MAWEEKLY · 27 de octubre de 2025

Week 43 (2025) in M&A and Private Equity 🛰️🇪🇸

Transactions of the Week (October 20 - 26)

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.

• Ferrovial acquired Spanish systems integrator Powernet to reinforce its data center design–build–operate capabilities. Powernet, founded in 1989 with offices in Madrid, Barcelona and A Coruña, reported ~€22.5m revenue and ~131 staff in 2024. The deal plugs Powernet’s critical-infrastructure, IT and telecoms expertise into Ferrovial’s Digital Infrastructure division, created to scale global data-center delivery. The move supports Ferrovial’s strategy to serve hyperscalers and enterprises as data-center demand accelerates in Iberia and beyond. 1

• Germany’s EW Group, owner of Spain’s berry breeder Planasa, agreed to acquire U.S. seed producer Illinois Foundation Seeds Inc. (IFSI). The transaction strengthens Planasa/EW Group in North American genetics for vegetables and sweet corn, complementing the group’s berry leadership. The combination targets breeding synergies, deeper U.S. exposure, and a more diversified crop portfolio across global markets. 2

• Artá Capital reached an agreement with Buenavista Equity Partners to acquire 100% of Aviaction, a cabin-maintenance platform created via buy-and-build (AIRE, Air Clean Textil, Servitec). The current management team remains, and Buenavista fully exits after backing the group since 2019. 3

• Private Equity firm Cleon Capital closed the purchase of “megafirm” Lexer from Silver Lake’s Grupo BC. The auction, revived in 2025 after Silver Lake’s earlier divestment plans cooled, culminated in a sale to Cleon. The acquisition adds a large professional-services/tech asset to Cleon’s portfolio and reflects continued sponsor-to-sponsor activity as well as increasing interest in the professional services sector. 4

• Bureau Veritas acquired Sólida, a Madrid-based owner’s engineer and technical advisor in renewables (≈225 staff; ~€18m revenue 2024; track record across ~220 GW of projects). The deals expand BV’s capabilities in energy transition and buildings/infrastructure compliance, adding registered inspectors and an end-to-end CAPEX advisory platform. 5

• Spanish personal care manufacturer Iberfrasa, backed by Abac Capital, has reached a preliminary agreement to acquire Incasa, based in Barcelona, to create a European leader in third-party manufacturing of cosmetics and home-care products. The merged group will generate about €250 million in annual revenue, produce up to 400 million units yearly, and employ around 800 people. 6

• Sword Group acquired Madrid-headquartered Full On Net, strengthening its expertise in data science, AI and digital platforms, and expanding in Southern Europe. The acquisition is expected to add ~€15m to Sword’s 2026 revenue at ~11.5% EBITDA margin. The move supports Sword’s strategy to scale advanced analytics and cloud-native capabilities for European clients across regulated sectors. 7

• British private equity firm Cinven has won the bid for Universidad Alfonso X el Sabio (UAX), acquiring a majority stake in a deal valuing the university at €2 billion. The transaction marks the exit of CVC, which invested in 2019 for around €1 billion. Cinven, owner of Burger King Spain and Idealista, strengthens its position in the Spanish market. UAX has over 30,000 students and has expanded through acquisitions in vocational training and tourism. It is one of the largest education-sector deals in Spain. In 2024, EQT acquired Universidad Europea from Permira in a deal valued at €2.2 billion. 8

• ISS Iberia acquired Basque services firm Garbialdi, adding >€80m annual revenue and >3,000 employees. The deal accelerates ISS’s OneISS growth plan, enlarges presence in the Basque Country, and boosts capabilities across cleaning, maintenance, waste handling, gardening and services for healthcare/social environments. ISS Iberia reported €688m revenue last year (+15%). The acquisition strengthens national coverage for multi-site clients and complex operations. 9

• Mexico’s Grupo Prodi will take control of Spanish engineering firm Duro Felguera by injecting €10m and providing up to €15m in guarantees for projects in Mexico, while Mota-Engil México exits the shareholding. The move provides liquidity to stabilize operations amid restructuring following years of financial stress. 10

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