In the first half of 2025, IMAP dealmakers completed 108 transactions, totaling USD 8 billion, compared to 94 transactions in the same period the previous year. Once again, over 1/3 of IMAP transactions in H1 were cross-border.
From a sector perspective, the top sectors with number of deals closed were Business Services (with 16%), Technology (with 15%), Industrials (with 14%) and Food & Beverage (with 12%).
This strong activity allowed 
IMAP to, once again, be a top 10 worldwide M&A advisor in H1 2025, specifically occupying 5th place in number of deals completed in league tables.
Here at IMAP Spain, despite an overall slowdown in deals in our country, where the overall monthly number or deals has dropped around 20% from 2024, we added another three M&A deals in Q2 of 2025, reaching a total of 8 M&A deals in H1 2025. Specifically >>
- Albia IMAP advised the portuguese PE firm Atena Equity Partners on entering the Spanish market with the acquisition of Manufacturas Polisac, a company specialized in manufacturing and selling of technical films and flexible plastic packaging,
- We advised Ameztoi on its integration into Urkabe Benetan, backed by the PE firm Stellum Food&Tech. Both companies are involved in the pre-cooked meals sector, selling to the retail and hotels, restaurants and catering channels,
- Finally, we advised Leku-Ona, a developer of hydraulic and pneumatic systems, on acquiring 3G Hidráulica, a distributor of hydraulic and industrial products and services for the nautical sector, public works and industry in general.
Overall, despite continued uncertainty created by U.S. trade policies, here in Spain, three trends are persistent. (1) founder-led mid-market businesses continue to enter the market at a steady pace. (2) interest from European firms to do M&A and enter the Spanish market has grown significantly because of the sustained disparity between GDP growth in Spain and fellow European countries, and (3) PE firms, with mounting dry powder and previous fund’s portfolios reaching their time to exit, are under pressure to deploy and return cash committed by their LPs.
