MAWEEKLY · 4 de mayo de 2026

Week 18 (2026) in M&A and Private Equity🛰️🇪🇸

Transactions of the Week (April 27 - May 3)

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.

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If you are in Madrid this Thursday, May 7th, join us for breakfast to see firsthand the type of activities we organize at Foro de Foros. On this occasion, I will be interviewing Eduardo García-Oliveros to discuss the role of Family Offices in Private Equity. Request a spot here.

• VivaGym, backed by Providence Equity Partners, has completed the acquisition of Synergym (All Seas Capital), creating a sports and wellness platform with over 450 gyms across Spain and Portugal. Synergym, founded in 2013, operated more than 160 gyms and generated €50.2 million in 2024, a 36 % increase year‑on‑year, after investing €30 million in new centers. VivaGym’s CEO, Cristina Burzako, sees the merger as a decisive step to accelerate expansion and enhance services throughout the Iberian Peninsula. Providence, which bought VivaGym in 2024 when it had 104 clubs, aims to build a leading European sport‑wellness platform and may explore broader health‑related opportunities in the future. 1

• Seaya, through its Andromeda fund, has acquired a majority stake in infant food company Smileat after nine months of negotiations. The founders, Alberto Jiménez and Javier Quintana, will continue to lead the business. Smileat aims to triple its size within three years, pursuing an active M&A strategy, strengthening organic growth in Spain, and expanding internationally. In 2025, the company generated €21 million in revenue and just over €2 million in EBITDA, selling primarily through retailers (65% of sales) and online channels (25%). International sales accounted for about 5% of revenue, with a target of €15 million abroad by 2030. Smileat employs roughly 70 staff and operates a factory in Jerez de la Frontera, Cádiz. It distributes products via major chains such as Carrefour, Dia, Eroski, Costco, and various eco‑stores and pharmacies. 2

• Visma, a Norwegian enterprise‑software group, has invested in Bilky, a fast‑growing Málaga‑based startup founded in 2017. Bilky connects advisory firms, businesses, and employees in a single platform, serving over 300,000 active users and thousands of SMEs across Spain. Backed by Visma’s capital, technology, and European market experience, Bilky will accelerate its development of AI‑driven features such as document management, reconciliation, and accounting analysis, aiming to boost efficiency for advisors and their clients. The deal marks Visma’s eighth Iberian and sixth Spanish investment, following acquisitions of Holded, Declarando, Quaderno, tugesto, and Woffu, and adds to its portfolio that supports more than 150,000 SMEs, advisors, and freelancers. 3

• Pikolin, Spain’s leading sleep‑equipment maker, has acquired the Bedland mattress and bed store chain, adding its 48 Spanish locations to the Pikolin brand. The deal, finalized through a subsidiary with an upfront cash payment and two variable installments tied to performance targets, has not yet been reflected in the company’s accounts. In 2025 Pikolin’s profit surged to €10.6 million from €0.98 million in 2024, with revenue reaching €544.3 million (up 4%) and operating profit climbing to €28.8 million (up 25.2%). EBITDA grew to €44.6 million, close to its €50 million target for 2025. The firm aims for moderate growth, targeting over €1 billion in revenue within the next five‑to‑ten years, and ended 2025 with an average workforce of 3,089 employees. 4

• Sanoma has acquired Vicens Vives, one of the major learning content providers in Spain. With the acquisition, Sanoma strengthens its leading position in Spain, one of the largest K12 learning services markets in Europe with approx. 7 million K12 students. Net sales of Vicens Vives amounted to EUR 29 million in 2025. The enterprise value of the acquired business is EUR 40 million, which represents an EV/EBITDA multiple of 6.8x. 5

• Mirai Investments announced the launch of a new cosmetics division by acquiring Ternum Cosmetics, a Barcelona‑based company with over 30 years of R&D experience. The acquisition integrates Ternum into Labery, Mirai’s new CDMO (Contract Development and Manufacturing Organization) that offers full‑service cosmetic product development, from formulation to packaging and logistics. Labery also includes partners COSMEPRINT S.L., Laboratorios Coper, and Jumsa Cosmetic, forming a group projected to generate more than €25 million in revenue in 2026. This move expands Mirai’s portfolio, which already includes the OHMNIA Group (industrial electronics) and INNOMETAL Group (metal transformation). 6

• Citibox, a Spanish smart‑locker provider, has closed a €100 million financing round—the largest recent investment in Spain’s last‑mile logistics infrastructure. The deal, led by Ithaka Infrastructure Partners, combines €70 million in equity (€55 million from Ithaka, €15 million from existing shareholders) and €30 million in debt. The funds will support the rollout of 600,000 smart lockers across Spain and the UK, with future expansion into other European markets. Citibox already operates about 60,000 lockers in Madrid, Barcelona, and London, plus 7,000 convenience points, and has raised over €135 million in prior capital and debt. The company recently partnered with Amazon to allow customers to receive orders directly in Citibox lockers, strengthening its position in urban logistics. This financing will accelerate its European growth strategy and solidify its role in the continent’s last‑mile delivery ecosystem. 7

• Nazca Capital has taken a minority, temporary stake in Spanish technology group Grupo Oesía through its aerospace and defence fund. The investment supports Oesía’s 2026‑2030 Strategic Plan, which aims to drive growth and industrial consolidation while preserving the company’s independence. Nazca’s fund, the largest Spanish aerospace‑defence vehicle with over €425 million in commitments, is fundraising to €600 million. As part of the deal, the partners will create a €150 million venture‑capital fund to back technology start‑ups and scale‑ups, reinforcing European defence and security capabilities. This collaboration aligns with Nazca’s mission to fund strategic, scalable technologies in the sector. 8

• Condis (Portobello Capital), a Catalan supermarket chain, has reached a preliminary agreement to acquire Menorca‑based Dispreu, which operates the Binipreu stores. The deal adds eight supermarkets across the island—three in Maó, two in Es Castell, and one each in Alaior, Es Migjorn Gran, and Ferreries—along with three logistics platforms and the Binipreu Menorca shopping centre. Approval from the CNMC and final contract signing are still pending, and the purchase price remains undisclosed. This marks Condis’s return to geographic expansion after focusing on consolidating its Catalan operations, especially following Portobello Capital’s investment. Dispreu’s brand generates over €35 million annually, complementing Condis’s 2024 results of €807.4 million revenue, €52 million EBITDA, and 700 stores. The acquisition also reflects Condis’s broader strategy, being its second purchase since Portobello’s entry, after previously acquiring a stake in Roges Supermercats. 9

• PACISA’s shareholders have approved the integration of the company into Wtech Fire Group, a platform backed by Waterland Private Equity that will become part of APi Group in the second half of 2026. PACISA is a Madrid-headquartered firm which design, installs and maintains complete fire protection systems, with a workforce of more than 215 people.10

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