MAWEEKLY · 6 de julio de 2026

Week 27 (2026) in M&A and Private Equity🛰️🇪🇸

Transactions of the Week (June 29 - July 5)

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.

• GPF Partners has orchestrated the merger of Gor Factory and JHK T‑Shirt, creating a new European textile powerhouse with combined annual sales of €400 million and an enterprise value around €800 million. Gor Factory, founded in 1985 and based in Murcia, brings €300 million in revenue, 170 000 m² of logistics space, and a catalogue of over 23 000 items serving 27 000 clients in 90+ countries. JHK T‑Shirt, based in Madrid, adds €100 million in sales and a presence in more than 30 countries. The merged entity will be led by the founders, Rubio and Cervera, and will operate under GPF’s fourth fund. GPF manages over €2 billion across 60 family and institutional investors and counts the Rafa Nadal Academy, NOX, Palacios, A&G, Pachá, and La Flauta among its portfolio. 1

• Grupo Fuertes, the owner of El Pozo Alimentación, is expanding beyond pork by acquiring the Albacete‑based Tolvasa group, which includes Productos Alimenticios Albacete and Tolosa y Valiente. Tolvasa specializes in poultry products and feed manufacturing, producing about 100,000 t of chicken feed annually and offering fresh and processed chicken under the Koko Roko brand. The deal, notified to Spain’s competition authority (CNMC), aims to strengthen Grupo Fuertes’ position in the meat market, ensure full supply‑chain control, and diversify its portfolio. Tolvasa posted a net profit of roughly €2 million and €58.9 million in revenue last year, a 5 % growth despite higher costs. This acquisition follows Grupo Fuertes’ earlier attempt to buy Uvesa and complements its existing avian operations, which already include the Procavi turkey business. 2

• Palacios Alimentación is set to acquire Ñaming, Spain’s leading sandwich and ready‑to‑eat meals producer, from Green Arrow Capital (GAC) and Unigrains Iberia. The deal marks GAC’s and Unigrains’ first divestment in Spain. Under GAC’s and Unigrains’ ownership, Ñaming’s revenue grew nearly 50% to over €55 million, and it invested about €10 million in expanding production capacity in Mallén (Zaragoza) and Algete (Madrid). CEO Jorge Miranda will increase his stake and stay at the helm. The acquisition builds on Palacios Alimentación’s position in ready‑meal and baked‑goods sectors, aiming to capitalize on the growing on‑the‑go market in Spain, where the sandwich segment remains under‑penetrated compared with other European countries. 3

• ABGi announced the acquisition of INCOTEC, a leading Spanish innovation‑funding consultancy, to boost its European growth. The deal expands ABGi’s presence in Spain and strengthens its capabilities in public funding, grants, and EU innovation programmes. Post‑acquisition, ABGi operates in nine countries with over 30 offices and nearly 700 consultants, serving more than 5,000 clients. The combined entity aims to generate revenues exceeding €100 million, focusing on accelerating growth in Spain, leveraging commercial and operational synergies, enhancing digital transformation, and deepening expertise across sectors such as agri‑food, IT, automotive, aerospace, chemicals, pharmaceuticals, and energy. 4

• Babel, a Spanish tech multinational, announced the acquisition of Bosonit’s consulting division, adding about 240 specialists in Data, AI, and analytics. This move boosts Babel’s workforce to over 4,000 employees and strengthens its capabilities in generative AI, advanced analytics, and data engineering to meet rising market demand. The acquisition aligns with Babel’s selective inorganic growth strategy, focusing on cultural fit and strategic complementarity. It expands Babel’s presence in northern Spain, Latin America, and key European markets, enhancing its delivery capacity and positioning it for further acquisitions in 2026. The company aims to grow revenue, EBITDA, and employee count while maintaining double‑digit profitability and a 30% increase over 2025 figures. 5

• POMONA is expanding its presence in Spain with two new acquisitions. GRUPO SERVERA, located near Palma de Mallorca, supplies a broad range of food products—including dry goods, frozen items, and seafood—to professional clients in the hospitality sector. It employs 240 people and generates about €55 million in revenue across Mallorca and Menorca. COMERCIAL BLANENCA PROLAC, based in Blanes, Catalonia, serves the out‑of‑home catering market on the Costa Brava, focusing on hotels. It has 27 employees and around €11 million in sales. These acquisitions strengthen the POMONA Iberia network, which now has over 900 employees in Spain and serves 20,000 professional customers. 6

• GoGift (Waterland) and CQM Rewards are forming a strategic partnership backed by Waterland, combining GoGift’s global gifting platform serving over 25,000 B2B customers in 100+ countries with CQM Rewards’ strong presence in Southern Europe. The alliance aims to boost international expansion, especially into high‑growth markets like Latin America, by leveraging GoGift’s technology and CQM’s regional expertise. Executives highlight the deal as a step toward becoming a global market leader in corporate gifting and rewards. 7

• Izertis has acquired a 51% stake in ANZEN Engineering, an aerospace and defence specialist, boosting its Defence, Aerospace and Security (DAS) division. ANZEN, founded in 2019, employs about 80 staff across Madrid, Lucerne, Munich, and Washington, D.C., with 85% of work from international projects. Its revenue grew from €75 k to €5.62 million in 2025, projected to reach €10 million this year and €30 million by 2030. The deal, Izertis’ third acquisition this year, enhances capabilities in critical systems, certification, cybersecurity, and AI, and supports its strategy to increase DAS revenue from ~10% (2025) to ~15% of total turnover. The integration aligns with Izertis’ 2030 business plan targeting €500 million in revenue and €65 million EBITDA, combining organic growth, international expansion, and high‑value technology services. 8

• Tradebe, a Catalan family‑owned group, has expanded its Life Sciences division by acquiring U.S. citrus‑ingredients maker CitraSource from International Flavors & Fragrances. Based in Winter Haven, Florida, CitraSource produces natural citrus oils and extracts and generates about €25 million in revenue with 20 employees. The purchase follows Tradebe’s earlier acquisition of Florachem, another Florida‑based citrus company, and reinforces Tradebe’s strategy to diversify and strengthen its natural‑ingredients portfolio. Overall, Tradebe now employs 3,000 people and has surpassed $1 billion in annual revenue, reporting €1.064 billion) in 2025—a 14 % increase over 2024. Its Environmental Services unit contributed €658 million, Life Sciences €184 million, and Health & Nutrition €49 million. 9

• Hiberus is accelerating its “Azul Infinito 2025‑2030” strategy, aiming for €1 billion in revenue and 10 000 employees by 2030. The company has bought VASS’s corporate SAP unit, adding 120 professionals led by Aurora Belda Casanova, which raises its SAP‑focused team to over 300 specialists. CEO Sergio López says SAP will be critical for integrating AI, data and automation into enterprise processes. Hiberus, already employing more than 5 000 staff across dozens of development hubs in Europe, Latin America, the US and Africa, also recently acquired Telefónica Tech’s cybersecurity, cloud and IoT businesses in Colombia, Mexico and Chile, further expanding its market reach. This acquisition strengthens Hiberus’s position with large enterprises in sectors such as chemicals, food, consumer goods and life sciences. 10

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