MAWEEKLY · 3 de marzo de 2025

Week 9 (2025) in M&A and Private Equity 🛰️🇪🇸

Weekly collection of transactions (February 24 - March 2)

• Abac Capital acquires Grupo de Incendios, a leading manufacturer in the market of fire protection products and systems. Founded in 1980, Grupo de Incendios has established itself as a leading company specialising in the field of design, manufacture and distribution of active fire suppression and protection systems. With more than 30 years of experience in the sector, Grupo de Incendios has more than 200 certified references, 95% of which are products with its own brand. It serves more than 2000 customers, carrying out its activity with a team of 120 people in its manufacturing and storage facilities located in the Iberian Peninsula.

Albia IMAP acted as Grupo de Incendios M&A sell-side advisor 🎉 1

• Proeduca (UNIR) has announced the incorporation of Sofina and Portobello Capital as strategic partners, acquiring minority stakes. Sofina, a Belgian investment group, and Portobello, a Spanish private equity firm, aim to drive Proeduca’s innovation in online education. The company plans to enhance academic quality with AI and technology. Additionally, shareholders will seek to delist Proeduca from BME Growth, offering to acquire remaining shares. Proeduca adds another asset to Sofina’s global coverage of the Education value chain and marks a further commitment to the Spanish market, following investments in Salto Systems and Typeform. 2

• Kartesia, the European specialist provider of financing solutions for small and mid-sized companies, is announced a minority investment in Danosa, a manufacturer of waterproofing and insulation products for the construction industry. The investment will enable Danosa to strengthen its leadership in the sector in the Iberian market by diversifying its product range, as well as boosting its presence in key international markets such as Portugal, Morocco, France, the United Kingdom, Colombia and India. 3

• Ayesa Engineering (A&M Capital Europe) has acquired ADP Consulting, a sustainability-focused engineering consultancy based in Melbourne, marking its entry into Australia as part of its strategy to expand its division into English-speaking markets. Founded in 2011 by Laurent Deleu and Jason Afford, ADP Consulting has grown to employ over 300 professionals across six offices in Australia and the UK. Renowned for its sustainability-driven solutions, the company plays a pivotal role in shaping some of Australia’s most complex mixed-use precincts and delivering innovative solutions in data centres, asset revitalisation, and stadiums.4

• Madrid-based treasury management solutions provider Embat has acquired U.S. banking connectivity company Necto. The acquisition will enable Embat to provide finance teams in medium and large companies with better banking connectivity via Necto’s integration of more than 30 banks and nearly 100 API services. Embat raised €14.7 million in a Series A funding round in February 2024. 5

• Dils has agreed to acquire a majority stake in Lucas Fox, Spanish independent real estate player with 20 years of experience in the market known for its focus on the sale of premium residential properties. Founded in 2005, Lucas Fox has established itself one of Spain’s largest and most recognised real estate businesses, playing a key role in the country’s most important markets. With gross revenues exceeding 30 million euros (including franchising), the company employs more than 250 professionals, operating across Spain from its headquarters in Barcelona and offices in key cities including Madrid, Valencia, and prime lifestyle destinations such as the Costa Brava, Costa del Sol and Costa Blanca. Dils, an European real estate group headquartered in Italy, focuses on driving the transformation of the real estate sector through digital innovation and technology. 6

• knowmad mood, a technology consulting firm specializing in digital transformation solutions, has announced the acquisition of Vanture ESS, an IT consultancy where a total of 150 professionals contribute to its operations, based in Barcelona with over 15 years of experience in business management solutions. This acquisition enhances knowmad mood’s capacity to offer SAP and Odoo services to medium and large enterprises, further consolidating its market position. 7

• Khemia, the investment firm of Prosur’s owner Juan de Dios Hernández, will acquire a 25% stake in Pikolin through a €70 million capital increase. This investment will support Pikolin’s growth and European market leadership. The company, valued at €350 million including debt, reported €522 million in revenue in 2024, with €40 million EBITDA. Pikolin plans to exceed €1 billion in revenue within 5-10 years through diversification and market expansion. This marks Khemia’s first investment, as it plans to invest €500 million in Spanish companies. 8

• Sunridge Citrus (Sunridge Partners) announces the addition of Juan Rubert SL, one of Castellón’s most emblematic citrus companies, to its group. This transaction, which follows the incorporations of Albenfruit in 2020 and Cítricos Orgánicos Reunidos (CIOR) in March 2022, further consolidates the Group’s position. 9

• TeamSystem, an Italian technology company specializing in business management solutions for SMEs and professionals, has acquired Golden Soft, a Madrid-based provider of accounting, payroll, and business management software. Founded in 1985, Golden Soft serves approximately 4,000 clients and reported revenues of €2.7 million in 2024. 10

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I am a Partner at Albia IMAP. IMAP is an International Mergers and Acquisitions Partnership with a 50-year track record, more than 500 M&A professionals worldwide and a presence in 50 countries. IMAP has closed over 2,200 transactions valcued at $130bn in the last 10 years and is consistently ranked in the world’s Top 10 M&A advisors (Refinitiv) for mid-market transactions.