MAWEEKLY · 18 de mayo de 2026

Week 20 (2026) in M&A and Private Equity🛰️🇪🇸

Transactions of the Week (May 11 - 17)

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.

The conversation we had a few days ago with Eduardo García-Oliveros Serrano at FORO DE FOROS is now available.

In the video, I share a brief introduction explaining the reasons why we have brought together something as important as business continuity and growth with the foundation’s activities.

Going into more detail, throughout the session we analyzed the evolution of Private Equity in Spain and the role of Family Offices, putting this story into context with the reality of Spain’s business landscape.

In addition, and in parallel with the launch of Anta’s thematic fund, we discussed investors’ interest in defence, the aerospace industry, and dual-use technologies. All of this with the aim of determining whether we are looking at a short-term opportunity or, on the contrary, whether Spain has characteristics that make it especially attractive for this investment thesis.

• Avanta Salud Integral (HIG Capital) will acquire Vitaly (Artá, Corpfin), a leading occupational health and safety provider in Iberia. The deal, highlighted on May 16 2026, will combine Avanta’s mandatory OHS services with Vitaly’s AI‑enhanced digital offerings, creating a platform serving over 240 000 clients, roughly 4 million protected workers, across 505 centres and 5 500 employees. 1

• Saica, a leading European paper and packaging manufacturer, has acquired the German‑based Thimm Group, a sustainable packaging solutions provider. Thimm, with 2,500 employees across Germany, Poland, the Czech Republic and Romania, generated €539 million in 2024 revenue. The acquisition, announced on May 16 2026, expands Saica’s footprint in Central and Eastern Europe, adding Thimm’s regional presence and customer‑focused expertise to Saica’s existing operations in Spain, France, Italy, Portugal, the UK, Ireland, Turkey, Luxembourg, the Netherlands, Poland and the US. Both family‑owned businesses have a long‑standing partnership and will retain Thimm’s current structures to ensure continuity for customers and staff. The deal, pending antitrust approval, keeps the purchase price confidential. Saica’s 2025 turnover reached €3.962 billion with over 12,000 employees, reinforcing its position as Europe’s largest family‑owned packaging group. 2

• Mutua Madrileña has acquired 100% of Reynasa, a family‑owned distributor of automotive parts, tires, and accessories with over 40 years of experience and a national network. The deal aims to integrate Reynasa into Mutua’s mobility ecosystem, which already includes vehicle rental (Centauro), car‑sharing (Voltio), and automotive centers (Aurgi, Motortown). By adding Reynasa’s 300‑person workforce and €70 million 2025 turnover, Mutua expects improved logistics, faster delivery times, and greater parts availability for its mobility services. Executives highlight that the acquisition strengthens Mutua’s position in automotive services, complements its existing partnership with Recomotor, and preserves Reynasa’s identity while fostering new growth opportunities. The integration also maintains Reynasa’s relationship with the Grupo Serca network, enabling continued synergies in the aftermarket sector. 3

• The Partenea fund, founded by former RCD Espanyol CEO José María Durán, completed its first deal by acquiring 90 % of Spanish software firm Misterplan, which provides an all‑in‑one hotel‑management platform for over 2,100 clients. Misterplan, based in Cáceres, generated €2 million in revenue last year and has grown 24 % annually, with an EBITDA of €1 million. 4

• LAVA Textiles has acquired a majority stake in FUNCOTEX, a leading European maker of high‑quality sewn mattress covers. Both family‑run businesses will stay actively involved, preserving continuity, shared values, and a long‑term vision. The partnership expands LAVA’s product portfolio, adding premium knitted fabrics, zippered cut‑and‑sew covers, quilted solutions, topper covers, and pillowcases, enabling a more comprehensive offering to customers worldwide. CEO Johan Vanwelden highlights that the combined sales force can now provide fully finished covers, increasing value and responsiveness. 5

• Clear Capital announced the acquisition of Restb.ai, a Barcelona‑based AI‑powered computer vision leader, to enhance its real‑estate analytics, data solutions, and valuation technology. The deal adds Restb.ai’s image‑recognition and data‑enrichment capabilities to Clear Capital’s platform, which already includes CubiCasa, a digital floor‑plan and virtual‑tour service acquired in 2021. Together, the three brands aim to provide comprehensive property intelligence—covering valuations, floor plans, condition, and characteristics—to reduce blind spots, improve decision accuracy, and streamline workflows for real‑estate professionals. 6

• TransUnion has acquired Confirma Sistemas. The deal expands TransUnion’s presence in the Latin American market, leveraging Confirma’s expertise in identity verification and fraud prevention. By integrating Confirma’s technology and client base, TransUnion aims to strengthen its data‑analytics capabilities and offer more comprehensive credit‑risk solutions across the region. The acquisition aligns with TransUnion’s strategy to broaden its global footprint and enhance its portfolio of risk‑management services. 7

• The Gaviota Group, now backed by Atitlan and Stoneshield Capital, has acquired the productive unit of Glass Madrid Berlanas, bringing around 20 employees and a Madrid‑area production facility into its portfolio. This move expands Gaviota’s strategy of industrial integration and vertical consolidation in construction materials, especially glass windows and enclosure systems. The acquisition, approved by the Madrid Commercial Court, complements the group’s existing presence in over 80 countries and aligns with its goal to cover the full value chain, enhancing supply resilience amid rising energy costs. 8

• HBX Group announced the acquisition of Bridgify, a company specializing in AI-driven experience platforms. The deal aims to integrate Bridgify’s technology with HBX’s existing services, enhancing the group’s capabilities in delivering personalized, data‑rich experiences across various industries. By combining AI insights with Bridgify’s experience tools, HBX expects to accelerate product innovation, improve customer engagement, and expand its market reach. The acquisition reflects HBX’s strategic focus on strengthening its AI portfolio and delivering more comprehensive solutions to its clients. 9

• Palacios Alimentación has acquired Tortillas a Tu Gusto, adding €13.6 million in annual revenue to its solutions business. The deal includes the industrial facility in Ólvega, Soria, which can produce roughly 4,000 kg per hour of frozen products and 3,000 kg per hour of chilled items. Tortillas a Tu Gusto primarily serves organised retail, with about two‑thirds of its 2025 sales coming from this channel and roughly half of its volume dedicated to private‑label customers; the remaining sales are under its own brand, while foodservice accounts for nearly 30 % of turnover. Palacios Alimentación, which records €450 million in sales, operates more than 11 plants across Spain, the UK, and the US, and distributes products in over 50 countries. The acquisition strengthens Palacios’ production capacity and market presence in the frozen and chilled tortilla segment.10

• …

Subscribe to receive weekly updates.