Miguel Costa Freire and Pablo Alvarez Guerra on what they got right and what they rushed in their first months running the Portuguese company they acquired.
Founded in Vila Nova de Famalicão in 2005, Effisus develops and markets construction solutions focused on energy efficiency, building watertightness and fire protection. With 2023 turnover exceeding €10m and a strong international presence in the UK, UAE, Saudi Arabia and Spain, it is a leader in waterproofing solutions. Its project portfolio includes the Apple headquarters in California and the Guggenheim Museum in Abu Dhabi.
The investment from Viriato Capital, led by Miguel Costa Freire and Pablo Alvarez Guerra, aims to further the company's growth and international expansion. Here they discuss their first hundred days.
Why did you decide to acquire Effisus, and what attracted you most?
Pablo: What we liked most is that Effisus was different from a typical SME in Iberia. We found a company with an impressive culture of collaboration and a can-do mentality, a high-performing team of professionals and, structurally, clear exposure to international markets — which was a key point in our investment thesis.
What advice would you give searchers about managing the deal process?
Miguel: The most important thing is to remain calm during moments of stress — and there will be moments of stress. While maintaining focus on closing, keep an eye on the company's operations, meet people there, and remember that you are buying a company to manage it. The day after closing should always be on your mind.
What challenges did you encounter in the first 100 days?
Pablo: Above all, the need to do several things in parallel: time-sensitive company decisions, pushing the business plan, and at the same time getting to know the team and the business, which is a full-time job in itself. We also had open points left over from the deal and the search. My advice would be to get rid of those as soon as possible so a new CEO can focus on the operation.
How did you merge your strategic vision with the existing culture?
Pablo: We were lucky that Effisus's existing values were quite aligned with our own — the company had already implemented a culture function aimed at preserving them. We took the approach of building on those and gradually implementing new things, rather than trying to reset the company. It is not realistic to try to change a company that has been operating for some time over the course of a few weeks or months. If change is needed it should be done with care and take the required time.
As co-CEOs, how do you handle decision-making?
Miguel: We have divided our areas of work so that decision-making is as clear as possible. For decisions that are more strategic and affect the whole company we discuss pros and cons and try to reach consensus. Otherwise we believe in the principle of disagree and commit. Consensus is not always possible, and sometimes you need to trust your partner when they are very convinced.
What excites you most about leading Effisus?
Pablo: The challenge of building sustainable growth in a company with an international footprint that can serve a market as big as construction. Doing this with a great team is a privilege.
What key lessons have you learned?
Miguel: Despite intending very slow gradual change, we rushed into some decisions that could have been postponed. Taking the first two or three months to learn the ropes should be the focus of a new CEO.
What are your primary objectives going forward?
Pablo: To achieve our targets of sustainable growth. That is not only for our investors' sake but for the team behind Effisus who rely on us. We also think Effisus offers products that improve and even save people's lives, so we are proud to take those into the world.
One piece of advice for a searcher stepping into a leadership role?
Both: Take the time to build relationships with your team. In the end most companies are all about people, and having a team that trusts you and that you can rely on is the best safety net for a CEO.