MAWEEKLY · 18 de noviembre de 2024

Week 46 (2024) in M&A and Private Equity 🛰️🇪🇸

Weekly collection of transactions (November 11 - 17)

• Spanish Private Equity firm ABE Capital Partners has sold Fanox Electronics, a player in electronic protection relays, to Wabtec Corporation. Under ABE’s ownership since 2021, Fanox expanded its product portfolio, entered new international markets, and advanced R&D. Joining Wabtec will provide Fanox with additional resources and a global platform to accelerate growth and innovation. 1

• Cleon Capital has sold 100% of Hevo Group, Spain’s second-largest egg producer, to a European investment firm led by Brazilian magnate Ricardo Faria, founder of Granja Faria. The transaction, valued at €120 million, marks the culmination of Cleon Capital’s strategy to consolidate the fragmented egg production market through acquisitions of Dagu, Ous Roig, Granja Agas, and Avícola Larrabe. Under Cleon Capital’s ownership since 2019, Hevo Group tripled in size, reaching €155 million in revenues and €7 million in net profit in 2023. 2

• Henko Partners, a Spanish private equity firm, has acquired a majority stake in Portuguese hydraulic components manufacturer Balflex. The deal, valued at approximately €100 million, is Henko’s largest to date and marks its third investment in Portugal, following investments in Link and Quadrante. Balflex, founded in 1963, generates €60 million annually and operates production facilities in Brazil and Portugal. Henko plans to boost international growth, expand Balflex’s product portfolio, and increase production capacity. 3

• Providence Equity Partners, owner of VivaGym since April, has acquired Altafit, integrating it into VivaGym to form Spain’s second-largest gym operator with 200 locations and 350,000 members, just behind BasicFit. This marks Providence’s third acquisition for VivaGym in 2023, following purchases of Smartfit and Macro Fit. Altafit, valued at over €150 million with an EBITDA of €17 million, boosts VivaGym’s EBITDA to over €50 million. 4

• Asterion Industrial Partners has agreed to sell Nabiax, Spain’s leading data center group, to a fund managed by Aermont. Nabiax operates three data centers in Alcalá de Henares, Julián Camarillo (both in Madrid), and Terrassa (Barcelona), with a combined installed IT power of 35 MW and potential expansion to over 100 MW. This transaction includes Telefónica’s 20% stake in Nabiax. Asterion established Nabiax in 2019 by acquiring 11 data centers from Telefónica and later expanded the portfolio. Telefónica will continue to deliver and manage services for its clients from Nabiax’s existing facilities. 5

• Egis, a global player in engineering and architecture, has acquired Fenwick Iribarren Architects, a Madrid-based firm specializing in sports and events architecture. Founded in 1990 by Mark Fenwick and Javier Iribarren, FIA is renowned for designing iconic stadiums, including three venues for the 2022 FIFA World Cup in Qatar. This acquisition enhances Egis’s expertise in sports infrastructure, enabling the company to offer comprehensive solutions for major global sporting event. 6

• Serveo (Portobello Capital), has acquired the maintenance business of Navec, a Tarragona-based company that filed for bankruptcy in late September. The acquisition includes two divisions: one serving Repsol’s Petrochemical Complex in Tarragona, employing nearly 290 workers, and another handling maintenance contracts in Algeciras and Cádiz, with just over 100 employees. This move allows Serveo to integrate the corresponding workforce, contracts, inventory, and machinery, thereby preserving a significant portion of Navec’s industrial activity and jobs affected by the bankruptcy. 7

• Maggioli, a company specializing in public data management and technological solutions for businesses and the public sector, has acquired a 51% stake in the Spanish tech firm Wardem through its Spanish subsidiary, ATM. This move strengthens Maggioli’s presence in Spain and enhances its capabilities in digital analytics, technology, and artificial intelligence. With this acquisition, Maggioli now comprises 20 companies and anticipates a combined revenue exceeding €400 million by the end of the year. 8

• Hoff, a footwear company based in Elche, Spain, has welcomed Rahco Capital and a Spanish family office as new shareholders, who together have acquired a 15% stake. The remaining 85% remains with founder and CEO Fran Marchena. This move aims to enhance Hoff’s professionalization and support its international expansion plans. 9

• Veolia has strengthened its position in energy efficiency through the integration of CACTUS, an Andalusian company specializing in energy solutions for cities and buildings. This move aligns with Veolia’s strategic GreenUp program, focused on decarbonization, resource regeneration, and affordable energy solutions. Founded in 2010, CACTUS offers integrated energy services, including public lighting efficiency and customized sustainability solutions. 10

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I am a Partner at Albia IMAP. 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 50 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.