MAWEEKLY · 15 de septiembre de 2025

Week 37 (2025) in M&A and Private Equity 🛰️🇪🇸

Transactions of the Week (September 8 - 14)

Hi, I’m Fran Hidalgo-Barquero, Partner at Albia IMAP. This is a weekly newsletter covering M&A and Private Equity transactions in Spain.

• Clear Channel Outdoor agreed to sell its Spanish business to Atresmedia for €115 million. The deal will complete Clear Channel’s divestiture of its European operations. CEO Scott Wells said the sale sharpens focus on the Americas and Airports segments. 1

• Forterro (Partners Group) acquired Barcelona-based Inology to accelerate its cloud strategy and expand in Southern Europe. The deal adds Inology’s flagship SaaS products—Tickelia (expense management), Nubhora (time & access), and Marino ERP—to Forterro’s industrial software portfolio. Inology will be offered via the MyForterro cloud platform; operations and 170+ employees across Spain, Portugal, Colombia, and Mexico join Forterro. The transaction adds c. 1.500 SME and upper-midmarket customers and marks Forterro’s fifth acquisition in 2025 after TARGIT, Orgadata, BM Group, and Griesser EDV. 2

• Plain Concepts (ABE Capital) integrated Dublin-based Ardanis to accelerate its European expansion and strengthen capabilities in fintech/insurtech, technology consulting, and software architecture. The move adds a delivery hub in Porto and brings Ardanis CEO Ivan Goor in as Head of European Business, reporting to Plain Concepts’ CEO. The company says the integration aligns on culture and delivery excellence, supports growth in Spain (home market), Europe, and the U.S., and follows a period in which Plain Concepts doubled headcount to ~800 through multiple acquisitions. The deal deepens expertise across AI, data, cloud, and enterprise development for regulated sectors. 3

• France’s SNIC Technologies (backed by InnovaFonds) merged with Spanish partner ICF, a recognized player in level-crossing systems, axle counters, and LED signals. The combination strengthens SNIC’s European footprint and ability to deliver complete signaling solutions to major rail customers. ICF, active in Spain, Morocco, Estonia, and Chile, expects >€20m revenue in 2025; the merged group targets >€60m consolidated revenue this year. 4

• MatHolding acquired 100% of Altinco, a Mollerussa-based manufacturer of biostimulant and biocontrol products, reinforcing its agriculture division, Cerestia. Altinco posted €8m revenue in 2024 (60% Spain / 40% exports to 20+ countries) with a 35-person team and a zero-residue biosolutions portfolio suited to organic farming. The acquisition broadens MatHolding’s crop-life offerings alongside IQV (copper salts), Regaber (precision irrigation), TerraNostra (farm modernization), and VEGGA (agri-digitization). 5

💥🎧 Listen to our latest podcast (in Spanish) on Tech M&A with Ignacio Villalón (Everfield):

• Farlabo Cosmetics acquired skincare brand Anne Möller from Angelini Beauty, bolstering its portfolio of owned prestige cosmetics. Madrid-based Farlabo, a long-standing fragrance and cosmetics distributor, manages ~41 brands (including Dolce & Gabbana and Rochas) and will now steer Anne Möller’s development. 6

• Astek acquired Barcelona-headquartered Quantion, a digital transformation player founded in 2015 with ~150 experts and c.30% annual growth since 2020. The deal deepens Astek’s capabilities in customer experience, data & AI, and cloud infrastructure, and strengthens its leadership in travel and aviation (where Astek generates >€150m revenue). Barcelona will become a strategic Global Delivery Center, expanding nearshore capacity and supporting European key accounts. The acquisition consolidates Astek’s presence in Spain and advances its European scaling strategy in high-value digital services. 7

• Segovia-based grain and oilseed trader Octaviano Palomo acquired Martínez de la Pera, a Miranda de Ebro (Burgos) company in the same sector. The deal increases Octaviano Palomo’s storage capacity by more than 80,000 tonnes and extends its footprint in northern Spain. Octaviano Palomo is one of Segovia’s largest companies by revenue, and the acquisition supports its ongoing regional expansion strategy. 8

• Mazarrón-based Agrosana (Corpfin Capital), agreed to acquire Águilas-based Agroquímicos Hermanos López (AHL). The combined group will approach €60m in annual sales, with AHL contributing €6.5m (2024) and Agrosana €52.3m. The deal adds two warehouses to Agrosana’s network (now 11 across Murcia and Almería) and preserves AHL’s local management within the group. 9

• TSG Ibérica (HLD) acquired Bilbao-based Green KW, a specialist in turnkey photovoltaic self-consumption projects for commercial, industrial, and public-sector clients. The transaction inaugurates TSG’s “Solar & Photovoltaic Generation” segment in Iberia, broadens access to industrial and public customers, especially in the Basque Country, and complements TSG’s national coverage (350+ technicians). TSG adds cross-selling in energy storage (ESS), EV charging, and energy management (aerothermal, HVAC, gas). 10

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