MAWEEKLY · 15 de diciembre de 2025

Week 50 (2025) in M&A and Private Equity 🛰️🇪🇸

Transactions of the Week (December 8 - 14)

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.

• US private equity firm TPG is investing €65m in French education group Healthacademia, owner of Spanish MIR exam school AMIR, taking a minority stake via a capital increase. The deal values Healthacademia at about €445m (c.€243m equity and €202m debt) and implies roughly a 20% interest for TPG. Proceeds will fund further growth and strengthen the balance sheet by reducing leverage. Debt funds managed by Permira and CVC have extended maturities to November 2029 and relaxed covenants. Healthacademia generates around €28m of EBITDA. G Square Capital, linked to the Gallardo family (Almirall), remains majority shareholder following its 2021 reinvestment in Healthacademia. 1

• Vidrala, a leading European glass packaging producer, has signed a binding agreement to acquire 100% of Chilean glass container manufacturer Cristalerías Toro, based in the Santiago metropolitan area. The target supplies food and beverage clients, many of them global and complementary to Vidrala’s customer base. The €77m transaction forms part of Vidrala’s internationalisation strategy, adding an industrial foothold in Chile and reinforcing its growing Latin American platform following its entry into Brazil in 2023. Closing is expected in early 2026, subject to conditions, with Vidrala forecasting a solid balance sheet and net debt below 0.5x annual EBITDA after completion. 2

• Diana Capital has acquired a minority stake of around 40% in Revestech, an Alicante-based specialist in advanced waterproofing systems for roofs, terraces, bathrooms and other wet areas. The investment, made via Diana Capital III, will finance Revestech’s international expansion, operational improvements and selective acquisitions, as well as new subsidiaries in strategic markets. Revestech, founded in 2006, expects 2025 sales of about €15m and EBITDA above €4m, operating a 5,000 m² plant with proprietary extrusion technology and around 70 employees. The company already exports 30% of output, with strong presence in Europe and growing exposure in the Americas and Asia. 3

• Avior Capital, a Spanish private equity firm, has acquired a majority stake in Eslava Plásticos, a Valencia-based leader in mechanical recycling of post-consumer plastic waste. The company processes household plastic residues (HDPE, PP, LDPE, PS), supplying high value-added recycled materials to packaging, construction, agriculture and automotive customers. The investment will fund capacity expansion (up to c.85,000 tonnes a year), industrial upgrades and further growth in Spain and abroad. Eslava employs around 85 people, sells 70% of its output domestically and exports to 27 countries. 4

• French family-owned investment group Dellen has entered the Spanish market by acquiring Geointec, a Madrid-based engineering firm specialised in geotechnics, foundations and hydraulics for renewable-energy projects. The deal, arranged via SME M&A platform Deale, fits Dellen’s long-term European expansion strategy in engineering alongside its Climanext subsidiary in France and Germany. Founded in 2002, Geointec has subsidiaries in France, Chile and Australia and has worked on over 3,000 projects in more than 50 countries, focusing since 2014 on solar and wind plants. The transaction is aimed at accelerating Geointec’s growth and reinforcing its role in the energy transition. 5

• Carbyne Equity Partners has acquired SuanNutra, the nutraceutical ingredients business of Suanfarma, a portfolio company of ArchiMed, marking Carbyne’s entry into the nutraceuticals sector. SuanNutra, built around branded ingredients platform Monteloeder and EU subsidiary Gonmisol, supplies clinically validated, science-based nutraceutical ingredients and has delivered ten consecutive quarters of revenue and gross profit growth. The deal supports Suanfarma’s strategic refocus on active pharmaceutical ingredients, while giving SuanNutra an independent ownership structure to accelerate international expansion, secure supply chains, broaden its ingredient portfolio and deepen customer relationships. 6

• Flamasats, the company behind Clipper lighters and controlled by a branch of the Puig family, has acquired Velas Martínez Morales, Spain’s largest manufacturer of scented candles. The Toledo-based company supplies major retailers and private-label clients and is considered a reference player in the Spanish candle market. The transaction marks Flamasats’ diversification beyond smoking accessories into home fragrances, adding industrial capacity and a complementary product line. Financial terms have not been disclosed. Velas Martínez Morales will continue operating under its current structure, while benefiting from the Puig family’s industrial know-how and international reach to support further growth. 7

• Clun and Leche Celta (Lactogal group) have agreed to create CoRural, a new dairy group that will become the third-largest milk collector in Galicia, behind Lactalis and Capsa. The alliance, pending competition approval, combines Clun’s cooperative milk supply with Leche Celta’s industrial expertise and national market know-how. CoRural will bring together 1,400 producers, 800 employees and eight plants, generating around €600m in annual revenue while keeping brands such as Celta, Feiraco, Clesa, Únicla and La Vaquera. The partners aim to gain scale, improve efficiency, support farmer profitability and remain open to additional cooperative or non-cooperative partners. 8

• Grupo de Incendios, backed by Abac Capital, has acquired Bombas BCM, a Jerez de la Frontera–based specialist in certified fire-fighting pressure pump groups. The deal strengthens Grupo de Incendios’ leadership in active fire-protection systems across Iberia and adds a technically complex, high-growth product line that is critical in fire installations. Bombas BCM has grown strongly in recent years thanks to the reliability and quality of its equipment and valued technical service. Its integration widens the group’s portfolio, boosts industrial capacity and enhances supply security, supporting a strategy to offer fully integrated, end-to-end fire-protection solutions. 9

• Ecuador-based shrimp producer Omarsa has acquired a 51% stake in Spanish shrimp processor Pescafacil, prompting the full exit of shareholders Lamar and Luis Manuel Comella, while the Llop family retains 49%. Pescafacil operates a plant in Burgos and expects to market around 5,000 tonnes of product in 2025, with sales slightly above EUR 35m, up from EUR 33.7m in 2024. Omarsa has c.170,000 tonnes of volume and nearly USD 800m in revenue.10

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