MAWEEKLY · 25 de mayo de 2026

Week 21 (2026) in M&A and Private Equity🛰️🇪🇸

Transactions of the Week (May 18 - 24)

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.

• Menako Capital has launched in Spain, led by former Quantum Capital Partners partner Yaukuma Armbruster, and acquired Inespasa, a key Spanish aerospace supplier for Airbus and Boeing that serves both civil and defense programs. The deal, backed by family office Sucellos, follows Inespasa’s recent purchase of UMI Aero. Inespasa reports roughly €50 million in revenue. Menako Capital will focus on complex, transformational investments in Spain and Portugal, especially in defense, partnering with local executives. The move reflects a broader surge of private‑equity funds targeting Europe’s defense sector, with vehicles from Nazca (€500 million), Hyperion (€1 billion) and Anta Asset Management joining the trend. 1

• Helsing, a German drone maker valued at €12 billion and backed by investors such as Spotify CEO Daniel Ek, has acquired Barcelona‑based robotics startup Keybotic. The deal, undisclosed in price, will place Keybotic within Helsing’s new “Area 9” advanced‑technology division. Keybotic, founded five years ago by Irene Gómez and Hilario Tomé, develops autonomous robot dogs for industrial inspections in GPS‑denied, hazardous environments. In 2023 it raised €3 million, and its technology is already used in chemical plants, mines, and oil‑gas facilities. Helsing, founded in 2021 in Munich, has been expanding thanks to rising NATO defense budgets, recently completing a €600 million financing round led by Ek’s Prima Materia and involving Saab, Lightspeed, Accel, Plural, and General Catalyst. The acquisition strengthens Helsing’s AI‑driven defense portfolio and supports Keybotic’s growth in the Spanish market. 2

• Damm, a Barcelona‑based brewery founded in 1876, has acquired the British ale brand Old Speckled Hen from Greene King. The acquisition strengthens Damm’s presence in the UK after buying the Eagle Brewery in 2022. All Old Speckled Hen beers will now be produced at The Eagle Brewery in Bedford, aligning with Damm’s internationalisation strategy, which accounts for 30 % of its activity. The deal expands Damm’s UK portfolio—currently led by Estrella Damm—to include Old Speckled Hen and several related variants. Damm has invested over €80.5 million in the Bedford plant, adding a new canning line and non‑alcoholic technology, doubling capacity to 1.8 billion litres annually. Executives from both companies highlighted the brand’s heritage, market relevance, and the partnership’s role in securing a prosperous future for the ale in the British market. 3

• Ezentis is acquiring a majority stake (55.01%) in ADQA, a high‑quality professional‑space construction firm, to strengthen its integrated installations and maintenance vertical. The deal values ADQA at about €8.5 million, based mainly on EBITDA multiples and its client portfolio. Ezentis plans to increase its holding by roughly 5% annually until it reaches 75%. ADQA’s 2025 revenue of €28 million and €2.5 million EBITDA will significantly contribute to Ezentis’s goal of exceeding €80 million in pro‑forma revenue for 2026. 4

• Vigo-based Kaleido Logistics has incorporated International Freight Services (IFS) South Africa into its network, creating Kaleido Logistics South Africa. This move expands Kaleido’s presence along key African trade corridors and adds to its operations in Angola, Namibia, and Mozambique. The integration aims to boost service capabilities, improve cross‑border coordination, and increase efficiency for project cargo, raw materials, and processed goods moving throughout Southern Africa and to countries such as Zambia, Zimbabwe, and Botswana. Continuity will be maintained by keeping the same local teams for IFS clients. Kaleido’s CEO Xoán Martínez and IFS founder Wayne Gunning highlighted the strategic fit and growth opportunities this partnership offers. 5

• Acteco, a waste‑management firm from Alicante, has acquired the used‑cooking‑oil business of Reciner Energía in Valladolid. The purchase adds a company that handles the collection, aggregation, and treatment of used kitchen oil for biodiesel production. The facilities, covering 1,450 m² in Olmedo, will remain operational under the Acteco brand, expanding service coverage across Castilla y León, Madrid, Guadalajara, and the north‑west Iberian region. This move aligns with Acteco’s strategy to increase organic‑waste volumes and strengthen its role in the circular‑economy transition toward renewable bio‑fuels. 6

• Saesco, a medical‑device distributor backed by Miura Partners, has completed the acquisition of the Spanish company Sangüesa and its subsidiary Tramedic, both under creditor protection since February. The deal includes an initial investment of over €3 million to revitalize the unit and will retain 32 jobs, with Sangüesa’s CEO Joan Carles Esperanza staying on board. Saesco also announced the purchase of Italy’s Medcomp, a distributor specializing in gynecology and general surgery, which will be integrated into Saesco’s Italian platform Dimed. These acquisitions expand Saesco’s portfolio to include neuro‑surgery, trauma, gynecology, and spinal treatments, strengthening its international presence. By October 2024, Sangüesa generated €11 million in revenue and Tramedic €3.5 million. The transactions mark Saesco’s tenth acquisition since 2019, giving it a direct footprint in Spain, Portugal, Italy, Germany, Belgium, the Netherlands, and Poland, a catalog of over 600 products, and annual sales of about €60 million. 7

• Recalvi Parts (Abac Capital) will incorporate Zoel Auto Parts into its corporate structure. Zoel’s headquarters in Pamplona and its branches in Madrid and Málaga will become Recalvi Parts subsidiaries, while retaining its current CEO, Javier Leoz, and the existing commercial team. Zoel, a family‑owned business with nearly 30 years in the multi‑brand spare‑parts market and €20 million revenue in 2025, will have its entire workforce transferred to Recalvi. This acquisition marks Recalvi Parts’ fourth integration in the first half of 2026, following deals with Rhan, Lagunak, and Automotor Salamanca, expanding its network to 84 warehouses in Spain and 8 in Portugal. The merger aims to strengthen Recalvi’s commercial project, ensure continuity for Zoel’s family business, and support future growth across the Iberian Peninsula. 8

• China Road Bridge Corporation (CRBC) has completed the purchase of the remaining 32.7% of Puentes, making it the sole 100% owner of the Spanish construction firm. Previously, CRDB acquired 66.54% of Puentes six years ago, while the Otero family retained about a third of the shares. 9

• CEX Capital has acquired a 25% stake in Plusquam Pharma, an Extremadura‑based company that develops dietary supplements, medical devices, and cosmetics. The partnership aims to accelerate Plusquam Pharma’s growth through investments in commercial networks, marketing, and R&D&I, leveraging CEX Capital’s strategic support. Plusquam Pharma, founded in 2011, focuses on urological health, women’s health, digestive probiotics, and functional oral rehydration, with brands such as UROCRAN, ACTIFEMME, VITAPLUS, and HIDRASAL. Executives highlighted the strategic importance of the pharmaceutical sector for regional economic development and job creation.10

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