MAWEEKLY · 15 de julio de 2024

Week 28 (2024) in M&A and Private Equity 🛰️🇪🇸

Weekly collection of transactions (July 8 - 14)

• Alvinesa, the natural ingredients company based in Daimiel, Spain, which specializes in grape and olive derivatives, has acquired Chilean Industrias Vínicas and Argentine Dervinsa. These acquisitions position the new group as one of the global leaders in grape seed oil, tartaric acid, and cream of tartar. It also strengthens its market presence in biofuels, functional foods, dietary supplements, grape tannins and polyphenols, functional additives for animal feed, and both food-grade and industrial alcohols. Alvinesa, which achieved a turnover of €100 million in 2023, anticipates over €150 million in revenue by consolidating both acquisitions. 1

• Stellum Capital has joined the shareholding of Urkabe Benetan to boost its growth and international presence. The private equity firm has taken a 31.5% stake, primarily through a capital increase in the company from Gipuzkoa. Urkabe Benetan is part of the food business of Grupo Indaux, a holding led by various Basque families. The company has an ambitious business plan, both organic and inorganic, focused on three pillars: strengthening its position as a leader in various frozen and refrigerated products under private label for major supermarket chains, enhancing its presence in the national Horeca channel, and accelerating its international expansion. 2

• Mubadala Investment has reached an agreement to exit the aquaculture giant Avramar Seafood and transfer its stake to its other major partner, the U.S. Private Equity firm Amerra Capital. The group, the largest in the Mediterranean dedicated to the production and farming of sea bass, sea bream, and corvina, is headquartered in Valencia.3

• Astek, global player in engineering and technology consulting, is strengthening its position in the Spanish market with the acquisition of the Sotec Consulting company. This merger allows Astek to access new clients in Spain, mainly in the Banking and Finance sector. With more than 20 years of experience, Sotec Consulting now has 170 employees, and achieved a turnover of 9.5 million euros in 2023. 4

• Juniper Travel Technology acquires Malaga-based Lleego, an innovative travel software company specializing in flight management and booking. With this acquisition, Lleego joins the travel vertical of Juniper Group, an operating group of Vela Software and Constellation Software. 5

• **Everwood Capital’**s Transportation and Logistics Fund has acquired the entire capital of AGSA LOGISTICS (Aduanas Ginjaume), an integrated logistics operator specializing in freight forwarding and customs management, based in the port of Barcelona. AGSA is a family owned business established in 1982, working with a portfolio of 400 clients for whom it manages over 35,000 customs clearances, 8,000 international transports, and 10,000 domestic shipments annually. 6

• MODIG, a leading manufacturer of machining solutions for high productivity and automation applications, and IBARMIA, a leading manufacturer of customized and flexible machining centres, announced the signature of an strategic partnership. In support of the alliance, MODIG will take a substantial minority stake in the capital of IBARMIA. 7

• Bunzl, the specialist international distribution and services Group, completed the acquisition of Sistemas De Embalaje Anper, a distributor of industrial packaging to end-users in Spain. This business, which expands Bunzl’s product offering and geographical footprint, generated EUR 28 million of revenue in 2023. 8

• Endurance Partners has closed the sale of the Aragonese fiber optic cable production company Telnet to the Italian group Tratos Cavi. Endurance acquired the fiber optic cable production unit of Telnet Redes Inteligentes last June, a company that had filed for bankruptcy three months earlier. With a plant in La Muela (Zaragoza), Telnet employs over 80 people and has a turnover of 20 million euros. Family-owned, Tratos Cavi manufactures, among other things, cables for energy and telecommunications and is expected to exceed 250 million euros in revenue this year. 9

• Herrecha Inversiones, the investment company of Mercadona’s vice president and second-largest shareholder, has joined the shareholding of Grupo Malasa, the Galician custom furniture manufacturer, following the exit of one of its founders and the private equity fund GPF. Grupo Malasa achieved a turnover of 135.2 million euros after growing 35.9% in 2022. The company’s client portfolio includes well-known retail and hospitality multinationals like Inditex, for whom it manufactures custom furniture. In 2018, GPF acquired a stake of over 30% to support the company’s international growth.10

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