[MUSIC] We brought here Ramon Puente who was the CEO of GasGas Motorbikes at the time of the case. Ramon is an industrial engineer. An MBA from IESE from 1992, went into the automotive industry. Afterwards, developed the [INAUDIBLE] business and logistics which was later acquired by an international logistics company. And at that stage, he was asked by some of the investors in GasGas if he would like to get into the company with them. Hello Ramon. We are glad that you could join us for this comment on the GasGas case. Which you were leading, you were the general manager of the place at that stage. And I would love to know how did you get to be the general manager of GasGas and what's your story to that. >> Well, since I left in 1982 MBA in the IESE, I was involved in the automotive industry mainly in big companies. Until 2000 that I start up my own company on logistics for automotive industry. And think 2007, one of the biggest logistic parties in the world of automotive come to me about my company. In 2008, I was looking for an opportunity based on my skills on industry. And I realized that there was a company called GasGas that I thought at the moment that was so close to the motorbike industry to automotive industry. In the product, in the marketing, sales, etc. And I was so interested in getting in the company. And in 2008, I get into the company with two funds like Vector Capital and Egina. >> Was it so close? Did you really find that the automotive industry and the off-road motorcycle industry were close or did you find it otherwise? >> After eight years I can tell you that they are so far away, both industries. >> So much for strategic analysis in a way. >> From strategic analysis, from marketing, from sales, from product development, they are far away. Perhaps on road motorbikes are more close to automotive industry basically if we're talking about Honda. But the rest are so far. The volume is out there, we're talking about the approach of the managers and I've done the same. >> So, how did this great opportunity come around? >> Well, what I tried to get to establish when I enter into GasGas was to open the relationship with all the people around this industry. And one of the relationship I started was with the competitors. And from the beginning of the relationship or from the beginning of this conversation, the relationship with KTM was so good with their general manager. Different meetings of the industry or even some [INAUDIBLE] fare that we met. We established good relation and we start talking about potentially how we can collaborate together. They were so interested in three wheel motorbike because they told us three wheel motorbike is the best of the market. The engine, the frame. >> They were right. >> They were right, yes. Basically, because as KTM told us, they are ready to raise and in trail, they are ready to raise was GasGas. And when I was in GasGas, one of the big product that we had was an enduro, that was 50% of the market that we cannot go to get any sales. Because we didn't have the first advantage foe enduro. Well, we would start talking and say, well, perhaps we can help you in that. Perhaps, KTM can provide you with the four stroke engines. And you can provide, based on your trail bike, KTM trail bike. [MUSIC]