Nazca acquires majority stake in MAD: advisors

Nazca Capital has acquired a majority stake in Madrid Artes Digitales (MAD), a creator of immersive cultural experiences. The acquisition, completed through Nazca Opportunities, marks the private equity firm’s fourth investment under the strategy. Pérez-Llorca advised Nazca on the transaction, while MAD was advised by Deloitte Legal in Spain.

Stardust International and Inmersivas Digitales will remain significant minority shareholders, MAD’s current management team will continue to lead the company, and Layers of Reality will continue collaborating with MAD as its international licensing partner.

Founded in 2021, MAD creates, produces and distributes large-scale immersive cultural experiences combining 360-degree projection mapping, virtual reality (VR), location-based virtual reality (LBVR), augmented reality (AR), holographic content, immersive installations and interactive digital technologies. Its productions—including Tutankhamun: The Immersive Exhibition, The Last Days of Pompeii, The Legend of the Titanic and Cleopatra: The Immersive Exhibition—have sold more than 5 million tickets worldwide.

MAD’s flagship venue, located at Nave 16 in Matadero Madrid, serves both as a permanent exhibition space and an innovation hub operating under a profitable business model. The company develops, tests and refines new productions there before launching them internationally.

Nazca will now support MAD in accelerating the development of new proprietary productions, expanding its international licensing network and selectively adding new permanent venues. The partnership will also strengthen the company’s organisation and business development capabilities.

Legal advisors

Pérrez-Llorca’s team was composed of Carmen Reyna (corporate partner, pictured), and lawyers Gonzalo Sánchez-Quiñones and Lucía Rodrigáñez.