IMAP Albia Capital advises AROS, S.A. on the sale of the company to Gemba Asset Management


The partners of AROS, S.A. have reached an agreement with Gemba Asset Management for the sale of 100% of the company’s shares, thus guaranteeing its continuity (founded over 40 years ago) and securing its future with a growth plan supported by the Notton brand.

Despite the difficulties of the moment, Gemba has identified the company and recognised its NOTTON brand in the market as a business development opportunity. To that end, plans are underway to expand the business through the introduction of new markets and channels.

About AROS, S.A.

Founded 40 years ago and recognised for its NOTTON brand, the company is known as a maker of high quality, comfortable shoes at a reasonable price.

Its partners, faced with a lack of continuity, decided to start the process of searching for a strategic partner that would know how to appreciate the company’s potential and guarantee its future.

With more than 700 clients in Spain and a relative presence in foreign markets, the company is preparing to embark on a growth plan taking advantage of these hallmark characteristics.


Gemba Asset Management is a private equity firm that specialises in acquiring, managing and selling industrial and service companies in Spain. The company is focused on the small-medium business segment (turnover up to €25-€30 million) and makes total acquisitions (100%), also taking over the management of its investees. Gemba invests in all sectors (except real estate and finance) and is mainly focused on companies with succession problems, although not ruling out other types of operations such as sales of non-strategic assets, divestments of subsidiaries or sales of bankrupt companies and those with financial problems.

In the case of AROS, S.A., the work of the outgoing partners and the potential to use the NOTTON brand as a lever to create more value were decisive factors.


IMAP Albia Capital is a firm specializing in mergers and acquisitions, and an exclusive member in Spain of the IMAP organization, with a presence in more thab 40 countries. IMAP completed 234 transactions in 2019, and has consistently been one of the top 10 worldwide M&A consultants, and number one among the independent consultants.


Scroll to Top