Week 22 (2025) in M&A and Private Equity 🛰️🇪🇸

• Basque pre-cooked meal producers Urkabe Benetan (backed by Stellum Food&Tech) and Ameztoi have merged to form a leading player in Spain’s ready-to-eat food sector. The combined group will generate over €40 million in annual revenue and employ 150 people across two production facilities. Ameztoi’s founding family joins Urkabe Benetan’s shareholder base and will continue to lead operations. The merger aims to diversify product offerings across retail and hospitality channels and expand internationally.

Albia IMAP acted as Ameztoi M&A advisor 🎉 1

• Atena Equity Partners has entered the Spanish market by acquiring Manufacturas Polisac, a specialist in technical films and flexible plastic packaging. This acquisition complements Atena’s earlier investment in Portuguese firm Plastrofa, forming an Iberian group with over €24 million in annual revenue and 130 employees. The combined entity operates production facilities in Spain and Portugal, exporting to more than ten countries. Their solutions reportedly reduce plastic consumption by up to 70% compared to traditional rigid packaging.

Atena Equity Partners was advised by Albia IMAP on the transaction 🎉 2

• HESSTEC announced the entry into its shareholding of SC Net Zero Ventures (Suma Capital), an investment fund specialized in sustainability scale-ups; ABB, the Swiss multinational and a reference in electrification and automation; and VERBUND X Ventures, the corporate venture capital unit of Austria’s leading energy supplier VERBUND. This transaction will allow the company to strengthen its industrial and technological capacity with the launch of its own production line. 3

• Impact Partners, Inveready, and Generali acquired a majority stake in Barcelona-based Tekman Education from Miura Partners. The founding team, led by CEO Enric Del Pozo, reinvested significantly and continues to lead the company. Since Miura’s 2016 investment, Tekman has expanded from fewer than 1,000 to over 2,400 schools in Spain and Latin America, with projected revenues of €22 million in 2025. Its educational programs—Emat, Onmat, Ludiletras, and Superletras—serve K–12 students. The new investors aim to consolidate Tekman in Spain and accelerate growth in Latin America. 4

• Nexxus Iberia, through its second private equity fund, has acquired a majority stake in Alicante-based Skinclinic, a specialist in advanced professional cosmetics. Founder Cayetano Gutiérrez will retain a stake and remain involved, while José Luis García-Pons joins as CEO. With €12 million in annual revenue, 90 employees, and 3,000 professional clients across Spain, Skinclinic also sells online and offers third-party manufacturing. This marks the fourth investment by Nexxus’s second fund, which has raised over €240 million to support national and international expansion strategies. 5

• World Wide Mobility (WWM), a Spanish mobility technology company founded in 2017, has repurchased the 10% stake previously held by Mutua Madrileña since 2019. This move consolidates WWM’s shareholder control and enhances its independence to pursue growth in developing innovative mobility solutions. During their partnership, WWM and Mutua collaborated on Voltio, the insurer’s car-sharing service, with WWM providing the technology. As part of the transaction, Mutua Madrileña has acquired the software developed for Voltio, while WWM regains full ownership. 6

• Spanish supermarket chain Ahorramas has acquired 100% of Transvelilla, one of its long-time logistics partners, to strengthen its supply chain ahead of its expansion into Castilla y León by early 2026. Previously a minority shareholder, Ahorramas now fully owns the transport company, aligning with its strategic plan to professionalize operations and enhance efficiency. The move aims to create a more scalable logistics structure to meet future market demands. In 2023, Ahorramas posted record results with €126.5 million in net profit (up 11%) and €2.34 billion in sales (up 7%), reflecting its strongest financial performance to date. 7

• Basque restaurant chain Ñam is embarking on a new expansion phase, aiming to open new establishments in northern Spain and Madrid. This growth is supported by investments from Pangram Capital Partners (Quadriga Asset Managers) and Growth Iberia (Growth Partners Capital), providing both capital and strategic guidance. Currently, Ñam operates around a dozen restaurants in Bizkaia, Donostia-San Sebastián, and Pamplona, along with four additional venues under the Bilbbo brand in Bilbao. The company plans to leverage this investment to professionalize its structure, enhance internal capabilities, and scale its business model, while maintaining its current management team. 8

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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.

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More M&A and Private Equity (in Spanish):

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1

https://albiacapital.com/noticia/albia-imap-asesora-a-ameztoi-en-su-integracion-en-urkabe-benetan/

2

https://albiacapital.com/noticia/albia-imap-asesora-a-atena-equity-partners-en-la-adquisicion-de-manufacturas-polisac/

3

https://sumacapital.com/en/hesstec-accelerates-global-expansion-with-strategic-entry-of-suma-capital-abb-and-verbund-x-ventures/

4

https://cincodias.elpais.com/companias/2025-05-28/inveready-impact-partners-y-generali-compran-a-miura-una-participacion-mayoritaria-en-tekman-education.html

5

https://www.expansion.com/empresas/2025/05/30/6838a56fe5fdea32768b45bf.html

6

https://www.eleconomista.es/banca-finanzas/noticias/13386247/05/25/world-wide-mobility-recompra-el-10-en-manos-de-mutua-madrilena-y-consolida-su-control-accionarial.html

7

https://www.expansion.com/empresas/distribucion/2025/05/26/68347cfb468aeb026e8b4595.html

8

https://www.eleconomista.es/actualidad/noticias/13383909/05/25/nam-extendera-su-red-de-restaurantes-por-el-norte-de-espana-pero-con-madrid-en-su-radar.html