MAWEEKLY · 22 de septiembre de 2025

Week 38 (2025) in M&A and Private Equity 🛰️🇪🇸

Transactions of the Week (September 15 - 21)

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

• Negratín brought TiLT Capital Partners (alongside Swen CP) into its shareholding, with TiLT acquiring 38%. The investment fuels Negratín’s next growth phase as an EPC and IPP in solar: tackling larger general-contracting projects, accelerating build-out of proprietary PV plants, and expanding internationally. Founded in 1998, Negratín reports 500+ employees, >4.5 GW in renewable projects delivered worldwide (1,135 MW in Spain) and surpassed €100m activity in 2024. 1

• Neobank MyInvestor acquired the stake in Findango Finance previously held by London-based Blantyre Capital, entering Findango’s cap table alongside Andbank’s vehicle Actyus Fintech and other investors. The deal (pending regulatory approval) aims to scale Findango’s short-term working-capital solutions (credit lines, factoring, confirming) for underserved SMEs. Founder-CEO Mar Turrado remains at the helm and as a shareholder; Ignacio Iglesias (CEO, Andbank España) becomes chair, per press coverage. Since 2019, Findango has financed ~€2bn to Spanish companies. 2

• Germany’s Polymelt joined Spanish plastics piping group ABN Pipe Systems, rebranding as Polymelt Pipe Systems. Its Ebenhofen (Bavaria) plant becomes a key hub for ABN’s Central European growth. The integration provides greater investment capacity, cross-selling and broader polypropylene solutions while preserving technical know-how and continuity for customers and suppliers. The companies have collaborated since the 1990s (ABN was Polymelt’s exclusive distributor in Spain/Portugal; some systems were already produced at ABN’s Medina del Campo site). The deal consolidates a long-standing strategic relationship and targets expanded sustainable HVAC, water, and industrial applications across Europe. 3

• BCN Vision consolidated brands PYGSA and InvesControl under the BCN Vision umbrella (alongside Nevitec), creating a ~100-person Iberian team across offices in Barcelona, Valencia, Bilbao, Vigo, Valladolid, Madrid, Albacete and Portugal. The integration strengthens a full-stack industrial machine-vision offering (traditional vision + AI), coordinated technical and commercial coverage nationwide, and sector-specific equipment. 4

• European digital enabler team.blue (Hg) made a strategic investment in Spanish e-invoicing platform B2Brouter, its ninth acquisition of 2025. B2Brouter automates invoicing, serving freelancers, SMBs and multi-entity enterprises. With mandatory B2B e-invoicing rolling out across Europe, both parties expect accelerated product development, marketing scale, channel reach and M&A options within compliance SaaS. 5

• Forus (JP Morgan), the Spanish sports-centers chain, agreed to acquire Inacua from Serveo (Portobello), activating a new growth phase. The transaction expands Forus’s footprint in Spain’s municipal and private sports facilities market, adding Inacua’s swimming and fitness complexes. The article highlights Forus “going shopping” again under J.P. Morgan’s ownership. While detailed financials weren’t disclosed, the move continues sector consolidation and follows prior sale processes for Serveo’s Inacua unit. 6

• Zander Foods, a Catalan charcuterie group based in Montcada i Reixac, has acquired 100% of Vanguard Aliment Ibérica, a Badalona distributor of cold cuts, hams, and cheeses formed from Unión Charcutera and Criven. The deal supports Zander’s integration, boosts commercial and logistics capacity, and expands its portfolio, lifting presence to more than 5,000 points. Zander will absorb Vanguard’s 1,800 m² dry, chilled, and cured warehouses and its delivery fleet serving Catalonia and Castellón. Vanguard posted €6.8m revenue and €10,609 net profit in 2023. Zander reported €48.35m revenue last year. 7

• Belgian labels/packaging group Asteria acquired Grupo Gráfico Ezquerro (Lodosa, Navarra). Ezquerro employs ~200 people (120 in Navarra) across four plants, two in Lodosa plus facilities in Álava (Oyón) and La Rioja (Agoncillo) and posted €42.3m revenue in 2024. The founding Ezquerro siblings will remain leading operations during the transition, and headcount is expected to be maintained. For Asteria (35+ sites, 16,000 customers, including existing plants in Galicia and Valencia), the deal deepens its Spanish presence and adds capacity in high-end labels and packaging. 8

• Badajoz-based Vítaly (Artá Capital), a national leader in occupational health and safety, integrated ANP Servicio de Prevención Ajeno (notably strong in Málaga, with activity across Andalucía and Madrid). Vítaly cites a 25-year track record integrating 80+ firms and is rolling out AI-enabled “Vítaly Sphere.” The move consolidates leadership in Spain’s outsourced prevention services and expands regional coverage. 9

• Italian ceramics solutions group Smalticeram acquired Onda-based Vernís (50+ years in ceramic enamels, colors and frits) to strengthen service, broaden the product portfolio, and add sector talent. Post-deal, the combined team totals ~245 professionals, enhancing Spanish operations and international reach. Local reports indicate the combined business could reach ~€80m revenue in 2025, reinforcing Onda (Castellón) as an innovation and employment hub. 10

• …

Subscribe to receive weekly updates.