MAWEEKLY · 3 de noviembre de 2026

Week 44 (2026) in M&A and Private Equity

Transactions of the Week (October 26 - November 1)

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.

Yesterday was a bank holiday in some parts of Spain. Here is the usual selection of transactions. It’s been quiet over the past few days, so I added a couple of transactions that were missed in previous weeks. See you next week!

• MaserGrup has acquired Skjodt-Barrett’s largest division, which makes pouch-format baby food, for its subsidiary Global Fruselva. The deal is the largest in MaserGrup’s history and adds a 130,000-square-meter industrial site in Indiana, including a factory producing 300 million units annually and a workforce of 360. The business generates approximately €100 million in sales and leads North America’s pouch-food manufacturing market. The acquisition will be financed through internal resources and bank debt. It expands Global Fruselva’s existing operations in Spain, Chile, and Colombia and follows MaserGrup’s purchase of Swiss baby-food company Holle Baby Food. The group expects revenue above €300 million this year and aims to exceed €400 million in 2027.1

• Stellum Capital has become the majority shareholder in Walter Pack through a capital increase alongside EZTEN II and Seed Capital Bizkaia, while Antolin exits the company. The investment will support Walter Pack’s international expansion, increased production capacity and continued development of customer projects. Founded in 1992 and headquartered in Biscay, Walter Pack employs more than 450 people and operates in Spain and Mexico, producing functional decorative components for automotive, white goods and consumer electronics companies. The company aims to double sales and exceed €100 million in revenue by 2029. 2

• Dutch private equity firm Standard Investment has acquired a stake in GasExpress, a Spanish automatic petrol-station operator with more than 50 locations across ten provinces and six autonomous communities. GasExpress reported revenue above €190 million in 2024 and 5.8 million refuelling transactions annually. The investment is Standard Investment’s second in Spain, following its majority acquisition of plastics-pipe company Plásticos Ferrando in September. 3

• Eurofesa announced the acquisition of RBC Instalaciones PCI e Intrusión, strengthening its presence in Spain’s Valencian Community. Together, they aim to build a leading, stronger delegation in the Levante region, with expanded capabilities and new opportunities for growth. Eurofesa is part of Presto, one of Europe’s leading player with a comprehensive offer in fire protection, first aid, and safety training. Presto is backed by Adelis Equity Partners.4

• Boluda Shipping has agreed to acquire all of Samskip, including its assets and operations, to build a leading European short-sea shipping network connecting northern Europe, the Iberian Peninsula, the Canary Islands, and West Africa. The combined network is projected to include 32 ships, 18 routes across 28 countries, 21 maritime terminals, five rail terminals, and more than 500 trucks. The companies aim to expand customer connections and capacity while improving service efficiency and reliability. Their maritime, multimodal and logistics expertise will be integrated, with Rotterdam serving as a strategic hub. 5

• CVC DIF has completed its acquisition of a majority stake in Cernaval, a Spanish shipyard specialising in commercial vessel repair, maintenance and conversion. Located at the Port of Algeciras Bay on the Strait of Gibraltar, Cernaval operates under a long-term port concession and has facilities including dry and floating docks, quays and workshops. The company employs around 275 people and worked on 68 vessels in 2025. CVC DIF plans to support the shipyard’s modernisation, expand its capabilities, improve commercial and operational processes, and invest in digitalisation and energy efficiency. 6

• Técnicas Sanjorge, backed by Mediterrania Capital Partners, has acquired 100% of AgroProtectors, a Barcelona-based provider of sustainable crop-protection and trellising solutions. The acquisition accompanies the launch of Grovium, a new umbrella brand bringing together Técnicas Sanjorge, Coflor, RQA, and AgroProtectors while allowing each business to retain its commercial name. The group offers integrated agricultural solutions spanning greenhouse construction, hydroponics, irrigation and water management, growing substrates, and crop protection. AgroProtectors adds customers in 21 countries across four continents and opens opportunities in new markets, particularly Latin America. Since Mediterrania’s investment in 2023, the group has expanded through five acquisitions, increased international sales from 16% to 36% of revenue, and grown its presence in Africa. Grovium aims to continue expanding organically and through acquisitions; revenue is projected to rise from €23 million in 2023 to €45 million in 2026. 7

• Aggity has acquired a 40% stake in Spanish drone operator Cargo Drone Solutions, strengthening its position in dual-use defense and emergency technologies. Cargo Drone holds AESA authorization to operate drones beyond visual line of sight and over populated areas. The investment follows Aggity’s acquisition of vertiport specialist Bluenest. Together, these capabilities could provide an integrated system spanning drone operations, ground control, and command centers. Aggity is also leading IGNIS IA, a €14.4 million project to develop autonomous dual-use drone responses to emergencies. 8

• German group Saria, owned by the Rethmann family, has agreed to acquire a controlling stake in Spanish meat by-products company Bioscor from Magnum Industrial Partners. Bioscor collects and processes animal by-products into biofuel feedstock and ingredients for human and animal food. It operates three production plants and generated €169 million in sales under Magnum’s ownership. The acquisition will expand Saria’s presence in Spain and create a combined business with more than €200 million in Spanish revenue. Saria has 12,500 employees and 200 production sites across 26 countries, with consolidated revenue exceeding €3.3 billion.9

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