MAWEEKLY · 27 de julio de 2026

Week 30 (2026) in M&A and Private Equity🛰️🇪🇸

Transactions of the Week (July 20 - 26)

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.

• Madrid Artes Digitales (“MAD”), a global player at the intersection of culture, history and cutting-edge technology, and its shareholders Inmersivas Digitales 2025, Layers of Reality and Stardust International announced that Nazca Capital, through its Nazca Opportunities strategy, has completed its fourth investment with the acquisition of a majority stake in MAD. Stardust International and Inmersivas Digitales will remain significant minority shareholders, MAD’s existing management team will continue to lead the business, and Layers of Reality will continue to collaborate with MAD as an international licensing partner. 1

• JB Capital, the investment firm of Javier Botín, has acquired a 50% stake in Grupo Sesderma, injecting €40 million of new capital. The deal includes a long‑term flexible capital solution from the pan‑European manager Kartesia, which also takes a minority share. Sesderma, comprising brands such as Sesderma, Mediderma and Dermopartners, has refinanced its entire debt, enabling a robust capital structure for an ambitious growth plan. In 2024 the group posted €80 million in sales, €7.4 million profit and assets worth €108.7 million. The company will continue to be led scientifically by Dr. Gabriel Serrano while JB Capital will manage operations and establish a new board to enhance governance. Sesderma aims to expand domestically and internationally, leveraging its presence in over 90 countries and targeting a market growing at 6% CAGR through 2030. The 2025 fiscal year closed with roughly €140 million revenue and €25 million EBITDA. 2

• Diana Capital, a Spanish private‑equity firm, is acquiring a 46 % stake in Aurora Intelligent Nutrition, a Seville‑based CDMO that makes high‑value nutritional foods and supplements. The deal will be executed via a capital increase, leaving the founding family with the remaining shares. The new funding will help Aurora expand production capacity, automate processes, strengthen operations, and pursue selective acquisitions to boost growth in the functional nutrition market. Aurora, with over 300 employees, generated €43 million in 2025—a 20 % year‑on‑year increase—and exports more than 40 % of its output. This transaction is the fourth completed by Diana Capital’s third fund (€180 million committed) and aligns with the firm’s strategy of backing high‑growth middle‑market companies. Both CEOs highlighted the partnership’s potential to accelerate Aurora’s business plan and capitalize on long‑term health‑and‑wellness trends. 3

• Altia has acquired Galician tech firm Ednon for €9.85 million, plus a variable earn‑out up to €2.8 million tied to 2026‑27 performance. The deal adds 140 professionals and strengthens Altia’s capabilities in data governance, cybersecurity, communications, and digital infrastructure. Ednon, founded in 2004, brings 22 years of experience, especially in public‑sector projects such as digital medicine, genomics, retail, justice, and banking. In 2025 it generated €18.2 million in revenue and €1.8 million EBITDA. The acquisition integrates Ednon ’s innovation lab, Ednon  Labs, and expands Altia’s portfolio of managed services, robust infrastructure, and software solutions. Executives highlight cultural fit, complementary expertise, and the opportunity to pursue larger digital‑transformation projects for both public and private clients. 4

• Everfield, a European B2B SaaS investor, has acquired Playoff, a Barcelona‑based membership‑management platform serving over 1,700 sports clubs, federations, academies and associations across Spain. Founded in 2006 and launched as a SaaS product in 2014, Playoff centralises member management, billing, communications, events and a white‑label mobile app. Founder‑CEO Rubén Celada Pérez will remain at the helm, and the full team stays in Barcelona. The deal, Everfield’s seventh Spanish acquisition, allows Playoff to accelerate payments, AI integration and product development while keeping its brand and operations intact. Everfield’s portfolio also includes software firms in food, hospitality, leisure, contact‑center, education and gas‑station sectors, all operating under a decentralized model that preserves each company’s identity while providing shared resources and expertise. 5

• Salto Systems, a Spanish leader in electronic locks and smart access‑control solutions, has reorganised its shareholding. A consortium led by British private‑equity firm Inflexion, together with Asúa Inversiones, Berunberri, and Key Wolf, has taken over the stakes of Peninsula Capital and Sofina. Existing investors Alantra and Florac are reinvesting, while Kutxabank, via Indar Kartera, co‑invests and will become an indirect shareholder. The deal values Salto at over €1.5 billion, more than double its €800 million valuation in 2020. Financial investors now hold 33 % of the company, with founders and local investors retaining 67 %. Salto’s revenue exceeds €460 million with an EBITDA around €95 million. The transaction, subject to regulatory approval, involved no new share issuance and was advised legally by Garrigues. 6

• Portobello Capital has completed its first Italian divestment by selling aerosol manufacturer Farmol to Germany’s Dalli Group. The deal values Farmol at roughly €200 million, with an EBITDA of about €21 million and annual revenues near €250 million—more than double those five years ago. Portobello, which acquired Farmol in 2021 and owns 99 % of the company, structured the transaction through its Fund IV and a €150 million co‑investment vehicle raised in 2021. Farmol, founded around 184 years ago, produces personal‑care and home‑care aerosols such as hair lacquer, deodorants, and cleaners for clients like Henkel and Colgate‑Palmolive. The sale to the family‑owned Dalli Group, a detergent and cosmetics producer, is subject to competition‑authority approvals. This marks Portobello’s inaugural exit from the Italian market. 7

• Nicolás Correa, S.A. has acquired Design & Technical Services (DTS), its long‑time UK agent. After 21 years of partnership, DTS will continue operating under the Correa Group, ensuring continuity of sales and service for its machine‑tool line. Andrew Guy, DTS Sales Director, will become Managing Director, leading the next phase. The acquisition reinforces Nicolás Correa’s commitment to the United Kingdom as a priority market, building on the foundation DTS has established. Gary Sanderson is retiring, thanking the company and partners for decades of collaboration. 8

• Vithas is set to acquire GenesisCare Spain, pending CNMC approval, adding 18 oncology centers across 10 provinces to its Vithas Oncology Institute (IOV). The integration will bring 18 linear accelerators, including MRIdian MR‑Linac and CyberKnife S7, enhancing radiotherapy capabilities. IOV, already serving 11,900 unique patients and delivering ~30,800 consultations and 12,200 chemotherapy cycles in 2025, will expand its network to 22 hospitals and 40 medical centers, improving access and multidisciplinary care. The merger aims to boost patient services, research, and professional development, while leveraging advanced technology for personalized cancer treatment. Both organizations have received legal counsel from KPMG, Herbert Smith Freehills, and López‑Ibor DPM Abogados. 9

• Hevo Group, the egg producer behind brands such as Dagu, Ous Roig, and Granja Agas, has entered the German market by acquiring Müritz. The deal, whose price remains undisclosed, will boost Hevo’s annual production capacity to about 180 million dozen eggs, allowing thte company to meet rising European demand. Müritz, founded in 2006, operates six farms that supply free‑range and organic eggs—approximately 400 000 dozen per month—to major German distributors like Edeka. Hevo’s CEO André Baldissera highlighted the acquisition as part of a “sustained growth” strategy aimed at building a resilient, geographically diversified production platform and strengthening ties with key European food distributors. Hevo Group closed 2025 with €234 million in revenue and, since 2024, has been part of the Global Eggs holding, led by Ricardo Faria, the world’s second‑largest egg producer with operations across Brazil, Uruguay, the United States, and Europe. 10

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