MAWEEKLY · 12 de enero de 2026

Week 2 (2026) in M&A and Private Equity 🛰️🇪🇸

Transactions of the Week (January 5 - 11)

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.

Happy New Year! Over the coming days, I will be sharing my personal selection of M&A and Private Equity transactions from 2025, along with my key takeaways.

• US-based ThreatModeler (Invictus Growth) has acquired Huesca-based IriusRisk (Paladin Capital Group) to enhance enterprise security in the AI coding era. This merger creates a leading threat modeling platform, enabling faster identification and mitigation of application risks. The combined company aims to deliver significant productivity gains and cost savings, while democratizing secure design practices across organizations. With an expansive dataset, they intend to help enterprises efficiently scale their cybersecurity measures. 1

• Artis BioSolutions, a San Diego-based advanced-therapies company, has agreed to acquire Syngoi Technologies (Buenavista Equity Partners), a Spanish biotech company specializing in enzymatic synthetic DNA manufacturing. The acquisition will enhance Artis’ gene-to-drug discovery platform by adding cost-effective DNA manufacturing capabilities. Artis will establish a U.S. presence for Syngoi’s technology through Landmark Bio, combining GMP synthetic DNA manufacturing with advanced-therapy capabilities. Syngoi’s GMP-ready facilities in Bilbao will become part of Artis’ global footprint. 2

• HIG Capital has sold the pink gin brand Puerto de Indias to Guatemala’s ILG after refinancing its debt. HIG invested back in 2018. The deal follows a restructuring approved by a Spanish court, allowing Puerto de Indias to invest in international development despite recent losses. HIG plans to focus on two remaining companies in Spain after this divestment and others in 2025, amid a challenging market for spirits. This acquisition marks ILG’s entry into the Spanish market, expanding its presence in over 120 countries. 3

• Catalonia-based Elha (Adapta Capital) and Andalusia-based Láserum have formed a strategic alliance to enhance their leadership in the laser hair removal market. This partnership aims to accelerate international expansion and drive innovation, with a target of reaching combined revenues of €100 million within two years. The merger will strengthen their operational model and leverage artificial intelligence and geoanalytics in customer relations and center openings. Both companies will continue to operate under their respective brands while pursuing growth in key markets like Italy, France, and Portugal. 4

• Mirai Investments has acquired Cosmeprint, a Catalan packaging company based in Sant Pere de Vilamajor, Barcelona. The firm, known for manufacturing sustainable packaging solutions for the cosmetic sector, reported nearly €10 million in revenue in 2023. This acquisition marks Mirai’s first of the year, adding Cosmeprint to its portfolio alongside other Catalan companies. The packaging industry in Catalonia contributes 4.77% to the regional GDP, with over 700 companies generating approximately €13 billion in revenue and employing 50,000 people. 5

• BNP Group, backed by Godspeed Capital, has acquired Airport Gurus, enhancing its aviation design and engineering capabilities. Airport Gurus specializes in ICT and airport operations planning, focusing on digital transformation and smart technology. This acquisition expands BNP’s global presence, especially in Europe and South America, and allows the firm to offer comprehensive consulting services to aviation clients. Both companies express excitement about the partnership, aiming to improve passenger experiences and operational efficiency. 6

• Serveo, backed by Portobello Capital, completed the sale of Inacua, a company managing sports centers in Spain, to Forus at the end of 2025. This divestment aligns with Serveo’s strategy to focus on core business areas, enhancing its leadership in Facility Management. The company aims to innovate and add value in sectors like health and infrastructure. Recent acquisitions have also strengthened Serveo’s industrial portfolio. 7

• Tecnimoem Care, part of Stellum Growth, has acquired the Basque company UGARI GERIÁTRICA. This acquisition strengthens Tecnimoem Care’s position in the healthcare sector and aligns with its growth strategy following StellumGrowth’s capital investment in 2023. The group aims to achieve nearly 15 million euros in revenue by expanding its product offerings and international presence. 8

• Tieto is acquiring OpenSpring and GrupoOnetec in Spain to enhance its European expansion, particularly in the Banktech and Caretech sectors. The acquisition, valued at EUR 8 million, aims to leverage the companies’ local expertise and customer relationships to offer Tieto’s software solutions in Iberia. With nearly 200 employees, the firms have a strong presence in financial institutions and insurance. 9

• Spanish pork producer Grupo Costa has acquired 52.63% of Esfosa de Vic from Grup Baucells, increasing its total ownership to 78.95% through its subsidiary, Costa Food Meat. Embutidos Subirats retains a 21.05% minority stake. Esfosa reported revenues of 36 million euros in the most recent financials available.10

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