MAWEEKLY · 20 de octubre de 2025

Week 42 (2025) in M&A and Private Equity 🛰️🇪🇸

Transactions of the Week (October 13 - 19)

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.

• Oakley Origin Fund II is investing in NOX, the Barcelona-founded premium padel brand. Oakley will partner with founder Jesús Ballvé and existing shareholder GPF Partners, who retain a significant minority. NOX sells 400,000+ rackets annually across 80+ countries and holds ~11% global share, endorsed by top pros like Agustín Tapia. The deal aims to accelerate product innovation, international growth, and D2C channels while strengthening NOX’s leadership in a fast-growing sport. 1

• Buenavista Equity Partners (ex-GED Capital) agreed to acquire ~80% of Valencia-founded Hundred Burgers, launching its new €250m fund, Buenavista Buy Out III (typical deal size €25–30m). Founders Alex González-Urbón and Ezequiel Maldjian retain ~20% and continue leading the vertically integrated chain, which crafts bread and minced beef in two central kitchens (Valencia, Madrid). Founded in 2020, Hundred operates eight points of sale (Valencia 5; Madrid 3 including the kitchens), generates ~€25m revenue with ~35% from delivery, and a ~€20 average ticket. The plan: selective growth, 10–15 openings in five years, Barcelona entry, and potential London/New York, plus ~€4m for a new Valencia bakery/plant. 2

• ProA Capital sold Avioparts to US distributor Proponent. Avioparts, supplier of aircraft tires, lubricants, chemicals and logistics solutions, reached €66m revenue and >€11m EBITDA in 2024 after international expansion (subsidiaries in the US and UK) under ProA’s ownership. Reported enterprise value: €100m. Proponent says the acquisition expands its portfolio and footprint with new hubs (e.g., Madrid, Dubai), enhancing 24/7 AOG support and consumables coverage from brands like Michelin and ExxonMobil. The combined platform targets faster response times, broader inventory, and deeper customer service for airlines, MROs, and OEMs. 3

• Nazca’s Small Cap II fund acquired a majority of Valencia-based Clustag, provider of high-accuracy RFID automation for complex intralogistics environments. Founder-CEO Luis Rius and the team remain to execute an international expansion plan; prior shareholder SML Intelligent Inventory Solutions exits. The investment (Nazca Small Cap II’s fourth) supports product leadership and global roll-out of automated reading solutions across warehouses and distribution centers. 4

• Grupo Grabalfa, a Spanish prepress and packaging services group, acquired Plásticos Francés, a family-owned flexible packaging producer based in Beneixama (Alicante). The deal combines Plásticos Francés’s extrusion, flexographic printing and bag-converting capabilities with Grabalfa’s prepress expertise, expanding an integrated, neutral partner offer for printers and converters. Grabalfa plans to create a European center for innovation, training and excellence. The deal is Grabalfa’s third in two years, following 2024 acquisitions of Flexgal and Euroflexo. 5

• Spain’s Satlink integrated France’s nke Group, creating one of Europe’s largest ocean-tech platforms. The combined group targets >€100m sales in 2025, 280 staff, and 13 global offices, strengthening capabilities in ocean data collection, water-quality instrumentation, and navigation sensors. nke will continue under its brand with its management team; CEO Alain Boschet joins Satlink as an investor alongside shareholders Apheon, Artá Capital, and others. The deal advances Satlink’s growth in fisheries, environmental monitoring, and maritime research technologies. 6

• Spanish consultancy BABEL acquired Meraki in Colombia to scale its Latin American presence. The deal adds local leadership (founders Angélica Garzón and Christian Rojas) and strengthens capabilities in software development, digital transformation, and managed services for public and private clients. BABEL highlights a larger Andean footprint and cross-selling opportunities with existing teams. The acquisition fits BABEL’s strategy of selective M&A across Spanish-speaking markets, complementing organic growth and nearshore delivery. 7

• Transgourmet Ibérica acquired 100% of Dispuig, an 80-year Girona-based food distributor specialized in fresh fish and a broad foodservice assortment. Dispuig posts ~€50m annual revenue, 160 employees, a 4,000 m² central platform and 1,400 m² fresh-fish warehouse in Girona, plus a Bolvir site; its fleet totals 70+ refrigerated vehicles. The deal deepens Transgourmet’s leadership in Girona and strengthens its fresh and HORECA proposition, following earlier 2025 transactions 8

• AMFRESH acquired 100% of Terramara Fresh (from partner Rioblanco), expanding its Pacific Rim farming platform across the US, Mexico and Peru. With 600+ hectares in two Mexican regions, AMFRESH will scale advanced patented table-grape varieties and add low-chill cherries and next-gen blueberries under its “Snackable Superfruit” strategy. The move extends production windows and strengthens supply resilience for North American and Pacific retailers. 9

• Alerce (backed by Oakley Capital) has incorporated Gadir Grupo Consultor, owner-developer of the PROXIUM ERP for logistics operators (excise duties, bonded warehouses, depots, TMS/SGA). The deal strengthens Alerce’s Spanish transport & logistics software offering and adds freight-forwarding capabilities to its ecosystem. Gadir’s leadership will continue running the company. 10

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