MAWEEKLY · 10 de marzo de 2025

Week 10 (2025) in M&A and Private Equity 🛰️🇪🇸

Weekly collection of transactions (March 3 - 9)

• Vodafone Spain has announced the acquisition of Sercom, a leading distributor of prepaid products in Spain. Founded in 2010, Sercom operates over 4,000 retail points, including multi-brand phone stores, call centers, and airport locations. This acquisition strengthens Vodafone’s presence in the prepaid segment, expanding distribution channels and enhancing customer access. Vodafone Spain’s CEO, José Miguel García, emphasized that this move reinforces the company’s commitment to innovation and growth in the prepaid market. By integrating Sercom’s expertise, Vodafone aims to improve the customer experience and increase the availability of its products across Spain. 1

• Monbake (CVC), a leading Spanish frozen dough company, has acquired the Galician firm Ipasa, known for its frozen dough products, to strengthen its position in the bakery sector. This strategic move aligns with Monbake’s growth plan following its acquisition by CVC Capital Partners in July 2024. The integration of Ipasa is expected to enhance Monbake’s product offerings and expand its market reach in Spain. Founded in 2018 through the merger of Berlys and Bellsolà, Monbake operates nine production plants and employs over 1,800 people. The company aims to leverage Ipasa’s expertise to bolster its presence in the frozen dough industry. 2

• The Spanish government has invested €67 million in Multiverse Computing, a San Sebastián-based company specializing in quantum computing and artificial intelligence. This investment, made through the Spanish Society for Technological Transformation (SETT), aims to position Spain as a leader in energy-efficient AI language models. Multiverse Computing’s technology compresses AI models by up to 90%, reducing costs and energy consumption. This advancement enables the use of sophisticated AI on smaller devices, such as virtual reality glasses or smartphones, even offline. 3

• Teknei, a Bilbao-based technology consulting firm, has acquired a 51% stake in CTI Tecnología y Gestión (CTI Informa), previously held by Informa D&B, a subsidiary of Grupo Cesce. This acquisition is part of Teknei’s strategic expansion into the financial sector. CTI, with 70 years in the market, specializes in Business Process Outsourcing (BPO) and technological solutions, focusing on information processing and payment systems.4

• GuideBridge, a Spanish private equity firm, has agreed to acquire 100% of GAME Stores Iberia from the UK’s Frasers Group. GAME operates over 220 stores in Spain, employing more than 1,000 people. The transaction, pending approval from Spain’s National Commission on Markets and Competition (CNMC), is expected to close in the first quarter of 2025. No significant changes to GAME’s organizational structure, workforce, or brand identity are planned, ensuring continuity in its business model. This acquisition reflects GuideBridge’s confidence in GAME’s growth potential within the competitive video game and console sector. 5

• Banco Santander has acquired an 89.9% stake in Tresmares Capital, an alternative financing and private equity platform founded in 2020. Tresmares offers financial solutions to high-growth SMEs and private equity managers across Europe. This acquisition aligns with Santander’s strategy to expand in alternative asset management, particularly in private debt and funds of funds. Tresmares plans to reach over €8 billion in investment commitments within five years, focusing on institutional funds, and will expand its presence by opening offices in Germany in 2025 and Poland in 2026. 6

• Lookiero, a Spanish online personal shopping platform, has merged with German competitor Outfittery to form the Lookiero Outfittery Group, aiming to lead Europe’s online personal shopping market. This merger combines Lookiero’s expertise in women’s fashion with Outfittery’s specialization in men’s fashion, creating a customer base of over three million across 13 countries. Both brands will maintain their distinct identities, with Lookiero headquartered in Bilbao and Outfittery in Berlin. The group reported combined revenues of €130 million in 2024 and plans to achieve double-digit EBITDA margins by 2025. 7

• Girbau, the Catalan industrial laundry equipment manufacturer, has announced the sale of its U.S. subsidiary, Girbau North America (GNA), to Miami-based EVI Industries for €41 million. As part of this strategic move, Girbau will also begin industrial production in the U.S. at GNA’s Oshkosh, Wisconsin facilities. This decision aims to mitigate potential trade barriers under the anticipated policies of Donald Trump’s administration. GNA reported $75 million in revenue last year. 8

• MIO Group has acquired 100% of Firma, a Barcelona-based branding consultancy specializing in brand strategy, creativity, and digital production. Firma, with nearly 60 employees, serves clients like Banco Sabadell, Mahou, Crescenta, Flexicar, Grupo Planeta, Pepsico, Cupra, Plátano Melón, Mobile World Capital, and Wallapop. 9

• Search fund Albor Capital has acquired 100% of Cantabria-based Manufacturas Deportivas, a family-owned company specializing in urban furniture, playgrounds, and sports equipment. Manufacturas Deportivas, founded over 60 years ago, generates €7 million in revenue with a 20% EBITDA margin and exports 35% of its products. Albor Capital aims to double its revenue by expanding into new markets and developing new products. 10

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I am a Partner at Albia IMAP. IMAP is an International Mergers and Acquisitions Partnership with a 50-year track record, more than 500 M&A professionals worldwide and a presence in 50 countries. IMAP has closed over 2,200 transactions valcued at $130bn in the last 10 years and is consistently ranked in the world’s Top 10 M&A advisors (Refinitiv) for mid-market transactions.