Alpha Wave Global backs Nazca Capital's refinancing of DOGA
What's the deal? Nazca CapitalDealroom has a profile for this one. Try Dealroom → has completed the refinancing of DOGADealroom has a profile for this one. Try Dealroom →, a Barcelona-based global manufacturer specialising in windscreen wiper systems, washer reservoirs, and drive systems for industrial and automotive applications. Alpha Wave Global was among the financiers supporting the deal, which strengthens DOGA's balance sheet and backs its international growth strategy.
DOGA operates across resilient B2B markets, supplying custom high-reliability components to OEM platforms in heavy machinery, industrial vehicles, buses, and rail. The company has been in business for over 60 years.
Why now? DOGA has been expanding its global footprint across Europe (Spain, Italy), the Americas (US, Mexico, Brazil), Asia (China, India, Japan), and Africa (Morocco). The refinancing is designed to accelerate that international push and fund continued development of specialised technology for industrial and mobility applications.
Evercore advised on the transaction, which also involved other financial and legal advisers.
What could go wrong? DOGA's core markets — industrial vehicles, heavy machinery, rail — are cyclical and sensitive to macroeconomic slowdowns. Its reliance on OEM relationships means that any shift in platform strategy or supplier consolidation by major manufacturers could affect demand. Operating across nine countries also introduces currency and regulatory complexity.
The signal: Alpha Wave Global, better known for backing high-growth tech ventures, lending its support to a 60-year-old Barcelona-based wiper systems manufacturer underscores how global investment funds are increasingly looking beyond software for returns in deeply embedded, hard-to-displace industrial suppliers. For Nazca Capital, the refinancing de-risks its hold on a portfolio company still classified as early growth on Dealroom, suggesting the PE firm sees significant runway left in DOGA's international expansion across nine countries.
