MAWEEKLY · 9 de febrero de 2026

Week 6 (2026) in M&A and Private Equity🛰️🇪🇸

Transactions of the Week (February 2 - 8)

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 has agreed to sell Ayesa, a global engineering and digital services provider, through two transactions: Colliers will acquire Ayesa’s Engineering Services division, while BBK will acquire its Digital Services division. The sales, totaling approximately €1.1 billion, are expected to close in the first half of 2026, pending regulatory approvals. Under A&M’s ownership, Ayesa has significantly expanded its revenues and operations, establishing a stronger global presence.1

• Afianza has secured €110 million in financing from BlackRock to support its strategic growth plan. The financing, structured as a seven-year bullet loan, aims to eliminate existing debt and fund expansion initiatives. Key objectives include increasing annual revenue by €30 million, hiring over 500 professionals annually, and expanding geographically. This partnership with BlackRock not only provides financial backing but also enhances market confidence in Afianza’s business model, enabling it to compete more effectively with major consulting firms in Spain. Last week Afianza also announced that it has acquired Idea Asesores, enhancing its presence in Andalucía with a new office in Málaga. This move is part of Afianza’s expansion strategy, having integrated 16 companies in 2025. 2

• Spanish private equity firm Abac Capital has sold cheese distributor Global Dairy Ventures (GDV) to Dutch dairy giant Royal A-ware for approximately €100 million. This marks the first exit for Abac’s second fund (€350 million). GDV, formed through the integration of Iberconseil, Disalp, and Adonis, generates annual revenues of around €120 million with €11 million EBITDA. The company specializes in cheese distribution with 2,000 gourmet product references, serving horeca (40%), retail (40%), and industrial (10%) channels. Royal A-ware acquires 100% of the company. 3

• UK-headquartered Phenna Group (Oakley Capital) completed two back-to-back acquisitions to expand its Occupational Health & Safety (OHS) capabilities across Spain and Portugal. Both targets joined the group’s Certification and Compliance Division. GTP (Gabinete Técnico de Prevención) is Phenna’s 2nd deal of the year. GTP is a specialist OHS inspection and consultancy firm focused on complex, high-risk construction and engineering projects in Spain, with a growing presence in hyperscale data centre development. MDS (MDS High Quality Prevention), the 3rd acquisition of the year, was founded in 2020. MDS operates with a network of over 60 accredited professionals. 4

• The Fini Company has acquired the established German confectionery firm Tri D’Aix after over 30 years of collaboration. Founded in 1991, Tri D’Aix, based in Alsdorf, employs around 40 professionals and exports a wide range of confectionery products to 20 European countries. The acquisition aims to enhance Tri D’Aix’s commercial reach while maintaining its operational continuity and management structure. The Fini Company will leverage its extensive international presence and resources to support Tri D’Aix’s long-term growth and explore new market opportunities. 5

• Havas has acquired a majority stake in Acento Public Affairs, a public affairs consultancy in Spain. Acento will operate under the H/Advisors brand, retaining its co-CEOs, Alfonso Alonso and Pepe Blanco. This move aims to enhance H/Advisors’ strategic advisory services across Spain and international markets. Havas, with approximately 1,000 professionals in Spain and a global revenue of €2.736 billion, emphasizes the importance of public affairs and strategic communication in navigating complex political and regulatory environments. 6

• Japanese company Kowa has acquired the Galician firm Syspro Automation, which specializes in industrial automation. Syspro, based in Nigrán, Pontevedra, focuses on engineering projects in pharmaceutical and biotechnology plant automation, robotic systems, and production process software development. With 97 employees in 2024, Syspro reported revenues of €8.99 million, including €1.19 million from EU exports. Kowa, primarily serving the pharmaceutical market, achieved revenues of approximately €3 billion in its last fiscal year. 7

• Maguar Capital has partnered with Antonio Quevedo Muñoz to acquire a significant stake in GlobalSuite Solutions, a leading GRC software provider based in Madrid. This marks Maguar’s first investment in Spain. GlobalSuite Solutions, founded in 2007, serves over 670 clients in regulated industries and has experienced annual growth of more than 20%. The investment aims to enhance GSS’s growth by innovating its platform and expanding into new markets, including the DACH region and Brazil. 8

• Aitana-Opentix has announced the acquisition of Lanmedia, a technology consulting firm based in Bilbao, which adds €10 million in annual revenue and a team of 60 people to the group. This integration aims to strengthen Aitana-Opentix’s presence in northern Spain and enhance its service offerings, particularly in public administration, education, and industry. Notable clients include Hospital Sant Joan de Déu and Universidad Internacional de La Rioja. Jorge Torres, the group’s CEO, emphasized the value of new talent in driving innovation and commitment. 9

• Pangram Capital Partners II has invested in Grupo InCom, a multinational company specializing in engineering and manufacturing components for the wind energy sector. The investment, alongside two strategic investors, will support InCom’s international expansion, increased production capacity, and manufacturing automation. Founder Carlos Vidal retains a significant stake and continues in management with CEO Luis Azorín leading global expansion. InCom supplies strategic components to major wind turbine OEMs, producing kits for wind turbine blade interiors. 10

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