MAWEEKLY · 2 de septiembre de 2024

Summer recap (2024) in M&A and Private Equity 🛰️🇪🇸

Weekly collection of transactions

We are back! Hope you had a great summer. Here is a selection of 10 transactions announced during the past few weeks.

• US-based Private Equity firm Carlyle announced it has agreed to invest in SEIDOR, a leading technology services and solutions consultancy. Founded in 1982, SEIDOR provides IT solutions and a variety of services including consulting, implementation, and maintenance across Artificial Intelligence, Microsoft Edge, Customer & Employee Experience, Data & Cloud, Cybersecurity, and enterprise resource planning (“ERP”) software. In addition to a highly diversified customer base, the company has partnerships with a range of industry players including SAP, Salesforce, Microsoft, IBM, Google, and AWS, and also develops proprietary products. Headquartered in Barcelona, the company has over 9,000 employees.1

• Accenture has acquired BOSLAN, a provider of management services for large infrastructure projects, headquartered in Bilbao. BOSLAN helps its clients engineer and oversee the construction of infrastructure for the net-zero transition, such as on- and offshore wind farms, solar power plants, smart grids, electric vehicle charging infrastructure and hydrogen plants. It also supports the construction of data centers and critical infrastructure. BOSLAN adds more than 1,000 engineering and project management professionals to Accenture, most of whom are based in Spain and Brazil. The company also has a presence in Portugal, the United Kingdom, the United States and Mexico. 2

• CTAIMA, a provider of software and specialised services for contractor management, health & safety, ESG and compliance, announced that it has joined forces with e-coordina, a leading provider of contractor management software and services in Spain. As a result of this transaction Hg, a leading investor in European and transatlantic software and services businesses, will become a strategic investor in the combined business. The investment is Hg’s first platform investment in Iberia and continues its focus on mission critical B2B compliance software. 3

• Sweden-based Beijer Ref has become the majority shareholder in GIA Group, a leading HVAC (Heating, Ventilation, and Air Conditioning) company in Spain. This partnership will enhance GIA Group’s market position and expand its growth opportunities in the Spanish climate control sector. The collaboration leverages Beijer Ref’s global expertise and GIA Group’s strong local presence to accelerate innovation and offer more advanced solutions to customers. In 2023, Beijer Ref achieved a revenue of approximately 3 billion euros and employs over 6,000 people. Founded in 2000, GIA Group began manufacturing HVAC, heating, and sanitary hot water (ACS) equipment under its own brands in 2010. GIA Group closed 2023 with a revenue exceeding 100 million euros and led the market in Spain in air conditioning sales, with over 300,000 compressor units sold that year.4

• British Private Equity firm Three Hills Capital Partners has completed a new investment in Iberian production services company TwentyFour Seven Group. The transaction facilitates a management buyout and bolsters 24.7’s ability to pursue further international expansion via M&A. It sees the founders and senior management team, including Ivo Van Vollenhoven, Álvaro Weber and Gordon Mackinnon, regain control of the company following a five-year investment from Spanish private equity firm Nexxus Iberia. 5

• VivaGym Group made two significant acquisitions to strengthen its presence in Iberia. First, it acquired 10 of the 11 Smartfit clubs in Spain, adding 20,000 members and expanding to 115 centers. This move aligns with VivaGym’s growth strategy after being acquired by Providence. Next, VivaGym entered the Canary Islands by acquiring 8 of the 9 Macro Fit clubs, adding 17,000 members and bringing its total to 122 centers. Both acquisitions reinforce VivaGym’s leadership in the low-cost fitness market in Spain and Portugal. 6

• Making Science, listed on BME Growth, has signed an agreement with the SOPEF fund (Spain Oman Private Equity Fund), managed by MCH, to finance up to 40 million euros for the growth of its subsidiary, Making Science Digital Marketing and AdTech, over the next two years. This investment is aimed at supporting the company’s expansion in digital marketing and advertising technology sectors. 7

• Miura Partners portfolio company Serpis acquires brands Ibérica and Maestro de Oliva to boost international growth. Following these acquisitions, Miura Partners creates the holding Olive&Co to consolidate the olives and healthy snacks space. Olive&Co expects to reach combined revenues in excess of €70 million in 2024, with each brand keeping its commercial identity, operations and value chain. 8

• Fluidra made two acquisitions to expand its global presence. First, it acquired the NCWG Group in Portugal, strengthening its position in the commercial pool sector. This acquisition aligns with Fluidra’s strategy to enhance its product offerings and customer base in Southern Europe. Second, Fluidra acquired Chadson Engineering in Australia, a company specializing in water filtration systems. This acquisition bolsters Fluidra’s footprint in the Asia-Pacific region, reinforcing its leadership in the global pool and wellness industry. Fluidra, a multinational group listed on the Spanish Stock Exchange, is the global leader in the pool and wellness industry. Founded in 1969, the company expects 2024 sales between €2,025 and 2,125 million, EBITDA between €450 and 480 million. 9

• Alsea, manager of several well-known brands such as Domino’s Pizza, Starbucks, Chili’s o Vips has agreed to sell its 54 Burger King restaurants in Spain to Restaurant Brands Iberia (Cinven). RBI, already managing the Burger King brand in Spain, will now take direct control of these restaurants, expanding its footprint in the region.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 450 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.

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