Key highlights in M&A in 2025:

 

• After a few years of under-the-radar M&A activity, the professional services industry is now gaining significant momentum. And this is the best example: Waterland Private Equity acquired a significant stake in Auren Spain.

• 2025 has proven to be a transformative year for the Spanish software ecosystem, marked by high-profile consolidation and the emergence of Pan-European champions, with private equity firm PSG acting as a key catalyst. This trend is highlighted by two major strategic mergers involving Spanish tech leaders: Signaturit Group-Namirial and CoverManager-Zenchef.

• In its largest acquisition to date, FAES FARMA has acquired 100% of the Italian ophthalmic leader SIFI.

• Another significant cross-border acquisition: Applus+ acquired the UK-based APEM Group for approximately £335 million.

• Ontario Teachers’​ Pension Plan acquired 100% of DONTE GROUP, a leading Spanish dental provider, from Advent and its management team.

• In October 2025, British private equity fund Cinven agreed to acquire a majority stake in Universidad Alfonso X el Sabio (UAX). Earlier in the year, another significant movement defined the market: the entry of Portobello Capital and Sofina into PROEDUCA (UNIR).

• Eiffage, through its subsidiary Eiffage Énergie Systèmes, has consolidated its presence in the Spanish market by acquiring three energy services companies: CVS Group, M3i Controls, and Inmotechnia. The primary acquisition, CVS Group, was sold by Ufenau Capital Partners, marking the Swiss investor’s first divestment in Spain.

• Abac Capital acquires Grupo de Incendios, a leading manufacturer in the market of fire protection products and systems. Albia IMAP acted as the sell-side advisor to Grupo de Incendios!

• In the year of massive AI data center projects…Turner Construction Company (Grupo ACS) acquired Dornan, an Irish engineering firm and a leading specialist in the advanced technology sector. This acquisition taps into approximately $20 billion in advanced technology project opportunities in Europe.

• Finally, the Spanish food sector always deserves attention. The acquisition of JUAN NAVARRO GARCIA SA by Tikehau Capital from Queka Real Partners is particularly noteworthy. The spice / natural ingredients industry is already experiencing a second wave. After the deployment of private equity in the industry, we now have a new secondary transaction (in 2024, MCH Private Equity sold its minority stake in Prosur to ICG).