Private Equity dominates with 70% of deals, but it’s all about add-ons, not new bets. PE accounted for 28 of the 40 transactions, though only 5 were new platform investments compared to 21 add-ons.

With just 2 divestments recorded (and 1 is a carve out!), the exit market remains slow.

21 add-ons, which is 75% of all PE deals (21/28) and 52,5% of all highlighted deals (21/40). PE is mostly expanding platforms. Lack of new opportunities? Are platforms too expensive? Are exit conditions favorable? Let’s see the rest of 2026.

Among new platform investments, only 1 out of 5 is supported by an international PE firm (IVB Wellness – Ardian). Among the 4 local funds that have invested in new platforms, 2 are from the Basque Country.

National deals (both parties are Spanish – 18) and inbound deals (foreign acqurier – 17) are predominantly sponsor-driven, whereas outbound deals show the opposite trend: only 1 out of 5 (20%) are PE-driven, with 4 out of 5 led by Spanish strategic acquirers.

Sectors (top 3): Tech, Business Services, Industrials…

Regions (target): Madrid (10 or 25%), Barcelona (7,5%), Gipuzkoa (7,5%)…