MAWEEKLY · 30 de marzo de 2026

Week 13 (2026) in M&A and Private Equity🛰️🇪🇸

Transactions of the Week (March 23 - 29)

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

• 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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