We are back! I hope you had a great summer. Here is a selection of 10 transactions announced during August, as well as a voice note for you. Next Monday I will resume the weekly selection.

Hi, I’m Fran Hidalgo-Barquero, Partner at Albia IMAP. This is a weekly newsletter covering M&A and Private Equity transactions in Spain.

• Marosa (Aquiline) has been acquired by Wolters Kluwer, joining its Corporate Performance & ESG division. The deal integrates Marosa’s VAT compliance and e‑invoicing platform with Wolters Kluwer’s tax technology, especially the CCH SureTax solution, to create a global indirect‑tax offering. Existing client contacts and the Marosa team in Vigo remain unchanged, ensuring continuity of service and product roadmap, including ongoing e‑invoicing expansion. Clients will benefit from broader geographic coverage, deeper integrations, and an expanded portfolio of tax solutions.1

• Haricaman, a leading Spanish manufacturer of breakfast cereals, flours, and breadcrumbs, has opened its capital to Unigrains Iberia, a minority shareholder and major European agri‑food investor. The partnership aims to accelerate Haricaman’s growth through organic expansion, industrial efficiency, and higher‑value product innovation. Founded in 1991 and based in Añover de Tajo, the family‑owned company targets over €50 million in 2026 revenue and employs around 200 staff. Strategic priorities include expanding its breakfast cereal line with two new factories, entering the healthy snack market (rice, corn, legume cakes), broadening its gluten‑free range, and optimizing production capacity. 2

• Alantra, through its fourth private‑equity fund, has acquired a 75% stake in Deudafix, a leading Spanish debt‑management fintech founded in 2019 that already generates €40 million in annual revenue and employs over 250 people. Co‑founder and CEO Matthew Osborn will retain 25% and continue to lead the company. The deal marks Alantra’s fifth investment by its Private Equity Fund IV and follows similar private‑equity purchases in the debt‑recovery sector. Alantra plans to boost Deudafix’s growth with AI, automation, platform expansion, new financial products and selective acquisitions, targeting the under‑penetrated Spanish and Southern‑European debt‑management market. 3

• Taptap Digital, a Spanish tech firm backed by bd‑capital since 2021, has acquired the UK‑based audience‑design platform Skyrise. The deal marks a key step in Taptap’s European growth strategy, creating a combined solution that merges audience design, location intelligence, omnichannel activation, and AI for advertisers, while eliminating reliance on cookies and personal identifiers. The acquisition boosts Taptap’s presence in the UK and diversifies its revenue, now with 70 % of total income coming from European and international markets, and supports expansion into programmatic TV, digital out‑of‑home, and other channels across Europe, Brazil, and the MENA region.4

• Phenna Group (Oakley Capital) announced the acquisition of Spain’s Asprel Ingeniería, a leading provider of electrical testing, inspection, and verification services. Asprel will join Phenna’s Built Environment Division in the EMEA region, enhancing the group’s capabilities in electrical testing, certification, and compliance across Iberia. Founded in 2006, Asprel offers accredited technical assurance for utilities, industrial infrastructure, and renewable energy operators, covering the full lifecycle of electrical assets. The deal, Phenna’s 14th acquisition of 2026, strengthens its position in Spain’s growing market for electrical infrastructure, renewable energy, and grid modernization. 5

• Urbaser, the Spanish waste‑collection giant, is strengthening its presence in Portugal by acquiring the industrial‑services firm Egeo. The deal, executed through Urbaser’s subsidiary Sertego Portugal, excludes Egeo Solventes, which handles solvent regeneration and hazardous‑waste management, and awaits approval from Portuguese competition authorities. Egeo, founded over three decades ago, employs more than 1,000 people and specializes in non‑urban waste collection, transport, pre‑treatment, and storage. The acquisition follows Urbaser’s recent purchases in Portugal, including EcoAmbiente and several industrial‑waste specialists, and marks its fourth Portuguese acquisition. 6

• Pollen Street, a British investment fund, has agreed with Lone Star to acquire Servihabitat, the former CaixaBank real‑estate servicer, adding it to its existing holdings Finsolutia and Hipoges. The deal makes Pollen Street a major player in Spain’s concentrated property‑servicing market, restoring the lucrative Sareb management contract that Servihabitat recently regained. Servihabitat employs about 450 staff, is led by Borja Goday, and serves clients such as Lone Star, Sareb, Kutxabank, BBVA and Apollo. The acquisition follows a broader consolidation trend, with firms like Intrum and Haya Real Estate also expanding through mergers. 7

• DTE Capital has partnered with Surcontrol Group to fund and accelerate growth across three business lines: Dragsa, an industrial digitalization platform; Surcontrol Engineering, a turnkey engineering service for naval, defense, and industrial sectors; and Surcontrol Academy, a training division for industrial talent. The partnership provides capital and strategic support to scale Surcontrol’s technology, engineering capabilities, and talent development, enhancing both domestic and international expansion. Surcontrol, founded in 2009 with over 70 professionals, will leverage DTE’s investment to deepen its market presence, expand Dragsa’s modular platform across sectors like agriculture and energy, and broaden Academy’s training programs. 8

• The Portuguese transport group Paulo Duarte (ICG) has acquired a majority stake in the Basque refrigerated‑transport company Barquín & Otxoa, which employs over 500 people and operates 280 trucks. Founded in 2003 by Ricardo Barquín, the family business grew from 10 trucks and 17 staff to a fleet of 2 500 vehicles after the deal, giving GPD a consolidated turnover of about €240 million in 2026. Barquín & Otxoa will retain its brand, teams, and operational bases, while its founder will keep a minority share. 9

• Asisa has agreed to sell a 59.27% stake in its ophthalmology clinic network, Oftalvist, to European giant Sanoptis. Oftalvist, founded in 1995 and now operating 43 clinics across 15 Spanish provinces, generated €61 million in 2024 revenue. Sanoptis, a leading European ophthalmology player with 468 centers in six countries, was acquired in 2022 for €750 million and has been expanding rapidly through acquisitions, backed by private‑equity investors.10

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This is the last issue of M&A Weekly until the summer recap at the end of August.

Enjoy! 🏖️

• Nazca Capital has acquired a majority stake in Aldous. Founded in 2018 in Almonacid del Marquesado (Cuenca), Aldous is Spain's leading digital-native food supplements brand, best-selling on Amazon and TikTok, with over 80 products and 3M+ customers, and now sold through Druni, El Corte Inglés, Herbolario Navarro and Costco. Revenue is expected to top €40M this year, aiming for €100M via a new packaging plant, international expansion and omnichannel growth. Antonio Pellón, founder and CEO of Aldous, will retain a significant shareholding and continue to lead the business. The transaction also marks the exit of KM ZERO Food Innovation Hub, which has supported the company since 2020.

Albia IMAP acted as Aldous M&A advisor 🎉1

• Portobello Capital has acquired a majority stake in Béaba‑Suavinex, joining forces with Bluegem Capital Partners and the company’s management team. The acquisition combines two prominent baby‑care brands—Suavinex and Béaba—known for their strong heritage, innovative capabilities, and extensive international reach. Portobello aims to support Béaba‑Suavinex’s continued growth, accelerate its global expansion, and create long‑term value. The firm welcomed Julien Laporte and the entire Béaba‑Suavinex team, expressing enthusiasm for the new partnership. The press release detailing the transaction is available on Portobello’s website. 2

• Auren strengthens its leadership in Spain with the integration of Moore in Madrid and Barcelona. This transaction, the largest carried out by Auren to date, involves the addition of a team of 140 professionals and revenue of €13 million. With this integration, Auren will reach, by the end of the fiscal year in Spain, combined revenue of close to €150 million, a team of more than 1,550 professionals, and will consolidate a network of 15 offices in Spain. As part of this transaction, Auren is bringing on ten new partners who will strengthen the Audit, Legal, and Consulting divisions. This deal fits into a broader growth push backed by Waterland Private Equity, which acquired a significant stake in Auren in 2025. 3

• Artá Capital has reached an agreement with the Mena Gericó family to acquire a stake in Magapor, a world‑leading company in porcine artificial insemination technology. Based in Ejea de los Caballeros, Spain, Magapor designs, manufactures, and markets a full range of products, including semen extenders, catheters, insemination bags, and specialized equipmentm, distributed in over 60 countries. In 2025 the group generated about €24 million in revenue, with 73 % from international sales. Artá Capital will become the reference partner, supporting Magapor’s next phase of international expansion, R&D, and market leadership. 4

• Univar Solutions announced the acquisition of Interpur Chemicals, a European distributor of polyurethanes and powder coatings. The deal expands Univar’s Performance Materials business across Europe, the Middle East and Africa, adding local market expertise, 18 Interpur employees, and broader product choices for customers. Executives highlighted the combined technical capabilities, stronger supply continuity, and enhanced formulation support for coatings and performance materials. The acquisition aligns with Univar’s strategy to grow in high‑demand CASE markets, offering a more comprehensive portfolio and improved service to the industry. 5

• Arcadis announced the acquisition of SATEL, a Spain‑based power design and engineering firm with 250 specialists in grids, substations, renewables, and data‑center power systems. The deal adds significant expertise, effectively doubling Arcadis’ business in Iberia and strengthening its capabilities in grid modernization, renewable energy, and hyperscale data centers, sectors supported by over €20 billion of planned grid investment in Spain through 2030. SATEL’s 35‑year track record includes work on more than 20,000 km of high‑voltage transmission lines, 1,000+ substations, and 6,500 MW of data‑center capacity across Iberia. Combined with Arcadis’ advisory, permitting, and environmental strengths, the acquisition creates a comprehensive lifecycle offering from planning to delivery for utilities, renewable, industrial, and digital‑infrastructure clients throughout Europe. The move follows Arcadis’ recent acquisition of Germany’s KUA Group, further consolidating its position in the European power and data‑center market. 6

• OpenGate Capital has entered into a definitive agreement to acquire Spain-based Merak, the global rail heating, ventilation, and air‑conditioning (HVAC) division of Knorr‑Bremse. The transaction will transfer Merak’s portfolio of rail HVAC products and services, including climate control systems for passenger and freight trains, to OpenGate Capital. The acquisition aims to strengthen OpenGate’s presence in the rail market and expand its capabilities in sustainable, energy‑efficient rail solutions. Financial terms were not disclosed, and the deal is subject to customary closing conditions and regulatory approvals. Upon completion, OpenGate expects to leverage Merak’s established customer base and technological expertise to drive growth and innovation in the rail HVAC sector. 7

• Knowmad Mood, a Spanish technology firm specializing in digital transformation, announced the acquisition of German company MuniConS. MuniConS, founded in 2006, offers enterprise solutions, particularly SAP, Salesforce, and Veeva, across sectors such as industry, insurance, and life sciencesThe deal strengthens Knowmad Mood’s presence in Germany and Europe, complementing earlier acquisitions (ASERVO Software, Vanture ESS, BUZZ Marketing). With over 3,000 staff worldwide, the group aims to reach €550 million in revenue and €48 million EBITDA by 2028, leveraging combined expertise, local proximity, and global delivery capabilities. 8

• Vusion, a global player in digital solutions for physical commerce, announced an agreement to acquire In‑Store Media (Artá Capital), a Barcelona‑based retail media specialist. The deal aims to merge Vusion’s connected‑store platform with ISM’s extensive network of 90 retail banners, 1,600+ brands, and operations across nine countries. ISM generated roughly €120 million in 2025 and offers over 50 print and digital media solutions. By combining their expertise, the companies intend to transform physical stores into measurable digital media assets, creating new revenue streams and richer shopper experiences. The acquisition, pending regulatory approval, will be financed with debt and is expected to strengthen Vusion’s position in the fast‑growing in‑store retail media market.9

• Henko Partners has acquired a 67% stake in Aerotecnic, a Spanish aerospace firm founded in 2005 and based in La Rinconada, Seville. The deal leaves founder Enrique Marqués with a 33% share and continues his leadership. Aerotecnic employs around 400 staff across five production sites in Seville and Cádiz, generates roughly €45 million in annual revenue, and serves major manufacturers such as Airbus, Boeing, Dassault, Embraer, and Honda. With Henko as majority owner, the company aims to boost industrial and technological capabilities, targeting €75 million in revenue by 2028. 10

• ...

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• Madrid Artes Digitales (“MAD”), a global player at the intersection of culture, history and cutting-edge technology, and its shareholders Inmersivas Digitales 2025, Layers of Reality and Stardust International announced that Nazca Capital, through its Nazca Opportunities strategy, has completed its fourth investment with the acquisition of a majority stake in MAD. Stardust International and Inmersivas Digitales will remain significant minority shareholders, MAD’s existing management team will continue to lead the business, and Layers of Reality will continue to collaborate with MAD as an international licensing partner. 1

• JB Capital, the investment firm of Javier Botín, has acquired a 50% stake in Grupo Sesderma, injecting €40 million of new capital. The deal includes a long‑term flexible capital solution from the pan‑European manager Kartesia, which also takes a minority share. Sesderma, comprising brands such as Sesderma, Mediderma and Dermopartners, has refinanced its entire debt, enabling a robust capital structure for an ambitious growth plan. In 2024 the group posted €80 million in sales, €7.4 million profit and assets worth €108.7 million. The company will continue to be led scientifically by Dr. Gabriel Serrano while JB Capital will manage operations and establish a new board to enhance governance. Sesderma aims to expand domestically and internationally, leveraging its presence in over 90 countries and targeting a market growing at 6% CAGR through 2030. The 2025 fiscal year closed with roughly €140 million revenue and €25 million EBITDA. 2

• Diana Capital, a Spanish private‑equity firm, is acquiring a 46 % stake in Aurora Intelligent Nutrition, a Seville‑based CDMO that makes high‑value nutritional foods and supplements. The deal will be executed via a capital increase, leaving the founding family with the remaining shares. The new funding will help Aurora expand production capacity, automate processes, strengthen operations, and pursue selective acquisitions to boost growth in the functional nutrition market. Aurora, with over 300 employees, generated €43 million in 2025—a 20 % year‑on‑year increase—and exports more than 40 % of its output. This transaction is the fourth completed by Diana Capital’s third fund (€180 million committed) and aligns with the firm’s strategy of backing high‑growth middle‑market companies. Both CEOs highlighted the partnership’s potential to accelerate Aurora’s business plan and capitalize on long‑term health‑and‑wellness trends. 3

• Altia has acquired Galician tech firm Ednon for €9.85 million, plus a variable earn‑out up to €2.8 million tied to 2026‑27 performance. The deal adds 140 professionals and strengthens Altia’s capabilities in data governance, cybersecurity, communications, and digital infrastructure. Ednon, founded in 2004, brings 22 years of experience, especially in public‑sector projects such as digital medicine, genomics, retail, justice, and banking. In 2025 it generated €18.2 million in revenue and €1.8 million EBITDA. The acquisition integrates Ednon ’s innovation lab, Ednon  Labs, and expands Altia’s portfolio of managed services, robust infrastructure, and software solutions. Executives highlight cultural fit, complementary expertise, and the opportunity to pursue larger digital‑transformation projects for both public and private clients. 4

• Everfield, a European B2B SaaS investor, has acquired Playoff, a Barcelona‑based membership‑management platform serving over 1,700 sports clubs, federations, academies and associations across Spain. Founded in 2006 and launched as a SaaS product in 2014, Playoff centralises member management, billing, communications, events and a white‑label mobile app. Founder‑CEO Rubén Celada Pérez will remain at the helm, and the full team stays in Barcelona. The deal, Everfield’s seventh Spanish acquisition, allows Playoff to accelerate payments, AI integration and product development while keeping its brand and operations intact. Everfield’s portfolio also includes software firms in food, hospitality, leisure, contact‑center, education and gas‑station sectors, all operating under a decentralized model that preserves each company’s identity while providing shared resources and expertise. 5

• Salto Systems, a Spanish leader in electronic locks and smart access‑control solutions, has reorganised its shareholding. A consortium led by British private‑equity firm Inflexion, together with Asúa Inversiones, Berunberri, and Key Wolf, has taken over the stakes of Peninsula Capital and Sofina. Existing investors Alantra and Florac are reinvesting, while Kutxabank, via Indar Kartera, co‑invests and will become an indirect shareholder. The deal values Salto at over €1.5 billion, more than double its €800 million valuation in 2020. Financial investors now hold 33 % of the company, with founders and local investors retaining 67 %. Salto’s revenue exceeds €460 million with an EBITDA around €95 million. The transaction, subject to regulatory approval, involved no new share issuance and was advised legally by Garrigues. 6

• Portobello Capital has completed its first Italian divestment by selling aerosol manufacturer Farmol to Germany’s Dalli Group. The deal values Farmol at roughly €200 million, with an EBITDA of about €21 million and annual revenues near €250 million—more than double those five years ago. Portobello, which acquired Farmol in 2021 and owns 99 % of the company, structured the transaction through its Fund IV and a €150 million co‑investment vehicle raised in 2021. Farmol, founded around 184 years ago, produces personal‑care and home‑care aerosols such as hair lacquer, deodorants, and cleaners for clients like Henkel and Colgate‑Palmolive. The sale to the family‑owned Dalli Group, a detergent and cosmetics producer, is subject to competition‑authority approvals. This marks Portobello’s inaugural exit from the Italian market. 7

• Nicolás Correa, S.A. has acquired Design & Technical Services (DTS), its long‑time UK agent. After 21 years of partnership, DTS will continue operating under the Correa Group, ensuring continuity of sales and service for its machine‑tool line. Andrew Guy, DTS Sales Director, will become Managing Director, leading the next phase. The acquisition reinforces Nicolás Correa’s commitment to the United Kingdom as a priority market, building on the foundation DTS has established. Gary Sanderson is retiring, thanking the company and partners for decades of collaboration. 8

• Vithas is set to acquire GenesisCare Spain, pending CNMC approval, adding 18 oncology centers across 10 provinces to its Vithas Oncology Institute (IOV). The integration will bring 18 linear accelerators, including MRIdian MR‑Linac and CyberKnife S7, enhancing radiotherapy capabilities. IOV, already serving 11,900 unique patients and delivering ~30,800 consultations and 12,200 chemotherapy cycles in 2025, will expand its network to 22 hospitals and 40 medical centers, improving access and multidisciplinary care. The merger aims to boost patient services, research, and professional development, while leveraging advanced technology for personalized cancer treatment. Both organizations have received legal counsel from KPMG, Herbert Smith Freehills, and López‑Ibor DPM Abogados. 9

• Hevo Group, the egg producer behind brands such as Dagu, Ous Roig, and Granja Agas, has entered the German market by acquiring Müritz. The deal, whose price remains undisclosed, will boost Hevo’s annual production capacity to about 180 million dozen eggs, allowing thte company to meet rising European demand. Müritz, founded in 2006, operates six farms that supply free‑range and organic eggs—approximately 400 000 dozen per month—to major German distributors like Edeka. Hevo’s CEO André Baldissera highlighted the acquisition as part of a “sustained growth” strategy aimed at building a resilient, geographically diversified production platform and strengthening ties with key European food distributors. Hevo Group closed 2025 with €234 million in revenue and, since 2024, has been part of the Global Eggs holding, led by Ricardo Faria, the world’s second‑largest egg producer with operations across Brazil, Uruguay, the United States, and Europe. 10

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• Magnum Capital has acquired a majority stake in Regenera Levante, linked to the Murcian group Urdecon, to form a new Spanish electrification and energy infrastructure group. The goal is to reach €100 million in revenue this year, leveraging Regenera’s strength in port electrification, allowing docked ships to shut down diesel engines and connect to shore power, and its involvement in green hydrogen projects. Regenera currently generates about €12 million and will serve as the core of the emerging group, which will also incorporate complementary companies in electric interconnections, data centers, renewable parks and battery storage. 1

• Mirai Investments has acquired Reco, a Biscay‑based electroplating specialist, integrating it into its metal‑finishing division, Innometal. Reco, with over 40 years of experience, 60 employees, €14 million in 2025 revenue, and facilities spanning 5,000 m², offers a wide range of surface‑treatment services for electrical, automotive, and manufacturing sectors. The acquisition strengthens Innometal’s capabilities, adds synergies to Mirai’s industrial portfolio, and deepens its presence in the Basque industrial ecosystem. Innometal now employs more than 700 people, generates around €120 million annually, and operates 15 facilities. Mirai’s broader group also includes the electronics division Ohmnia, cosmetics platform Labery, and new ventures in environmental services and the circular economy, while continuing investments in healthcare and fashion. 2

• Fourthline and Veridas are merging to create a global, bank‑grade identity and compliance platform that combines Fourthline’s sovereign AI‑driven KYC/AML orchestration with Veridas’s proprietary anti‑fraud, biometric, and identity‑verification technology. The joint entity will serve Tier‑1 banks, fintechs, insurers, telecoms and other regulated businesses across Europe, the United States and Latin America, offering a modular, API‑first solution covering identity verification, AML screening, electronic signatures, bank‑account verification and biometric authentication. Both companies remain profitable and EBITDA‑positive, projecting 115 million verifications this year in over 50 countries. 3

• Tikedo, a leading Southern‑European label group with over €100 million in revenue, announced the acquisition of Spanish adhesive‑label producer Mesones Artes Gráficas through its subsidiary Etiquetas Adhegrafic. Mesones, based in Córdoba and operating for more than 40 years, generated over €6 million in 2025 and supplies labels for olive oil, food, and personal‑care markets. The deal marks Tikedo’s fifth Spanish operation, boosting its presence in Andalusia and aiming for €20 million in Iberian‑peninsula turnover across four production sites. 4

• Áreas (PAI Partners), a Spanish travel‑restaurant group based in Esplugues de Llobregat (Barcelona), announced the acquisition of the UK concession business TRGC, the restaurant division of The Restaurant Group. The deal gives Áreas control of 38 outlets across ten British airports, operating brands such as Wagamama and Giraffe, and adds €240 million in annual revenue. The purchase expands Áreas’ presence in the United Kingdom, the second‑largest European market for airport, train‑station, and highway dining. The company aims to reach €3 billion in turnover; it reported €2.264 billion in sales and €250 million EBITDA last year and projects €2.7 billion in revenue for 2026. The transaction follows Áreas’ earlier acquisition of the U.S. firm Travel Hospitality Services (THS). 5

• BHM Group has completed the acquisition of Spain’s Tedisel Medical, integrating it into its medtech holding, Reinsberg Group. Founded in 1995 in Badalona, Tedisel employs about 70 people and manufactures intensive‑care, operating‑room, and ward equipment, with products used in over 80 countries and a strong presence in Latin America. The purchase adds a new European production base and expands Reinsberg’s portfolio, enabling more comprehensive solutions for hospitals and strengthening its position in complex projects. This move aligns with BHM’s strategy to grow Reinsberg through targeted acquisitions of manufacturers that bring know‑how, production capacity, and international reach. 6

• Lappí Labels & Flexible Packaging has acquired Portuguese flexible‑packaging specialist Alembic, strengthening its Doypack and Flowpack capabilities. Alembic, based in Elvas, will retain its current management and adds expertise in films, vacuum and shrink bags, high‑barrier containers, and other flexible formats. The deal expands Lappí’s portfolio—now covering labels, sleeves, wrap‑around and flexible packaging—for food, beverage, pet, cosmetics, hygiene and home‑care markets. Lappí projects organic sales of €65 million in 2026; with Alembic, combined sales are expected to exceed €70 million. The group grows to six companies, seven production sites, about 390 employees, and roughly 60,000 m² of manufacturing space across Spain and Portugal. 7

• Var Group, an Italian digital solutions firm under the Sesa group, has acquired Solver, a Valencia‑based company specializing in AI, data analytics, and machine learning for business process optimization. Solver, founded in 2016 as a spin‑off from the Universitat Politècnica de València, employs 26 professionals and generated roughly €1.5 million in revenue with an EBITDA of €350 k in FY 2025. The acquisition supports Var Group’s international growth and its plan to create a European AI excellence centre. Var Group reported €875.7 million in revenue and a workforce of 4,243 as of April 2025, operating in 16 countries. 8

• Badi and Caterina have merged to form Spain’s leading flex‑living platform. The combined entity aims to dominate the flexible housing market by leveraging Badi’s technology and Caterina’s network of properties, offering a seamless solution for short‑term rentals, co‑living, and temporary accommodations. The merger is positioned as a strategic move to accelerate growth, enhance user experience, and expand market reach across Spain and potentially into other European markets. 9

• Flax & Kale sold an 80% stake in its prepared‑meals division, Healthy Food Solutions, to the newly created Montarto Foods, while retaining a 20% share. The deal gives Montarto Foods control of a platform focused on refrigerated ready‑to‑heat dishes, backed by founder Pere Mañé Arcos and Cornerstone Partners, and aligns with Amixalan Business Group’s strategic investment. Montarto Foods plans to fund acquisitions with an initial €10 million, potentially rising to €25 million, aiming for €60 million in sales within five years; Healthy Food Solutions targets €17 million this year. 10

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• Paine Schwartz Partners will acquire up to 3% of AMFresh, valuing the Spanish fruit giant at €4.5‑5 billion. The deal includes a long‑term commitment and a plan to triple AMFresh’s size within ten years, targeting revenue of €8 billion by 2036. Annual investments of €100‑120 million will fund organic growth and acquisitions. AMFresh, with current €2.2 billion turnover and €180 million EBITDA, aims for double‑digit growth, ending 2026 with €2.4‑2.5 billion revenue and >€200 million EBITDA. The company operates three business lines—retail services, agricultural production, and varietal development—serving global retailers and expanding geographically and through product innovation. 1

• Dominion has acquired an 80% stake in Reyuplas, a Spanish company that specializes in sorting, recovering, and valorizing industrial plastics. The purchase aims to strengthen Dominion’s environmental project and expand its waste‑treatment capabilities, particularly in circular‑economy initiatives. Reyuplas, founded in 1999 and based in Cuenca, focuses on converting plastic waste into recycled raw material, especially high‑ and low‑density polyethylene. This deal is part of Global Dominion Environment’s growth strategy, adding expertise in plastic valorization to its portfolio, which already includes assets such as ZCR GmbH in Germany, a water‑treatment plant in Cartagena, and an Ecogestión waste‑transfer center. Since 2025, Dominion has completed four major environmental operations, positioning itself as an integrated manager of industrial waste revaluation and reinforcing its commitment to sustainability. 2

• Enreach, backed by Waterland Private Equity, has acquired Spain‑based Numintec, adding a 60‑person team with 20 years of CCaaS experience to its Contact Center business. The integration, based in Barcelona, strengthens Enreach’s market position and expands its Smart Contact portfolio, which combines AI‑powered software, communications, collaboration tools, and telephony. Executives from both companies highlighted the acquisition’s role in enhancing capabilities, ensuring business continuity, and delivering greater value to customers and partners. Enreach now operates in 25 countries, employs over 1,000 staff across 20 offices, and continues to focus on growth in Contact Centers, SMEs, and Service Providers. 3

• Royal A-ware and Grupo TGT, two family‑owned cheese businesses, have agreed to merge, creating a stronger presence in the international cheese market, especially in Southern Europe. Grupo TGT, a leading producer and distributor in Spain and Portugal, will operate as an independent unit within Royal A‑ware, benefiting from its global production capacity, innovation, and integrated supply chain. Both companies share an entrepreneurial culture, long‑term vision, and a focus on quality, sustainability, and strong relationships with dairy farmers and customers. The merger awaits regulatory approval; once approved, Teodoro Garcia will join Royal A‑ware’s Supervisory Board, and the combined entity will retain three shareholder families committed to long‑term growth. Continuity for employees, customers, and suppliers is emphasized, with Grupo TGT maintaining its Spanish operations and market position. 4

• Portobello Capital has agreed to sell its Supera gym chain to infrastructure fund Ancala Partners for €360 million, debt included. The deal transfers a majority stake (58%) of Supera to Ancala, marking its first major investment in the fitness sector. Ancala aims to grow Supera organically, targeting a €29.6 million EBITDA and a 41.7% sales margin by 2028. Supera currently generates about €25 million EBITDA, with plans to expand further in Italy. The transaction reflects a broader wave of fitness industry consolidations in 2026, including acquisitions by Providence’s VivaGym, CVC’s interest in Enjoy!, and JP Morgan’s purchase of Forus. 5

• Servinform (AS Equity Partners) announced the acquisition of 100% of Pons Consultores Registrales, strengthening its mortgage‑management business. The deal, whose price wasn’t disclosed, marks a key milestone in Servinform’s five‑year strategic plan launched in 2021 after acquiring Tessi Iberia and Diagonal. By adding Pons, Servinform deepens its relationship with CaixaBank and integrates Pons’s client base, which includes notable banks such as CBNK and Singular Bank. The integration will bring immediate technological and operational benefits, featuring “intelligent digitalisation” through software and automation to speed up document processing. In 2025, Pons generated over €6 million in revenue—a 26 % increase from the previous year—and employs 80 professionals across offices in Madrid, Barcelona, Sevilla, and Oviedo. 6

• Quadrante, a leading Iberian consulting firm in engineering, architecture, environment, and sustainability, announced a strategic investment from global firm Permira on July 6 2026. The undisclosed‑amount deal keeps Quadrante’s management, founders, and Henko Partners as major investors and aims to accelerate international expansion—especially into the U.S.—and boost AI‑driven services. Founded in 1998, Quadrante operates in over 20 countries with 1,500+ staff, focusing on Energy (renewables, transmission, distribution), Sustainable Cities (data centres, water, waste), and Mobility (rail, airports, ports). 7

• Ballingslöv International, a leading European kitchen furniture group, has acquired Kitchen Bath Ventures (KBV), the top kitchen furniture manufacturer in Iberia, from Abac Capital’s private‑equity funds. KBV, formed in 2022 by merging family‑owned OB Cocinas, Delta Cocinas and later adding the premium brand DOCA, employs over 350 staff, operates 80,000 sqm of facilities, serves 700+ customers, and exports about 35 % of its sales. The acquisition expands Ballingslöv’s geographic reach and strengthens its foothold in the Iberian market, complementing its existing portfolio of brands such as Kvik, Multiform, and DFI‑Geisler. 8

• Lyft announced plans to acquire Serveo’s bikeshare operations in Spain, covering systems in Barcelona, Bilbao, Valladolid, Zaragoza, Madrid, La Coruña, and Rivas‑Vaciamadrid. The deal, pending standard closing conditions, will combine Lyft Urban Solutions’ (LUS) technology and operational expertise with Serveo’s local knowledge and fleet of over 22,000 bicycles. LUS, already a leading global bikeshare provider, will continue as the technology and hardware partner, ensuring continuity for riders and city partners. 9

• SanLucar, a European horticultural company, has acquired a majority stake in U.S.-based Twin River Berries, forming a long‑term alliance focused on the U.S. and Asian markets. The partnership aims to expand both firms’ presence in North America and Asia, ensuring year‑round fruit supply for retailers and consumers. SanLucar will strengthen its U.S. expansion and increase production capacity in Mexico, improving winter‑time logistics. Twin River Berries will gain access to SanLucar’s global supply network and varieties, including the Oregon Berry line already established in Asia. Executives highlight shared values of quality, responsible agriculture, and premium fruit availability throughout the year. The combined entity will operate as a single business serving North American and Asian customers, enhancing market reach and commercial opportunities for both companies. 10

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• GPF Partners has orchestrated the merger of Gor Factory and JHK T‑Shirt, creating a new European textile powerhouse with combined annual sales of €400 million and an enterprise value around €800 million. Gor Factory, founded in 1985 and based in Murcia, brings €300 million in revenue, 170 000 m² of logistics space, and a catalogue of over 23 000 items serving 27 000 clients in 90+ countries. JHK T‑Shirt, based in Madrid, adds €100 million in sales and a presence in more than 30 countries. The merged entity will be led by the founders, Rubio and Cervera, and will operate under GPF’s fourth fund. GPF manages over €2 billion across 60 family and institutional investors and counts the Rafa Nadal Academy, NOX, Palacios, A&G, Pachá, and La Flauta among its portfolio. 1

• Grupo Fuertes, the owner of El Pozo Alimentación, is expanding beyond pork by acquiring the Albacete‑based Tolvasa group, which includes Productos Alimenticios Albacete and Tolosa y Valiente. Tolvasa specializes in poultry products and feed manufacturing, producing about 100,000 t of chicken feed annually and offering fresh and processed chicken under the Koko Roko brand. The deal, notified to Spain’s competition authority (CNMC), aims to strengthen Grupo Fuertes’ position in the meat market, ensure full supply‑chain control, and diversify its portfolio. Tolvasa posted a net profit of roughly €2 million and €58.9 million in revenue last year, a 5 % growth despite higher costs. This acquisition follows Grupo Fuertes’ earlier attempt to buy Uvesa and complements its existing avian operations, which already include the Procavi turkey business. 2

• Palacios Alimentación is set to acquire Ñaming, Spain’s leading sandwich and ready‑to‑eat meals producer, from Green Arrow Capital (GAC) and Unigrains Iberia. The deal marks GAC’s and Unigrains’ first divestment in Spain. Under GAC’s and Unigrains’ ownership, Ñaming’s revenue grew nearly 50% to over €55 million, and it invested about €10 million in expanding production capacity in Mallén (Zaragoza) and Algete (Madrid). CEO Jorge Miranda will increase his stake and stay at the helm. The acquisition builds on Palacios Alimentación’s position in ready‑meal and baked‑goods sectors, aiming to capitalize on the growing on‑the‑go market in Spain, where the sandwich segment remains under‑penetrated compared with other European countries. 3

• ABGi announced the acquisition of INCOTEC, a leading Spanish innovation‑funding consultancy, to boost its European growth. The deal expands ABGi’s presence in Spain and strengthens its capabilities in public funding, grants, and EU innovation programmes. Post‑acquisition, ABGi operates in nine countries with over 30 offices and nearly 700 consultants, serving more than 5,000 clients. The combined entity aims to generate revenues exceeding €100 million, focusing on accelerating growth in Spain, leveraging commercial and operational synergies, enhancing digital transformation, and deepening expertise across sectors such as agri‑food, IT, automotive, aerospace, chemicals, pharmaceuticals, and energy. 4

• Babel, a Spanish tech multinational, announced the acquisition of Bosonit’s consulting division, adding about 240 specialists in Data, AI, and analytics. This move boosts Babel’s workforce to over 4,000 employees and strengthens its capabilities in generative AI, advanced analytics, and data engineering to meet rising market demand. The acquisition aligns with Babel’s selective inorganic growth strategy, focusing on cultural fit and strategic complementarity. It expands Babel’s presence in northern Spain, Latin America, and key European markets, enhancing its delivery capacity and positioning it for further acquisitions in 2026. The company aims to grow revenue, EBITDA, and employee count while maintaining double‑digit profitability and a 30% increase over 2025 figures. 5

• POMONA is expanding its presence in Spain with two new acquisitions. GRUPO SERVERA, located near Palma de Mallorca, supplies a broad range of food products—including dry goods, frozen items, and seafood—to professional clients in the hospitality sector. It employs 240 people and generates about €55 million in revenue across Mallorca and Menorca. COMERCIAL BLANENCA PROLAC, based in Blanes, Catalonia, serves the out‑of‑home catering market on the Costa Brava, focusing on hotels. It has 27 employees and around €11 million in sales. These acquisitions strengthen the POMONA Iberia network, which now has over 900 employees in Spain and serves 20,000 professional customers. 6

• GoGift (Waterland) and CQM Rewards are forming a strategic partnership backed by Waterland, combining GoGift’s global gifting platform serving over 25,000 B2B customers in 100+ countries with CQM Rewards’ strong presence in Southern Europe. The alliance aims to boost international expansion, especially into high‑growth markets like Latin America, by leveraging GoGift’s technology and CQM’s regional expertise. Executives highlight the deal as a step toward becoming a global market leader in corporate gifting and rewards. 7

• Izertis has acquired a 51% stake in ANZEN Engineering, an aerospace and defence specialist, boosting its Defence, Aerospace and Security (DAS) division. ANZEN, founded in 2019, employs about 80 staff across Madrid, Lucerne, Munich, and Washington, D.C., with 85% of work from international projects. Its revenue grew from €75 k to €5.62 million in 2025, projected to reach €10 million this year and €30 million by 2030. The deal, Izertis’ third acquisition this year, enhances capabilities in critical systems, certification, cybersecurity, and AI, and supports its strategy to increase DAS revenue from ~10% (2025) to ~15% of total turnover. The integration aligns with Izertis’ 2030 business plan targeting €500 million in revenue and €65 million EBITDA, combining organic growth, international expansion, and high‑value technology services. 8

• Tradebe, a Catalan family‑owned group, has expanded its Life Sciences division by acquiring U.S. citrus‑ingredients maker CitraSource from International Flavors & Fragrances. Based in Winter Haven, Florida, CitraSource produces natural citrus oils and extracts and generates about €25 million in revenue with 20 employees. The purchase follows Tradebe’s earlier acquisition of Florachem, another Florida‑based citrus company, and reinforces Tradebe’s strategy to diversify and strengthen its natural‑ingredients portfolio. Overall, Tradebe now employs 3,000 people and has surpassed $1 billion in annual revenue, reporting €1.064 billion) in 2025—a 14 % increase over 2024. Its Environmental Services unit contributed €658 million, Life Sciences €184 million, and Health & Nutrition €49 million. 9

• Hiberus is accelerating its “Azul Infinito 2025‑2030” strategy, aiming for €1 billion in revenue and 10 000 employees by 2030. The company has bought VASS’s corporate SAP unit, adding 120 professionals led by Aurora Belda Casanova, which raises its SAP‑focused team to over 300 specialists. CEO Sergio López says SAP will be critical for integrating AI, data and automation into enterprise processes. Hiberus, already employing more than 5 000 staff across dozens of development hubs in Europe, Latin America, the US and Africa, also recently acquired Telefónica Tech’s cybersecurity, cloud and IoT businesses in Colombia, Mexico and Chile, further expanding its market reach. This acquisition strengthens Hiberus’s position with large enterprises in sectors such as chemicals, food, consumer goods and life sciences. 10

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• Metric Capital Partners, together with Alter Capital and Dental Company’s CEO Francisco Ruiz, has acquired the Spanish dental group Dental Company, which already operates 130 clinics nationwide. The deal aims to expand the network to 200 locations by 2028 through new openings and selective acquisitions, focusing on regions where the brand is already present such as Andalusia, the north (Basque Country, Cantabria, Galicia) and the Levant. Over the past three years, Dental Company added more than 50 clinics, accelerating its growth after a rapid expansion from its Andalusian roots. The acquisition, made via Metric’s Fund V, marks the firm’s sixth investment from this fund and its eighth in Spain, following recent exits like Bee Digital. Alter Capital is completing its divestment cycle, reinvesting through Alter Cap III, and expects strong returns from supporting Dental Company’s next growth phase.1

• Europastry, a global frozen‑bakery leader, will acquire the U.S. family‑owned Highland Baking Company to boost its North‑American presence. The deal creates a bakery powerhouse with complementary products and cultures, and will keep Highland’s brand and management intact. Europastry plans a major U.S. investment to expand capacity, add new product lines, and broaden its portfolio. After the acquisition, the group’s annual revenue is expected to surpass €2 billion. 2

• Muehlhan Wind Service (MWS) announced the acquisition of Spain‑based Coverwind Solutions and its sister companies, Coversun Solutions and Coverrenewable. The deal expands MWS’s operational footprint and service capabilities across Southern Europe, especially in France and Spain. CEO Søren Høffer highlighted the strategic importance of Southern Europe, noting that Coverwind’s expertise in turbine service, maintenance, and decommissioning strengthens MWS’s growth prospects in this emerging market. This acquisition complements MWS’s broader strategy of achieving full‑scope coverage across Europe, adding to its existing presence in Central Europe, the Nordics, the UK, and recent acquisitions like Endiprev. 3

• SMAC, a French specialist in waterproofing and building envelope systems, announced that it has acquired Acieroid, a Spanish building‑envelopes specialist previously owned by Bouygues Construction. Acieroid employs 70 staff and generated €26 million in revenue in 2025. The deal was backed by private‑equity firm Compagnie Financière Jousset, which also controls SMAC. This acquisition expands SMAC’s presence in the European market and strengthens its portfolio of façade, roofing, and architectural envelope solutions. 4

• Grupo Astera launched as a new technical services player, consolidating its first two acquisitions in the HVAC and industrial refrigeration sector. It acquired EBM Mercurio, a Madrid‑based HVAC installer, and ITF Grup, a Tarragona specialist in hotel refrigeration. Led by co‑CEOs Bruno Lequeux and Tomás España, the group aims to complete ten additional acquisitions over the next five years, focusing on data‑center, clean‑room, tertiary, and hotel markets. The founders of the acquired companies will remain in executive roles. Astera’s strategy targets fragmented, high‑growth HVACR maintenance and rehabilitation businesses, offering technical expertise and financial resources to support digitalisation, regulatory compliance, and labor shortages. Founded in 2025, Astera operates through participations in Madrid and Catalonia, positioning itself as a reference platform for HVACR engineering and services in Spain. 5

• GROUPAUTO International announced the full acquisition of Softeca, a Burgos‑based software developer, completing its earlier 33 % stake taken in 2022. The deal consolidates GAI’s digital transformation strategy for the automotive parts market, providing Softeca with stronger financial backing to expand its product portfolio and support sustainable international growth. Executives highlighted that full ownership brings stability, independence from third parties, and accelerates development of GROUPAUTO’s digital platforms, including AI‑driven solutions. Softeca, with over 80 staff and 350 projects across automotive, food, health, insurance, and construction sectors, will continue to focus on innovative, collaborative technology that humanizes digital transformation. 6

• GreenDot Global has acquired Anviplas, a Spanish recycling firm, further strengthening its European recycling platform. The deal expands GreenDot’s presence in the EU, adding Anviplas’s assets, technology, and market share in Spain to its portfolio. This acquisition aligns with GreenDot’s strategy to consolidate recycling operations across Europe, improve efficiency, and increase its capacity for handling various waste streams. By integrating Anviplas, GreenDot aims to enhance service offerings, accelerate growth, and reinforce its position as a leading player in the EU recycling market. 7

• Xcalibur Smart Mapping has secured investment from MCH Private Equity and Moira Capital to accelerate its growth. The funding will support the company's expansion plans, enhance its smart mapping technology, and strengthen its market position. This backing signals confidence in Xcalibur's innovative solutions and its potential to impact sectors that rely on advanced geospatial data. The partnership aims to leverage the investors' expertise and resources to drive product development, broaden the customer base, and increase operational scale. 8

• Inzu Group, the industrial holding of Kutxa Fundazioa, has acquired Geminis and its subsidiary Mekalerun, merging two Basque companies specializing in horizontal lathes and advanced machine tools. The combined entity, operating independently under their existing brands, will generate around €70 million in revenue and targets a 15 % annual growth rate. With 95 % of production exported to markets such as the U.S., Germany, South Korea, and the Nordics, the alliance aims to achieve greater scale, enabling projects that involve machining components up to four meters in diameter and 200 tonnes in weight. The deal reinforces Gipuzkoa’s industrial base, keeps decision‑making locally, and supports Kutxa Fundazioa’s strategy after fully acquiring Inzu Group in 2025. Inzu Group now employs nearly 1,000 professionals and invests about 9 % of its revenue in R&D to drive innovation and sustainability. 9

• A group of investors acquired Toboggan Group, a Spanish audiovisual production services company founded in 2017. The purchase values Toboggan at €40‑50 million. Toboggan, whose former main shareholder was Jesús Núñez of Universidad Alfonso X, provides equipment, studios, logistics, production and post‑production services for cinema, TV, streaming platforms (Netflix, HBO, Amazon Prime Video, etc.) and recently won a contract to supply the technical infrastructure for a new national TDT channel, worth €7‑8 million annually. 10

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• Ufenau has completed the merger of two portfolio companies, Kanalservice Group and Spain-based Grupo SASTI, into a unified entity. The consolidation aims to strengthen market positioning, expand service offerings, and drive operational efficiencies across both firms. By combining Kanalservice's expertise in technical services with Grupo SASTI's capabilities in industrial solutions, the merged company seeks to deliver a broader, more integrated portfolio to clients while leveraging shared resources for cost savings and innovation. 1

• Incosa (Waterland) and JG Ingenieros have agreed to merge, forming a leading Spanish engineering group with over 800 professionals. The new entity will strengthen its market position in energy, complex construction, infrastructure, environment, and specialized technical consulting, offering comprehensive services from strategic consulting to operation and digital optimization. Incosa, founded in 1985, brings more than 600 staff, while JG Ingenieros, established in 1970, adds over 150 experts, together expanding capabilities for large‑scale, high‑complexity projects in Spain and internationally. 2

• Ibernova (Kartesia, GTO Partners) has acquired the Catalan firm TAI Smart Factory, which generated €3.5 million in 2025 and employs 44 staff. The purchase expands Ibernova’s reach into the Latin American market, leveraging TAI’s established presence in Catalonia and operations in Colombia that serve plants across the region, including Ecuador, Peru, Panama and Mexico. Combined with Ibernova’s existing businesses (IDS, Sqedio), the group’s workforce will rise to 294 employees. Ibernova, a leader in industrial software with over 4,000 Iberian clients and €30 million in revenue last year, aims to strengthen its end‑to‑end offering, engineering, ERP, MES, WMS, GMAO and its industrial maintenance services. The acquisition adds deep MES expertise for sectors such as automotive, food, pharma and chemicals, enhancing Ibernova’s capacity to deliver comprehensive digitalization solutions while maintaining existing teams and client relationships. 3

• French label maker Labelys has acquired Spain’s Adhesivos Romero García, its fourth Spanish purchase. The target, which employs about 80 staff and operates a 4,000 m² plant, posted €13.05 million in 2025 revenue (up 4% YoY). It will keep operational independence while benefiting from group procurement synergies. Post‑deal, Labelys’ Spanish turnover nears €40 million, and the global group now runs over 20 factories across Europe, employs roughly 1,000 people, and generates about €200 million annually. 4

• ACOMO N.V. announced the acquisition of Citromil, a Spanish family‑owned company specializing in organic citrus fruit sourcing and processing. This purchase expands ACOMO’s organic ingredients segment, strengthening its position in the citrus market. 5

• Grupo Assista, a Spanish services and construction conglomerate originally focused on repairs for insurers and financial entities, has expanded its integrated maintenance business by acquiring Segman, a specialist in maintenance and auxiliary services previously owned by Europ Assistance (Generali). Segman brings 30 years of experience, offices in Madrid, Barcelona and Málaga, and handles over 7,000 work orders annually, generating roughly €6 million in revenue. The acquisition adds capabilities in engineering, HVAC, electricity, and energy efficiency, complementing Grupo Assista’s portfolio of about 50 facility‑service companies. The group already boasts an annual turnover exceeding €100 million and has grown through other purchases, such as Germanía, Felca, and MPS Gestión. Internationally, it operates in Portugal and, after acquiring ADSL House, has extended its presence to Colombia, Peru, and Paraguay, employing around 480 people. 6

• Alantra Private Equity, via its portfolio company AIVORIQ, has acquired two more dental laboratories, expanding the group to over 20 labs across Spain and generating nearly €40 million in revenue since its 2024 investment. The buy‑and‑build strategy has driven double‑digit organic growth and strengthened capabilities in fixed prosthetics, aesthetics, and orthodontics. Owners of the newly acquired labs have reinvested and will stay involved, aligning interests for further expansion. AIVORIQ aims to reach around 30 laboratories in Spain and is exploring international growth in the UK, Germany, and Italy, while advancing industrial and technological initiatives to boost productivity and service quality. 7

• Darlim, a leading Spanish distributor of professional hygiene and cleaning solutions, has acquired Eurochem, a historic chemical manufacturer based in Valladolid. This purchase strengthens Darlim’s presence in north‑west Spain and expands its industrial capacity, bringing the workforce to over 120 employees. The combined company now offers a broader portfolio to sectors such as industry, healthcare, hospitality, and public administration. Darlim’s sales already exceed €44 million, with a target of €50 million by 2027, and the acquisition is expected to generate significant synergies by pairing Eurochem’s technical expertise with Darlim’s commercial and logistical network. 8

• RealTime Reservation has acquired STAY, merging their technologies to form a leading global guest‑experience platform. The combined service now supports over 2,000 properties in more than 75 countries, offering an integrated solution for reservations, housekeeping, revenue management, and guest communications. The acquisition aims to streamline operations for hoteliers, enhance personalization for guests, and accelerate growth through a unified, cloud‑based ecosystem. By leveraging both companies’ data and AI capabilities, the platform promises faster check‑ins, streamlined housekeeping workflows, and improved revenue optimization. 9

• Lãberit, a Valencian technology group, has acquired Gloin, a Caceres‑based software engineering firm specializing in custom web and mobile solutions. The deal adds €1.2 million in annual revenue and a team of 19 professionals skilled in critical development environments such as Flutter, Angular/React, and Java/Spring Boot. Gloin’s revenue share in the financial sector will strengthen Lãberit’s market position. The four current Gloin partners will remain involved, and the brand identity will be preserved. CEO Carlos Pujadas emphasizes that the acquisition brings sixteen years of technical expertise, enabling faster delivery of high‑demand projects and creating high‑value jobs in Extremadura while expanding Lãberit’s regional influence. 10

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• Albia IMAP acted as exclusive advisor to the shareholders of M3 Informática in its sale to Banyan Software, marking Banyan’s first cross‑border acquisition in Spain. The deal enables M3, a long‑standing provider of public‑sector software solutions, to boost innovation and product development under Banyan’s international backing while preserving client relationships and institutional knowledge. 1

• ARCHIMED Life Science Tools & Services announced the acquisition of 100 % of Institut de Radiofarmàcia Aplicada de Barcelona (IRAB), a Barcelona‑based PET radiopharmaceutical specialist founded in 2016. IRAB produces radiotracers for PET imaging across oncology, neurology and cardiology, serving hospitals, research institutions and pharma partners. The deal was executed through ARCHIMED’s MED Rise fund, the firm’s fifth MED Rise investment. ARCHIMED, managing over $15 billion, focuses on healthcare sectors such as life‑science tools, diagnostics and med‑tech, and seeks to support IRAB’s scientific excellence and market expansion. 2

• Ceva Animal Health announced its acquisition of Aquilón CyL S.L., a Spanish biotechnology company specializing in swine disease solutions. This strategic move significantly strengthens Ceva’s swine intestinal health portfolio. Notably, the transaction includes Europe’s first and only commercial vaccine for swine dysentery, a major enteric disease causing severe global economic losses. Following the acquisition, Aquilón’s team of scientists will officially join Ceva. 3

• Elis, a global circular‑services leader, announced the acquisition of 100 % of RS10 Servicios Tratamientos y Mantenimientos de Tejidos S.L., a Barcelona‑area laundry operator serving healthcare and hospitality clients. RS10, with 90 employees, generated €5.5 million in 2025 and will be consolidated into Elis’s accounts from 1 June 2026, strengthening Elis’s presence in Spain’s public‑healthcare sector and expanding its industrial capacity. The deal aligns with Elis’s strategy of growth through rental‑maintenance models and traceability technologies, supporting its mission of sustainability, hygiene, and well‑being across 31 countries. 4

• TeraPlast is acquiring Aliaxis’s MASA polyethylene pipe business in Okondo, Spain, expanding its footprint in Western Europe and North Africa. The factory produces 16,000 tons annually and employs 82 staff. In 2025, it generated €29.4 million in turnover. TeraPlast will invest €4 million over three years to modernize and increase capacity. This acquisition bolsters TeraPlast’s position as a regional leader, complementing its existing operations in Romania, Moldova, Hungary, Austria, Croatia, and other countries, and aligns with its strategy to serve the dynamic Spanish plastic‑pipes market, the seventh‑largest in Europe. 5

• Orona has acquired Up B.V., the group behind Elite Liften & Roltrappen and Van Noort Liften, strengthening its presence in the Dutch elevator market. Formed after Karmijn Kapitaal’s 2024 investment in Elite and the 2025 addition of Van Noort, Up retains its brands while benefiting from shared growth resources. The acquisition aligns Orona’s international scale with the local market expertise of Elite and Van Noort, enhancing services such as elevator maintenance, repair, modernization, and emergency breakdowns for housing associations, healthcare institutions, and commercial real estate owners. Executives highlighted shared values of quality, customer focus, entrepreneurship, and trust, describing the deal as a strategic step for continued growth and professionalization in the Netherlands. 6

• Ollé Bertrán and Sh Group, two Catalan real‑estate firms, have merged to form Mabu Group, a new holding with a combined turnover of €35 million and a gross profit of €10 million. Each parent company owns 50 % of the holding, while their brands continue operating under their existing names. The merged entity manages about 7,000 properties, 600 Residents' Association, and serves over 20,000 clients, employing 140 staff across Barcelona and Madrid. Mabu Group plans to expand into Madrid and grow sales by 10 % through combined efforts. It also aims to invest in technology and AI to boost efficiency, while emphasizing that trust remains central to the business. 7

• Mediapost Spain has rebranded as Muviria after the acquisition by Austrian Family Office Milon Group, marking a strategic shift to strengthen its promotional marketing business. The change aims to enhance technical, technological, and human capabilities while maintaining the solid operational structure and continuity of existing teams and services. Muviria will act as the umbrella brand for Directia, a 3PL specialist in promotional, conventional, and e‑commerce logistics, and Galanta, which focuses on B2B incentives and loyalty programs. Both subsidiaries will continue operating in their respective markets, supporting Muviria’s goal of delivering flexible, sales‑activation solutions. 8

• Filmin (Nazca Capital), a Catalan streaming platform specializing in auteur and independent cinema, has agreed to acquire the distribution business of Valencia‑based Elastica. This marks the first vertical integration in Spain where a streaming service takes control of a film distributor. The two companies will continue operating under their own brands, with the deal limited to Elastica’s distribution arm; its production activities remain independent. Filmin, founded in 2007 and owned 84% by Nazca and Seaya funds, generated €27.8 million in revenue and €2.4 million profit in 2024, while Elastica recorded over €6 million in sales that year. 9

• Bojuna, a Valencian construction firm, has acquired Miceval, a long‑time electrical installations supplier, incorporating its entire staff and client portfolio. The deal follows the retirement of Miceval’s founder and aims to expand Bojana’s operations into the electrical sector, fostering inorganic growth. This merger strengthens Bojana’s market position and broadens its service offering. 10

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• Ferrer, a Catalan pharmaceutical group, has sold its over‑the‑counter (OTC) portfolio—including the flagship analgesic Gelocatil—to French company Cooper Consumer Health. The deal aligns with Ferrer’s strategy to become a specialist drug manufacturer focused on vascular, pulmonary, interstitial, and rare neurological diseases. Cooper aims to strengthen its Spanish market position, building on previous acquisitions such as Viatris’s OTC assets. Ferrer’s OTC division generated about €40 million in revenue and will be replaced by a focus on specialty products. 1

• GPF Partners, a leading Spanish private‑equity firm, has acquired a 95% stake in Beedigital (Metric Capital), valuing the company at roughly €100 million enterprise value. CEO Alejandro Martínez Peón will retain a 5% share and continue leading the business. Beedigital, which serves about 65,000 subscription customers across Spain and Latin America, has recently launched Beesible—a SaaS platform that uses AI to automate digital‑marketing tasks for SMEs and freelancers. GPF Partners aims to build the premier AI‑driven digital‑marketing platform for the Spanish‑speaking market, leveraging automation, mobile‑first design, and SaaS delivery. 2

• HearstLab is investing in Founderz to launch a strategic AI partnership with Fitch Learning, aiming to close the industry skills gap. The collaboration will combine Fitch’s financial‑services education expertise with Founderz’s multilingual AI learning platform, delivering personalized AI‑driven training to over 125,000 learners worldwide. HearstLab, a venture arm focused on women‑led startups, sees this as a model for connecting innovative tech companies with Hearst’s resources. Founderz, a Microsoft Worldwide Training Partner, brings a global community of 630,000 learners across five continents. Together, they will create AI‑enabled learning solutions for financial institutions, helping professionals acquire new skills, reduce skill gaps, and stay competitive in an AI‑first environment. 3

• Mirai Investments has acquired two Basque companies—Afesa Medio Ambiente, a demolition and waste‑management specialist based in Derio, and Excavaciones Mendiola, an excavation and construction‑waste firm located in Vitoria‑Gasteiz. These purchases mark Mirai’s entry into the environmental services and circular‑economy sector, targeting roughly €100 million in revenue and about 300 jobs by 2026. Afesa generated €65 million in 2025 with 190 employees across three sites, while Mendiola earned €14 million in 2025 employing 95 staff. Together they will offer integrated services for heavy‑industry, energy, and construction projects throughout the Iberian Peninsula and islands. 4

• Prim, a Spanish health‑tech listed company, has agreed to acquire 100 % of French group Impulseo, which specializes in physiotherapy and podology products, e‑commerce and online training. The deal gives Prim access to over 43,000 professionals, digital sales capabilities and a scalable platform for international growth, especially in France. The acquisition aligns with Prim’s inorganic‑growth strategy outlined in its new strategic plan that aims to double revenues to more than €504 million and increase EBITDA to €81 million by 2031. Prim expects cross‑selling opportunities, brand development and further diversification of income across geographies and channels. 5

• Life Dental Group (ProA Capital) acquired a majority stake in Dynamic Abutment Solutions (DAS). DAS will remain independent within Life Dental, preserving its brand, culture, and business model while expanding the group’s prosthetic solutions. The acquisition positions Life Dental—operating in 90 countries with brands such as IPD (Spain), New Ancorvis (Italy), and Zarc (Spain)—to target €90 million in revenue and roughly €30 million in EBITDA this year. Founder Esteban Xam‑Mar will stay on DAS’s board and retain a significant shareholding. Earlier, in 2024 ProA Capital raised a €200 million continuation vehicle for its IPD investment. This strategic move strengthens Life Dental’s global footprint in digital dental prosthetics, enhances its product portfolio, and reinforces its innovation capacity in a key market segment. 6

• Everwood Capital’s Transport and Logistics Fund has acquired 100% of Grupo Transmolbo, a Valencia‑based international refrigerated‑transport operator focused on horticulture and groupage services. The deal merges Transmolbo with Transportes Cruz creating a larger platform for cold‑chain logistics across Europe. Combined, the new group reports around €70 million in revenue, 340 staff and over 620 vehicles, operating in several Spanish regions and serving routes to France, Italy, Belgium and the Netherlands. The acquisition, the fund’s 14th, aligns with its strategy to build a leading European refrigerated‑transport group, enhancing digital transformation, ESG standards and operational capacity. 7

• SITA announced a new acquisition (Big Blue Analytics) that introduces an AI‑driven disruption‑recovery platform for airlines worldwide. The solution leverages proven artificial‑intelligence technology to predict, mitigate, and resolve operational disruptions, aiming to cut disruption‑related costs by as much as 30%. By integrating real‑time data, advanced analytics, and automated decision‑making, the platform helps airlines improve on‑time performance, reduce passenger inconvenience, and enhance overall operational resilience. 8

• Phenna Group (Oakley Capital), a leading UK‑based Testing, Inspection, Certification and Compliance (TICC) firm, announced its 13th acquisition of 2026: Begalvi, a Spanish compliance‑management and SaaS provider for Homeowners Associations. Founded in 2006 and serving over 1,000 property administrators and 70,000 associations across Spain, Beganvi brings a strong reputation for service quality, innovation, and a proprietary technology platform. The acquisition strengthens Phenna’s certification and compliance capabilities in the EMEA region, particularly Southern Europe, and supports its strategic goal of expanding in highly regulated, fragmented markets. 9

• Givaudan’s plan to acquire a majority stake in Eurofragance, a leading fragrance house. The acquisition aims to strengthen Givaudan’s position in the fragrance market, expand its product portfolio, and enhance innovation capabilities. By integrating Eurofragance’s expertise and client base, Givaudan expects to boost its global market share, improve operational efficiencies, and deliver broader creative solutions to customers. The deal reflects Givaudan’s strategic focus on growth through selective investments in complementary businesses, reinforcing its leadership in the fragrance industry. 10

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• Waterland Private Equity has agreed to acquire 100% of Minsait’s business consulting division—including MBC, ALG, and Nae—from Indra Group. The division, with nearly 1,700 professionals, offers high‑value consulting services across Spain, Mexico, and other markets, focusing on business transformation, transport, infrastructure, and telecommunications. Post‑transaction, the unit will operate as an independent platform, with Waterland supporting organic growth, international expansion, capability enhancement, and selective acquisitions. Indra will stay involved through a strategic partnership, enabling joint opportunities and shared client projects. 1

• Disproquima announced the acquisition of the Polish company Enzym, enhancing its foothold in Central Europe and expanding its Personal Care product line. The news emphasizes the strategic boost to Disproquima’s portfolio, which already includes divisions for dietary supplements, pharma, personal care, animal nutrition, and food & beverage. 2

• Fluidra has acquired Datapool, a digital‑twin platform from Ecotropy, to strengthen its digital ecosystem for commercial pools. The deal builds on a 2024 investment made through Fluidra Ventures and positions Datapool at the core of Fluidra’s sustainability and efficiency strategy. Datapool provides real‑time analytics, IoT integration and predictive models that can cut operating costs by 10‑25 % by optimizing water and energy use without invasive construction. The platform creates digital twins of aquatic facilities, enabling precise monitoring of temperature, water quality, occupancy and energy consumption, and automates management decisions. 3

• Tradebe has acquired a majority stake in Soltec (Ireland) Ltd, based in Mullingar, marking its entry into the Irish environmental services market. Soltec, founded by the Corcoran family, employs 25 staff and generates about €6 million in annual revenue, specializing in solvent transfer and recycling stations. The acquisition strengthens Tradebe’s UK‑Ireland synergy, expanding its Environmental Services line. CEOs Oriol Segarra (Tradebe UK) and David Corcoran (Soltec) highlighted strategic benefits, operational synergies, and growth opportunities. Tradebe, with over 40 years of experience, operates across Environmental Services, Life Sciences, Health & Nutrition, and Port Services, reporting over €830 million in operating revenue for FY 2025 and more than 100 facilities worldwide. 4

• Plukon Food Group has agreed to acquire 100 % of Avícola Moraleja (Avimosa), a century‑old Spanish poultry company with key production facilities in Madrid and Toledo. Avimosa, which employs over 250 staff, generated €56 million in revenue in 2025 and offers a full‑chain portfolio—from feed manufacturing to incubation, rearing, and processing—supplying fresh birds and specialty products to modern distribution, traditional trade, and food‑service channels. The acquisition strengthens Plukon’s presence in central Spain, enhances vertical integration (including local feed and bird production), and boosts its ability to deliver high‑value poultry products across the Iberian Peninsula. 5

• Ontime has completed the acquisition of Campillo Palmera, a Murcia‑based logistics firm specializing in refrigerated transport. The deal adds over 500 trucks and 150,000 m² of logistics space, strengthening Ontime’s cold‑chain capabilities and expanding its European palletized‑goods network. The purchase aligns with Ontime’s expansion plan to reach about €2 billion in revenue by 2030, building on its 2025 record €1.056 billion turnover and recent integrations such as San José López. CEO Carlos Moreno highlighted the synergies and cultural fit, expecting accelerated international growth and a stronger position among Europe’s leading logistics operators. 6

• French logistics group Labatut has directly entered the Spanish market by acquiring 100 % of Navanor, a family‑owned Navarra‑based road‑transport operator. Navanor, which will keep its brand, specializes in international transport of ambient and refrigerated goods, operates about 30 owned trucks plus subcontracted vehicles, and employs roughly 60 staff. In 2025 it generated €11.8 million in revenue. Labatut, with annual revenues exceeding €100 million, offers full‑truck‑load, groupage, and last‑mile services across France, Italy, the Benelux, and now Spain, serving sectors such as beverages, fashion, and e‑commerce. 7

• Golfmanager, an all‑in‑one software platform for golf clubs, announced its acquisition of SmartPanel, a leading Business Intelligence (BI) and CRM solution in the golf industry. The deal expands Golfmanager’s growth strategy by integrating SmartPanel’s advanced data analysis and CRM tools directly into its core software, offering clubs seamless access to these capabilities and reducing reliance on third‑party systems. The acquisition aims to boost operational efficiency, unlock synergies, and accelerate Golfmanager’s international expansion. 8

• Phoenix & Flag announced the acquisition of a majority stake in OFILINGUA, a leading Spanish translation, interpreting, and intercultural mediation firm. The deal supports Phoenix & Flag’s strategy to create a global language‑services platform that combines sector expertise, operational strength, proprietary technology, and a focus on international growth. The acquisition adds over 30 years of experience, a specialized team, and technology assets, reinforcing Phoenix & Flag’s position in language services, legal, IP, and multilingual content markets. 9

• The Peleteiro family’s school in Santiago is being sold to the international education group Globeducate, which operates 65 centers in 11 countries, but the current director, Luis Peleteiro, will remain in charge. The transition aims to preserve the school’s academic standards and human‑focused ethos while providing access to Globeducate’s resources, including expanded exchange opportunities. The acquisition follows a complex history of land‑sale disputes and a 2022 Supreme Court ruling that forced the family to repay €25 million, prompting the eventual sale. Globeducate’s CEO, Lorenzo Fiorani, highlighted the school’s legacy of excellence and the strategic fit, while assuring staff of professional growth within the groupe.10

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• Menako Capital has launched in Spain, led by former Quantum Capital Partners partner Yaukuma Armbruster, and acquired Inespasa, a key Spanish aerospace supplier for Airbus and Boeing that serves both civil and defense programs. The deal, backed by family office Sucellos, follows Inespasa’s recent purchase of UMI Aero. Inespasa reports roughly €50 million in revenue. Menako Capital will focus on complex, transformational investments in Spain and Portugal, especially in defense, partnering with local executives. The move reflects a broader surge of private‑equity funds targeting Europe’s defense sector, with vehicles from Nazca (€500 million), Hyperion (€1 billion) and Anta Asset Management joining the trend. 1

• Helsing, a German drone maker valued at €12 billion and backed by investors such as Spotify CEO Daniel Ek, has acquired Barcelona‑based robotics startup Keybotic. The deal, undisclosed in price, will place Keybotic within Helsing’s new “Area 9” advanced‑technology division. Keybotic, founded five years ago by Irene Gómez and Hilario Tomé, develops autonomous robot dogs for industrial inspections in GPS‑denied, hazardous environments. In 2023 it raised €3 million, and its technology is already used in chemical plants, mines, and oil‑gas facilities. Helsing, founded in 2021 in Munich, has been expanding thanks to rising NATO defense budgets, recently completing a €600 million financing round led by Ek’s Prima Materia and involving Saab, Lightspeed, Accel, Plural, and General Catalyst. The acquisition strengthens Helsing’s AI‑driven defense portfolio and supports Keybotic’s growth in the Spanish market. 2

• Damm, a Barcelona‑based brewery founded in 1876, has acquired the British ale brand Old Speckled Hen from Greene King. The acquisition strengthens Damm’s presence in the UK after buying the Eagle Brewery in 2022. All Old Speckled Hen beers will now be produced at The Eagle Brewery in Bedford, aligning with Damm’s internationalisation strategy, which accounts for 30 % of its activity. The deal expands Damm’s UK portfolio—currently led by Estrella Damm—to include Old Speckled Hen and several related variants. Damm has invested over €80.5 million in the Bedford plant, adding a new canning line and non‑alcoholic technology, doubling capacity to 1.8 billion litres annually. Executives from both companies highlighted the brand’s heritage, market relevance, and the partnership’s role in securing a prosperous future for the ale in the British market. 3

• Ezentis is acquiring a majority stake (55.01%) in ADQA, a high‑quality professional‑space construction firm, to strengthen its integrated installations and maintenance vertical. The deal values ADQA at about €8.5 million, based mainly on EBITDA multiples and its client portfolio. Ezentis plans to increase its holding by roughly 5% annually until it reaches 75%. ADQA’s 2025 revenue of €28 million and €2.5 million EBITDA will significantly contribute to Ezentis’s goal of exceeding €80 million in pro‑forma revenue for 2026. 4

• Vigo-based Kaleido Logistics has incorporated International Freight Services (IFS) South Africa into its network, creating Kaleido Logistics South Africa. This move expands Kaleido’s presence along key African trade corridors and adds to its operations in Angola, Namibia, and Mozambique. The integration aims to boost service capabilities, improve cross‑border coordination, and increase efficiency for project cargo, raw materials, and processed goods moving throughout Southern Africa and to countries such as Zambia, Zimbabwe, and Botswana. Continuity will be maintained by keeping the same local teams for IFS clients. Kaleido’s CEO Xoán Martínez and IFS founder Wayne Gunning highlighted the strategic fit and growth opportunities this partnership offers. 5

• Acteco, a waste‑management firm from Alicante, has acquired the used‑cooking‑oil business of Reciner Energía in Valladolid. The purchase adds a company that handles the collection, aggregation, and treatment of used kitchen oil for biodiesel production. The facilities, covering 1,450 m² in Olmedo, will remain operational under the Acteco brand, expanding service coverage across Castilla y León, Madrid, Guadalajara, and the north‑west Iberian region. This move aligns with Acteco’s strategy to increase organic‑waste volumes and strengthen its role in the circular‑economy transition toward renewable bio‑fuels. 6

• Saesco, a medical‑device distributor backed by Miura Partners, has completed the acquisition of the Spanish company Sangüesa and its subsidiary Tramedic, both under creditor protection since February. The deal includes an initial investment of over €3 million to revitalize the unit and will retain 32 jobs, with Sangüesa’s CEO Joan Carles Esperanza staying on board. Saesco also announced the purchase of Italy’s Medcomp, a distributor specializing in gynecology and general surgery, which will be integrated into Saesco’s Italian platform Dimed. These acquisitions expand Saesco’s portfolio to include neuro‑surgery, trauma, gynecology, and spinal treatments, strengthening its international presence. By October 2024, Sangüesa generated €11 million in revenue and Tramedic €3.5 million. The transactions mark Saesco’s tenth acquisition since 2019, giving it a direct footprint in Spain, Portugal, Italy, Germany, Belgium, the Netherlands, and Poland, a catalog of over 600 products, and annual sales of about €60 million. 7

• Recalvi Parts (Abac Capital) will incorporate Zoel Auto Parts into its corporate structure. Zoel’s headquarters in Pamplona and its branches in Madrid and Málaga will become Recalvi Parts subsidiaries, while retaining its current CEO, Javier Leoz, and the existing commercial team. Zoel, a family‑owned business with nearly 30 years in the multi‑brand spare‑parts market and €20 million revenue in 2025, will have its entire workforce transferred to Recalvi. This acquisition marks Recalvi Parts’ fourth integration in the first half of 2026, following deals with Rhan, Lagunak, and Automotor Salamanca, expanding its network to 84 warehouses in Spain and 8 in Portugal. The merger aims to strengthen Recalvi’s commercial project, ensure continuity for Zoel’s family business, and support future growth across the Iberian Peninsula. 8

• China Road Bridge Corporation (CRBC) has completed the purchase of the remaining 32.7% of Puentes, making it the sole 100% owner of the Spanish construction firm. Previously, CRDB acquired 66.54% of Puentes six years ago, while the Otero family retained about a third of the shares. 9

• CEX Capital has acquired a 25% stake in Plusquam Pharma, an Extremadura‑based company that develops dietary supplements, medical devices, and cosmetics. The partnership aims to accelerate Plusquam Pharma’s growth through investments in commercial networks, marketing, and R&D&I, leveraging CEX Capital’s strategic support. Plusquam Pharma, founded in 2011, focuses on urological health, women’s health, digestive probiotics, and functional oral rehydration, with brands such as UROCRAN, ACTIFEMME, VITAPLUS, and HIDRASAL. Executives highlighted the strategic importance of the pharmaceutical sector for regional economic development and job creation.10

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The conversation we had a few days ago with Eduardo García-Oliveros Serrano at FORO DE FOROS is now available.

In the video, I share a brief introduction explaining the reasons why we have brought together something as important as business continuity and growth with the foundation’s activities.

Going into more detail, throughout the session we analyzed the evolution of Private Equity in Spain and the role of Family Offices, putting this story into context with the reality of Spain’s business landscape.

In addition, and in parallel with the launch of Anta’s thematic fund, we discussed investors’ interest in defence, the aerospace industry, and dual-use technologies. All of this with the aim of determining whether we are looking at a short-term opportunity or, on the contrary, whether Spain has characteristics that make it especially attractive for this investment thesis.

• Avanta Salud Integral (HIG Capital) will acquire Vitaly (Artá, Corpfin), a leading occupational health and safety provider in Iberia. The deal, highlighted on May 16 2026, will combine Avanta’s mandatory OHS services with Vitaly’s AI‑enhanced digital offerings, creating a platform serving over 240 000 clients, roughly 4 million protected workers, across 505 centres and 5 500 employees. 1

• Saica, a leading European paper and packaging manufacturer, has acquired the German‑based Thimm Group, a sustainable packaging solutions provider. Thimm, with 2,500 employees across Germany, Poland, the Czech Republic and Romania, generated €539 million in 2024 revenue. The acquisition, announced on May 16 2026, expands Saica’s footprint in Central and Eastern Europe, adding Thimm’s regional presence and customer‑focused expertise to Saica’s existing operations in Spain, France, Italy, Portugal, the UK, Ireland, Turkey, Luxembourg, the Netherlands, Poland and the US. Both family‑owned businesses have a long‑standing partnership and will retain Thimm’s current structures to ensure continuity for customers and staff. The deal, pending antitrust approval, keeps the purchase price confidential. Saica’s 2025 turnover reached €3.962 billion with over 12,000 employees, reinforcing its position as Europe’s largest family‑owned packaging group. 2

• Mutua Madrileña has acquired 100% of Reynasa, a family‑owned distributor of automotive parts, tires, and accessories with over 40 years of experience and a national network. The deal aims to integrate Reynasa into Mutua’s mobility ecosystem, which already includes vehicle rental (Centauro), car‑sharing (Voltio), and automotive centers (Aurgi, Motortown). By adding Reynasa’s 300‑person workforce and €70 million 2025 turnover, Mutua expects improved logistics, faster delivery times, and greater parts availability for its mobility services. Executives highlight that the acquisition strengthens Mutua’s position in automotive services, complements its existing partnership with Recomotor, and preserves Reynasa’s identity while fostering new growth opportunities. The integration also maintains Reynasa’s relationship with the Grupo Serca network, enabling continued synergies in the aftermarket sector. 3

• The Partenea fund, founded by former RCD Espanyol CEO José María Durán, completed its first deal by acquiring 90 % of Spanish software firm Misterplan, which provides an all‑in‑one hotel‑management platform for over 2,100 clients. Misterplan, based in Cáceres, generated €2 million in revenue last year and has grown 24 % annually, with an EBITDA of €1 million. 4

• LAVA Textiles has acquired a majority stake in FUNCOTEX, a leading European maker of high‑quality sewn mattress covers. Both family‑run businesses will stay actively involved, preserving continuity, shared values, and a long‑term vision. The partnership expands LAVA’s product portfolio, adding premium knitted fabrics, zippered cut‑and‑sew covers, quilted solutions, topper covers, and pillowcases, enabling a more comprehensive offering to customers worldwide. CEO Johan Vanwelden highlights that the combined sales force can now provide fully finished covers, increasing value and responsiveness. 5

• Clear Capital announced the acquisition of Restb.ai, a Barcelona‑based AI‑powered computer vision leader, to enhance its real‑estate analytics, data solutions, and valuation technology. The deal adds Restb.ai’s image‑recognition and data‑enrichment capabilities to Clear Capital’s platform, which already includes CubiCasa, a digital floor‑plan and virtual‑tour service acquired in 2021. Together, the three brands aim to provide comprehensive property intelligence—covering valuations, floor plans, condition, and characteristics—to reduce blind spots, improve decision accuracy, and streamline workflows for real‑estate professionals. 6

• TransUnion has acquired Confirma Sistemas. The deal expands TransUnion’s presence in the Latin American market, leveraging Confirma’s expertise in identity verification and fraud prevention. By integrating Confirma’s technology and client base, TransUnion aims to strengthen its data‑analytics capabilities and offer more comprehensive credit‑risk solutions across the region. The acquisition aligns with TransUnion’s strategy to broaden its global footprint and enhance its portfolio of risk‑management services. 7

• The Gaviota Group, now backed by Atitlan and Stoneshield Capital, has acquired the productive unit of Glass Madrid Berlanas, bringing around 20 employees and a Madrid‑area production facility into its portfolio. This move expands Gaviota’s strategy of industrial integration and vertical consolidation in construction materials, especially glass windows and enclosure systems. The acquisition, approved by the Madrid Commercial Court, complements the group’s existing presence in over 80 countries and aligns with its goal to cover the full value chain, enhancing supply resilience amid rising energy costs. 8

• HBX Group announced the acquisition of Bridgify, a company specializing in AI-driven experience platforms. The deal aims to integrate Bridgify’s technology with HBX’s existing services, enhancing the group’s capabilities in delivering personalized, data‑rich experiences across various industries. By combining AI insights with Bridgify’s experience tools, HBX expects to accelerate product innovation, improve customer engagement, and expand its market reach. The acquisition reflects HBX’s strategic focus on strengthening its AI portfolio and delivering more comprehensive solutions to its clients. 9

• Palacios Alimentación has acquired Tortillas a Tu Gusto, adding €13.6 million in annual revenue to its solutions business. The deal includes the industrial facility in Ólvega, Soria, which can produce roughly 4,000 kg per hour of frozen products and 3,000 kg per hour of chilled items. Tortillas a Tu Gusto primarily serves organised retail, with about two‑thirds of its 2025 sales coming from this channel and roughly half of its volume dedicated to private‑label customers; the remaining sales are under its own brand, while foodservice accounts for nearly 30 % of turnover. Palacios Alimentación, which records €450 million in sales, operates more than 11 plants across Spain, the UK, and the US, and distributes products in over 50 countries. The acquisition strengthens Palacios’ production capacity and market presence in the frozen and chilled tortilla segment.10

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• Columna Capital has signed a binding agreement to acquire a majority stake in Evidenze Group, a pan‑European outsourced pharma services platform, from Buenavista Equity Partners. The deal keeps co‑founders as significant minority shareholders and active managers, ensuring continuity. Evidenze, founded in 2020, now serves over 270 clients across Spain, Germany, Italy, Portugal and other European markets, employing around 400 professionals and generating €40 million in 2025 revenue. The acquisition aligns with Columna’s strategy to back high‑growth, defensive sectors and expand its healthcare franchise in Spain and Europe. 1

• Profand, a Mercadona supplier, has agreed to acquire the Canary Islands‑based seafood company Unión Martín, which is majority‑owned by Alantra. The deal includes the purchase of Silomar’s Valencia operations, adding a processing plant and a 19,000 m² cold‑storage capacity. Unión Martín, specialized in cephalopods (70 % of its catch), operates a fleet of over 20 vessels and sold more than €95 million in 2024. The combined group, after Alantra’s 2018 entry, now reports €135 million in revenue (2024), €8.9 million EBITDA. 2

• Amper has entered a binding agreement with Nazca to acquire 100% of Teltronic, a Zaragoza‑based Spanish communications firm for defense and security. The acquisition is strategic, aiming to restore Spanish ownership of critical technology, strengthen Amper’s position as a Tier‑1 defense communications provider in Spain and Europe, and expand its market reach to Brazil, Mexico, the U.S., and Canada. 3

• IREN Limited announced the acquisition of Ingenostrum (Nostrum Group), a Spanish data‑center developer, marking its entry into the European AI‑cloud market. The deal adds about 490 MW of secured, grid‑connected power in Spain and expands IREN’s portfolio to 5 GW, enhancing its ability to meet growing AI‑infrastructure demand. Nostrum’s local team and development pipeline strengthen IREN’s execution capabilities. This strategic move supports IREN’s global expansion of its vertically integrated AI‑cloud platform, leveraging renewable‑rich regions across North America, Europe, and APAC. 4

• Rive Private Investment, a French fund, is acquiring a stake in Spain’s Rebi, a company that designs, manages, and operates district heating networks. Rebi, headquartered in San Sebastián de los Reyes, employs over 200 staff across six cities and serves more than 22,000 customers. In 2024 it generated €52.7 million in revenue (up 13% year‑on‑year) but saw profit fall to €2 million (down 12%). The firm operates six heating networks in Soria, Ólvega, Aranda de Duero, Guadalajara, Cuenca and Móstoles, and provides industrial decarbonisation solutions such as biomass boilers and solar energy. Established from the former wood‑processing company Amatex, it created its first heat network in 2011. 5

• Padel Galis, a leading Spanish manufacturer of padel courts, has undergone a major shareholder shift. Its CEO, Juan Larraz Roig, and business development director, Salva Segura, have taken control of the majority stake, reducing the investment firm Atitlan’s ownership to 27% after nearly five years since its 2021 entry. The new structure brings additional minority investors and supports a more aligned management team. Atitlan’s reduced involvement coincides with Padel Galis’ rapid growth: turnover rose from €6.7 M in 2021 to over €27 M in 2025, the company now operates in 85 countries, has installed more than 10,000 courts, and is expanding production with a new automated factory in Silla, Valencia, to meet rising demand in Europe, Latin America, Mexico, and the United States. 6

• ABE Capital is reinforcing its technology portfolio by acquiring LIS Data Solutions, a Cantabrian‑based consultancy specializing in big data and AI. ABE Capital, founded in 2019 in Bilbao, has recently expanded into healthcare, energy, and technology sectors, adding companies like Plain Concepts, Mediance and Enerpath. LIS Data Solutions offers end‑to‑end data analytics and AI services to industrial clients across Spain and Germany, positioning itself in the fastest‑growing IT segment. 7

• Rigi Capital, a Barcelona‑based search fund founded in 2023 by former Johnson & Johnson executive Jorge Oriol, has acquired 100 % of Super’s Diana, a Catalan pharmaceutical and livestock‑supplement company. Super’s Diana, founded three decades ago in Parets del Vallés, employs about 50 people, sells in 30 countries, and recorded €17.6 million in revenue with €2.5 million net profit in 2024. Rigi aims to maintain continuity and long‑term growth. 8

• WVT Industries, a pan‑European leader in disinfection and bio‑security solutions, is expanding in Spain through the acquisition of Cygyc Biocon, a Spanish platform specializing in specialty chemicals, enzymatic formulations, and probiotics. The deal aligns with WVT’s international growth strategy and follows its 2025 majority‑stake acquisition by Siparex ETI. Cygyc Biocon brings complementary enzymatic R&D capabilities and a portfolio covering detergents, disinfection, food, and agriculture, operating in over 35 countries. Combined, the group will generate more than €100 million in revenue, serve clients in over 70 countries, and employ more than 250 people. 9

• AIBLU, a compliance services firm backed by Stellum Growth, has acquired 100% of Madrid‑based sustainability consultancy Azentúa. The deal creates a new sustainability business line, enhancing AIBLU’s ESG offering, which already covers social and governance aspects. Post‑acquisition, the combined group is projected to generate around €9 million in revenue, operate five offices, and employ nearly 100 staff. This marks AIBLU’s third acquisition in two years, following Segurdades (April 2025) and AT Group (March 2026), and underscores its strategy to become a leading ESG services provider.10

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• VivaGym, backed by Providence Equity Partners, has completed the acquisition of Synergym (All Seas Capital), creating a sports and wellness platform with over 450 gyms across Spain and Portugal. Synergym, founded in 2013, operated more than 160 gyms and generated €50.2 million in 2024, a 36 % increase year‑on‑year, after investing €30 million in new centers. VivaGym’s CEO, Cristina Burzako, sees the merger as a decisive step to accelerate expansion and enhance services throughout the Iberian Peninsula. Providence, which bought VivaGym in 2024 when it had 104 clubs, aims to build a leading European sport‑wellness platform and may explore broader health‑related opportunities in the future. 1

• Seaya, through its Andromeda fund, has acquired a majority stake in infant food company Smileat after nine months of negotiations. The founders, Alberto Jiménez and Javier Quintana, will continue to lead the business. Smileat aims to triple its size within three years, pursuing an active M&A strategy, strengthening organic growth in Spain, and expanding internationally. In 2025, the company generated €21 million in revenue and just over €2 million in EBITDA, selling primarily through retailers (65% of sales) and online channels (25%). International sales accounted for about 5% of revenue, with a target of €15 million abroad by 2030. Smileat employs roughly 70 staff and operates a factory in Jerez de la Frontera, Cádiz. It distributes products via major chains such as Carrefour, Dia, Eroski, Costco, and various eco‑stores and pharmacies. 2

• Visma, a Norwegian enterprise‑software group, has invested in Bilky, a fast‑growing Málaga‑based startup founded in 2017. Bilky connects advisory firms, businesses, and employees in a single platform, serving over 300,000 active users and thousands of SMEs across Spain. Backed by Visma’s capital, technology, and European market experience, Bilky will accelerate its development of AI‑driven features such as document management, reconciliation, and accounting analysis, aiming to boost efficiency for advisors and their clients. The deal marks Visma’s eighth Iberian and sixth Spanish investment, following acquisitions of Holded, Declarando, Quaderno, tugesto, and Woffu, and adds to its portfolio that supports more than 150,000 SMEs, advisors, and freelancers. 3

• Pikolin, Spain’s leading sleep‑equipment maker, has acquired the Bedland mattress and bed store chain, adding its 48 Spanish locations to the Pikolin brand. The deal, finalized through a subsidiary with an upfront cash payment and two variable installments tied to performance targets, has not yet been reflected in the company’s accounts. In 2025 Pikolin’s profit surged to €10.6 million from €0.98 million in 2024, with revenue reaching €544.3 million (up 4%) and operating profit climbing to €28.8 million (up 25.2%). EBITDA grew to €44.6 million, close to its €50 million target for 2025. The firm aims for moderate growth, targeting over €1 billion in revenue within the next five‑to‑ten years, and ended 2025 with an average workforce of 3,089 employees. 4

• Sanoma has acquired Vicens Vives, one of the major learning content providers in Spain. With the acquisition, Sanoma strengthens its leading position in Spain, one of the largest K12 learning services markets in Europe with approx. 7 million K12 students. Net sales of Vicens Vives amounted to EUR 29 million in 2025. The enterprise value of the acquired business is EUR 40 million, which represents an EV/EBITDA multiple of 6.8x. 5

• Mirai Investments announced the launch of a new cosmetics division by acquiring Ternum Cosmetics, a Barcelona‑based company with over 30 years of R&D experience. The acquisition integrates Ternum into Labery, Mirai’s new CDMO (Contract Development and Manufacturing Organization) that offers full‑service cosmetic product development, from formulation to packaging and logistics. Labery also includes partners COSMEPRINT S.L., Laboratorios Coper, and Jumsa Cosmetic, forming a group projected to generate more than €25 million in revenue in 2026. This move expands Mirai’s portfolio, which already includes the OHMNIA Group (industrial electronics) and INNOMETAL Group (metal transformation). 6

• Citibox, a Spanish smart‑locker provider, has closed a €100 million financing round—the largest recent investment in Spain’s last‑mile logistics infrastructure. The deal, led by Ithaka Infrastructure Partners, combines €70 million in equity (€55 million from Ithaka, €15 million from existing shareholders) and €30 million in debt. The funds will support the rollout of 600,000 smart lockers across Spain and the UK, with future expansion into other European markets. Citibox already operates about 60,000 lockers in Madrid, Barcelona, and London, plus 7,000 convenience points, and has raised over €135 million in prior capital and debt. The company recently partnered with Amazon to allow customers to receive orders directly in Citibox lockers, strengthening its position in urban logistics. This financing will accelerate its European growth strategy and solidify its role in the continent’s last‑mile delivery ecosystem. 7

• Nazca Capital has taken a minority, temporary stake in Spanish technology group Grupo Oesía through its aerospace and defence fund. The investment supports Oesía’s 2026‑2030 Strategic Plan, which aims to drive growth and industrial consolidation while preserving the company’s independence. Nazca’s fund, the largest Spanish aerospace‑defence vehicle with over €425 million in commitments, is fundraising to €600 million. As part of the deal, the partners will create a €150 million venture‑capital fund to back technology start‑ups and scale‑ups, reinforcing European defence and security capabilities. This collaboration aligns with Nazca’s mission to fund strategic, scalable technologies in the sector. 8

• Condis (Portobello Capital), a Catalan supermarket chain, has reached a preliminary agreement to acquire Menorca‑based Dispreu, which operates the Binipreu stores. The deal adds eight supermarkets across the island—three in Maó, two in Es Castell, and one each in Alaior, Es Migjorn Gran, and Ferreries—along with three logistics platforms and the Binipreu Menorca shopping centre. Approval from the CNMC and final contract signing are still pending, and the purchase price remains undisclosed. This marks Condis’s return to geographic expansion after focusing on consolidating its Catalan operations, especially following Portobello Capital’s investment. Dispreu’s brand generates over €35 million annually, complementing Condis’s 2024 results of €807.4 million revenue, €52 million EBITDA, and 700 stores. The acquisition also reflects Condis’s broader strategy, being its second purchase since Portobello’s entry, after previously acquiring a stake in Roges Supermercats. 9

• PACISA’s shareholders have approved the integration of the company into Wtech Fire Group, a platform backed by Waterland Private Equity that will become part of APi Group in the second half of 2026. PACISA is a Madrid-headquartered firm which design, installs and maintains complete fire protection systems, with a workforce of more than 215 people.10

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• Applus+ Laboratories announced the acquisition of Instrumentación y Servicios de Calibración (ISCAL), a Gijón‑based metrology firm founded in 1999. The deal expands Applus+’s footprint in northern Spain and adds ISCAL’s accredited ISO/IEC 17025 laboratory, which covers temperature, humidity, pressure, electricity, flow, mass, gases, pH and conductivity. ISCAL’s 66‑person team serves regulated sectors such as pharmaceuticals, food, aerospace and automotive, offering calibration, maintenance and measurement‑equipment sales.1

• Phenna Group (Oakley Capital) announced the acquisition of Spain’s AUCATEL‑EIC, its 10th deal in 2026, to strengthen its Urban Verification, Environmental Inspection, and Industrial Safety capabilities within the Built Environment Division for the EMEA region. Founded in 2009 with offices in Barcelona and Madrid, AUCATEL‑EIC brings a market‑leading position in compliance services and a seasoned management team. 2

• IZERTIS has completed the full acquisition of two Spanish firms: ACK STORM, a Catalan company, and SADE CONSULTORÍA TÉCNICA, based in Madrid. The acquisitions aim to strengthen IZERTIS’s market presence and expand its service portfolio across the Iberian Peninsula. By integrating ACKstorm’s expertise and SADE’s consulting capabilities, IZERTIS seeks to enhance its technological offerings, foster innovation, and deliver comprehensive solutions to a broader client base. 3

• Universitas and Grupo Iruña are launching a new hospitality group, backed by Stellum Food&Tech, aiming to exceed €20 million in revenue and employ around 200 staff. The partnership combines Universitas’s expertise in university and corporate catering with Grupo Iruña’s high‑end event and institutional services, leveraging iconic brands like Café Iruña. Backed by Stellum Capital, the venture seeks to strengthen market position, expand into new geographies, and compete with multinational players while preserving the founders’ values of proximity and heritage.4

• Attlon (Henko Partners) announced the integration of Grupo SVC Seguridad, bolstering its presence in northern Spain and reinforcing its status as a leading industrial security services platform. Founded in 1990 in the Basque Country, SVC specializes in installing and maintaining industrial security systems and will collaborate closely with Electro Alavesa Seguridad to create commercial and operational synergies in the region. The addition of SVC’s Central Alarm Receiving Center (CRA) marks a strategic milestone, expanding Attlon’s end‑to‑end security offerings and enabling more comprehensive coverage. This deal is Attlon’s fourth acquisition overall and its second in 2026, underscoring the company’s rapid growth since its 2025 inception. 5

• Sngular has acquired AMS Solutions, integrating a team of about 50 professionals renowned for implementing best practices in software development and leveraging AI‑assisted managed services. The merger strengthens Sngular’s presence in northwestern Spain, enhancing its capacity to deliver complex projects and serve global corporate clients. Executives highlight the acquisition as a natural growth step, emphasizing technical excellence, AI‑driven development, and expanded service offerings across all geographies. 6

• Squirrel, a technology group in the media sector, has agreed to acquire 100 % of Trihaus, a U.S.‑based influencer and content‑creator representation firm. Trihaus manages over 50 creators whose combined audiences exceed 500 million followers worldwide and serves top brands such as Red Bull, Samsung, and Epic Games. In 2025, Trihaus reported revenue above $5 million, up 52 % from 2024, and an EBITDA of $1.4 million, representing a 28 % margin. The deal strengthens Squirrel’s digital capabilities, expands its high‑growth, value‑added segments, and creates synergies with its Media division, reinforcing its position as an integrated tech‑media group. 7

• Reale Group has acquired a 18.9% stake in Spain’s Canitas veterinary clinic network, complementing Aurica Capital’s majority ownership established in 2023. Canitas, founded in 2012, operates 28 clinics with over 150 professionals, serving more than 50,000 pets through a subscription‑based model that offers unlimited veterinary care without copayments or waiting periods. Executives highlight the deal’s strategic fit for diversifying Reale’s portfolio, expanding its presence in animal‑health services, and fostering growth across other markets where the group operates. 8

• The Mexican conglomerate Grupo Galería has finalized the acquisition of Avanza Food (Abac), despite opposition from major banks such as Santander, CaixaBank and BBVA, which argued the price was insufficient and the proposal harmful to the bankruptcy process. The court in Madrid (Mercantile Court No. 5) overruled these objections, endorsing the sale of Avanza Food’s assets, including Tony Roma’s and Carl’s Jr., to Grupo Galería. The deal is backed by CKE, the master franchisee of Carl’s Jr. 9

• Envases Sanz Belda, a Spanish manufacturer of polypropylene buckets for paints, food, agro‑chemicals, and other industrial uses, has been acquired by search fund Preludio Partners. Preludio plans to pursue additional bolt‑on acquisitions to strengthen its domestic market position, accelerate international growth and enter new sectors such as pharmaceuticals and cosmetics. In 2025, Envases Sanz Belda reported a turnover of about €12 million.10

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• Tresmares Capital has invested in Greenkeeper, a Spanish company specializing in air filtration products, which has experienced significant growth and aims to expand internationally while developing new products. Greenkeeper produces absorbers for ethylene, moisture, corrosive gases, and oxygen, exporting over 80% of its sales to more than 60 countries.1

• Travelgate, part of the Travelsoft Group, has acquired AO UK Ltd to enhance its hotel distribution platform with enterprise content orchestration. This acquisition adds over 20 years of expertise, allowing sellers to manage content quality and buyers to receive consistent, ready-to-sell content. AO Campaign 5 introduces AI-powered operations, including workflow automation and multilingual publishing. The collaboration aims to unify hotel inventory movement and content quality, establishing a fully integrated distribution stack across the travel industry. 2

• Fracttal (Riverwood Capital), a global AI-driven maintenance solutions company backed by several private equity funds, has acquired TCMAN, a leading Spanish maintenance management solutions provider. This acquisition combines TCMAN's expertise and customer base with Fracttal's technology, which manages over 20 million assets across more than 60 countries. The integration aims to enhance intelligent maintenance solutions, leveraging AI and IoT technologies to improve efficiency in asset-heavy sectors. The move follows Fracttal's recent $35 million funding round, aimed at boosting AI capabilities and expanding in Europe and Latin America. 3

• AG Olives, backed by the Escalante family and Alantra Private Equity, has unified its companies under the Arvos brand and acquired Belgian firm Père Olive from Labeyrie Fine Foods. This acquisition allows Arvos to enter the refrigerated Mediterranean products segment, enhancing its offerings of olives, antipasti, and dips. With a reported 2025 revenue of €350 million and operations in over 80 countries, Arvos aims to solidify its position as a leading reference in table olives globally while expanding into adjacent high-value Mediterranean categories. 4

• Hevo Group has acquired Granjas Villarreal, adding 730,000 laying hens and EUR 30m in revenue, thereby enhancing its position in the Spanish poultry sector through a buy-and-build strategy. 5

• Monbake (CVC) has acquired Triticum, a premium bakery company specializing in high-end hospitality products, enhancing its position in the frozen bakery sector with a turnover of over €10 million in 2025. 6

• Japanese company Marubeni Corporation has acquired an 85% stake in Factorenergia for EUR 204 million, enhancing its presence in the Iberian Peninsula and Latin America, while Factorenergia continues to lead in customer-focused electricity services and renewable energy solutions. 7

• Embamat has acquired Garobel, a specialist in cardboard packaging, to enhance its presence in the Basque Country and strengthen its industrial packaging solutions, integrating Garobel's team and facilities to maintain its focus on innovation and customer relations. 8

• Suma Capital has invested in ECOcero, a Spanish company specializing in acoustic solutions, through its SC Sustainable Expansion Fund III. This marks the fund's first investment, aimed at supporting ECOcero's growth, international expansion, and organizational strengthening. Founded in 2017, ECOcero, which operates in 20 countries, focuses on innovative acoustic solutions made from recycled plastic. 9

• Homs Rentals (VGO) is expanding through acquisitions, having recently acquired three Madrid-based companies, which is expected to increase its turnover by over 40% from EUR 34 million reported in 2024, primarily financed through bank debt with CaixaBank leading the arrangement.10

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• Xoople has raised $130 million in a Series B funding round, totaling $225 million. Led by Nazca Capital, participants include MCH, CDTI, Buenavista, and Endeavor. The company develops a global data infrastructure for tracking physical changes on Earth, aiming to enhance AI and management capabilities. CEO Fabrizio Pirondini emphasized its potential to create a new record system for the physical world, facilitating various applications such as supply chain optimization and urban planning. 1

• Grupo Oesía has acquired 100% of Micromag, a leader in advanced electromagnetic materials, to enhance its low observability technology for defense and multi-domain security applications. This strategic move strengthens Grupo Oesía’s capabilities in high-value sectors and aligns with its commitment to promote sovereign technologies. Micromag, founded in 2000, specializes in radar low observability solutions and will contribute its expertise to Grupo Oesía’s technological development and innovation efforts. 2

• VB Group has acquired Madrid-based Viajes Eco, a specialized agency in the MICE segment, as part of its strategy for inorganic growth in the American market. Following a successful 2025 with €170 million in revenue, the company aims to expand to 32 markets, focusing on partnerships and potential acquisitions in the U.S. and Colombia. The group plans to sustain a 30-40% annual growth rate, with Spain and Mexico as primary markets, while diversifying its operations through the VB Global Network.3

• Accenture has acquired Keepler Data Tech, a Spanish AI and data company, to enhance its capabilities in Spain. Founded in 2018, Keepler offers end-to-end AI and data solutions, focusing on modern data architecture and ethical AI practices. With over 240 Keepler professionals joining Accenture, the acquisition aims to accelerate AI adoption for clients, supporting their business transformation through innovative and responsible AI solutions. 4

• Mexican company Serviacero has acquired Grupo Relesa, a leading metal grating company based in Fuente Álamo. This marks Serviacero's first European venture, aimed at enhancing its international presence and inorganic growth strategy. Grupo Relesa reported a revenue of €36 million in 2024 and a net profit of €5.4 million. The group consists of three companies focused on different manufacturing processes, and the integration process is ongoing, with new management already in place in its subsidiaries. 5

• Pérez y Cía. Group strengthens its maritime operations by integrating Caralb Marítima, enhancing its capabilities in port agency and ship services. This strategic move expands their presence in key ports and improves management of complex operations. Founded in 2008, Caralb is known for its client-oriented approach and operational agility, with a strong international presence. The integration allows both companies to leverage a broader service offering and global network, reinforcing Pérez y Cía.'s position as a leading maritime partner. 6

• SUARDIAZ Group has acquired Transporte Multimodal Canario (TMC), enhancing its refrigerated transport capabilities and strengthening connections between Mainland Spain and the Canary Islands. This acquisition supports operational synergies, expands its food sector expertise, and integrates TMC's client portfolio associated with major retail chains. CEO Juan Riva highlights this move as a strategic step to bolster their maritime connections and refrigerated transport services. 7

• Grupo Ocean has acquired Empresas C. Costa S.L., a cleaning and maintenance company based in Málaga with over 30 years of experience. This acquisition enhances Grupo Ocean's strategic presence in Andalucía, adding C. Costa's expertise and established client relationships. With around 300 professionals and an annual turnover of 3 million euros, the integration allows for expanded facility services while maintaining a commitment to social inclusion and sustainability. Grupo Ocean aims to develop C. Costa further, upholding its quality standards and operational culture. 8

• B2group (Queka Real Partners) acquired Grupo IPARCOM, a telecommunications, IT, and digital marketing group. This acquisition enhances B2group’s market presence and solidifies its role as a comprehensive technology partner for businesses seeking connectivity, security, and digital growth solutions. 9

• Agrosevilla, a leading global table olive producer, has acquired the Rioja-based company Comercial Rioverde, known for its pickles and vegetable preserves. This acquisition aims to expand Agrosevilla's product portfolio and enhance its presence in the growing pickle market. Rioverde will continue to operate under its brand, leveraging Agrosevilla's extensive global distribution network to boost international expansion while creating industrial and logistical synergies between the two companies.10

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• Swiss-based investor MTIP has announced a majority investment in Verifarma, a Spanish SaaS provider specializing in serialization, traceability, and regulatory compliance solutions for the pharmaceutical industry. Founded in 2007, Verifarma serves 2000 companies in 26 countries and aims to enhance its track-and-trace technology and quality management capabilities. The investment will support further growth, particularly in Europe and Latin America. CEO Santiago Spector Mentasti and the founding team will continue to lead the company, emphasizing their commitment to making pharmaceutical supply chains safer and more transparent. 1

• HBX Group has acquired full ownership of PerfectStay, enhancing its position in the B2B2C travel market. This acquisition allows for better integration of PerfectStay's dynamic holiday packaging technology with HBX's global hotel inventory. The partnership aims to capitalize on the growing demand for holiday packages, which represent a significant market opportunity. PerfectStay will continue operating from Paris, benefiting from HBX's resources and synergies to improve operational efficiency and support partners in developing holiday propositions. 2

• Eneve has acquired Nemon, a Spanish SaaS provider, to expand into the Spanish and Portuguese energy markets. This acquisition enhances Eneve's position in the energy sector, allowing it to support over 100 energy suppliers with integrated solutions. Nemon's clients will benefit from expanded services while maintaining local expertise. The integration is expected to take months, focusing on continuity for existing customers and adding 30 specialists to Eneve's workforce, raising total employees to approximately 180. Eneve aims to generate over €30 million in turnover post-transaction. 3

• Andersen Consulting has partnered with Lukkap, a consultancy focused on experience-driven strategies, to enhance its capabilities in customer, employee, and digital transformation. Founded in 2009, Lukkap offers integrated solutions across various sectors, emphasizing behavioral insights and data analytics. This collaboration aims to align customer expectations and employee needs, providing holistic, experience-centric solutions to address rapid changes in client engagement and workforce management. 4

• According to El Confidencial, Spanish PE firm Nazca Capital is launching a new investment vehicle, Nazca Bluetech. This new fund has a singular purpose: to repurchase an 80% stake in Zunibal, a portfolio company specializing in satellite buoys for tuna fishing. The buyout, valued between €55.13 million and €58 million, transfers ownership from Fund IV to Bluetech. Nazca initially acquired this majority stake in Zunibal in mid-2021 to accelerate its technological development and market reach. Since then, Zunibal has successfully expanded, most recently acquiring the Australian hydroacoustic software firm Echoview to further drive growth. 5

• Andalusian company Técnicas San Jorge (Mediterrania, BIC Capital) has acquired the majority stake in Murcian firm Requasur Levante, specializing in irrigation systems and hydroponic cultivation. Requasur, established in 2002, had a revenue of €7.7 million in 2024, while Técnicas San Jorge, founded in 2000, generated €23.3 million with a workforce of around 60. The acquisition aims to enhance agricultural development projects and automated system supply.6

• Velneo has acquired Velfix, a specialized retail management software company, to enhance its low-code development platform. This strategic move strengthens Velneo's commitment to Spanish technology and supports local businesses in transitioning to omnichannel retail. Velfix enables small retailers to integrate their product catalogs with major marketplaces like Amazon seamlessly. The acquisition also enriches Velneo's ecosystem, promoting innovation and local talent while ensuring that technology remains user-friendly and effective for everyday retail challenges. 7

• Movento, a division of Moventia, has acquired Auto Beltrán, enhancing its presence in Barcelona with three new Mercedes-Benz dealerships. This acquisition aims to increase Movento's market share in Catalonia, where it already holds about 70% of its business. Auto Beltrán, founded over 35 years ago, sells around 1,200 vehicles annually and has around 80 employees. Movento now operates 64 dealerships across Catalonia, Madrid, and the Balearic Islands, offering various vehicle brands and services, including vehicle rentals and fleet management. 8

• ITT, International Trucks & Tractors, has acquired two prestigious agricultural dealerships in Catalonia, Comercial i Agrícola Casacuberta and Agricat, both part of the Casacuberta Group. Comercial i Agrícola Casacuberta is a recognized distributor of New Holland, while Agricat is affiliated with Case IH, both offering sales, after-sales service, and their own workshops. 9

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• Aleos Capital has acquired a majority stake in Eggnovo, a leader in functional egg membrane ingredients, supporting its growth. Founded in 2012, Eggnovo uses patented extraction technology to turn eggshells into high-value ingredients for nutraceutical and cosmetic applications. With revenues exceeding €10 million and strong annual growth, the company markets products in over 45 countries. The partnership aims to enhance Eggnovo's presence in international markets, particularly in Asia and the U.S., focusing on innovation and expanding applications across various sectors. 1

• Peninsula Capital has acquired a majority stake in EQA, a Spanish certification company specializing in R&D tax deductions. The deal aims to accelerate EQA's international growth while its current CEO and management team retain over 30% ownership. EQA conducts over 11,000 audits annually and collaborates with around 80% of IBEX 35 companies, helping businesses optimize tax savings. The new business plan includes consolidating its presence in Spain and expanding into markets like Italy and France. 2

• Everwood Capital accelerates its focus on cold logistics by acquiring MBCold Logistics, a Barcelona-based operator specializing in temperature-controlled transport and storage. This acquisition enhances Everwood's position in multi-temperature logistics for the food sector, vital for growth in Europe. MBCold, founded in 2015, has 40 employees, nearly €10 million in revenue and a fleet of 50 refrigerated vehicles. The integration into Prontia Logística aims to drive digitalization and efficiency, while Everwood plans further growth through acquisitions in the Iberian Peninsula. 3

• BRIDOR (LE DUFF Group) has acquired the Spanish Panamar Bakery Group (USD 695m in turnover in 2026, 2,600 employees), enhancing its global position in premium bakery and Viennese pastry markets. This acquisition aligns with LE DUFF's goal of reaching $4 billion in turnover, leveraging Panamar's high-quality frozen bakery products and integrated distribution network. BRIDOR aims to double its turnover by 2031 through ongoing investments and expansions across multiple regions, while emphasizing quality, innovation, and collaboration with renowned chefs. 4

• Tradebe Environmental Services has acquired Spirit, an Italian leader in electric battery recycling, enhancing its commitment to sustainability and the circular economy. This acquisition will expand Tradebe's capabilities in battery recycling and critical material recovery, strengthening its position in the European market and creating new opportunities. The integration aims to leverage Spirit's expertise to develop innovative solutions and replicate successful processes internationally. 5

• USA Group (Stellum Capital), a precision machining company based in Mallabia, has acquired Grupos Diferenciales, a specialist in manufacturing conical gears. This acquisition increases USA Group's workforce to 620 across 14 production plants. Grupos Diferenciales will enhance USA Group's expertise in complex industrial applications, improving operational synergies and expanding its market reach. 6

• Creas Impacto II has acquired a majority stake of Desconect@, a leading adolescent mental health company in Spain, to enhance its growth strategy. This partnership aims to expand Desconect@’s services nationwide, addressing increasing mental health issues among youth. The innovative approach combines therapy, family support, and education, benefiting over 3,200 adolescents. The collaboration emphasizes the importance of addressing mental health and academic challenges, with a focus on sustainable impact in the sector. 7

• Asolvi (Volpi Capital) has acquired Beta10 to enhance its growth in the European FSM software market. This strategic move aims to strengthen Asolvi’s presence in Southern Europe, leveraging Beta10’s expertise in the Spanish security and alarm sector. Asolvi is a leading FSM provider, serving over 2,000 customers across 20 countries, focusing on sectors like security and fire protection. 8

• ENGIE will acquire 100% of IGNIS Luz, the energy supply division for SMEs from IGNIS, as announced on March 26. The deal, expected to finalize mid-2026, enhances ENGIE's presence in the Spanish market and supports its global energy commercialization strategy. IGNIS Luz, launched in 2021, serves over 50,000 clients. This acquisition allows IGNIS to focus on large consumers and strengthens its role as an independent power producer, while ENGIE aims to provide valuable energy solutions and supports the transition to a carbon-neutral economy. 9

• The French pharmacy group Hygie31 (Latour Capital) is doubling down on Spain with the integration of Seville-based CentralFarma. Founded in 2014 by Gustavo Caba, CentralFarma brings together 230 pharmacies, with combined revenue of €300 million. The deal comes after Hygie31 acquired the Catalan group Ecoceutics in 2022. Following the integration of CentralFarma, the French group will reach 350 pharmacies in Spain, with combined sales totaling €600 million. 10

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