MAWEEKLY · 3 de agosto de 2026

Week 31 (2026) in M&A and Private Equity🛰️🇪🇸

Transactions of the Week (July 27 - August 2)

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.

This is the last issue of M&A Weekly until the summer recap at the end of August.

Enjoy! 🏖️

• Nazca Capital has acquired a majority stake in Aldous. Founded in 2018 in Almonacid del Marquesado (Cuenca), Aldous is Spain’s leading digital-native food supplements brand, best-selling on Amazon and TikTok, with over 80 products and 3M+ customers, and now sold through Druni, El Corte Inglés, Herbolario Navarro and Costco. Revenue is expected to top €40M this year, aiming for €100M via a new packaging plant, international expansion and omnichannel growth. Antonio Pellón, founder and CEO of Aldous, will retain a significant shareholding and continue to lead the business. The transaction also marks the exit of KM ZERO Food Innovation Hub, which has supported the company since 2020.

Albia IMAP acted as Aldous M&A advisor 🎉1

• Portobello Capital has acquired a majority stake in Béaba‑Suavinex, joining forces with Bluegem Capital Partners and the company’s management team. The acquisition combines two prominent baby‑care brands—Suavinex and Béaba—known for their strong heritage, innovative capabilities, and extensive international reach. Portobello aims to support Béaba‑Suavinex’s continued growth, accelerate its global expansion, and create long‑term value. The firm welcomed Julien Laporte and the entire Béaba‑Suavinex team, expressing enthusiasm for the new partnership. The press release detailing the transaction is available on Portobello’s website. 2

• Auren strengthens its leadership in Spain with the integration of Moore in Madrid and Barcelona. This transaction, the largest carried out by Auren to date, involves the addition of a team of 140 professionals and revenue of €13 million. With this integration, Auren will reach, by the end of the fiscal year in Spain, combined revenue of close to €150 million, a team of more than 1,550 professionals, and will consolidate a network of 15 offices in Spain. As part of this transaction, Auren is bringing on ten new partners who will strengthen the Audit, Legal, and Consulting divisions. This deal fits into a broader growth push backed by Waterland Private Equity, which acquired a significant stake in Auren in 2025. 3

• Artá Capital has reached an agreement with the Mena Gericó family to acquire a stake in Magapor, a world‑leading company in porcine artificial insemination technology. Based in Ejea de los Caballeros, Spain, Magapor designs, manufactures, and markets a full range of products, including semen extenders, catheters, insemination bags, and specialized equipmentm, distributed in over 60 countries. In 2025 the group generated about €24 million in revenue, with 73 % from international sales. Artá Capital will become the reference partner, supporting Magapor’s next phase of international expansion, R&D, and market leadership. 4

• Univar Solutions announced the acquisition of Interpur Chemicals, a European distributor of polyurethanes and powder coatings. The deal expands Univar’s Performance Materials business across Europe, the Middle East and Africa, adding local market expertise, 18 Interpur employees, and broader product choices for customers. Executives highlighted the combined technical capabilities, stronger supply continuity, and enhanced formulation support for coatings and performance materials. The acquisition aligns with Univar’s strategy to grow in high‑demand CASE markets, offering a more comprehensive portfolio and improved service to the industry. 5

• Arcadis announced the acquisition of SATEL, a Spain‑based power design and engineering firm with 250 specialists in grids, substations, renewables, and data‑center power systems. The deal adds significant expertise, effectively doubling Arcadis’ business in Iberia and strengthening its capabilities in grid modernization, renewable energy, and hyperscale data centers, sectors supported by over €20 billion of planned grid investment in Spain through 2030. SATEL’s 35‑year track record includes work on more than 20,000 km of high‑voltage transmission lines, 1,000+ substations, and 6,500 MW of data‑center capacity across Iberia. Combined with Arcadis’ advisory, permitting, and environmental strengths, the acquisition creates a comprehensive lifecycle offering from planning to delivery for utilities, renewable, industrial, and digital‑infrastructure clients throughout Europe. The move follows Arcadis’ recent acquisition of Germany’s KUA Group, further consolidating its position in the European power and data‑center market. 6

• OpenGate Capital has entered into a definitive agreement to acquire Spain-based Merak, the global rail heating, ventilation, and air‑conditioning (HVAC) division of Knorr‑Bremse. The transaction will transfer Merak’s portfolio of rail HVAC products and services, including climate control systems for passenger and freight trains, to OpenGate Capital. The acquisition aims to strengthen OpenGate’s presence in the rail market and expand its capabilities in sustainable, energy‑efficient rail solutions. Financial terms were not disclosed, and the deal is subject to customary closing conditions and regulatory approvals. Upon completion, OpenGate expects to leverage Merak’s established customer base and technological expertise to drive growth and innovation in the rail HVAC sector. 7

• Knowmad Mood, a Spanish technology firm specializing in digital transformation, announced the acquisition of German company MuniConS. MuniConS, founded in 2006, offers enterprise solutions, particularly SAP, Salesforce, and Veeva, across sectors such as industry, insurance, and life sciencesThe deal strengthens Knowmad Mood’s presence in Germany and Europe, complementing earlier acquisitions (ASERVO Software, Vanture ESS, BUZZ Marketing). With over 3,000 staff worldwide, the group aims to reach €550 million in revenue and €48 million EBITDA by 2028, leveraging combined expertise, local proximity, and global delivery capabilities. 8

• Vusion, a global player in digital solutions for physical commerce, announced an agreement to acquire In‑Store Media (Artá Capital), a Barcelona‑based retail media specialist. The deal aims to merge Vusion’s connected‑store platform with ISM’s extensive network of 90 retail banners, 1,600+ brands, and operations across nine countries. ISM generated roughly €120 million in 2025 and offers over 50 print and digital media solutions. By combining their expertise, the companies intend to transform physical stores into measurable digital media assets, creating new revenue streams and richer shopper experiences. The acquisition, pending regulatory approval, will be financed with debt and is expected to strengthen Vusion’s position in the fast‑growing in‑store retail media market.9

• Henko Partners has acquired a 67% stake in Aerotecnic, a Spanish aerospace firm founded in 2005 and based in La Rinconada, Seville. The deal leaves founder Enrique Marqués with a 33% share and continues his leadership. Aerotecnic employs around 400 staff across five production sites in Seville and Cádiz, generates roughly €45 million in annual revenue, and serves major manufacturers such as Airbus, Boeing, Dassault, Embraer, and Honda. With Henko as majority owner, the company aims to boost industrial and technological capabilities, targeting €75 million in revenue by 2028. 10

• …

Subscribe to receive weekly updates.