MAWEEKLY · 3 de noviembre de 2025

Week 44 (2025) in M&A and Private Equity 🛰️🇪🇸

Transactions of the Week (October 27 - November 2)

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.

• ProA Capital has sold Zaragoza-based Grupo Solitium to Koesio, valuing Spain’s leading office-solutions and managed print provider at €250–300 million. Solitium serves over 50,000 SMEs and large corporates, employs 1,500 employees, and partners with Ricoh and HP. It generated €264m revenue and ~€30m EBITDA. Since acquiring control in 2019, ProA executed 40+ bolt-ons, nearly tripling scale. 1

• Queka Real Partners has created B2group by combining B2com, Smartgroup and Datos 101, forming a Spain-based platform delivering telecommunications, cloud and cybersecurity services to SMEs. The transaction is Queka’s ninth, and third investment from Fund II, which closed at €194 million. B2group unifies UCaaS/virtual PBX, fibre and mobile connectivity, billing, and data backup, recovery and cyber solutions, unlocking cross-sell synergies. 2

• Nazca Capital has acquired a majority stake in Valencia-based SanSan via its Nazca Small Cap II Fund. SanSan provides sustainable growing solutions for berries (especially blueberries) designing hydroponic pots and systems that improve yields and resource efficiency, plus traps and pheromones for pest control. The company operates in key blueberry regions (Peru, Mexico, Morocco, Spain), is expanding into strawberries and raspberries, and recorded €16m sales in 2024. CEO-owner José Sancho retains a significant stake and continues to lead the business. Nazca will drive international growth organically and through M&A. 3

• Companhia Siderúrgica Nacional (CSN) has agreed to acquire Galvacolor, a Spanish flat-steel producer in Jerez de los Caballeros, from CL Grupo Industrial (Cristian Lay). Galvacolor makes etched/oiled, cold-rolled, galvanized and pre-painted coils and was restarted by CL in 2021–22 after a ~€20m investment. CL had acquired the former Gallardo assets in 2020. CSN, Brazil’s industrial conglomerate spanning steel, mining, logistics, cement and energy. 4

• Sigma Europa (Campofrío) formed a strategic alliance with Grupo Vall Companys’ pork division subject to CNMC approval. The deal has two parts: (1) Vall Companys will transfer pig-farm Agroalimentaria Chico into Deporcyl, a jointly majority-owned vehicle with Sigma, to secure premium raw-material supply and end-to-end traceability; and (2) Vall Companys will take majority ownership and operational control of the Burgos slaughterhouse and cutting plant, with Sigma remaining a partner. Sigma retains exclusive ownership and management of its consumer fresh-meat plant via Campofrío Frescos, sharpening its focus on innovation and branded consumer products, while Vall Companys concentrates on farming and slaughter operations. 5

• Barcelona-based Plameca, a nutraceuticals and medicinal plants producer spun off from Suanfarma in 2022, is accelerating its buy-and-build strategy and opening its capital to institutional investors. It has acquired California-based Nutribiotic, expanding its U.S. presence and enabling Plameca’s entry into the U.S. nutraceutical market. Post-deal, Plameca targets 2026 revenue above €50 million and EBITDA around €10 million, with 40% of sales from abroad. The firm opened a 6,000 m² Sant Joan Despí facility for solids and liquids, and will shift Pallejà to cosmetics. 6

• Visual Trans, the Porriño (Pontevedra) logistics-software provider, has acquired Barcelona-based DeiWorld, consolidating itself as a leading Spanish vendor of ERP solutions for freight forwarders, customs brokers and logistics operators. The deal integrates DeiWorld’s DEI Trans, DEI Adu and DEI Conta suites into Visual Trans’s platform, expanding coverage to c.500 logistics companies and reinforcing its footprint across 25 countries. 7

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Our Q3 M&A report on software is now available for download in Spanish and English.

• Solfy, a Spanish residential solar installer, acquired Samara’s single-family self-consumption business. As part of the deal, Samara will invest in Solfy’s new funding round and become a shareholder; Samara will refocus on energy solutions for multi-dwelling buildings. Founded in 2022, Solfy reported over €7 million in 2024 revenue. 8

• Roman, the Spanish communications consultancy, has agreed to acquire Dédalo Comunicación. Dédalo brings 30+ years of strategic communications experience and ~€2m revenue in its latest year. The move continues Roman’s 2025 expansion push and consolidates its position among Spain’s leading independent firms. 9

• Swiss Life Infrastructure has acquired a majority stake in Educare, valuing the Madrid-based network of state-funded (concertada) schools at over €220m. It buys the 50% held by the Abarca Cidón family and part of CEO Carlos Madruga’s vehicle Gecesa; Madruga remains a minority shareholder and CEO. Educare operates eight schools with ~10,000 students and 700 teachers. FY revenue is ~€68m with ~€18m EBITDA. 10

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