MAWEEKLY · 1 de septiembre de 2025

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

This issue includes a selection of transactions announced during August.

We are back! I hope you had a great summer. Here is a selection of 10 transactions announced during the August. Next Monday I will resume the weekly selection.

Hi, I’m Fran Hidalgo-Barquero, Partner at Albia IMAP. This is a weekly newsletter covering M&A and Private Equity transactions in Spain.

• US-based CrowdStrike, a leading global cybersecurity provider, announced an ageement to acquire Onum (Dawn, Kibo, Insight), a Spanish startup specializing in real-time telemetry pipeline management, a strategic move to elevate its Falcon Next‑Gen SIEM (Security Information and Event Management) platform and SOC (Security Operations Center) capabilities. Onum’s technology streamlines and enriches data as it moves, enabling up to 5× faster event processing, 50% reduced storage costs, and 70% faster incident response with 40% less data ingestion load. 1

• France-based Eiffage, has significantly strengthened its foothold in Spain by acquiring three energy services firms: CVS (Ufenau Capital Partners), M3i Controls, and Inmotechnia. CVS, established in 2020, operates 11 sites nationwide with over 300 employees, delivering refrigeration and fire protection services and achieving €60 million in revenue in 2024. Catalan-based M3i Controls, specializing in building control and automation, employs 21–26 people and posted €3 million in 2024 turnover. Meanwhile, Inmotechnia offers smart Building Energy Management Systems, with circa 60 employees and €10 million in 2024 revenue. These acquisitions reinforce Eiffage’s leadership in the Spanish energy services market, where its local subsidiary already accounted for €1.1 billion in revenue and 5,000 + employees at the end of 2024. 2

• Inveready, a Spanish private equity firm, has sold Conversia, a RegTech firm specializing in compliance solutions for SMEs, to British group Wilmington for approximately €121.6 million. In the year to June, Conversia achieved €36 million in revenue and €9.3 million EBITDA. Inveready initially acquired Conversia, formerly part of Atrys Health, via its Arraigo fund in two tranches between late 2022 and 2023 for a total of around €55 million. 3

• Grupo Corporativo Landon, the investment vehicle of Spain’s Gallardo family (majority owners of Almirall), has acquired a 30% stake in BDF Natural Ingredients, a Girona-based company specializing in food additives and nutraceuticals. The remaining 70% remains with the Bosch family, following the exit of Tresmares Capital, which had invested in 2019. BDF generated €14 million in revenue in 2024 (12% growth YoY), with 80% from international markets. The company is expanding with a new plant in Quart (Gironès) focused on plant proteins (operational by 2026). 4

• Abu Dhabi National Energy (Taqa) has acquired 100% of Spain’s GS Inima, a water desalination and treatment specialist, for approximately €1 billion. GS Inima, based in Madrid, operates around 50 active projects, about 30 under long-term public-private partnerships across ten countries, including Spain, Brazil, the U.S., Mexico, and Oman. The company reported €389 million in revenues and €106 million EBITDA in 2024. 5

• H.I.G. Capital, the U.S.-based alternative investment firm, has acquired a majority stake in Avanta Salud Integral, a Spanish provider of occupational health and safety services, previously backed by Spain-based MCH Private Equity. Founder Josep Pla and MCH will retain a minority stake and reinvest alongside H.I.G., ensuring strategic continuity. Headquartered in Valencia, Avanta serves over 100,000 institutional clients and 1 million employees through 250 medical centers and mobile units. Its brands include Valora Prevención, Ibersys, and Itae Psicología. MCH also announced the divestment of Vaughan Group during August, the language teaching provider was acquired by Tutore Group, a Polish education company focused on technology-driven language and skills learning with a growing European presence. 6

• South Korea’s Naver has acquired 100% of Spanish second-hand marketplace Wallapop, buying a 70.5% stake for €377M, valuing the company at €600M. Wallapop, with 19M users, achieved profitability in 2024 with €100M+ revenue. Naver, which previously invested €190M in Wallapop, has now invested over €500M in 30 European companiess. The acquisition, backed by 90% of shareholders, awaits regulatory approval and resolution with dissenting investor 14W. Naver aims to scale Wallapop using its tech capabilities. 7

• Baleària has agreed to acquire the majority of Armas Trasmediterránea from investment funds including JPMorgan, Bain Capital, Cheyne Capital, and Barings. The deal covers 15 vessels and routes in the Canary Islands, Alboran Sea, and parts of the Strait of Gibraltar not sold earlier to DFDS. Baleària will also integrate 1,500 employees. The acquisition, pending approval from Spain’s CNMC, is considered strategic to boost Baleària’s scale and competitiveness against global shipping giants. Valued at €403M, Armas posted €40M EBITDA in 2023, with €50M expected in 2025. 8

• SCC has acquired Grupo Omega, a Barcelona-based IT partner with branches in Madrid, Bilbao, Pamplona, and Valladolid. Grupo Omega brings approximately €61.6 million in revenue (2024) and 160 employees across infrastructure, data centres, cybersecurity, networking, and tech innovation services. With this acquisition, SCC’s Spanish team grows to 400 professionals, joining over 7,000 employees within the broader European group. The merger enhances SCC’s capabilities and customer base in both the public and private sectors, reinforcing its position in the Spanish IT market. 9

• Indian eyewear giant Lenskart has acquired Catalan startup Stellio, owner of the Meller brand, for over €40 million. Founded in 2014, Meller targets young consumers with trendy eyewear sold mostly online at around €50 per unit. Meller posted €28.3 million in revenue and €5.8 million EBITDA in 2024, with products designed in Barcelona and manufactured in China. This acquisition gives Lenskart a strategic foothold in Europe and among Gen-Z consumers, supporting its international expansion ahead of a planned IPO. 10

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