MAWEEKLY · 16 de junio de 2025

Week 24 (2025) in M&A and Private Equity 🛰️🇪🇸

Weekly collection of transactions (June 9 - 15)

• Faes Farma has agreed to acquire Italian ophthalmology specialist SIFI for €270 million—its largest-ever acquisition—and an additional earn‑out of up to €80.5 million tied to sales of its drug Akantior. This follows its recent €75 million purchase of Portugal’s Edol, positioning ophthalmology as a key growth pillar, now representing around 20 % of pro‑forma revenue . The deal includes SIFI’s pharmaceutical, surgical, and contract‑manufacturing units, alongside its rare‑disease drug Akantior, now EMA‑approved and entering FDA pre‑registration. Diverse geographic presence across Europe and Latin America will expand Faes’s footprint. 1

• Ion-Ion, the investment firm of Jon Riberas (Gonvarri Industries), has acquired a majority stake in Spanish payment services company Diusframi, alongside Agible Capital and IVI Grupo Cosimet. Founder Juan Carlos Díaz remains a minority shareholder and will continue as chairman. Diusframi generated €65 million in revenue in 2024 with €4–6 million EBITDA, and has grown at a 15% CAGR over five years. The deal aims to boost international growth and proprietary tech development. Diusframi, a leader in POS terminal services and digital payments, recently acquired AI software firm Imbee and was selected to collaborate on the European Central Bank’s digital euro project. 2

• Henko Partners, an independent private equity investor, has taken a strategic stake in Delfín Grupo, a Spanish B2B mobility solutions provider spanning the full vehicle lifecycle — from parts and CAT to renting, insurers, car rental, and fleet services. Founder and CEO Jesús Martínez continues leading as shareholder and executive. The partnership accelerates Delfín’s expansion, bolstering its tech, workshop network, and digital mobility offerings. 3

• Scrigno Group (PAI Partners) has acquired Spanish designer-staircase distributor Enesca, headquartered in Badalona, along with its three showrooms in Barcelona and Madrid. This move strengthens Scrigno’s presence in the Iberian Peninsula and enhances its product portfolio by integrating architectural stair solutions alongside its core offerings of flush-wall sliding doors and security entry systems. 4

• French industrial group Ydéo (backed by Ouest Croissance) has strengthened its food subsidiary Soreal by acquiring a majority stake in Spanish company Aliminter S.A., which specializes in sauces and condiments for professionals, and its Moroccan subsidiary Alicomar SA. The Spanish business will be renamed “Soreal Espagne” and employs around 200 people. This acquisition expands Soreal’s international presence and supports Ydéo’s ambition to grow its food division. The group targets €200 million in revenue by 2025, up from €180 million in 2024. This move reflects Ydéo’s strategy to become a key international player in the agri-food sector. 5

• Spanish consultancy LLYC acquired a 60 % stake in Brazilian firm Digital Solvers, a São Paulo–based specialist in interactive digital communication, blending technology, creativity, and marketing. The transaction brings Digital Solvers’ €6.5 million turnover, 85 staff, and 90 clients into LLYC’s Marketing Solutions unit. This marks LLYC’s 14th acquisition in ten years and second in Brazil, part of a broader €40 million inorganic growth plan for high‑potential markets. 6

• Netpharmalab, part of AGQ Labs (backed by Portobello Capital), acquired Girona-based Docuchem, a pharmaceutical testing lab with EU-GMP certification and 35 professionals. Docuchem offers services like nitrosamine testing, stability studies, and quality control batch releases. The acquisition enhances Netpharmalab’s footprint in Spain and Europe, aligning with AGQ Labs’ international expansion strategy across Spain, Costa Rica, and South Africa. This move strengthens AGQ-Netpharmalab’s life sciences division and reinforces its position as a trusted partner for pharmaceutical manufacturers. 7

• Spanish telecom firm Avatel Telecom has acquired Andalusian operator Wiber for approximately €12.8 million, gaining 30,000 new fixed and mobile lines in Granada, Almería, and Sevilla. Wiber’s nine retail stores and existing wholesale network deal with Adamo will remain unchanged, ensuring service continuity for customers. The deal aligns with Avatel’s aggressive inorganic expansion—acquiring over 150 regional operators. Avatel remains the fifth-largest Spanish telco, with about 760,000 broadband and 670,000 mobile customers, despite €43 million net losses in 2024. 8

• Catalonia-based cosmetics manufacturer Perfums Bachs has been fully acquired by Barcelona family office Ukil Parade, owned by the Crous Aguilera family, from the Bachs Fraga and Jornet Bonet families, according to Alimarket. Perfums Bachs reported €34.5 million in 2023 revenue, down 8.9% from 2022, but saw slight sales growth in early 2024. The company operates a 5,000 sqm facility and exports 50% of its output, mainly to the EU. 9

• Transfesa, Spanish rail freight operator, majority owned by Deutsche Bahn Cargo, agreed to sell its 100% stake in Semat, its vehicle logistics subsidiary, to French firm Groupe CAT, as part of a corporate simplification strategy to refocus on core rail freight operations for the automotive sector. 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.