MAWEEKLY · 31 de marzo de 2025

Week 13 (2025) in M&A and Private Equity 🛰️🇪🇸

Weekly collection of transactions (March 24 - 30)

• French private equity firm PAI Partners has agreed to acquire Nuzoa from Spain’s Abac Capital. Nuzoa, Spain and Portugal’s veterinary product distributor, was created in 2020 through the integration of four regional firms and has since acquired ten companies, including two in Portugal. With €200 million in revenue and €15 million EBITDA in 2024, Nuzoa is now set to expand internationally. PAI will retain Nuzoa’s management team and aims to continue consolidating the Iberian market. 1

• Nazca Capital has acquired a majority stake in the newly formed group resulting from the integration of Coycama and Becrisa, two prominent Spanish bathroom industry companies. This consolidation creates a relevant entity in the sector, offering products like bathroom furniture, Solid Surface washbasins, shower trays, enclosures, sanitary ware, and faucets. The combined group reports sales exceeding €40 million and an EBITDA over €5 million, with approximately 30% of its sales exported to more than 20 countries. 2

• Enraíza, the family office established in 2022 by Javier Moliner, has expanded into the pre-industrialized housing sector by acquiring a stake in Unimodul, a Vinaròs-based company specializing in modular solutions for campgrounds, glamping accommodations, residences, and functional business spaces. Moliner highlighted that this move aligns with Enraíza’s strategy to position itself in emerging sectors, emphasizing shared values of efficiency, trust, and quality with Unimodul. Prior to this, Enraíza focused on projects in renewable energy, circular economy, and agriculture, including photovoltaic initiatives and biogas production from agro-industrial waste. 3

• **China Road and Bridge Corporation** (CRBC) has agreed to acquire the remaining 33% stake in Grupo Puentes from the Otero family, thereby gaining full control of the company. CRBC initially acquired a 67% stake in 2014, and this transaction will consolidate its ownership. Grupo Puentes, headquartered in Spain, specializes in infrastructure construction, particularly in bridge building. The acquisition reflects CRBC’s strategy to strengthen its presence in the European infrastructure sector and leverage Grupo Puentes’ expertise for future projects. The Otero family, founders of Grupo Puentes, will fully exit their ownership position following this deal. 4

• **Sapiens**, a technology company specializing in solutions for the insurance sector, has acquired a 60% majority stake in Serfiex, a firm dedicated to consulting services and technological solutions for the financial and insurance industries. This acquisition will enable Sapiens to strengthen its presence in the Iberian market and expand its service portfolio by integrating Serfiex’s expertise and solutions. Diogo Moraes, Sapiens’ general manager for the Iberian market, will lead the integration and expansion of operations in the region. 5

• **Dacsa Group**, a Valencian company, has acquired a majority stake in New Meals, a local firm specializing in traditional ready-to-eat dishes like paella and fideuà. This acquisition adds 12 new products to Dacsa’s portfolio, including various paella, rice, and fideuà recipes. The move aligns with Dacsa’s strategy to strengthen its position in the growing ready-to-eat meals market, which is experiencing double-digit growth in Europe. New Meals’ products are already featured in Mercadona’s “ready-to-eat” section, enhancing Dacsa’s presence in this segment. This follows Dacsa’s recent acquisitions of Delinatur and Carlota Foods, further expanding its footprint in the prepared foods sector. 6

• **TÜV Rheinland**, a global player in testing, inspection, and certification services, has acquired SYGMA CERTIFICATION, a Spanish company specializing in agri-food certification services. Based in Ciudad Real, SYGMA offers certifications under ENAC accreditation, focusing on international standards like GLOBALG.A.P, IFS, and BRCGS, and operates in countries including Morocco and Chile. This acquisition aligns with TÜV Rheinland’s strategy to strengthen its presence in key markets and expand its certification services in the agri-food sector. The integration aims to enhance service offerings and collaboration networks, benefiting customers with a broader range of high-quality certification services. 7

• Masats Coloring has acquired a majority stake in Edicions Additio, aiming to drive growth in the educational publishing sector. This strategic move enables Masats Coloring to expand its presence and diversify its offerings within the industry. Edicions Additio specializes in educational materials. 8

• **Scutum Group**, a multinational player in safety and security solutions, has acquired Grupo SEA, a Spanish company specializing in security and fire protection services. This acquisition enhances Scutum’s presence in the Spanish market and aligns with its European growth strategy. 9

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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.