MAWEEKLY · 22 de diciembre de 2025

Week 51 (2025) in M&A and Private Equity 🛰️🇪🇸

Transactions of the Week (December 15 - 21)

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.

This is the last weekly issue of 2025. Next one will be the yearly recap. Merry Christmas!🎄

• Ardian Expansion has signed an exclusive agreement to acquire a majority stake in Fermax, a Valencia-based leader in intercom/video door entry, home automation and access-control technologies, serving collective housing and smart buildings. Founded in 1949, Fermax manufactures in Valencia and sells in more than 85 countries; Ardian notes 2025 turnover above €90m and over 550 employees. Ardian will support accelerated international expansion, combining organic initiatives with targeted add-on acquisitions, and will fund continued R&D, digital channels and product innovation. The deal follows Fermax’s recent ownership by MCH Private Equity and Eurazeo. 1

• CIE Automotive has agreed to buy 100% of Aludec for €200 million, paid in cash and financed from CIE’s available liquidity, to enter the decorative (aesthetic/branding) components niche. Aludec produces plastic and metal trim parts for vehicle interiors and exteriors and runs 10 plants across Spain, Portugal, Mexico and the United States. The group expects Aludec to deliver about €160 million of 2025 sales and employs roughly 1,300 people. 2

• Ardabelle Capital has agreed to acquire Plymag (Tresmares Capital), a Spanish company specializing in agricultural biostimulants and biosolutions, differentiated by seaweed-based solutions. Founded in 1978, Plymag is recognized for its patented natural seaweed extraction technology, strong R&D capabilities and deep expertise in biosolutions. The business sells in 32 countries and has subsidiaries in Portugal, Chile, Colombia and Peru. After more than 40 years leading the company, the Feliu family is handing over control to open a new growth phase with a strategic partner focused on continuity and acceleration. 3

• Montefiore Investment has agreed to acquire a majority stake in Between Group, a Spanish technology and engineering consulting firm, marking Montefiore’s first deal in Spain just three months after opening its Madrid office. Seller The Talent Club (which previously owned 80%) and Between’s management will reinvest and remain shareholders alongside Montefiore; the transaction is financed with a loan from Eurazeo. Between was created in 2015 through the merger of Adiciona and Solid Engineering and generates around €100 million in annual revenue, with EBITDA of roughly €10 million, employing more than 1,300 people. The group provides IT and engineering services, staffing and turnkey outsourced projects, and operates additional brands including GammaUX, DMD Solutions, DQS Consulting and Hopla. The strategic plan targets €200 million revenue by 2028. 4

• Indra has agreed to acquire Wake Engineering, the unmanned-systems unit of Spanish group CPS, strengthening its push into drones as part of its defense growth strategy. Wake designs and produces UAVs and is especially attractive for its vertical take-off and landing (VTOL) technology, already proven in flight prototypes and enabling operations without runways in constrained environments. Indra plans to integrate Wake’s designs with the avionics and mission systems of its Tarsis UAV family, which it bolstered in July by buying Aertec’s drone business—making this Indra’s second drone acquisition in six months. 5

• Molins has agreed with Semapa to acquire 100% of Secil for €1.4bn, a deal expected to be earnings-accretive from year one through synergies and strong cash generation. Secil, headquartered in Lisbon, operates in eight markets with about 10m tonnes of annual cement capacity and a portfolio spanning cement, concrete, aggregates, construction solutions and circular economy. It employs 2,900+ people and generated €740m of last-twelve-months sales. The acquisition strengthens Molins in Europe, adds Brazil to its Latin American footprint, diversifies revenues and supports decarbonisation goals. 6

• Italian group Rina has acquired 100% of Gloval, Spain’s third-largest real-estate valuation firm, in a full buyout from private equity funds Charme Capital Partners (50%) and Miura Partners (33%), as well as Gloval’s founders and management (17%). Gloval, formed in 2017 through the merger of Ibertasa, Valtecnic and VTH, generates over €31 million in revenue and employs more than 270 professionals, mainly in Spain and Portugal. It has expanded through acquisitions and by developing consulting and AI-related services, adding businesses such as Prime Yield, Gloval Consulting and Engineering, and launching Gloval Analytics. The management team remains in place, led by Roberto Rey as chairman and CEO. For Rina, already active in several European markets, the deal strengthens its real estate platform and supports expansion into Spain and Latin America. 7

• Keensight-backed Inke, a Spanish manufacturer of inhalation APIs and highly potent APIs (HPAPIs), has acquired Pharmanoid from Gentec Pharmaceutical Group. Pharmanoid operates a 1,200-sqm EU-GMP and ANVISA-certified site near Barcelona producing ophthalmic HPAPIs, including prostaglandins used as first-line glaucoma treatments, with products authorized in 25+ countries across Europe and Latin America. The add-on expands Inke beyond respiratory APIs, strengthens its HPAPI platform and regulatory footprint, and creates a broader base to serve other high-value, low-volume therapeutic areas. The add-on is a logical next step in Inke’s story: in April 2023, Neuraxpharm (backed by Permira) agreed to divest Inke to Keensight so it could accelerate as an independent inhalation-API specialist. 8

• Balio Capital has acquired Spanish meat-prepared foods producers Caleya y Santiago (Adobos Caysan) and Embutidos La Granja in its first food-sector investments. The two transactions were executed simultaneously as a joint project to ensure continuity of two family businesses undergoing generational succession. Management teams reinvested alongside other backers including Kereon Partners, Kaizaharra Corporación Empresarial, Holfisa Grupo Empresarial and Dularra Inversiones. Caleya y Santiago reported €13.62m of 2024 revenue, €1.7m net profit and 29 employees, selling about 3,200 tonnes of marinated products and fresh sausages, with strong penetration in organized retail (e.g., Alcampo, Carrefour, Alimerka, El Corte Inglés and Dinosol). Embutidos La Granja posted €8.9m 2024 net sales, €0.9m net profit and 19 employees, focused on smoked and marinated pork products (notably codillos). Both operate modern Madrid-region plants and hold IFS Food certification.9

• India-based seafood multinational Infifresh Foodtech (Captain Fresh) has agreed to acquire Frime, a Catalan family-owned tuna processor and distributor controlled by the Ramon family. Founded in 1977, Frime sells yellowfin tuna loins and portions under the Koldfin and Frime brands. The company posted €172m revenue in 2024 with €7.1m EBITDA and expects about €180m revenue and ~€10m EBITDA in 2025, employing 500 people. It operates modern sites in La Roca and Mercabarna, with capacity of 15,000 tonnes of tuna and 3,800 tonnes of squid, serving customers in around 30 countries and expanding into supermarket retail.10

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