Week 45 (2023) in M&A and Private Equity 🛰️🇪🇸

• The Chinese pharmaceutical company Worg Pharmaceuticals has acquired Diater from Nazca Capital. Worg is specialized, like Diater, in the treatment of allergies with immunotherapy. Nazca acquired Diater from Grupo Ferrer in 2019. The company had a turnover of 23 million and recorded an EBITDA of 8 million during 2022. 1

• Fresenius has sold its fertility business Eugin Group to Spanish PE GED Capital and the fertility group IVI RMA, which KKR acquired last year for €3bn. Eugin operates 69 clinics in 11 countries. 2

• L-GAM, the investment firm established in 2013 in partnership with the Princely Family of Liechtenstein fund, has signed the acquisition of Trison, the company specialized in sensory marketing until now in the hands of the Spanish Private Equity firm Portobello. 3

• Amara NZero, whose reference shareholder is the investment fund Cinven, has signed the acquisition of the American company Sunrgy. Sunrgy is one of the large solar energy specialist firms in the state of Texas. In 2022, the company obtained a turnover of more than 60 million dollars and an EBITDA of 4.5 million. 4

• The management team of Egrin Alimentacion, located in Lodosa (Navarra), has acquired the stake owned by Sodena, a public company dependent on the Government of Navarra. The company, which began its activity in 2016, is dedicated to the manufacturing and marketing of a wide variety of ready-to-eat products.5

• Antolin, a Spanish group dedicated to the manufacturing of vehicle components, closed an agreement with Fidelium Partners for the sale of its Austrian plant in Ebergassing, which has a workforce of around 500 people and is expected to reach an EBITDA of more than one million euros and revenues of 140 million. The center produces vehicle interior trim and floor mats. 6

• Agotzaina, a Spain-based pasteurised egg products company, has acquired Catalonia-based Industrial Pastelera San Narciso (Inpanasa), a producer and distributor of industrial pastries. Inpanasa had a turnover of ~19 million euros in 2022. Agotzaina expects to reach EUR 630m and a EUR 50m EBITDA. 7

• Vivaticket, an Italian provider of integrated ticketing software solutions for the leisure and entertainment, sports, culture and trade fair industries, has announced the acquisition of Impronta Soluciones, a Spanish ticketing provider**.** 8

• Defeder, a company specialized in the development of ecological products for agriculture and animal feed, has announced the acquisition of the company Calcisol, a company from Guipúzcoa specialized in fertilizers and calcium amendments. 9

• The French group Piex buys the Spanish company Apexfarma. By acquiring the Spanish company Apexfarma, the French company, leader in the distribution of health products in Africa, completes its offer and strengthens its presence on an African continent. 10

• …

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I am a Partner at IMAP Albia Capital. IMAP is an International Mergers and Acquisitions Partnership with a 50-year track record, more than 450 M&A professionals worldwide and a presence in 41 countries. IMAP has closed over 2,200 transactions valcued at $130bn in the last 10 years and is consistently ranked in the world’s Top 10 M&A advisors (Refinitiv) for mid-market transactions.

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1

https://www.expansion.com/empresas/industria/2023/11/07/654977a5e5fdea6b358b45f8.html

2

https://cincodias.elpais.com/companias/2023-11-08/kkr-y-ged-compran-a-fresenius-las-clinicas-de-reproduccion-asistida-eugin.html

3

https://cincodias.elpais.com/companias/2023-11-10/el-fondo-l-gam-firma-la-compra-de-trison-el-aliado-en-marketing-de-inditex.html

4

https://www.europapress.es/economia/noticia-amara-nzero-compra-sunrgy-impulsar-negocio-solar-estados-unidos-20231106131859.html?utm_campaign=smartclip_social&utm_medium=Social&utm_source=Twitter

5

https://www.diariodenavarra.es/noticias/negocios/dn-management/empresas-navarras/2023/11/08/egrin-alimentacion-compra-sodena-participacion-sociedad-588583-3380.html

6

https://www.expansion.com/empresas/motor/2023/11/10/654d2f36468aeb73038b4640.html

7

https://www.alimarket.es/alimentacion/noticia/379863/agotzaina-compra-otra-fabricante-de-pasteleria-e-irrumpe-en-platos-preparados

8

https://www.europapress.es/economia/noticia-italiana-vivaticket-adquiere-impronta-soluciones-consolida-presencia-espana-20231110132653.html

9

https://cadenaser.com/aragon/2023/11/08/defeder-acelera-su-crecimiento-con-la-adquisicion-de-calcisol-ser-aragon-oriental/

10

https://afrique.latribune.fr/economie/strategies/2023-11-06/le-groupe-francais-piex-rachete-l-entreprise-espagnole-apexfarma-982463.html