MAWEEKLY · 28 de abril de 2025

Week 17 (2025) in M&A and Private Equity 🛰️🇪🇸

Weekly collection of transactions (April 21 - 27)

• Seaya, a Spanish venture capital and private equity firm, has acquired around 70% of Baïa Food, a company specializing in natural probiotics and supplements. Cantabria Labs and Central Lechera Asturiana sold their stakes. Seaya invested over €10 million via its Seaya Andromeda fund, which targets high-growth, digital, and green transition companies. Baïa formulates natural, science-based supplements for digestive health, weight control, and cognitive well-being, selling mainly online. It plans to expand into retail and international markets, aiming for €15 million in sales by 2025. Founders Guillermo Milans del Bosch and Loan Bensadon remain minority shareholders. 1

If you’re curious about the Supplements sector, you should follow my partner Ricardo Dávila. Also, our team at Albia regularly publishes a sector report that you can check out here.

• Miura Partners, a Spanish private equity firm, has acquired a majority stake in Dental Ibérica, a leading distributor of dental products, from Nzyme and Almond Capital. This reflects Miura’s strategy to consolidate the dental sector, following previous investments in Terrats Medical and Proclinic. 2

• Biovic, a Spanish biogas engineering and agribusiness consulting firm, has formed a strategic alliance with Biomethane Initiatives, a joint platform by Suma Capital and Sitra. As part of this partnership, Suma Capital becomes the majority shareholder, providing financial and strategic support. Biovic will retain its name and management team, led by founder Luis Puchades. 3

• Adapta Capital, a Spanish private equity firm, has invested in the Portuguese company Irmarfer (Crest Capital Partners), a leader in temporary structures for events. Irmarfer, with an annual turnover of €25 million, specializes in designing and manufacturing modular structures such as tents, stages, and grandstands for large-scale events. This strategic partnership aims to support Irmarfer’s growth and international expansion, leveraging Adapta Capital’s experience in scaling businesses. The investment reflects Adapta’s focus on companies with strong market positions and potential for global development. 4

• ACCIONA Energía acquires Cable Energía and expands EV charging network in Spain and Portugal. ACCIONA Energía has taken a significant step in its electric mobility strategy by acquiring Cable Energía, the company that owns and operates Shell Recharge network in Spain and Portugal, outside of Shell’s service stations. The acquired network comprises 396 charging points across the Iberian Peninsula, strategically located in high-traffic areas such as restaurants, shopping centers, supermarkets, hotels, and highways. The deal also includes a development pipeline with 321 charging points awaiting grid connection or under construction. As of today, ACCIONA Energía offers access to more than 4,000 charging points, both owned and from third parties, located in urban centers and in the main interurban routes. 5

• Vall Companys, a Catalan agri-food group, has acquired an additional 10.01% stake in the Andalusian poultry company Inasur, reaching a majority 50.01% share. The transaction, done through its subsidiary Pondex, aligns with Vall Companys’ growth strategy of gradually increasing stakes. Inasur, based in Córdoba, produces 20 million chickens annually, adding to Vall Companys’ 170 million. Inasur employs 500 people and recorded €91.6 million in sales and €6.1 million in profit in 2023. The Alameda family retains 49.99% ownership and will continue collaborating closely. 6

• Nalba Advisors, a strategic consulting firm specializing in payments, banking, and fintech, has acquired Deep Payments. The combined entity aims to generate €5 million in revenue in 2025. This acquisition expands Nalba’s presence in Europe and Latin America, increasing its client base to over 90 and enhancing expertise in payment acceptance and neobanking. 7

• Ontech Security, a Spanish technology company specializing in Controlled Electromagnetic Fields (CMC), has acquired the production unit of Elimco Aerospace, a Sevillian aeronautical firm, for over €2.5 million. This acquisition allows Ontech to enter the aerospace and naval sectors. Elimco, which has been in voluntary bankruptcy since May 2024, remains operational with contracts from Airbus and Navantia. The purchase includes the subrogation of 78 employees and facilities in Seville and Cartagena. Ontech, founded in 2012 and now part of a UK-based holding, operates in multiple countries and holds over 100 patents in microelectronics and advanced sensing technologies. 8

• Eguía Food Factory, a Spanish food group, has acquired Conservas Acico, a Navarra-based company specializing in canned vegetables, legumes, sauces, and ready-to-eat meals. 9

• Internaco, a Galician group based in Ordes, has entered the swimming pool sector by acquiring TPS, a company specializing in pool equipment and accessories. This strategic move includes the creation of a new distribution company, Ipmax, in partnership with Aldo Arambuur, manager of Ion Pure. Internaco plans to leverage its existing logistics network and commercial infrastructure to expand into this new market. The acquisition and the establishment of Ipmax align with Internaco’s growth strategy, aiming to diversify its business areas and strengthen its presence in the leisure and wellness sector. 10

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I am Fran Hidalgo-Barquero, 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.