MAWEEKLY · 7 de septiembre de 2026

Week 36 (2026) in M&A and Private Equity🛰️🇪🇸

Transactions of the Week (August 31 - September 6)

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.

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• Kartesia, a pan‑European private equity firm, has agreed with Spanish counterpart Talde to acquire a majority stake in Enigineered Fire Piping, an industrial group that designs and manufactures fire‑protection pipe systems. The deal values Enigineered Fire Piping at roughly €100 million and is pending regulatory approvals. Founders will remain as minority shareholders and continue managing the company. The transaction follows Talde’s 2023 failed sale attempt to PAI Partners. Enigineered Fire Piping, founded in 2011 and based in Yuncos (Toledo), reported €73 million in revenue for 2024 and supplies complete fire‑protection solutions. In the same sector, Abac Capital bought Grupo de Incendios in 2025, a transaction advised by us at Albia IMAP.1

• Magnum Capital and Artá Capital are merging their aircraft maintenance businesses (Aeronáutica de Gestión (AG) and Aviaction), creating one of Spain’s largest independent MRO group. The new entity will generate more than €50 million in revenue and an EBITDA around €15 million. Magnum and Artá will each hold roughly 45% of the company, controlling about 90% together, while AG founder will retain a 10% stake. The group, employing over 500 people, will offer design, cabin, component repair, line maintenance, and technical cleaning for commercial and executive aviation. 2

• Private equity firm Espiga Capital has acquired stakes in Spanish industrial companies Quiadsa and Composan via separate management buyouts (MBOs). Combined, the two businesses generate nearly €60 million in revenue and employ over 160 people. In July, Espiga acquired a majority stake in Quiadsa, a €35.87 million adhesive and sealant manufacturer, with former management retaining board seats. In August, the firm invested in Composan Industrial y Tecnología, a €20.07 million business managing the Composan and Compograss brands, keeping its CEO in charge. 3

• Röchling Industrial announced the acquisition of Spain‑based Polypres Mediterráneo S.L. The deal expands Röchling’s European footprint in thermoplastic pressed sheets, complementing its recent purchase of Terbrack’s operating business. Polypres, founded in 2000 with over 60 employees, produces polyethylene and polypropylene pressed sheets for chemical, food, paper, and mechanical‑engineering sectors. The integration creates a stronger, more resilient network, improving delivery, supply security, and product range across Europe.4

• Gunni & Trentino (Suma Capital) has acquired a majority share in Illusion, positioning itself to lead an integrated interior design and technology proposal. The dealaims to combine Gunni & Trentino’s expertise in high‑end furnishings with Illusion PA’s innovative interior solutions, creating a comprehensive offering for upscale residential and commercial projects. By uniting design, technology, and craftsmanship, the partnership seeks to set new standards in the luxury interior market, enhancing both brands’ market reach and delivering synergistic value to clients. 5

• Pescapuerta, a Galician fishing company, is acquiring Congelados Llinares, the leading frozen‑goods distributor in Andalusia, to strengthen its presence in the HORECA sector across southern Spain. The deal gives Pescapuerta modern logistics hubs in Algeciras and Málaga and consolidates its market leadership, already backed by its ELMAR subsidiary in the north and centre of the country. In 2025 the group posted €334 million in sales, a 3 % increase year‑on‑year, and expects 2026 revenue to reach €400 million with the new acquisition. The company employs about 1,700 people, maintains very low debt levels and exports over 45 % of its turnover to more than 70 countries. 6

• OnRoute (Sherpa Capital), a logistics operator formed from the merger of several companies, has expanded its healthcare logistics capabilities by acquiring Joanca Logística y Transporte and Plataforma Logística de Aranda. Joanca, based in Burgos, adds 180 employees, 200 specialized vehicles, and €24 million in 2025 revenue, strengthening OnRoute’s presence in the pharmaceutical, sanitary, and cosmetics sectors, as well as in Madrid and northern Spain. The combined group now employs over 900 people, operates a fleet of 750 tractors, and manages 170,000 m² of storage. In 2025, OnRoute reported €100 million in aggregated turnover and aims to grow sales by 35 % in 2026. 7

• The Navarre-based company Iruña Automation, specializing in advanced technology for the foundry industry, has acquired the Danish firm Støtek, focused on melting furnace technology and dosing systems. The deal aims to expand Iruña Group’s operations in the United States and Europe, leveraging Støtek’s expertise and market position. This acquisition underscores Iruña Group’s strategy to accelerate growth through strategic investments and broaden its portfolio across key regions.8

• Grabalfa, a Valencian pre‑press and packaging group, has acquired the Murcian company Disengrag for about €3 million, marking its fourth purchase in just over two years. The deal follows previous acquisitions of Plásticos Francés (2025), Flexgal (2024) and Euroflexo (2024), reflecting Grabalfa’s strategy of growth through integrating complementary firms. Disengrag brings more than 20 years of packaging experience and a team of over 30 professionals. Grabalfa now has over 270 employees, reported €26 million in revenue and €6 million profit last year. CEO Meriyeny del Carmen emphasizes that the aim is to connect capabilities and preserve each company’s strengths rather than homogenize them, enhancing the group’s scale and technical offering for customers. 9

• Factorial announced the acquisition of Empion, a Berlin‑based AI talent‑assessment platform founded in 2021. The deal strengthens Factorial’s presence in Germany and adds native AI‑driven candidate and employee assessments to its HR suite. Empion’s technology, used by companies such as Deutsche Telekom, Procter & Gamble, Siemens Mobility, and Raiffeisenbanken, will be fully integrated, eliminating the need for third‑party bolt‑on solutions.10

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