MAWEEKLY · 7 de abril de 2025

Week 14 (2025) in M&A and Private Equity 🛰️🇪🇸

Weekly collection of transactions (March 31 - April 6)

• Partners Group, one of the largest firms in the global private markets industry, has agreed to acquire a significant minority stake in Gestcompost, the largest organic waste treatment manager in Spain. Partners Group will invest over EUR 120 million through its infrastructure secondaries business, acting as a cornerstone investor in a continuation fund for Gestcompost that was established and will be managed by current owner Suma Capital. Founded in 2003, Gestcompost is a market leader in the treatment of organic waste, including industrial, animal by-product, agri-food, urban, and agricultural waste. The Company currently has three operational organic waste management sites that can process 1.2 million tons of waste each year. 1

• Fluidra, the Spanish global leader in pool and wellness equipment, has announced a strategic alliance with Aiper, a prominent player in cordless robotic pool cleaning technology. As part of this partnership, Fluidra will invest $100 million to acquire a 27% stake in Aiper through the issuance of new shares. This collaboration aims to leverage Fluidra’s extensive industry expertise and distribution networks alongside Aiper’s innovative technology and direct-to-consumer approach to expand the robotic pool cleaner market, which currently has an adoption rate below 25%. The partnership is structured in two phases: initially, Fluidra’s acquisition of the minority stake, followed by a planned increase to a majority stake once Aiper achieves revenues exceeding $370 million and EBITDA margins around 15%. 2

• Goros Investments, a firm specializing in investing in SMEs in Spain and Portugal, has acquired a majority stake in Lady Pipa, a Spanish women’s fashion brand known for special occasion wear. Lady Pipa plans to expand its physical retail presence both domestically and internationally, enhance its online shopping experience, and introduce wholesale channels in foreign markets. Additionally, the brand intends to diversify its product offerings to include footwear, jewelry, and accessories. In 2023, Lady Pipa reported revenues of €10 million and aims to reach €15 million by 2025. 3

• Mirai Investments, a family-owned investment and industrial development firm, has acquired Batela, a Basque nautical fashion brand founded in Getaria in 1991. Batela began by designing raincoats inspired by those used by local fishermen and has since expanded to offer over 1,500 maritime-themed clothing items. The company employs 40 people and reported a turnover of €17 million in 2024.4

• Everwood Capital has acquired TransDusan Logística, a company specializing in cold logistics, as part of its strategy to expand in this sector. TransDusan, based in Madrid, offers services including storage, order picking, and distribution, with a fleet of over 100 vehicles and more than 20,000 square meters of warehouse space. This acquisition aligns with Everwood’s goal to consolidate its presence in the cold logistics market, following previous investments in companies like Transaez and Arimon Logistics. 5

• CubeCold, a Dutch company specializing in cold storage and logistics solutions, has expanded into the Spanish market by acquiring Grupo Frimercat, a leading provider of refrigerated logistics services based in Barcelona. This acquisition aligns with CubeCold’s growth strategy, adding over 50,000 pallet spaces to its existing portfolio of more than 450,000 across the Benelux region, the United Kingdom, and Italy. 6

Two notable cold chain logistics transactions in the same week must mean something. If you’re curious, our team at Albia has published a sector report that you can check out here. As you know, we acted as M&A sell-side advisors on the sale of Arimon to Everwood Capital’s Transport and Logistics Fund.

• **Servinform**, a Seville-based BPO company has entered into a strategic partnership with AS Equity Partners, a pan-European private equity firm headquartered in Zurich and London. Under this agreement, AS Equity Partners will acquire a 60% stake in Servinform, while the Rufo family, the current majority shareholders, will retain the remaining 40%. 7

• Eurovo, an Italian company, has fully acquired Granja Pinilla, a family-owned egg production business based in Valladolid, Spain. This acquisition aims to strengthen Eurovo’s presence in the Spanish market and enhance its international position in the poultry sector. Granja Pinilla, with over 65 years of experience, specializes in high-quality egg production and operates three production and classification centers in Megeces, Olmedo, and Alcazarén, along with a feed factory in Megeces. The Pinilla family will continue to manage the company. 8

• The Spanish family-owned company Persán, a benchmark in the home care and personal care sectors, expands with the acquisition of the Swiss company specializing in personal care and beauty, home care, and nutrition The Mibelle Group, a company of the Swiss retail leader Migros, has facilities in Switzerland, France, the United Kingdom, the United States, the Netherlands and Australia. With this acquisition Persán will become one of the world’s largest private label and contract manufacturing companies with more than 3,000 employees and a turnover in excess of 1 billion euros. 9

• **Cicor Group**, a Swiss-based provider of electronic solutions, has announced an agreement to acquire 100% of Malaga Aerospace, Defense & Electronics Systems S.A.U. (MADES), a Spanish electronics company specializing in the aerospace and defense sectors. This acquisition marks Cicor’s entry into the Spanish market and aims to enhance its position as a leading pan-European provider of development and manufacturing services for high-end electronics. MADES, headquartered in Málaga, employs approximately 100 people and reported revenues of around EUR 29 million in fiscal year 2024. 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.