MAWEEKLY · 29 de junio de 2026

Week 26 (2026) in M&A and Private Equity🛰️🇪🇸

Transactions of the Week (June 22 - 28)

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.

• Metric Capital Partners, together with Alter Capital and Dental Company’s CEO Francisco Ruiz, has acquired the Spanish dental group Dental Company, which already operates 130 clinics nationwide. The deal aims to expand the network to 200 locations by 2028 through new openings and selective acquisitions, focusing on regions where the brand is already present such as Andalusia, the north (Basque Country, Cantabria, Galicia) and the Levant. Over the past three years, Dental Company added more than 50 clinics, accelerating its growth after a rapid expansion from its Andalusian roots. The acquisition, made via Metric’s Fund V, marks the firm’s sixth investment from this fund and its eighth in Spain, following recent exits like Bee Digital. Alter Capital is completing its divestment cycle, reinvesting through Alter Cap III, and expects strong returns from supporting Dental Company’s next growth phase.1

• Europastry, a global frozen‑bakery leader, will acquire the U.S. family‑owned Highland Baking Company to boost its North‑American presence. The deal creates a bakery powerhouse with complementary products and cultures, and will keep Highland’s brand and management intact. Europastry plans a major U.S. investment to expand capacity, add new product lines, and broaden its portfolio. After the acquisition, the group’s annual revenue is expected to surpass €2 billion. 2

• Muehlhan Wind Service (MWS) announced the acquisition of Spain‑based Coverwind Solutions and its sister companies, Coversun Solutions and Coverrenewable. The deal expands MWS’s operational footprint and service capabilities across Southern Europe, especially in France and Spain. CEO Søren Høffer highlighted the strategic importance of Southern Europe, noting that Coverwind’s expertise in turbine service, maintenance, and decommissioning strengthens MWS’s growth prospects in this emerging market. This acquisition complements MWS’s broader strategy of achieving full‑scope coverage across Europe, adding to its existing presence in Central Europe, the Nordics, the UK, and recent acquisitions like Endiprev. 3

• SMAC, a French specialist in waterproofing and building envelope systems, announced that it has acquired Acieroid, a Spanish building‑envelopes specialist previously owned by Bouygues Construction. Acieroid employs 70 staff and generated €26 million in revenue in 2025. The deal was backed by private‑equity firm Compagnie Financière Jousset, which also controls SMAC. This acquisition expands SMAC’s presence in the European market and strengthens its portfolio of façade, roofing, and architectural envelope solutions. 4

• Grupo Astera launched as a new technical services player, consolidating its first two acquisitions in the HVAC and industrial refrigeration sector. It acquired EBM Mercurio, a Madrid‑based HVAC installer, and ITF Grup, a Tarragona specialist in hotel refrigeration. Led by co‑CEOs Bruno Lequeux and Tomás España, the group aims to complete ten additional acquisitions over the next five years, focusing on data‑center, clean‑room, tertiary, and hotel markets. The founders of the acquired companies will remain in executive roles. Astera’s strategy targets fragmented, high‑growth HVACR maintenance and rehabilitation businesses, offering technical expertise and financial resources to support digitalisation, regulatory compliance, and labor shortages. Founded in 2025, Astera operates through participations in Madrid and Catalonia, positioning itself as a reference platform for HVACR engineering and services in Spain. 5

• GROUPAUTO International announced the full acquisition of Softeca, a Burgos‑based software developer, completing its earlier 33 % stake taken in 2022. The deal consolidates GAI’s digital transformation strategy for the automotive parts market, providing Softeca with stronger financial backing to expand its product portfolio and support sustainable international growth. Executives highlighted that full ownership brings stability, independence from third parties, and accelerates development of GROUPAUTO’s digital platforms, including AI‑driven solutions. Softeca, with over 80 staff and 350 projects across automotive, food, health, insurance, and construction sectors, will continue to focus on innovative, collaborative technology that humanizes digital transformation. 6

• GreenDot Global has acquired Anviplas, a Spanish recycling firm, further strengthening its European recycling platform. The deal expands GreenDot’s presence in the EU, adding Anviplas’s assets, technology, and market share in Spain to its portfolio. This acquisition aligns with GreenDot’s strategy to consolidate recycling operations across Europe, improve efficiency, and increase its capacity for handling various waste streams. By integrating Anviplas, GreenDot aims to enhance service offerings, accelerate growth, and reinforce its position as a leading player in the EU recycling market. 7

• Xcalibur Smart Mapping has secured investment from MCH Private Equity and Moira Capital to accelerate its growth. The funding will support the company’s expansion plans, enhance its smart mapping technology, and strengthen its market position. This backing signals confidence in Xcalibur’s innovative solutions and its potential to impact sectors that rely on advanced geospatial data. The partnership aims to leverage the investors’ expertise and resources to drive product development, broaden the customer base, and increase operational scale. 8

• Inzu Group, the industrial holding of Kutxa Fundazioa, has acquired Geminis and its subsidiary Mekalerun, merging two Basque companies specializing in horizontal lathes and advanced machine tools. The combined entity, operating independently under their existing brands, will generate around €70 million in revenue and targets a 15 % annual growth rate. With 95 % of production exported to markets such as the U.S., Germany, South Korea, and the Nordics, the alliance aims to achieve greater scale, enabling projects that involve machining components up to four meters in diameter and 200 tonnes in weight. The deal reinforces Gipuzkoa’s industrial base, keeps decision‑making locally, and supports Kutxa Fundazioa’s strategy after fully acquiring Inzu Group in 2025. Inzu Group now employs nearly 1,000 professionals and invests about 9 % of its revenue in R&D to drive innovation and sustainability. 9

• A group of investors acquired Toboggan Group, a Spanish audiovisual production services company founded in 2017. The purchase values Toboggan at €40‑50 million. Toboggan, whose former main shareholder was Jesús Núñez of Universidad Alfonso X, provides equipment, studios, logistics, production and post‑production services for cinema, TV, streaming platforms (Netflix, HBO, Amazon Prime Video, etc.) and recently won a contract to supply the technical infrastructure for a new national TDT channel, worth €7‑8 million annually. 10

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