MAWEEKLY · 21 de julio de 2025

Week 29 (2025) in M&A and Private Equity 🛰️🇪🇸

Weekly collection of transactions (July 14 - 20)

• Apheon, a pan‑European mid‑market private equity firm, has acquired a majority stake in Longwood, a Zaragoza‑based Spanish distributor and provider of high‑value In‑Vitro Diagnostics equipment and services for hospitals and laboratories, specializing in next‑generation sequencing and proprietary diagnostic products. Founder Antonio Raichs and CEO Miguel Giralt will remain significantly invested and lead the business. Apheon will offer strategic capital to expand Longwood’s product portfolio, drive geographic growth, and pursue M&A opportunities in Spain and abroad.1

• Nazca Capital has entered the shareholding of JSV, a logistics and multimodal transport operator founded by the Herzog family over 30 years ago. This marks the second investment via its “Nazca Opportunities” platform, though the deal’s value wasn’t disclosed. The move preserves JSV’s leadership while adding strategic backing to accelerate efficiency and international expansion . JSV reported €96 million in revenue in 2024, growing over 12% annually. The firm has built port terminals in Alicante and Miranda de Ebro, purchased a modern container ship, and operates in the Canary Islands and Turkey. Nazca’s partner Ignacio Portela emphasized the opportunity in sustainable multimodal logistics, aiming to support growth organically and via acquisitions. 2

• French reservation platform Zenchef (PSG Equity) has merged with Spain’s CoverManager, creating a pan-European leader in restaurant booking, guest management, and revenue optimization. The combined entity now serves over 36,000 restaurants across 20+ countries, including about 800 Michelin-starred venues. Financial terms were not disclosed. Leadership roles remain stable: Thomas Jeanjean (existing CEO of Zenchef) leads the merged group, while José Antonio Pérez Moral (co-founder & CEO of CoverManager) joins its board. The alliance aims to accelerate tech innovation leveraging AI and data to offer restaurants greater control, flexibility, and profitability as an independent European alternative to major U.S. platforms. 3

Our Q2 M&A reports on software and IT consulting are now available for download in Spanish. The English version will be available in the coming days.

• A group of investors led by José Elías and Yaiza Canosa has acquired 100% of Namencis Education, a Spanish online business school group with over 200,000 students in 125 countries. The €23 million deal includes four schools: ENEB, ISEB, ESIE, and IEAD. The founding team, which retains CEO Santiago Navarro-Rubio, reinvested in the company. The new owners aim to accelerate international growth and boost EBITDA from €3M to €20M in five years. They will enhance B2B offerings and innovate online education through practical, tech-driven, user-centered methods. Canosa becomes Namencis’ new president, emphasizing global expansion and employability. 4

• Eurofesa, a leading Spanish company in fire safety and emergency training, has acquired the production unit of Pimexa as part of its national expansion strategy. Backed by parent company Presto Group, the deal enhances Eurofesa’s operational capacity and strengthens its presence in northeastern Spain through its Barcelona delegation. Pimexa, with over 25 years in fire protection systems, brings strong expertise in engineering, installation, and maintenance. Eurofesa, founded in 1986 and acquired by Presto in 2024, operates across nine locations in Spain. The transaction was advised by IMAP Spain (Albia IMAP) and IMAP Denmark (DealHaus). 🎉 5

• Miura Partners, via its brokerage firm Sabseg, has acquired Italian insurance broker Asigest to kickstart an ambitious expansion plan in Italy. Sabseg aims to become a key player in Southern Europe’s insurance intermediation sector. Asigest, headed by Alessandro Griffith, operates across northern Italy and Rome, managing over €34 million in premiums for 5,100+ clients. The founding team will remain in place. Sabseg, also owner of rental insurance firm Arrenta, manages €600 million in premiums and employs 650 people. 6

• Ontario Teachers’ Pension Plan (OTPP) has reached an agreement to acquire 100% of Donte Group (formerly Vitaldent) from Advent International in a deal valued at approximately €1 billion. Donte operates over 426 clinics across four brands, Vitaldent, Smysecret, Moonz, and MAEX, with more than 2,200 dentists serving over a million patients. The acquisition aligns with OTPP’s strategy to expand its global healthcare portfolio and support Donte’s growth through new clinic openings, selective acquisitions, and clinical innovation**.** 7

• Tikehau Capital has acquired a majority stake in KEP Metal Solutions, a specialist in high-precision metal assemblies for the aerospace, defence, and security sectors. The deal also establishes a strategic partnership with Spain’s Aciturri Aeroengines, which joins as a minority shareholder. This marks the second investment in Tikehau’s Aerospace & Defence private equity strategy and its 16th transaction since 2020. Backed by Govera Inversiones, the Clemente family’s office, Aciturri will also become a cornerstone investor in the fund. The partnership aims to create a European leader in welded mechanics, supporting innovation, digitalization, and sustainability in the sector. 8

• Mutares has agreed to acquire Lineage Spain Transportation S.L. (“Fuentes”) from Lineage Group, expanding its Goods & Services segment with a new platform investment. Fuentes specializes in temperature-controlled food logistics and operates from Murcia with three additional Spanish sites and a hub in Vlissingen (Netherlands). The business employs approximately 850 staff, uses a fleet of ~480 trucks and 540 trailers, and collaborates with over 3,000 subcontractors. It targets around €200 million in revenues in 2025. Mutares plans operational improvements to leverage growth in Spain’s logistics market. 9

• Olivia Sistemas, a Barcelona-based Microsoft Dynamics 365 specialist, has integrated into Algoritmia, a Sant Cugat consulting firm part of TVH. The move strengthens capabilities in ERP, CRM, BI, and AI, enhancing technological, commercial, and methodological reach while preserving Olivia’s brand identity and client proximity. By joining the TVH Consulting group, the combined entity gains a broader Microsoft solutions portfolio, additional certifications, and deeper sector expertise. 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.