MAWEEKLY · 26 de mayo de 2025

Week 21 (2025) in M&A and Private Equity 🛰️🇪🇸

Weekly collection of transactions (May 19 - 25)

• Tikehau Capital announced the acquisition of EYSA Group, a Spanish leader in smart mobility solutions for urban and interurban areas. Since acquiring the Company in early 2022, H.I.G. has supported EYSA’s management team through its evolution into a fast-growing, international, smart mobility platform. During this period, the Company reinforced its operational capabilities, launched new sustainability and AI-driven services, completed five strategic add-on acquisitions and doubled its EBITDA. Tikehau Capital’s investment marks the beginning of a new growth chapter for EYSA, centred on international expansion and the scaling of its operations. 1

[

](https://substackcdn.com/image/fetch/$s_!SrnG!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F31ded09e-cfe5-4569-9391-93630fc4d71b_546x469.png)

📺 If you are into software and technology, at Albia IMAP we will be hosting our Tech M&A Quaterly Webinar next Tuesday 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.

• Basque industrial recycling group Gescrap has acquired a majority stake in the Aragonese conglomerate López Soriano, a leader in metal recovery and recycling. This strategic move strengthens Gescrap’s position in the circular economy sector and expands its presence in northeastern Spain. The acquisition includes López Soriano’s subsidiaries, such as Industrias López Soriano (ILS), which specializes in the treatment of industrial waste and end-of-life vehicles. 2

• Spanish technology consultancy Decide4AI has joined Linkroad (Henko Partners), a multinational group specializing in innovation and digital transformation, to lead the next generation of AI and advanced analytics solutions. This strategic integration aims to enhance Linkroad’s capabilities in intelligent decision automation and expand its global presence. With this addition, Linkroad’s consolidated revenue exceeds €70 million, and its workforce grows to over 800 professionals across Spain, Portugal, Brazil, Panama, Abu Dhabi, and Saudi Arabia. 3

• Kuehne+Nagel has entered into an agreement to acquire TDN (Transporte y Distribución Nacional), a well-established Spanish road logistics services provider headquartered in Madrid. This strategic move significantly strengthens Kuehne+Nagel’s European groupage network. TDN has over 600 employees and handled more than one million shipments in 2024. With 45 terminals and a fleet of over 700 vehicles within their partner network, TDN serves more than 200 daily routes linking the entirety of Spain as well as the Balearics, the Canaries and Portugal. 4

• Grupo Vall Companys, Incarlopsa, and Grup Cañigueral have agreed to jointly acquire 100% of Inga Food, a major Spanish pig integrator previously owned by Dutch group Nutreco. Subject to approval by Spain’s competition authority (CNMC), the ownership will be split equally among the three. Inga Food operates with 90 employees and over 650 integrated farms across several Spanish regions. Inga Food currently has around 90 employees and generates over €325 million in revenue, with more than 650 integrated farms across Spain, located in Catalonia, Aragon, both Castile regions, Extremadura, and Levante. The company manages 85,000 sows (both white and Iberian breeds), 1.5 million white pigs, and over 120,000 Iberian pigs. 5

• Kutxa Fundazioa, shareholder of Kutxabank, aims to strengthen its investor profile with €500 million in new investments over the next five years, adding to its current €373 million portfolio (excluding its 32% stake in Kutxabank). It has acquired 100% of Inzu Group, a Gipuzkoan industrial holding of 14 tech and sustainability-focused companies. The foundation seeks to boost long-term industrial growth in Euskadi. Inzu, which exports over 90% of its €91 million revenue, earned €10 million in 2023. Kutxa Fundazioa manages €2.1 billion in assets (€1.5 billion reflect the 32% stake in Kutxabank) and holds stakes in 26 firms, including CAF, Iberdrola, and several biotech startups, as well as 13,26% stake in Talde Private Equity. 6

• Cuatroochenta, a Spanish technology company listed on BME Growth, has acquired 100% of 3ipunt, a Barcelona-based e-learning firm specializing in Moodle-based platforms. Founded in 2004, 3ipunt became Spain’s first Moodle Premium Partner in 2020 and has received multiple awards, including Major Open Source Contributor (2021) and Branded Moodle App Contributor of the Year (2024) . In 2024, 3ipunt reported revenues of €3.4 million and employs over 40 professionals across its Barcelona and Madrid offices. 7

• Family-owned Catalan car dealership groups Maas and Vallescar are merging, forming a new company with over €630 million in revenue and around 1,000 employees. Approved by Spain’s competition authority (CNMC), the merger consolidates over 60 dealerships across Barcelona and Girona, selling over 20 car and motorcycle brands. Maas, founded in 1964 and based in Barberà del Vallès, had €263M in 2023 revenue. Vallescar, based in Sabadell, reached €364M. The merger seeks greater scale in a fragmented sector and cost synergies. 8

• Sanivida and Arquisocial have announced their merger to form a leading social and healthcare services provider in Spain. The combined entity will employ 8,000 professionals, serving over 85,000 users across the country. Their comprehensive service portfolio includes home assistance, day centres, residential care, and advanced telecare, with the latter being a strategic focus. The merger is pending approval from the National Commission on Markets and Competition (CNMC). 9

• The Cavagna Group, a global player in gas control, regulation and measurement solutions, has acquired a majority stake in the Spanish company Resite S.L., headquartered in Madrid. Founded in 2005, Resite S.L. has over 30 years of consolidated experience in the engineering and manufacturing of natural gas reduction and metering systems. 10

• …

Subscribe to receive weekly updates.

Let’s talk!

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.