IC∆RO is an independent investment banking services firm

We are experts in financial advice, strategic analysis and transaction negotiation


IC∆RO offers exceptional services and results for our clients with a long-term vision. The key to improve ourselves is in our values whose pillars are integrity, excellence, discretion and knowledge

Integrity and

We conduct our business with an open mind, honestly, respectfully, independently.

IC∆RO's independence makes it easier for us to avoid conflicts of interest and offer tailor-made solutions.

Excellence and
long term

Total commitment is part of our DNA, of our way of understanding work and life, and forces us to always give our very best to every single client and project.

We set high standards and focus on achieving long-term sustainable goals.

Discretion and

IC∆RO is in charge of solving the problems of its clients and, in turn, satisfying their needs, maintaining long-term relationships with the utmost discretion and confidentiality.


The senior team has previous operating experience in investment funds and in positions of responsibility in corporates.

The IC∆RO team offers a complete and different vision of corporate transactions, understanding the peculiarities of investors and the complexity of corporations.


Advised our clients in key moments and critical situations. We offer unique and creative solutions in highly complex scenarios


Carrying out a transaction requires proper design and structure, efficient execution, and post-agreement

  • Acquisitions and Sales
  • Joint-ventures and Alliances
  • Capital increases
  • Strategy
  • Spin-offs and carveouts
  • Leveraged buyouts (LBOs)
  • Management buyouts (MBOs)
  • Management buy-ins (MBIs)

Debt Advisory

The capital structure must be appropriate to the company´s activity and to the specific market moment

  • Capital structure advisory
  • Traditional financing search
  • Private debt funds
  • Working Capital

    Strategic Planning, Modelling and Valuation

    We are experts in strategic planning and financial valuation

    • Strategic plan development
    • Transaction-linked valuations
    • Valuations linked to refinancing and agreements between partners
    • Business Modelling


      We support companies experiencing financial and operational difficulties

      • Companies with operational and strategic challenges
      • Restructuring / Financial refinancing
      • Corporate reorganizations
      • Viability plans / Insolvency


        We have been on the other side of the table. Our experience in investment and operative traits provides us with a unique and holistic perspective, and with superior empathy. This strategic and holistic vision allows us to offer our clients the best possible scenario for their interests.

        Borja Díaz Solís

        Founding Partner

        Specialist in M&A transactions, with over 15 years of experience, carrying out transactions with a size between €25m - €1bn+.

        Borja has worked in M&A departments at renowned houses such as FTI, Deloitte and PwC. He has also worked on the buyside at Thesan Capital, special situations fund.

        Bachelors degree in Business Administration from the University of Navarra. Additionally, Borja he has been a teacher in the corporate finance master of IEB and has done executive education courses at Harvard Business School.

        Álvaro Funes Núñez

        Senior Advisor

        Alvaro is Senior Advisor of IC∆RO. Professional with 10 years experience in the execution of real estate transactions.

        Alvaro has founded several real estate firms and is actually the CEO of Bluearch Real Estate where he develops bespoke projects for national and international investors.

        In parallel Alvaro has founded several start-ups like Echo Charli Engineering (advanced service drones).

        Bachelor in Business administration and Bachelor of Laws (Dual Degree) from IE University. Additionally, has done executive education courses at Berkeley.

        Juan Zarza Fernández, CFA

        Senior Manager

        Juan is Senior Manager of IC∆RO. Professional with 6 years experience in financial related fields.

        Juan started his career founding Z-Trading, markets analysis/asset management company. During his entrepreneurship, he discovered the necessity of gaining knowledge. Juan’s previous experience includes Altura Markets, DOK Capital and Asset Growth EAF.

        Juan is a generalist and has experience in numerous sectors, including retail, consumer and retail or transport, among others.

        In 2021, Juan passes the CFA Level III exam giving him the right to use the CFA Charterholder designation.