MAWEEKLY · 24 de noviembre de 2025

Week 47 (2025) in M&A and Private Equity 🛰️🇪🇸

Transactions of the Week (November 17 - 23)

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.

• Nazca Capital has acquired a majority stake in Ravenloop, a Madrid-based software company specialising in predictive cyber intelligence using AI for Defence and National Security. The deal is executed through Nazca’s Aerospace & Defense fund, replacing previous financial shareholders. Founded in 2018, Ravenloop’s technology anticipates and neutralises cyberattacks in real time in mission-critical environments, addressing Europe’s growing need for sovereign cyber-defence capabilities. Nazca and CEO–founder Daniel Vidal plan to accelerate growth via new solutions and add-on acquisitions, expand internationally and enter the civil critical-infrastructure segment. 1

• Idilia Foods, owner of Cola Cao and Nocilla, has completed its first international acquisition by buying UK premium milkshake producer Shaken Udder. The British company, based in Tiptree (Essex), is expected to reach €40m in sales this year and will continue operating as an independent business unit with its current team. The founders and minority investor LDC are exiting. The deal supports Idilia’s goal of having 20% of revenue generated outside Spain by 2026 and strengthens its position in the milkshake segment, following its 2024 acquisition of 50% of Cacaolat from Damm. Deal value was not disclosed. 2

• Corporación Financiera Azuaga has taken an equity stake in Arogreen, a Barcelona-based producer and distributor of raw materials for the aromas and fragrances sector, to accelerate its international expansion and boost production capacity. Founded in 2019 and headquartered in Rubí, Arogreen offers over 450 references across natural molecules, essential oils and synthetic aromatic chemicals, supplying perfumery, cosmetics, home care, personal hygiene and food clients in 32 countries. The capital increase will mainly expand the Rubí plant, including a new molecular distiller and reactors, and strengthen its sustainable MBA ingredient line, while supporting a strategic plan focused on global growth and portfolio diversification. 3

• Corpfin Capital has agreed to divest Barcelona-based coffee & bakery chain El Fornet after more than a decade of ownership, selling the group to Muzinich & Co. and the company’s management team. The deal marks the exit of one of Corpfin’s longest-standing investments, entered in 2014. Backed by Muzinich as reference shareholder, management will gain greater control and fresh capital to strengthen the balance sheet and accelerate store expansion, particularly in Catalonia and Madrid, as well as B2B and catering lines. El Fornet expects to reach around €40m in sales in 2025, up from c.€36m in 2024. 4

• Everwood Capital, through its Transport & Logistics fund, has acquired majority stakes in three Spanish international express transport companies: Arin Express, Trans Paneuropa and HTG Express, all based in Irún (Guipúzcoa). The integration creates Spain’s leading and one of Europe’s top three door-to-door industrial express transport groups, with around €100m in revenues, 250 employees, over 5,000 clients and strong presence in Spain, France, Germany, Morocco, Turkey, Romania and Serbia. The three businesses offer complementary networks and sector expertise, particularly serving industrial and automotive OEMs. 5

• IPCOM, a pan-European specialist distributor of insulation and energy-efficiency solutions, has agreed to acquire Fanair, a Madrid-based distributor of ventilation, air conditioning, heating and insulation products. Fanair will be integrated into IPCOM’s Isopartner business unit, reinforcing the group’s presence in Spain and across Southern Europe. The target operates two warehouses and a duct manufacturing plant in Madrid plus a branch in Bilbao, employs around 90 people and generates approximately EUR 40m in annual revenue. The deal expands IPCOM’s HVAC offering, strengthens relationships with key suppliers and customers, and supports its strategy to grow in high-value building solutions in the region. 6

• ASICS Corporation will acquire 100% of DPTK INNOVACION Y TECHNOLOGIA SL (“Deporticket”), a Madrid-based race registration platform and Spain’s second-largest sports event platform. The deal supports ASICS’ Mid-Term Plan 2026 priority of “Expanding the Running Ecosystem” by strengthening its digital race services and brand experience for runners. Deporticket offers race registration, calendar, website creation and customisation for events across Spain. 7

• Zotefoams, a UK-based specialist in advanced technical foams, has acquired 100% of Overseas Konstellation Company, a Spanish producer of high-quality technical foams, for up to €36m in cash. The deal comprises €27.6m upfront and up to €8.4m deferred based on OKC’s 2026 performance, implying a 7x multiple of 2024 EBITDA (€5.3m) on €30.1m revenue. Funded from existing resources, the acquisition broadens Zotefoams’ product portfolio, adds recycling and conversion capabilities, and strengthens its presence in European industrial and construction markets. OKC will continue operating from its sites in Spain, with its leadership team retained to ensure continuity. 8

• Indutrade has acquired 100% of ATM Group, a Madrid-based technical trading company specialising in single-use components and flow products for the pharmaceutical, food and beverage industries in Spain. Founded in 1970, ATM employs 42 people across Madrid, Barcelona and Valencia and generates around EUR 10m in annual sales. ATM will join Indutrade’s Life Science business area, marking its first acquisition in Spain. 9

• PyD (Perfumes y Diseño), a Spanish luxury perfume and cosmetics group, has acquired a majority stake in conscious beauty brand Twelve Beauty, founded in 2012 by pharmacist and cosmetic chemist Pedro Catalá. The deal creates a new independent business unit within PyD focused on conscious beauty, responsible innovation and international growth. From its lab in Ondara (Alicante), Twelve develops botanically based, dermatologically driven formulas for sensitive and stressed skin and is sold via premium retailers worldwide. PyD, which manufactures fragrances for brands such as Tous, Scalpers, El Ganso and Bimba y Lola, generated €108m of revenue in 2024.10

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