MAWEEKLY · 6 de octubre de 2025

Week 40 (2025) in M&A and Private Equity 🛰️🇪🇸

Transactions of the Week (September 29 - October 5)

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

• Portobello Capital agreed to sell its stake in AGQ Labs to Fremman Capital, marking the exit for the Spanish PE firm. Fremman will partner with the founders to accelerate AGQ’s next growth phase. AGQ is a Seville-based global testing and analysis platform serving agri-food, environment, mining and industrial clients across multiple geographies. The deal underscores ongoing sponsor-to-sponsor activity in Iberian TIC and supports AGQ’s international expansion and service breadth. 1

• Spanish investment group GPF acquired a majority of JHK T-Shirt, its first deal in the textile sector, after recent portfolio rotations (Gestair and Somos). JHK founded in 2002 in Fuenlabrada (Madrid) designs, produces, and markets blank basics for customization, offering 10,000+ SKUs. The company exceeds €100m in revenue, sells over 65% outside Spain, and shipped 40+ million garments across 12+ countries last year. 2

• SYSTRA bought Ardanuy Ingeniería, a leading Spanish rail and urban transport engineering firm, to strengthen its systems expertise and footprint in Spain and Latin America. Ardanuy brings references across metro, tram, suburban rail and high-speed rail, including signaling, power supply and telecoms. The combination enhances SYSTRA’s end-to-end offer on complex mobility projects worldwide. 3

• Grant Thornton Spain agreed to sell 70% to New Mountain Capital, joining a US-led integrated platform alongside affiliates in Ireland, Switzerland, UAE and others. The move brings capital for AI, technology, and further M&A, while ~30% remains with local partners. In parallel, Grant Thornton US (backed by New Mountain) pursued acquisitions of sister firms in France and Belgium, signaling a shift from a loose network to a financially integrated model. 4

• Everwood Capital’s Transport & Logistics Fund acquired 100% of Transportes Cruz, a 50-year-old, family-owned cold-chain hauler based in Navarra. The deal, Everwood’s first in Navarra, adds a fleet of several hundred vehicles and nationwide/international refrigerated routes, supporting a strategy to build a specialized logistics platform. The acquisition aims to accelerate growth, modernize assets and systems, and deepen Everwood’s presence in temperature-controlled transport. 5

• Spanish IT consultancy Izertis acquired the digital transformation business of Grupo ICA, incorporating the companies Icalia and Icatd (Barcelona and Madrid). The transaction (Izertis’ fourth integration in 2025) bolsters capabilities in software development and tech consulting, with particular momentum in the Public Administration sector. It follows earlier 2025 acquisitions in the UK and Central America, reinforcing Izertis’ Iberian footprint and international expansion. 6

• Gestcompost Group (Suma Capital) acquired Biosecuritas, a specialist in collecting and managing animal by-products. The combination strengthens capabilities in traceability, biosecurity and operational efficiency, and supports Gestcompost’s strategy of leadership in Spain’s recovery of animal by-products and biomethane production. The deal fits a broader organic/inorganic growth plan to scale circular-economy services and energy valorization. 7

• Total Specific Solutions (TSS) acquired Spain-based software provider Bytemaster. Founders will remain involved, while the business becomes wholly owned by TSS. Bytemaster generated €7 million in sales in 2024. The deal expands TSS’s footprint in Spain, where its network now comprises 13 companies. TSS is part of Constellation Software Inc. (CSI), a global ecosystem of vertical software firms. 8

• Antin Infrastructure Partners will acquire a majority stake in Madrid-based Swiftair, a European leader in outsourced express airfreight (aircraft leasing and time-critical cargo). CEO will remain a significant shareholder and continue leading the company. Antin’s Mid Cap Fund I sees scope to optimize and invest in the fleet and pursue organic growth and M&A. 9

• Thermador Groupe acquired 100% of Quilinox, a Paterna (Valencia) distributor of stainless-steel fluid-handling equipment (valves, fittings, pumps), plus adjacent land for future construction. Enterprise value totals €10.9m. Quilinox had €14.6m revenue and €1.42m EBITDA in 2024. Thermador expects the deal to extend its Iberian presence and industrial end-market exposure. 10

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