MAWEEKLY · 20 de enero de 2025

Week 3 (2025) in M&A and Private Equity 🛰️🇪🇸

Weekly collection of transactions (January 13 - 19)

• Waterland Private Equity acquires a majority stake in INCOSA, Engineering Consulting services firm with expertise in diverse sectors including energy, infrastructure, building and environmental management. Founded in 1985, INCOSA delivers a wide range of engineering services, including project management, design, quality control and testing.1

• Leadec, a Triton Fund IV portfolio company and leading global service specialist for factories and related infrastructure, has acquired Manteniments Industrials Servycat 2017, S.L.U. and Electro Servycat, S.L. The service companies in Spain complement Leadec’s technical expertise and further expand its customer base in the food and beverage industry. Servycat was founded in 2007 and has 330 employees. The company offers services such as maintenance, mechanical and electrical installations, plant installation and modernization as well as metalworking services for industrial companies.2

• Stellum Food&Tech I (Stellum Capital) acquired Productos Pilarica, a Spanish company dedicated to the manufacturing of ingredients for the food industry. Productos Pilarica is a family-owned company established in 1920 in Valencia, specializing in the development of customized natural ingredients for the food industry, with a strong presence in the meat sector. In recent years, the company has enhanced its industrial capacity, improved its digitization and organization, and has experienced continuous growth, reaching an approximate turnover of 12 million euros and a team of 50 employees by 2024. 3

• Acsa Sorigué, a Catalan infrastructure firm, has acquired the Applied Engineering division of Grupo Navec, which has been under bankruptcy proceedings since last summer. Grupo Navec specializes in industrial engineering, manufacturing, and maintenance, with its main shareholders being Private Equity funds Baring Iberia II (38.8%) and Tikehau Capital (21.6%). This acquisition aims to enhance Sorigué’s services in the industrial sector. The acquired assets are primarily located in Asturias.4

• Everfield, a European platform backed by Aquiline Capital Partners, has acquired Esemtia, the educational software division of Grupo Edebé. Founded in 2011 and based in Valencia, Esemtia provides advanced solutions for managing academic, administrative, and pedagogical processes in educational institutions. The acquisition aims to accelerate Esemtia’s growth in the Spanish market and promote product innovation. 5

• Cegid (Silver Lake, KKR), a European player in cloud management solutions for finance (treasury, tax, ERP), human resources (payroll, talent management), accountancy, retail and entrepreneurship is expanding its electronic invoicing solutions in Spain with the acquisition of Microdata. Founded over 30 years ago, Microdata has been dedicated to developing software solutions that optimize management for SMEs and accounting firms. With more than 2,000 clients and a revenue of €2.7 million in 2023. Microdata is a key player in Andalusia, headquartered in Almeria. It employs a team of 40 and operates primarily through a direct business model, offering modular and scalable software solutions for Tax, Labor, and Management. 6

• Act III Holdings, an investment firm with over $1 billion in assets dedicated to partnering with consumer-facing brands, today announced a strategic investment in Honest Greens. This fast-growing, mission-driven restaurant brand based in Barcelona, Spain, is renowned for its commitment to wholesome, chef-driven, and affordable meals, delivered in a fast-casual setting. Act III’s involvement will provide capital and expertise to help scale Honest Greens as it continues its rapid expansion, supporting its goal to transform the dining landscape across Europe. 7

• AG Olives Group (Escalante, Alantra), a global player in table olives with operations in over 60 countries and production facilities in Spain, the U.S., and Greece, has acquired a stake in Georgoudis S.A.-Parthenon, Greece’s oldest olive company. This partnership enhances AG Olives’ portfolio by incorporating premium Greek olive varieties like Kalamata, Halkidiki, and Conservolea. It also facilitates Parthenon’s entry into global markets via AG Olives’ extensive logistics network and diverse client base. Formed in 2022 from Bell-Carter Foods and Aceitunas Guadalquivir, AG Olives generates €350 million annually with 800 employees. 8

• Devir, a Barcelona-based board game company known for hits like Catan and Carcassonne, has acquired Maldito Games, an Andalusian publisher with annual revenues of €10 million and a portfolio of 150 titles, including Terraforming Mars. The acquisition strengthens Devir’s leadership in the Spanish-speaking market and aims to push its 2025 revenue beyond €20 million, following 1.5 million games sold in 2024.9

• H2SITE, a deep-tech pioneer of hydrogen separation solutions, announces the closing of its Series B funding round at EUR36 million from a consortium of investors, combining strategic and financial investors focused on the next growth phase. H2SITE has received support from new co-lead investors Hy24, the world’s leading low-carbon hydrogen pure-play investment manager, through its Clean Hydrogen Equipment Fund, and SC Net Zero Ventures, the climate tech venture capital fund with focus on industrial and mobility decarbonization, managed by Suma Capital, a pioneer in sustainable and impact investments. 10

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I am 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.