MAWEEKLY · 11 de noviembre de 2025

Week 45 (2025) in M&A and Private Equity 🛰️🇪🇸

Transactions of the Week (November 3 - 9)

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.

• Stellum Capital acquires a majority stake in Laboratorios Bilper, a Vizcaya-based manufacturer of pet hygiene, cosmetics, biocides and veterinary products marketed under brands such as Menforsan, Megusta and Bacterisan, sold in 60+ countries. The partnership aims to double the business in five years by accelerating international expansion, reinforcing production capacity and innovation, and deepening relationships with strategic partners. 1

• Atrys Health agrees to sell 100% of Aspy Global Services, its occupational risk prevention unit, to Grupo Echevarne for €145m, subject to regulatory and shareholder approvals. The disposal sharpens Atrys’ focus on precision oncology and diagnostic services while substantially deleveraging: net debt/EBITDA is expected to fall from 3.8x to c.1.1x, cutting annual interest by about €13m. 2

• Berlin Packaging (CPP, Oak Hill) acquires Jurcal Packaging, a Spanish specialist in pharmaceutical and veterinary packaging based in Alcobendas. The deal strengthens Berlin’s Iberian footprint and expands its offering in regulated, high-spec primary packaging, including glass and plastic containers, advanced closures, dispensers, sterilization and decoration services. 3

•Sherpa Capital has acquired a majority stake in Navarra-based Koxka, a manufacturer of commercial refrigeration equipment. The transaction gives Sherpa control, enables the exit of a public investor and keeps the Razkin family as minority shareholders leading the business. Koxka has c.250 employees and €40 revenue. The new partnership will reinforce its balance sheet, fund innovation and capacity expansion, and support a plan to double size and exceed €100m sales in the coming years. 4

• MCH Private Equity has agreed to sell its stake in Litalsa, alongside Realza Capital to CEO Juan Inchausti and Oquendo Capital in a transaction that hands control to the company’s leadership team. Álava-based Litalsa is a leading European provider of metal packaging lithography and varnishing for brands such as Nesquik, Calvo, Mahou and Coca-Cola. In 2024 it generated €56m revenues and c.€10m EBITDA. 5

• Corporación Financiera Azuaga takes a majority stake in Idbotic, becoming its main shareholder. Idbotic provides advanced cryptography, post-quantum solutions and secure hardware for civil and military communications. The investment fits Azuaga’s strategy to expand in aerospace and defence, enabling integration of secure communication, PUF-based authentication and multi-level encrypted systems into its portfolio. The partnership should accelerate Idbotic’s growth, scale deployments in high-security environments and strengthen European technological autonomy in critical encryption infrastructure. 6

• Hinojosa Packaging Group completes the acquisition of French folding-carton specialist ASV Packaging, moving from an initial minority stake to full ownership. ASV contributes three plants and c.200 employees focused on packaging for food and consumer goods, increasing Hinojosa’s French footprint to seven sites and reinforcing its European leadership in sustainable carton solutions. The deal broadens Hinojosa’s offering in estuchería, trays, e-commerce packaging and POS displays, supports substitution of plastic with recyclable fibre-based formats, and aligns with its international growth and ESG strategy while maintaining ASV’s commercial positioning and customer base**.** 7

• Cerealto acquires a majority stake in Colorado-based Fresca Foods, a leading co-manufacturer of natural and organic snacks, forming a strategic partnership to accelerate global growth. The transaction establishes a strong U.S. industrial platform, with North America expected to represent about 20% of Cerealto’s future revenues. Combining Fresca’s innovation and premium snacking expertise with Cerealto’s European scale and private-label capabilities enhances service to multinational CPG clients across bars, cereals, crackers and cookies. Fresca’s leadership remains significant shareholders and continues running U.S. operations, while increased investment boosts capacity, innovation and access to the fast-growing better-for-you snacking segment**.** 8

• Registrar Corp, a global regulatory compliance and technology provider backed by Paine Schwartz Partners, acquires CMC Medical Devices, a Spain-based specialist in medical device and IVD regulatory and clinical consulting. The combination creates a comprehensive platform covering MDR/IVDR, global authorized-representative services, export certificates and post-market clinical follow-up across major markets. CMC gains scale and digital tools to broaden offerings, improving speed-to-market and compliance support for clients worldwide. 9

• VINCI Construction’s nuclear subsidiary Nuvia acquires Marsein, a Spanish specialist in nuclear maintenance, welding, decommissioning and radioactive waste management with 280 employees and €32m revenue in 2024. The deal gives Nuvia a direct operational base in Spain, enhancing its capabilities across the full nuclear lifecycle and supporting major Iberian nuclear facilities. Marsein gains access to Nuvia and VINCI’s technological resources, international network and large-scale project expertise, strengthening its service offering and growth prospects. 10

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