It was a week marked by strong domestic momentum. 8 out of 10 transactions involved Spanish companies. Half of these deals took place between Spanish players, while the other half were driven by Spanish companies acquiring businesses abroad (2 in France – BMAT and Repsol; 1 in the U.S. – Devicare; and 1 in… Australia! – Submer). Very positive news.

 

In terms of deal typology, there was an even split between Private Equity and M&A. Within PE-related transactions, Urbaser clearly stood out. Platinum exited one of the largest secondary deals seen in Spain, with Blackstone and EQT investing. Last week also saw the announcement of two new platforms and two add-ons.

 

Other noteworthy developments, not included in the weekly highlights: PE fund Hyperion completed its first investment outside Spain, specifically in the UK. It is worth remembering that another highly active Spanish fund in the UK is Tresmares. In addition, the second continuation fund in two weeks was announced. If the first was Sabseg (Miura), this week it was Health in Code (Alantra).

It is also worth highlighting the meat vertical within the food sector. Beyond the Cerealto and Hortalizas Gourmet transactions (the latter advised by Albia) featured this week, two additional announcements were made in the meat industry by major sector players Grupo Jorge and Vall Companys. My partners Ricardo and Alex, together with Albia’s Food & Beverage team, have recently prepared a comprehensive sector report. I am sharing the link in the comments.