MAWEEKLY · 22 de enero de 2026

2025 recap in M&A and Private Equity 🛰️🇪🇸

Top transactions of the year in Spain

Happy New Year (with a slight delay…)! 🎉

Below you will find a selection of transactions from the year 2025 in Spain (here the selection made one year ago). Throughout this year, week by week, I have highlighted close to 500 transactions. There have been many more. In any case, the ones highlighted throughout the year certainly represent 80% of the announced transactions (excluding real estate and infra) and undoubtedly the most relevant ones in the middle market.

As the goal of this newsletter is to be brief, I have limited myself to selecting 10 transactions that, due to their volume, history, or the players involved, deserve to be highlighted. Others just as interesting have been left out.

I’ve highlighted a notable transaction closed at Albia IMAP this year. You’ll see why it stands out.

What to expect from M&A in 2026 in Spain? My opinion, here (spoiler: my outlook for 2024 and 2025 remains the same for 2026).

• After a few years of under-the-radar M&A activity, the professional services industry is now gaining significant momentum. And this is the best example: Waterland Private Equity acquired a significant stake in Auren, a leading Spanish professional services firm, marking the first investment of its kind in Spain. This partnership aims to accelerate Auren’s growth, enhance its international presence, and double its workforce and revenue in three years. Auren will maintain its independence, with its current management leading the firm while benefiting from Waterland’s support in technology and strategic acquisitions.1

Brief recap on the M&A and Private Equity activity in the professional services industry in Spain.

• 2025 has proven to be a transformative year for the Spanish software ecosystem, marked by high-profile consolidation and the emergence of Pan-European champions, with private equity firm PSG Equity acting as a key catalyst. This trend is highlighted by two major strategic mergers involving Spanish tech leaders. In July, Signaturit (PSG Equity), a Spanish frontrunner in digital transaction management, joined forces with Italian peer Namirial (Bain Capital). This union created a leading European Digital Transaction Management (DTM) platform, with PSG reinvesting as a significant partner. Shortly after, Seville-based CoverManager merged with French leader Zenchef to establish a premier European platform for restaurant revenue management. In this transaction, PSG, already a majority shareholder in Zenchef, remained the majority owner of the combined group.2

• In its largest acquisition to date, Faes Farma acquired 100% of the Italian ophthalmic leader SIFI for an enterprise value of €270 million (plus up to €50.5 million in earn-outs). This transaction represents a significant milestone for the Spanish industry: bucking the usual trend of foreign capital acquiring Spanish firms, Faes Farma is successfully executing a major international expansion.Aligned with its 2030 strategic plan, the deal strengthens Faes Farma’s global footprint (gaining direct entry into Italy, France, and Turkey) and boosts its ophthalmology division to approximately 20% of group revenue. The acquisition secures over 60 products, industrial capabilities (CMO), and the rare-disease therapy Akantior. 3

• Another significant cross-border acquisition: Applus+ acquired the UK-based APEM Group for approximately £335 million. This is another relevant international transaction led by a Spanish leader, in this case in the Testing, Inspection and Certification space. The deal, which includes a team of 850 professionals and over £95 million in revenue, creates a new global Environmental Services division. It accelerates Applus+’s diversification into sustainability and high-growth sectors, reinforcing its presence in key markets such as the UK, Ireland, Australia, and the US.4

• Ontario Teachers’ Pension Plan acquired 100% of DONTE GROUP, a leading Spanish dental provider, from Advent and its management team. DONTE GROUP operates a network of over 426 clinics in Spain under four distinct brands: Vitaldent, Smysecret, Moonz, and MAEX. Key objectives include organic expansion and strategic acquisitions, with a specific target of exceeding 600 clinics and treating 1.3 million patients by 2030. 5

• In October 2025, British private equity fund Cinven agreed to acquire a majority stake in Universidad Alfonso X El Sabio (UAX), valuing the academic institution at approximately €2 billion. This landmark transaction saw Cinven purchasing the stake previously held by CVC Capital Partners. Earlier in the year, another significant movement defined the market: the entry of Portobello Capital and Sofina into Proeduca, the parent company of UNIR (Universidad Internacional de La Rioja). Announced in February, this deal involved the two firms acquiring a significant minority stake (approximately 30%) in the online education giant. The transaction included plans to delist the company from the BME Growth market, consolidating 2025 as a year of major private equity investment in Spanish higher education. 6

• Eiffage, through its subsidiary Eiffage Énergie Systèmes, has consolidated its presence in the Spanish market by acquiring three energy services companies: CVS Group, M3i Controls, and Inmotechnia. This expansion strengthens Eiffage’s geographical coverage and technical expertise in a key region where it generated €1.1 billion in 2024. The primary acquisition, CVS Group, was sold by Ufenau Capital Partners, marking the Swiss investor’s first divestment in Spain. Specializing in industrial refrigeration and fire protection, CVS employs over 300 people and posted €60 million in revenue in 2024, having tripled its turnover since Ufenau’s entry in 2020.7

• 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. 8

Albia IMAP acted as the sell-side advisor to Grupo de Incendios. As you may know, M&A activity in the fire protection industry has skyrocketed in recent years, especially on the services side. We have also been very active in the maintenance space, this time on the buy-side, advising Sweden-based Presto on four acquisitions in Spain.

• In the year of massive AI data center projects…ACS Group has advanced its cohesive strategy by expanding Turner Construction Company in Europe through the acquisition of Dornan, an Irish engineering firm and a leading specialist in the advanced technology sector. Dornan serves blue-chip clients across eight European countries, including the UK, the Netherlands, Germany, Denmark, and Ireland. This acquisition supports Turner’s strategic growth, tapping into approximately $20 billion in advanced technology project opportunities in Europe, particularly in data centers in the Netherlands and Spain. 9

Here, some thoughts about the data center value chain in Spain.

• Finally, the Spanish food sector always deserves attention. Although leading local players like Idilia, Cerealto, Natra, and Europastry have done several acquisitions abroad, the domestic acquisition of Juan Navarro García by Tikehau Capital from Queka Real Partners is particularly noteworthy. The spice / natural ingredients industry is already experiencing a second wave. After the deployment of private equity in the industry, we now have a new secondary transaction (in 2024, MCH sold its minority stake in Prosur to ICG). Founded in 1865, JNG exports 90% of its products to over 45 countries, serving major food, flavor, and fragrance corporations. 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.