Nazca Capital, a Spanish private equity firm, has invested about €60m ($68m) in Cosecheros Abastecedores, a Spanish wine maker valued at €118m, as the Spanish market bounces back after a drop off in investment in 2002.

Only €415m was invested in the Spanish market in the first half of this year, up 25% from last year, according to the Spanish Venture Capital Association. Activity in the Spanish market is mostly concentrated in deals under €10m, with most firms taking minority stakes in expansion capital rounds.