MAWEEKLY · 9 de diciembre de 2025

Week 49 (2025) in M&A and Private Equity 🛰️🇪🇸

Transactions of the Week (December 1 - 7)

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.

• Oakley Capital, through Oakley Capital Fund VI, is investing in Paraty Tech, a Spanish hotel demand-generation and direct-booking platform. Founded in Málaga in 2012 by siblings Gina and Franz Matheis, Paraty offers a cloud system that helps hotels manage direct reservations, pricing and availability across website and telephone channels, increasing direct bookings and reducing reliance on OTAs. The commission-based platform is complemented by digital marketing and outsourced contact-centre services. Oakley will back the founder-led team to accelerate international expansion, particularly beyond Iberia into Latin America and the US, and to pursue travel-tech acquisitions. 1

• Indra has agreed to sell its Business Process Outsourcing (BPO) unit to Bilbao-based technology firm Teknei for €96.6m. The perimeter covers operations in Spain, Colombia, Italy, Peru, Mexico, Chile and Portugal, with contracts and technology transferring to protect service continuity. More than 5,000 employees will move to Teknei under a social clause preserving jobs and conditions for at least two years after closing. For Indra, the divestment supports its “Leading the Future” plan to focus investment on Defence, Space and advanced digital technologies. For Teknei, it adds scale toward its €1bn revenue target for 2030, while expanding its footprint. 2

• French healthcare group Urgo has agreed to acquire 80% of Nutralie, a fast-growing supplements brand based in Sant Cugat del Vallès (Barcelona). Nutralie, created in 2018 within Nutriexperts/Free Falling, sells premium dietary supplements through an omnichannel model: around 4,500 Spanish pharmacies plus online sales across Europe, where it operates in roughly 12 countries. The deal gives Urgo a stronger foothold in nutraceuticals and a platform to speed Nutralie’s international rollout, especially in major markets such as France and Italy, and broaden product offerings. 3

• Reig Jofre has taken control of Spanish biotech active-ingredient producer Leanbio by increasing its stake from 47% to 85%. The deal strengthens Reig Jofre’s vertical integration in biotechnology, allowing it to cover the full value chain for biological medicines, from drug-substance development to GMP manufacturing and finished injectable products. Leanbio contributes capabilities in recombinant proteins, antibodies, plasmid DNA and RNA technologies. The remaining 15% stays with Leanbio’s founders and specialist investors. 4

• Sphere España, part of the SPHERE Group, has acquired Catalonia-based Plasticbag, a producer of 100% post-consumer–recycled refuse sacks for the professional market. The add-on diversifies Sphere España’s portfolio and provides a stronger base to expand production capacity and accelerate circularity in flexible materials at its Pedrola (Zaragoza) industrial hub. Plasticbag employs around 30 people, consumes roughly 6,000 tonnes of PCR raw material per year and generates about €10–11m in annual revenue. The transaction also deepens Sphere’s offer to B2B customers, adding technical know-how and opening cross-plant technology synergies, while further reinforcing leadership in recycled-material solutions. 5

• Everwood Capital, through its Transport & Logistics fund, has acquired a majority stake in Altair Consultores Logísticos, a Madrid-based freight forwarder and foreign-trade consultancy with €100m in revenue and 147 employees. Altair will be integrated with Everwood portfolio company Maresa Logística (acquired in 2024) to form a new Iberian forwarding leader with €160m in sales and around 500 staff. Altair CEO Antonio Méndez will lead the combined group, with a blended management team and sellers remaining involved to support growth. The deal reinforces Everwood’s 12-company transport platform, targeting scale, digitalisation and ESG-driven expansion. 6

• Barcelona-based search fund Quo Inversión, led by entrepreneurs Narcís Feliu de la Peña and Ariadna Cañellas, has acquired 100% of Hermex, a Sabadell SME that designs and distributes equipment for schools. The transaction ensures continuity for a nearly 40-year-old business facing a succession challenge. Founded in 1988, the founders will remain involved for a transition period. Hermex reported €11.6m revenue and €1.1m net profit last year and employs 40 people, supplying furniture and educational materials to more than 3,000 schools across Spain. Feliu and Cañellas become co-CEOs and plan gradual growth, including potential add-on acquisitions. 7

• Hevo Group, Spain’s egg-production platform within the Global Eggs holding, has acquired Galicia-based Avícola Tratante, a 50+ year producer and marketer of eggs located in Sixto (Dozón, Pontevedra) and founded in 1969. Tratante is recognised locally and holds the Galicia Calidade seal. The deal is Hevo’s third acquisition in 2025 (after Granja Legaria and El Granjero) alongside investments to expand and modernise facilities. Adding Tratante strengthens Hevo’s nationwide footprint, with centres in Guadalajara, Cuenca, Tarragona, Navarra, Bizkaia and Pontevedra, and supports its transformation agenda focused on efficiency, sustainability and operational excellence, while consolidating leadership in Spain. 8

• Grupo Zurita has acquired b2Pack, a manufacturer of primary and secondary packaging serving pharmaceutical, medical, cosmetics and retail customers. The transaction supports Grupo Zurita’s strategy to diversify and consolidate as an integrated printing-and-packaging provider and positions the group as a stronger benchmark supplier in regulated, demanding end-markets. By bringing b2Pack into the group, Zurita expands beyond its existing strengths in leaflets, labels, flexible materials and grid paper, adding dedicated packaging facilities, production lines and technical resources. The integration is expected to increase overall manufacturing capacity, enhance supply continuity and security through a combined production footprint, and enable a broader end-to-end offer. 9

• Indian pickles and condiments exporter Freshara Agro Exports has acquired Navarra-based Aceitunas Sarasa out of voluntary insolvency, marking Freshara’s first acquisition in Spain. The deal covers Sarasa’s three facilities in Andosilla and Cárcar (Navarra) and Almendralejo (Badajoz), plus machinery, trademarks and supplier contracts. Headquartered in Chennai, Freshara exports to more than 50 countries. Sarasa entered court protection in September 2025 without liquidation; Freshara plans to keep around 80–90 employees and maintain production, integrating the business into its platform.10

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