MAWEEKLY · 14 de septiembre de 2026

Week 37 (2026) in M&A and Private Equity🛰️🇪🇸

Transactions of the Week (September 7 - 13)

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.

Thanks to all of you who have shared your resumes for our open analyst and intern roles in the Madrid office. A few notes, here.

• Inveready is creating SERCOM, an integrated energy services group, by combining its investment in Sercomgas, Easyner, and Syneron. The merger unites Sercomgas’s natural‑gas expertise across 16 European countries with Easyner’s electricity market services and Syneron’s proprietary SaaS platforms. Together they offer a full‑stack solution (licensed‑to‑operate, billing, reporting, and cloud‑based automation) for both gas and electricity vectors, allowing European operators to outsource operations or adopt the technology as needed. 1

• Impact Bridge has acquired 100% of Esgir and a controlling stake in Airos Delicatessen, merging the businesses into a single Spanish gluten-free food group. The combined company reports around EUR 30m of annual revenue and plans to double sales to EUR 60m within five years. The strategy includes expanding exports, pursuing additional acquisitions, and hiring roughly 50 people across sites in Catalonia and the Valencian region. An initial EUR 10m investment programme will also finance construction of a new Esgir manufacturing facility. 2

• Frumecar, a Murcia‑based company that provides manufacturing, transport and digital technology solutions for the concrete industry, has welcomed the investment fund Quarza as a new shareholder to accelerate its growth. Quarza’s capital will strengthen Frumecar’s financial muscle, supporting international expansion, new market development, product line extensions, and further investment in technology and digitalisation. Frumecar already operates in over 75 countries, generated €27.4 million in revenue in 2024 and €2.2 million in net profit. 3

• Vecta Partners, a private‑equity firm founded by former Sherpa Capital members, has acquired a 60 % stake in Spanish dermocosmetics company Lico. Founded in 2019, Lico has built a strong national position with scientifically proven facial, body and hair products, achieving €14 million in sales in 2025 and projecting €20 million for the current year. Vecta aims to triple sales and expand internationally across Europe and Latin America. The deal reflects growing consumer interest in personal care, with Spain’s dermocosmetics market rising from €2.3 billion in 2020 to €3.4 billion in 2025 and projected to reach €4.1 billion by 2029.4

• Trescal (EQT) expanded its accredited metrology and compliance services in Spain through two acquisitions: Saica and Airvento’s Validation & Qualification unit. Saica adds aerospace and defense calibration and advanced metrology capabilities, with sites in Cádiz and Madrid and expertise including CNC machine calibration and EN 9100/ISO/IEC 17025-related work. Airvento (Vigo) strengthens GMP qualification, validation, cleanroom and controlled-environment services for pharma, biotech, medical devices and healthcare. The combined footprint extends coverage across regions such as Andalusia and Galicia, aiming to offer clients a single accredited partner for calibration, qualification and validation as regulatory requirements increase. 5

• Ascentiel Groupe (Cobepa), a French insurance broker, has acquired a majority stake in Spain’s Grupo Concentra. The deal strengthens Ascentiel’s presence in the Iberian Peninsula and provides an exit for Concentra’s main shareholder, BlackFin Capital Partners. Concentra’s founder and management team will reinvest alongside Ascentiel and remain shareholders. The acquisition is expected to create a new entity with roughly €62m of revenue across Spain and Portugal and about 370 employees; globally, the group aims to exceed €150m in revenue in 2026, with Concentra continuing Iberian market consolidation backed by Ascentiel. 6

• Primaflor, an agri-food group based in Pulpí (Almería), acquired 100% of Zanobeet S.L., a Cádiz-based producer and distributor of fresh tubers and vegetables. The deal expands Primaflor’s portfolio with high-demand, long-shelf-life categories including sweet potato, beetroot, red onion and pumpkin, and strengthens production presence across Andalusia and key European commercial channels. The acquisition adds roughly 600 hectares of cultivation in Cádiz and Seville and brings three logistics and packing/storage sites around Chipiona and Jerez de la Frontera, supporting broader production calendars. Primaflor expects Zanobeet’s facilities to enable growth into ready-to-eat/ready-to-cook lines, especially for sweet potato and pumpkin processing. Zanobeet, founded in 2001, is export-oriented with strong positions in the UK, Netherlands and France. 7

• Copilot Capital, a European private equity firm focused on software, has acquired a majority stake in Spain’s Green Eagle Solutions, which develops ARSOS automation software for renewable-energy operations (incident management, production constraints, dispatch, etc.). The deal is intended to accelerate Green Eagle’s international expansion (particularly into the U.S.) and to strengthen its operating model and go-to-market strategy. Copilot plans to continue investing in data and AI to enhance the platform. Founded in 2012, Green Eagle previously raised a €6m round in late 2023. The company has ~66 employees, 45 customers, presence in 18 countries, and manages ~90 GW of assets across wind, solar, storage and hydro.8

• Grupo Fuertes acquired Jamones Albarracín, a Teruel-based Spanish player in ham curing and drying, marking its entry into the ham “maquila” service business. The target, owned by the Dobón family, has 25 years of track record, three production sites and capacity to cure up to four million pieces, with strong expertise in salting, drying and curing processes. The company emphasizes quality, innovation and customer service, supported by IFS and BRC food-safety certifications. Jamones Albarracín will continue operating normally and serving current and new clients, while Grupo Fuertes plans investments to expand and modernize facilities and increase capacity, leveraging the existing team. 9

• Aurica Capital has acquired a minority stake in Fiabilis Consulting Group, a Madrid-founded consultancy focused on optimizing labor and social security costs for large corporates. Fiabilis will continue to be led by the founders. The company positions itself as an end-to-end, multi‑jurisdiction specialist and reports operations across Spain and several European and Latin American countries, serving more than 2,200 corporate clients and monitoring ~2.5 million employees. It states it has generated over €600m of cumulative savings for clients and reached €21.3m revenue in 2025. Aurica’s investment is intended to accelerate Fiabilis’ strategic plan: strengthen core markets, expand geographically, broaden services, increase cross‑selling, develop data-driven HR capabilities, and pursue selective acquisitions.10

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