifically chainrings, power -meters and 
cranks; and the sale of bike components and accessories. Rotor is mainly 
present in Spain, but also (although yet limited) in Asia, the USA and the 
Netherlands.  
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulatio n and of 
paragraph 5(b) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No  139/2004.4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has deci ded not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Cecilio MADERO VILLAREJO  
Acting Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5.