MAWEEKLY · 12 de enero de 2026

Week 52 (2025) in M&A and Private Equity 🛰️🇪🇸

Transactions of the Week (December 22 - 28)

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.

• A&M Capital Europe and the Manzanares family have agreed to sell Ayesa Digital to a consortium comprising Indar Kartera (Kutxabank’s investment vehicle), BBK Foundation, the Basque Government through Finkatuz, and technology company Teknei. The deal will close in coming months pending regulatory approval. Ayesa Digital, one of Spain’s top five digital service providers, will focus on AI, cybersecurity, automation, data management, and quantum computing. With over 11,000 employees, the company will maintain its current management team, with José Luis Manzanares continuing as CEO during the transition. 1

• Nzyme, a private equity fund backed by Kibo Ventures and Oliver Wyman, has acquired a majority stake in White Vega, a Spanish technology company specializing in SaaS platforms for physical asset management. Founded in 2018 and based in Madrid, White Vega generates around €8 million in annual revenueand serves major clients including Altamira, Sareb, and Haya Real Estate. The founders will remain as minority shareholders and continue leading operations. This marks Nzyme’s fourth investment, with plans to drive digitalization, internationalization, and growth into new sectors. 2

• Phenna Group (Oakley Capital), a UK-based leader in Testing, Inspection, Certification and Compliance, has acquired 4fores, a Spanish provider of testing and grid integration solutions for renewable energy systems. This marks Phenna’s 24th acquisition in 2025 and its entry into Spain. Founded in 2010 by Diego López Andía and engineers from the University of Zaragoza, 4fores operates across 14 countries. The company offers testing, inspection, power quality compliance, and R&D services for renewable energy plants and grid operators 3

• Hiberus has acquired Telefónica Tech’s operations in Colombia, Mexico, and Chile. The companies will maintain a strategic alliance allowing Telefónica Tech to continue serving multinational clients in the region. The acquisition ensures continuity of employment and contractual relationships, while Telefónica Tech’s Digital Operations Center in Colombia remains under its control. This move allows Telefónica Tech to focus on its core markets (Spain, UK, Germany, Brazil)while hiberus strengthens its Latin American presence and cybersecurity/cloud capabilities.4

• Serveo, backed by Portobello Capital, has acquired Tecnolimp, a company specializing in industrial technical cleaning with strong presence in Catalonia, particularly Tarragona’s industrial hub. This acquisition strengthens Serveo’s position as a comprehensive industrial services provider, expanding capabilities in complex sectors like chemical, petrochemical, energy, food, and pharmaceutical. Over 70% of Tecnolimp’s business focuses on chemical and petrochemical sectors, with 75% of revenue from Catalonia. The integration includes 64 employees and aims to create commercial synergies and cross-selling opportunities. This follows Serveo’s recent acquisitions including Global Dominion Access, Grupo Jauregui, and operations from Duro Felguera and Navec. 5

• Alantra Private Equity has combined Spanish technical fabrics manufacturer SPW Fabrics with Italian producer MITI to create a European leader in high-performance technical fabrics. Founded in 1931, MITI specializes in warp-knitted fabrics for cycling and sportswear. The merged group will generate approximately €50mn in revenue, employ over 300 people, operate four manufacturing sites across Italy, Spain, and Hungary, with 70% of sales international. Both founding families remain involved, with Alantra supporting further expansion through acquisitions across Europe. 6

• French private equity fund Eurazeo has taken control of Exterior Plus, one of Spain’s top three outdoor advertising companies, from HIG Capital (owner since 2016). Eurazeo previously served as the company’s main lender through Idinvest. Exterior Plus had revenues of €47.23 million in 2023 and holds a 23.41% market share. 7

• Grupo Agrosana, a Mazarrón-based agricultural inputs company backed by Corpfin Capital, has acquired Almeria’s Fitoponiente. This marks Agrosana’s first acquisition outside the Murcia Region, following previous purchases of Agroquímicos Hermanos López and Bartolomé Hernández. The deal is expected to push revenues beyond €90 million and strengthen presence in Murcia and Almeria through two new supply warehouses. Fitoponiente’s team and founders will join Agrosana while maintaining their commercial and logistics roles. 8

• German cosmetics giant Cosnova, founded by Spaniard Javier González and his wife, Christina Oster-Daum, is acquiring Catalan firm Niche Beauty Lab. The deal awaits regulatory approval. Cosnova closed last year with €954 million in sales and expects to surpass €1 billion in 2025. Niche Beauty Lab, which shares Cosnova’s focus on premium products at affordable prices, recorded 2024 sales of €41.3 million with €5.5 million in profit. The acquisition will give Niche Beauty Lab access to Cosnova’s resources and distribution network. Only 10% of Niche Beauty Lab’s revenue comes from Spain, with 68% from other EU countries.9

• Magnum Capital acquired Cap Médica, a hair aesthetic specialist from DermaCanarias. This add-on strengthens Gournay, Magnum’s dermatology and aesthetic medicine platform launched in February 2024. Magnum also acquired Pedro Jaén dermatology clinics, with Moira Capital exiting. This mirrors Magnum’s previous strategy with Miranza ophthalmology group, sold to Germany’s Veonet in 2022 for around €250 million.10

• The Visuality Corporation (TVC) management team has acquired the company, which specializes in high-end mannequins and window display solutions for the fashion sector. The transaction was backed by private investors, with Miura Partners’ stake transferred to new ownership. A refinancing agreement has strengthened the company’s financial structure. The new phase will focus on consolidating TVC’s presence in the premium visual merchandising market, leveraging innovation and new production technologies like 3D printing.11

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