MAWEEKLY · 29 de septiembre de 2025

Week 39 (2025) in M&A and Private Equity 🛰️🇪🇸

Transactions of the Week (September 22 - 28)

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

• Applus+ acquired UK-based APEM Group for ~£335m, creating a new global Environmental Services unit. APEM brings ~850 staff, >£95m LTM revenue to June 2025 and EBITDA margins >24%, with blue-chip clients across water, renewables, infrastructure, ports/coasts and regulators in the UK, Ireland, Australia, the Middle East and the US. The move broadens Applus+ beyond TIC into high-growth environmental consulting. 1

• Spain’s SM agreed to sell its digital school-management platform Educamos to Germany’s Sdui Group. Educamos, used by 1,500+ schools and 3m+ users, will be integrated alongside Sdui’s Spanish unit Additio App, strengthening Sdui’s footprint in Spain and Latin America. Sdui, founded in 2018 and now 230+ employees serving 22,000+ institutions, continues its buy-and-build strategy. 2

• Nazca Capital invested in Lãberit to accelerate organic and inorganic growth with the founding team, who remain majority shareholders. The deal includes a €10m capital increase to fund expansion. Lãberit, active across Spain and Latin America with projects in 25 countries, expects to exceed €70m revenue in 2025, maintaining double-digit growth by strengthening its offering and integrating top technical talent. The alliance aims to consolidate Lãberit’s leadership in digital transformation services and support a buy-and-build plan. 3

• Quebec-based H2O Innovation acquired Lama Sistemas de Filtrados, expanding its global filtration components/consumables portfolio, especially in backwashable filtration used for irrigation and industrial applications. Lama, founded in 1948, has installed 150,000+ filtration systems worldwide. H2O will strengthens its leadership in the desalination supply chain and broadens solutions for customers globally. 4

• Spanish retail-equipment maker Creaciones Marsanz (Nexxus Iberia) acquired Portuguese firm Joalpe, a specialist in baskets, wheels and visual merchandising systems. The integration boosts Marsanz’s plastic-injection capabilities and complements its range (shopping carts, baskets, fixtures, cladding, signage). Marsanz ended 2024 with €37.94m sales (+25% YoY) and presence in 57 countries. The combined plan targets European leadership over the next 3–5 years. 5

• Sweden’s Netmore acquired Bilbao-based Arson Metering to deepen offerings for water and gas utilities. Arson manages >500,000 meters, with deployments across 200+ municipalities in Spain, Italy, France and Greece, and has a backlog of ~350,000 meters. Its platforms and Metering Control Centre complement Netmore’s LoRaWAN/hybrid LPWAN networks, enabling end-to-end utility modernization. The deal aligns with Netmore’s strategy to tackle water scarcity, leakage, and resource efficiency and expands its European utility footprint. 6

• Barcelona-based Saesco Medical (Miura Partners) entered Germany by acquiring Rivolution GmbH, a company focused on minimally invasive surgery and pain-management solutions. Rivolution’s portfolio includes ultrasound-energy systems, next-gen endoscopic staplers and cryoanalgesia equipment. The acquisition supports Saesco’s European expansion strategy in surgical devices distribution and services. 7

• Spanish chocolatier Grupo Lacasa took full ownership of Lucar Producción y Distribución in Tangier, Morocco, where it already held 51% since 2020 via subsidiary Ibercacao. The plant produces cocoa-based spreads, tablets and cocoa powder, reinforcing Lacasa’s presence in North Africa. The deal completes the buyout of the remaining stake, consolidating operations at Lucar’s site in the Gzenaya industrial area of Tangier. The move strengthens supply, product diversification and proximity to Moroccan consumers. 8

• Valencia-based Nunsys Group integrated Madrid firms Dayfisa and InforTel Comunicaciones, both with 35+ years in IT consulting, systems integration, telecoms and tech training. The deal expands Nunsys’s capabilities in telecoms and systems and strengthens its Madrid presence, supporting national coverage and broader enterprise offerings. 9

• Bilbao-based DOMINION acquired Cádiz-headquartered Ecogestión de Residuos. It’s DOMINION’s third environmental deal in 2025 and reinforces its Global Dominion Environment (GDE) division, supporting the goal of €500m in division revenue and leadership in circular-economy services. 10

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