MAWEEKLY · 13 de julio de 2026

Week 28 (2026) in M&A and Private Equity🛰️🇪🇸

Transactions of the Week (July 6 - 12)

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.

In the latest edition of the M&A and Private Equity Circle, the breakfast series we organize together with Foro de Foros to raise awareness of the role our industry plays in the continuity and growth of small and medium-sized businesses, we hosted Guillermo Ferré, Partner at Kartesia and Head of Spain and Italy.

While in the previous edition we focused on the role of Family Offices, this time we have centered the discussion on Direct Lending and hybrid solutions.

• Paine Schwartz Partners will acquire up to 3% of AMFresh, valuing the Spanish fruit giant at €4.5‑5 billion. The deal includes a long‑term commitment and a plan to triple AMFresh’s size within ten years, targeting revenue of €8 billion by 2036. Annual investments of €100‑120 million will fund organic growth and acquisitions. AMFresh, with current €2.2 billion turnover and €180 million EBITDA, aims for double‑digit growth, ending 2026 with €2.4‑2.5 billion revenue and >€200 million EBITDA. The company operates three business lines—retail services, agricultural production, and varietal development—serving global retailers and expanding geographically and through product innovation. 1

• Dominion has acquired an 80% stake in Reyuplas, a Spanish company that specializes in sorting, recovering, and valorizing industrial plastics. The purchase aims to strengthen Dominion’s environmental project and expand its waste‑treatment capabilities, particularly in circular‑economy initiatives. Reyuplas, founded in 1999 and based in Cuenca, focuses on converting plastic waste into recycled raw material, especially high‑ and low‑density polyethylene. This deal is part of Global Dominion Environment’s growth strategy, adding expertise in plastic valorization to its portfolio, which already includes assets such as ZCR GmbH in Germany, a water‑treatment plant in Cartagena, and an Ecogestión waste‑transfer center. Since 2025, Dominion has completed four major environmental operations, positioning itself as an integrated manager of industrial waste revaluation and reinforcing its commitment to sustainability. 2

• Enreach, backed by Waterland Private Equity, has acquired Spain‑based Numintec, adding a 60‑person team with 20 years of CCaaS experience to its Contact Center business. The integration, based in Barcelona, strengthens Enreach’s market position and expands its Smart Contact portfolio, which combines AI‑powered software, communications, collaboration tools, and telephony. Executives from both companies highlighted the acquisition’s role in enhancing capabilities, ensuring business continuity, and delivering greater value to customers and partners. Enreach now operates in 25 countries, employs over 1,000 staff across 20 offices, and continues to focus on growth in Contact Centers, SMEs, and Service Providers. 3

• Royal A-ware and Grupo TGT, two family‑owned cheese businesses, have agreed to merge, creating a stronger presence in the international cheese market, especially in Southern Europe. Grupo TGT, a leading producer and distributor in Spain and Portugal, will operate as an independent unit within Royal A‑ware, benefiting from its global production capacity, innovation, and integrated supply chain. Both companies share an entrepreneurial culture, long‑term vision, and a focus on quality, sustainability, and strong relationships with dairy farmers and customers. The merger awaits regulatory approval; once approved, Teodoro Garcia will join Royal A‑ware’s Supervisory Board, and the combined entity will retain three shareholder families committed to long‑term growth. Continuity for employees, customers, and suppliers is emphasized, with Grupo TGT maintaining its Spanish operations and market position. 4

• Portobello Capital has agreed to sell its Supera gym chain to infrastructure fund Ancala Partners for €360 million, debt included. The deal transfers a majority stake (58%) of Supera to Ancala, marking its first major investment in the fitness sector. Ancala aims to grow Supera organically, targeting a €29.6 million EBITDA and a 41.7% sales margin by 2028. Supera currently generates about €25 million EBITDA, with plans to expand further in Italy. The transaction reflects a broader wave of fitness industry consolidations in 2026, including acquisitions by Providence’s VivaGym, CVC’s interest in Enjoy!, and JP Morgan’s purchase of Forus. 5

• Servinform (AS Equity Partners) announced the acquisition of 100% of Pons Consultores Registrales, strengthening its mortgage‑management business. The deal, whose price wasn’t disclosed, marks a key milestone in Servinform’s five‑year strategic plan launched in 2021 after acquiring Tessi Iberia and Diagonal. By adding Pons, Servinform deepens its relationship with CaixaBank and integrates Pons’s client base, which includes notable banks such as CBNK and Singular Bank. The integration will bring immediate technological and operational benefits, featuring “intelligent digitalisation” through software and automation to speed up document processing. In 2025, Pons generated over €6 million in revenue—a 26 % increase from the previous year—and employs 80 professionals across offices in Madrid, Barcelona, Sevilla, and Oviedo. 6

• Quadrante, a leading Iberian consulting firm in engineering, architecture, environment, and sustainability, announced a strategic investment from global firm Permira on July 6 2026. The undisclosed‑amount deal keeps Quadrante’s management, founders, and Henko Partners as major investors and aims to accelerate international expansion—especially into the U.S.—and boost AI‑driven services. Founded in 1998, Quadrante operates in over 20 countries with 1,500+ staff, focusing on Energy (renewables, transmission, distribution), Sustainable Cities (data centres, water, waste), and Mobility (rail, airports, ports). 7

• Ballingslöv International, a leading European kitchen furniture group, has acquired Kitchen Bath Ventures (KBV), the top kitchen furniture manufacturer in Iberia, from Abac Capital’s private‑equity funds. KBV, formed in 2022 by merging family‑owned OB Cocinas, Delta Cocinas and later adding the premium brand DOCA, employs over 350 staff, operates 80,000 sqm of facilities, serves 700+ customers, and exports about 35 % of its sales. The acquisition expands Ballingslöv’s geographic reach and strengthens its foothold in the Iberian market, complementing its existing portfolio of brands such as Kvik, Multiform, and DFI‑Geisler. 8

• Lyft announced plans to acquire Serveo’s bikeshare operations in Spain, covering systems in Barcelona, Bilbao, Valladolid, Zaragoza, Madrid, La Coruña, and Rivas‑Vaciamadrid. The deal, pending standard closing conditions, will combine Lyft Urban Solutions’ (LUS) technology and operational expertise with Serveo’s local knowledge and fleet of over 22,000 bicycles. LUS, already a leading global bikeshare provider, will continue as the technology and hardware partner, ensuring continuity for riders and city partners. 9

• SanLucar, a European horticultural company, has acquired a majority stake in U.S.-based Twin River Berries, forming a long‑term alliance focused on the U.S. and Asian markets. The partnership aims to expand both firms’ presence in North America and Asia, ensuring year‑round fruit supply for retailers and consumers. SanLucar will strengthen its U.S. expansion and increase production capacity in Mexico, improving winter‑time logistics. Twin River Berries will gain access to SanLucar’s global supply network and varieties, including the Oregon Berry line already established in Asia. Executives highlight shared values of quality, responsible agriculture, and premium fruit availability throughout the year. The combined entity will operate as a single business serving North American and Asian customers, enhancing market reach and commercial opportunities for both companies. 10

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