MAWEEKLY · 1 de diciembre de 2025

Week 48 (2025) in M&A and Private Equity 🛰️🇪🇸

Transactions of the Week (November 24 - 30)

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.

• ProA Capital has acquired a majority stake in Spanish dental implantology leader Klockner Medical Group through its fourth private equity fund. The Padrós family, led by executive chairman Alejandro Padrós, will remain in management and reinvest as minority shareholders, while Xavier Doménech continues as CEO. The transaction includes a €30m capital increase to fund growth across the Iberian Peninsula and internationally, including Europe and the US, where Klockner has a Miami office, alongside a secondary share sale. Sources value the company at below €100m. Klockner generates about €35m revenue and €7–8m EBITDA and was founded in 1987.1

• Spanish PE Tresmares Capital has made a minority equity investment in Convey Technology, a UK fleet and compliance management SaaS provider founded in 2016 by Steve Fisher. Tresmares will provide up to £25m of growth funding to expand sales and marketing, invest in the platform and pursue bolt-on acquisitions that strengthen its product suite, distribution and geographic footprint. Headquartered in Wiltshire, Convey supports over 3,600 fleet operators managing hundreds of thousands of vehicles and assets, offering modules for driver and vehicle compliance, safety and operational efficiency in one integrated system. 2

• Stirling Square Capital Partners’ portfolio company Sustainable Agro Solutions (SAS Group) has acquired a majority stake in Spanish plant-nutrition specialist Agroquímica Codiagro. The deal strengthens SAS’s presence in Spain and other key agricultural markets while expanding its technology and product portfolio in biostimulants, correctors and specialty nutrition solutions. Codiagro adds expertise in phytonutrients, advanced production capabilities, new formulations such as concentrated suspensions, and packaging innovations including Bag-in-Box. The acquisition continues SAS’s buy-and-build strategy following Biovert (2023), Pevesa Agroscience (2024) and Aqua do Brasil (2025), alongside ongoing capacity expansion in Lleida. 3

• PAI Partners has reached a preliminary agreement to sell Uvesco, owner of Spain’s BM supermarkets, to a consortium led by CEO Ángel Jareño and the management team, backed by Basque investors including Kutxabank, Inveready and Stellum Capital. The deal values Uvesco at around €700m and is expected to be signed in mid-December 2025, subject to final documentation and a new shareholders’ agreement. The consortium will acquire 100% of Uvesco: PAI will exit its 73% stake, while founder-family shareholder Ramón Fernández de Barrena will reinvest most proceeds and remain a minority owner. Under PAI, Uvesco grew from ~€1.0bn sales in 2020 to an expected ~€1.3bn in 2025, with EBITDA rising from ~€70m to ~€100m. 4

• Everfield (Aquiline) has acquired teeone.golf, Spain’s leading golf club management platform, and The Mulligan Factory, creator of Clapphouse, the country’s most-used mobile app for golf clubs. The combination creates an integrated golf-tech ecosystem across Iberia: teeone.golf’s cloud suite manages reservations, memberships, tournaments and online member/visitor portals, connecting seamlessly with hotel, accounting and CRM systems, while Clapphouse enhances the on-course experience with booking, live club connectivity and digital score tracking, plus interactive screens and connected hardware. The acquisition aims to accelerate innovation and expand product capabilities. 5

• Relevian, backed by Aurica Search Fund I, has acquired 80% of Hispania Educación y Comunicación and International Students Accommodation Valencia, the Valencia-based “Hispania” Spanish school for foreign students. Founder Marcos Durán will become CEO, while the founding team retains a minority stake and stays involved to ensure continuity. The investment aims to scale the “Método Hispania” beyond Valencia, broaden the course offering and provide resources for nationwide expansion. Hispania is recognised internationally and attracts students from dozens of countries each year. 6

• Alerce Group (Oakley Capital) has acquired Valencia-based Focus Métrica, provider of Apache-certified thermography solutions for vehicles and warehouses, strengthening its leadership in cold-chain logistics software. The add-on expands Alerce’s portfolio with advanced temperature traceability and total control for frozen, chilled and pharmaceutical transport and storage, complementing the group’s telematics and fleet-management SaaS via Wemob. The acquisition follows the earlier integrations of Wemob (2024) and Proxium, supporting Alerce’s ambition to build Spain’s largest logistics IT group and accelerate international expansion. Alerce Group generates nearly €20m revenue, about 40% outside Spain across France, Portugal, Colombia, Chile and Argentina. 7

• Grupo Mazana has acquired a majority stake in Sigma Kreas, a Navarra-based pork and meat holding company (including Cárnicas Iruña, Agropecuaria Obanos, Agropecuaria del Pirineo and Transporci), via a combination of share purchases and a capital increase. The transaction links Mazana’s large-scale pig production and feed/logistics platform—now exceeding 100,000 sows—with Sigma Kreas’ cutting and commercialisation capabilities, supporting tighter vertical integration. 8

• The Workout Group (Goros Investments), Spain’s large-scale event staffing and activation services provider, has integrated Premium Mixes, a specialist in premium cocktail catering and brand experiences, adding a fourth strategic vertical to its existing Events, Retail and ETT businesses. Workout serves more than 1,800 clients nationwide across sports, corporate events, shows, fairs and productions, supported by an extensive network of offices and logistics hubs. Premium Mixes contributes a creative lab, expertise in high-end spirits activations and international reach via offices in Paris. Post-transaction, the combined group expects about €40m in annual revenue, targeting operational and commercial synergies. 9

• Transition Capital has invested in Spanish hair health and care company Moncho Moreno to support the international expansion of its cosmetic products, focusing mainly on Europe and the Americas. The company, co-founded by Berta Martín Sainz and renowned hair professional Moncho Moreno, aims to bring professional salon expertise into at-home haircare through proprietary formulations. In under three years, the brand has achieved distribution in more than 800 pharmacies and specialist retailers.10

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