MAWEEKLY · 12 de mayo de 2025

Week 19 (2025) in M&A and Private Equity 🛰️🇪🇸

Weekly collection of transactions (May 5 - 11)

• Novanta, a U.S.-based technology group listed on the Nasdaq, has acquired Keonn Technologies, a Barcelona-based company specializing in RFID and IoT solutions for the retail sector, for €60.6 million. The deal includes an additional €20 million contingent on revenue targets by December 2027 and €9 million in incentives for Keonn’s 76 employees. Founded in 2008, Keonn serves major clients like Inditex, H&M, and Chanel, with over 90% of its €19 million revenue generated internationally.1

📺 If you are into software and technology, at Albia IMAP we will be hosting our Tech M&A Quaterly Webinar next May 27, 6:30 pm Madrid time_._ As always, we will analyze Tech M&A and Private Equity activity in Spain, focusing in this case on what happened during Q1 2025.

• Asterion Industrial Partners, an independent investment management firm focused on infrastructure investments in the European mid-market, announced its partnership with Revalue Energies, a platform for the development, construction, and management of facilities in the renewable energy sector in Italy. Asterion Industrial Partners, based in Madrid with an office in London, has a significant presence in Italy through its portfolio companies, including Revalue and four other Italian-headquartered businesses: Sorgenia, Retelit, Samso, and 2i Aeroporti. 2

• Homs Rentals, a leading provider of machinery rental solutions for construction, rehabilitation, events and industrial applications, is entering a new phase of growth following the entry of the investment fund VGO Capital, after the exit of Suma Capital as minority shareholder. Since 2018, Suma Capital has supported Homs Rentals through its SC Expansion strategy, fostering a phase of professionalization and sustained growth. Over this period, the company has more than quadrupled its turnover, approaching €40 million in 2024, and expanded its team from 100 to over 250 people. This growth has been achieved while maintaining operational profitability and balancing organic expansion with a diversification strategy. The latter included seven acquisitions, consolidating Homs Rentals as a key player in the machinery and equipment rental sector, with operations structured around four main divisions: Construction, Renovation, Events and Industry. 3

• US-based AmSpec Group, a global testing, inspection, and certification company, is pleased to announce the acquisition of Galicia-based CGN Certification, a recognized provider of sustainability and compliance certifications. This strategic acquisition strengthens AmSpec’s commitment to providing world-class sustainability, carbon verification, and regulatory compliance services to industries worldwide. With increasing demand for sustainability certification, carbon accounting, and regulatory compliance, this acquisition enhances AmSpec’s portfolio, allowing it to offer expanded verification and certification solutions for biofuels, renewable energy, carbon markets, and environmental standards. 4

• Visalia, a Barcelona-based energy group, has acquired Barter (Asterion). The deal includes four subsidiaries—Barter Generation, Sharing, Mobility, and Blaudrive—and adds 256 solar communities (26 MWp), three photovoltaic plants (0.3 MWp), and over 100 EV charging points to Visalia’s portfolio. The acquisition also includes Barter’s tech platform, installer network, and a pipeline of 100+ MWp in new projects. 5

• Fluidra, a Spanish global leader in pool and wellness equipment, has acquired 100% of Pooltrackr, an Australian SaaS platform for pool and spa professionals. This acquisition enhances Fluidra’s digital strategy by integrating Pooltrackr’s tools—such as ERP, point-of-sale, accounting, payments, and water testing—into its connected ecosystem. 6

• Bouwen Grupo, a Spanish industrial conglomerate, has acquired Valencia-based Comet Ingeniería, integrating it as the new division Comet Aerospace. This strategic move aims to expand Bouwen’s presence in the aerospace sector, leveraging Comet’s expertise in deployable structures and collaborations with entities like the European Space Agency and Airbus. The acquisition increases Bouwen’s workforce to 220 and annual revenue to €26 million, enhancing its capabilities across the industrial production chain. 7

• Private Equity firm Seaya has acquired a minority stake in Cuimo, an online platform for refurbished motorcycle sales, through its Andromeda fund. The startup, which has reached €1.5 million in monthly revenue and maintains a positive EBITDA, secured an €8 million investment from Seaya. The deal combines a capital increase with a share purchase. This marks the tenth investment for the Andromeda fund and follows its recent acquisition of a 70% stake in Baïa Food, a company specializing in natural probiotics and supplements. 8

• KG Capital, a search fund, has acquired over 90% of Madrid-based Plásticos Hernanz, a Spanish producer of reusable cups, marking its first investment. The company, which posted €8 million in revenue and over €2 million in EBITDA last year, is expected to double its turnover within 4–5 years. While the transaction amount was undisclosed, KG Capital plans to invest €20–25 million overall, including future acquisitions. 9

• Rodilla, the Spanish fast-casual restaurant group, has entered the Portuguese market by acquiring 100% of A Padaria Portuguesa, a prominent bakery and café chain with 84 locations across Portugal. This marks Rodilla’s first European acquisition outside Spain. A Padaria Portuguesa, founded in 2010, is known for its vertically integrated model, managing its entire value chain from production to retail. The company operates two production facilities and employs over 1,000 people. 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.