MAWEEKLY · 19 de mayo de 2025

Week 20 (2025) in M&A and Private Equity 🛰️🇪🇸

Weekly collection of transactions (May 12 - 18)

• Amadeus has acquired ForwardKeys to bolster its travel data analytics capabilities. This acquisition aims to enhance Amadeus’s ability to provide comprehensive insights into travel trends, booking patterns, and traveler behavior. 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.

• HBX Group has acquired Spanish hospitality tech firm Civitfun to enhance its digital solutions for hotels. Civitfun specializes in automating guest experiences, including contactless check-in and check-out, and integrates with over 60 PMS platforms across 36 countries. 2

• Iberdrola has signed an agreement to acquire the electricity business of Electra del Maestrazgo, a family-owned utility based in Castellón, Spain. The deal includes 1,350 km of medium and low-voltage power lines, 21,000 supply points, and 6.8 MW of installed capacity from hydroelectric and photovoltaic plants. This acquisition strengthens Iberdrola’s presence in Castellón and Teruel and aligns with its strategic plan to invest over €13 billion in grid infrastructure between 2025 and 2026. 3

• Delta Tecnic, a Spanish leader in color masterbatches for the cable and PVC industries, has acquired Italy’s Impact Formulators Group (IFG) to expand into additive masterbatches and strengthen its position in Southern Europe. IFG comprises Ultrabatch, Masterbatch, and Eurocolor—specialists in functional and color additives for sectors like agriculture, construction, and electrical cables. The deal, backed by Investindustrial, brings Delta Tecnic’s annual revenue to over €100 million, with six production sites across Spain, Italy, and Mexico. 4

• Sesa, leading operator in the Digital Technology, System Integration and Business Application sector for the business segment, with approximately Eu 3.2 billion in consolidated revenues and 5,700 employees in the fiscal year as of April 30, 2024, continues its international growth path and enriches its portfolio of expertise in Digital Identity with the entry of Delta Tecnologías de Información S.L., a Spanish company based in Barcelona and Madrid, active in Digital Idenity. The business combination, carried out through Var Group, a wholly owned subsidiary of Sesa, further strengthens its presence in the strategic digital security sector, with solutions that combine biometric recognition, artificial intelligence and data tracking. 5

• IMCD, a global leading partner for the distribution and formulation of speciality chemicals and ingredients, has signed an agreement to acquire 100% of the shares in TECOM Ingredients S.A. (“TECOM”). Founded in 1996 and headquartered in Molins de Rei, near Barcelona, Spain, TECOM is a recognised distributor of ingredients and additives to the food industry. The company is a trusted partner for customers active in the food and nutrition market in Iberia, developing innovative, high-quality solutions across a wide spectrum of applications, including savoury, bakery and pastry, dairy and plant-based beverages, confectionery, meat and ready meals, as well as health and nutrition. With a team of 16 employees, TECOM reported annual revenues of ca. EUR 18 million in the financial year 2024. 6

• Gómez Madrid Soluciones Industriales, based in Benifaió (Valencia), has joined Belgian multinational Katoen Natie through its subsidiary J-Tec Material Handling. The integration, which began in January 2024, strengthens Gómez Madrid’s role in food and chemical industries. Founded in 1996, the company specializes in process engineering and solid/liquid transport, with €11.6 million in 2023 revenue. 7

• Spanish sausage maker Embutidos Ríos, known for its traditional morcilla de Burgos, has welcomed a new investment group led by Basque private equity firm Whitehole. Founded in 1930, the family-run company employs 85 people and generates over €10 million annually. The deal, supported by family offices and industry entrepreneurs, aims to boost innovation while preserving local roots and family leadership. 8

• Gruppo Fabbri Vignola (Argos Wityu) has acquired G.F. Packaging España S.A., a long-time partner in Spain, Portugal, North Africa, and Latin America. This acquisition strengthens Fabbri’s European presence and expands its food packaging solutions and services. G.F. Packaging, with €13 million revenue in 2024, will retain its identity and management, including former owners Manel and Joan Flotats. They’ll help lead expansion under the new structure. 9

• Cellnex has acquired Radio Netwerk Nederland (RNN). With this acquisition, Cellnex Broadcast Partners strengthens its position in the Dutch radio distribution market and takes an important step toward further innovation and stability within the Dutch radio network. 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.