MAWEEKLY · 14 de abril de 2025

Week 15 (2025) in M&A and Private Equity 🛰️🇪🇸

Weekly collection of transactions (April 7 - 13)

• PHI Industrial, owner of Lladró, has acquired two more Spanish companies: Palinox Ingeniería y Proyectos and Panalia Derivados de la Harina. Barcelona-based Palinox, an engineering firm focused on refrigeration for the food industry, reported a €20 million turnover and €4.5 million EBITDA. Madrid’s Panalia, a premium artisanal bakery, achieved €13 million in sales and a €2 million EBITDA in 2024. 1

• Swiss Life Asset Managers has acquired a majority stake in Eliance Group, a leading European provider of specialized aviation services, including firefighting, medical transport, and rescue operations. Through its Swiss Life Global Infrastructure Opportunities Growth II fund, this acquisition aims to bolster Eliance’s expansion in key markets like Spain, Italy, and Croatia by providing growth capital. Eliance, founded in Madrid in 1958, has a strong track record of international growth and holds a significant position in the emergency air services sector with a diverse fleet of aircraft. The current shareholder, RiverRock, will remain a minority investor. 2

• Spanish tech consultancy Izertis has acquired the UK’s May Business Consulting (MBC) Group, enhancing its financial services offerings and UK presence. MBC specializes in digital transformation and electronic payments. MBC reached revenues of 8.4 million euros in 2024. Simultaneously, Izertis is launching two service centers in India and Latin America via joint ventures, aiming to employ 500 people within a year. This international expansion follows a strong 2024 for Izertis, with revenues of €138.1 million and a normalized EBITDA of €20.7 million. 3

• SOCOTEC, a French testing, inspection, and certification multinational, has acquired Intercontrol Levante, a Valencia-based firm specializing in quality control, geotechnics, and environmental services. This acquisition significantly boosts SOCOTEC Spain’s presence, adding 140 experts and expanding its geographical reach beyond Madrid and Catalonia. Intercontrol’s expertise in areas like water analysis and air quality assessment complements SOCOTEC’s offerings.4

• SK Capital Partners has completed the sale of Florachem to Spain-based Tradebe Life Sciences. Florachem, a Jacksonville, Florida-based manufacturer of natural fragrance and flavor ingredients derived from citrus, pine, and specialty rosin streams, will enhance Tradebe Life Sciences’ portfolio of products and services for the life sciences, food, and beverage industries. SK Capital Partners, a private equity firm focused on specialty materials, chemicals, and pharmaceuticals, acquired Florachem in 2020 and has overseen significant growth and expansion during its ownership. 5

• Aiblu (Stellum Capital), a Basque consulting firm specializing in regulatory compliance, has acquired 100% of the Catalan company Segurdades. Segurdades, based in Valls (Tarragona) and founded in 2003, focuses on data protection, e-commerce, and national security framework compliance for both private and public entities. 6

• Balio Capital, a newly formed San Sebastián-based investment firm backed by figures like Aernnova’s founder Ignacio López Gandásegui and former Tubos Reunidos president Pedro Abasolo, has acquired Bostlan. Bostlan is a Biscayan manufacturer of aluminum alloy products for aerospace, automotive, and construction, with a €40 million turnover and 90% exports. This marks Balio Capital’s first acquisition, aiming to support Bostlan’s growth and internationalization. Balio’s flexible, long-term investment approach will aid Bostlan’s diversification and profitability. 7

• Acciona, a Spanish infrastructure and renewable energy company, has acquired Mytra Control, a Spanish technology startup specializing in automation and control solutions for hydraulic infrastructure. This acquisition was made through Acciona Agua, the water division of Acciona. Mytra Control, based in Alcalá de Henares, has been on Acciona’s radar for nearly a decade, even participating in the first edition of Acciona’s business accelerator program. While the financial details remain undisclosed, this move is part of Acciona’s strategy to strengthen its service offerings with advanced digital capabilities in the water sector. 8

• Belgium-based Azelis, a specialty chemicals and food ingredients service provider, has acquired Solchem Nature, a Spanish company specializing in nutraceutical ingredients. This acquisition strengthens Azelis’s position in the Spanish nutraceuticals market and expands its reach in Southern Europe. Solchem Nature, based in Barcelona and founded in 1994, distributes raw materials and premium ingredients for the dietary and nutraceutical sectors, serving over 250 customers. This move allows Azelis to offer a broader portfolio of innovative and sustainable nutraceutical solutions to its European customers and provides growth opportunities for Solchem’s principals through Azelis’s wider distribution network. 9

• Moova, an Argentinian logistics tech company, has acquired Vonzu, a Spanish startup specializing in logistics software. This acquisition marks Moova’s entry into the European market, starting with Spain and Portugal, where Vonzu has been operating. The deal allows Moova to accelerate its European expansion plans by integrating Vonzu’s technology, team, and existing clients. Vonzu, founded in Barcelona in 2016, offers a SaaS platform for logistics and distribution management, optimizing deliveries and returns for businesses. 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.