MAWEEKLY · 21 de septiembre de 2026

Week 38 (2026) in M&A and Private Equity🛰️🇪🇸

Transactions of the Week (September 14 - 20)

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.

• Fever, a tech platform for culture and live entertainment, raised $250M in a primary equity round led by EQT with participation from Point72 Private Investments and Baillie Gifford. The company says it has more than tripled revenue over the past three years while remaining EBITDA-positive, and now operates in 55+ countries. Fever plans to use the capital to expand geographically, deepen coverage across entertainment categories, and invest further in technology and partner tools for promoters, venues, sports and cultural institutions. The firm highlights major partnerships (e.g., Formula 1, FC Barcelona, Netflix, Warner Bros) and states the financing supports scaling live, in-person experiences amid growing AI adoption. 1

• Puig has agreed to acquire Corporación Químico-Farmacéutica Esteve’s 50% stake in ISDIN, giving Puig full ownership once the transaction closes. The deal ends a 50-year partnership between the Puig and Esteve families, which built ISDIN into an international dermatology and skincare company known for science and innovation. Puig says full ownership will strengthen its dermocosmetics platform, support ISDIN’s next phase of growth, and enable continued investment in science, innovation, its brands, people, and scientific culture. ISDIN’s management will remain focused on advancing skin-health science and serving healthcare professionals and consumers. 2

• Portobello Capital has agreed to acquire a majority stake in JBM, a Spanish distributor of professional tools and equipment for the automotive and workshop market. Sources estimate the deal values JBM at €100–120m, with founder and CEO Jordi Borrell expected to retain a stake and continue running the business. JBM is said to generate around €20m of EBITDA. The investment would be executed from Portobello’s fifth private equity fund, nearing final close. The transaction is not yet completed and is subject to regulatory approvals, including competition authorities in Spain and Portugal. Post-deal, JBM aims to accelerate growth in Spain and Europe, including potential bolt-on acquisitions. 3

• Portobello Capital has also acquired a majority stake in Spanish furniture manufacturer Martínez Otero, which has simultaneously acquired Grupo Bermúdez&Solutions, a specialist in technology furniture for commercial venues. The combined group is expected to generate approximately €150 million in revenue and €15–16 million in EBITDA. The transaction strengthens the group’s industrial, technological and commercial capabilities across hospitality, retail, residential and marine projects, with production spanning Spain, Morocco and the Dominican Republic. Portobello’s Fund V is backing the company’s international expansion, innovation and further acquisitions. The founding family retains a significant stake and will remain involved in management. 4

• Standard Investment has acquired a majority stake in Valencia-based Plásticos Ferrando, its first investment in Spain, while the Ferrando family retains a significant minority position and Javier Valls remains CEO and shareholder. The deal includes capital to expand and modernize the plant. Plásticos Ferrando manufactures polyethylene water-pipe systems, flexible PVC products, drainage systems, and gardening solutions. The company generated €28.4 million in revenue in 2025, up from €16.3 million in 2020, and serves more than 500 customers. Standard Investment plans to grow revenue toward €50 million through public-infrastructure demand, European expansion, adjacent products, and increased industrial capacity. Around one-quarter of sales are international, with France identified as a key growth market. 5

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Next Thursday, October 8 at 8:00 AM, a new edition of the M&A and Private Equity Circle will take place, the breakfast series dedicated to business continuity and growth.

Thursday, October 8, 08:00 - 09:30 AM.
EL PERRO Y LA GALLETA (Claudio Coello, 1 - MADRID).
Registration: click here.

• Latour Capital has acquired a majority stake in GTD’s space and security division, now renamed Celeres and headquartered in Toulouse. The business, valued at €70–80 million, provides software and critical systems for space, defense, transport, and sensitive infrastructure, serving clients including ESA, Thales, and Ariane. Celeres has 160 employees, €30 million in revenue, and approximately €7.5 million in EBITDA, with operations in Spain, Germany, and France. GTD retains a minority stake. 6

• TVH Consulting, backed by 21 Invest, has acquired Spanish Microsoft Dynamics 365 Business Central specialist Goom, strengthening its presence and capabilities in Spain. Goom, founded in 2013, employs 45 people and generated €4 million in 2025. Combined with TVH’s Spanish entities Algoritmia and Olivia, the group exceeds €20 million in revenue and 180 employees, offering expanded ERP, CRM, Data/AI, Power Platform, Cloud and cybersecurity services. 7

• Belgian engineering network Studibo has officially expanded into Spain by acquiring two local companies, Valladares and Ingho. This strategic move adds 220 engineers to Studibo’s workforce and establishes its active presence in a seventh European country. The expansion is strongly backed by the Dutch private equity investor Icelake, which became Studibo’s primary shareholder in early 2025. Following the acquisition, the founders of both Spanish firms will reinvest in the parent group. Studibo has grown rapidly, now boasting over 850 employees and generating approximately 115 million euros in total revenue. 8

• Humanis Care (Avior Capital) launches operations with a 50 million investment and seven centers. Avior Capital’s new investment platform specializing in the healthcare and social services sector, Humanis Care, has launched operations with an initial investment of 50 million euros across equity and debt, along with seven centers and over 750 operational beds. Specifically, the platform has completed its first seven centers and plans to bolster its growth by incorporating regional groups. 9

• Aiuken Cybersecurity, part of European cybersecurity group Allurity, acquired Spain-based 4Elitech. 4Elitech specializes in industrial cybersecurity and protection of critical infrastructure, including OT environments such as SCADA, DCS, and industrial networks, with experience across energy, utilities, manufacturing, and chemicals. The deal strengthens Aiuken/Allurity’s OT security capabilities and expands services combining 4Elitech’s expertise with Aiuken’s 24/7 security operations, threat intelligence, and incident response. 4Elitech will keep its brand and leadership; CEO Enrique Polanco will lead the Industrial Cybersecurity unit within Aiuken.10

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