MAWEEKLY · 28 de septiembre de 2026

Week 39 (2026) in M&A and Private Equity🛰️🇪🇸

Transactions of the Week (September 21 - 27)

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.

• 21 Invest has entered the Spanish market by investing in Grupo Celesa, a Spanish supplier of high-precision cutting and professional hand tools based in Iurreta (Bizkaia). Celesa generated over €20m revenue in 2025 and expects to exceed €25m in 2026 with ~€8m EBITDA; around 15% of sales already come from other European markets, notably France. The founder and management team will reinvest alongside 21 Invest. The growth plan includes European expansion (France, Italy and Northern Europe), new product lines, organic growth, strengthening the commercial/organizational structure, and selective bolt-on acquisitions. 1

• inmho announced its acquisition of Agencia Negociadora del Alquiler (ANA), known as Tranquiler, calling it the company’s most significant deal to date. The transaction strengthens inmho’s ambition to lead Spain’s property asset management sector and takes its managed rental portfolio beyond 10,000 homes. inmho highlights Tranquiler’s 15+ years of experience and strong reputation for professional, close, and responsible service to both owners and tenants. 2

• Briolf, a Catalonia-based chemicals group, has acquired Italian company Inchimica, which formulates, manufactures and packages two‑component polyurethane adhesives and resins. The acquisition aims to strengthen Briolf’s Bonding division (adhesives, sealants and joining systems for construction, wood, marble/stone, composites, marine and other industrial uses) and help grow that unit’s revenue to around €60m, roughly 20% of consolidated sales. The transaction also supports Briolf’s international growth strategy, combining organic expansion with targeted add-ons to broaden capabilities, technology and market presence. Briolf is headquartered in Girona, comprises 14 brands, operates directly in 37 countries and sells into over 120 markets. 3

• Eysa, a Spanish mobility-tech company owned by French asset manager Tikehau, has acquired Joinup, a corporate mobility platform. The deal expands Eysa’s end‑to‑end offering for companies to plan, book, pay for and manage multimodal transport. Joinup (founded 2012) provides a B2B platform covering corporate taxis, group/event mobility, parking, EV charging, mileage control and carpooling, with centralized billing and spend control. Joinup surpassed 1,000 active clients in 2025 and works with a network of 25,000+ taxis, 2,300+ parking facilities and 40,000+ charging points. The transaction is framed by Spain’s new Sustainable Mobility Law, increasing corporate obligations on sustainable commuting plans and emissions reporting. 4

• Innova Consulting has joined the Spartes Group (Andera Partners), a European consultancy focused on improving business performance and innovation financing, marking Spartes’ first expansion outside France. The combination is presented as a platform with over €50m in revenue. Innova, founded over 15 years ago reports more than 4,500 projects and around 250 active clients across sectors including industry, IT, energy, healthcare and chemicals. Its team of ~30 and senior scientific experts specializes in R&D tax incentives, regional/national/EU grants and tax lease mechanisms. Spartes, led by Vincent Lefèvre and Guillaume Rodière, has recently added firms such as Fineco and positions the Spain entry as strengthening its European offering in non-dilutive funding and R&D tax support. 5

• Grupo Arquisocial has integrated Asturias-based Azvase in a strategic move to strengthen its presence in northern Spain and expand home-care (SAD) services. The group, which includes Artensis, Sanivida and Servaria and recently unified under a new corporate identity, adds Azvase’s team and local expertise. After the deal, Arquisocial reports 10,500 professionals, support for 105,000 people daily and ~€250m in annual revenue. The integration also supports Arquisocial’s push for more personalized, coordinated care at home, including greater use of technology and advanced teleassistance. 6

• Pañalón, via its subsidiary Transportes Santos, has acquired the transport business and operations of Catalonia-based Transportes Líquidos Campaña (Constantí, Tarragona). Campaña has around 30 years of history and is focused on serving the Tarragona petrochemical hub, operating a fleet of more than 60 modern tanker vehicles and long-standing customers. In 2024 it reported €10.1m in revenue. Pañalón says the deal strengthens its push to grow and consolidate in chemicals and specialty transport, adding scale, volume and fleet capacity. The Montero family-owned group employs ~1,350 people and generates about €205m in sales. 7

• French investment group Dellen, via its software arm SoftNext, has acquired A Coruña–based OfiPro, a 35+ year provider of ERP and business management software for SMEs and professional firms. OfiPro says it will retain its brand and team, with operations continuing from Oleiros and will keep serving clients across Spain. SoftNext plans to support OfiPro’s growth in its current market and through new product lines as part of a buy-and-build strategy in software. 8

• Grupo Cobra (Vinci) is ramping up its data-center construction push. To strengthen its “design & build” capabilities and adapt to a European shift toward single‑contractor delivery models, Cobra has acquired Aguilera Ingenieros (Madrid-based, founded 1961), adding specialist design and project-management expertise and over 1,000 references. The group expects 2026 revenue growth to continue, supported by strong profitability and a sizable renewables pipeline in Spain. 9

• Lantania has acquired Revenga, strengthening its position in technology applied to infrastructure projects. The deal is intended to accelerate growth by adding specialised capabilities and know-how, expanding Lantania’s technical offering and capacity to deliver complex infrastructure solutions. The acquisition supports the group’s strategic plan to scale its technology and engineering services and broaden its customer reach. 10

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