• Portobello Capital agreed to sell its stake in AGQ Labs to Fremman Capital, marking the exit for the Spanish PE firm. Fremman will partner with the founders to accelerate AGQ’s next growth phase. AGQ is a Seville-based global testing and analysis platform serving agri-food, environment, mining and industrial clients across multiple geographies.
• GPF Partners acquired a majority of JHK T-Shirt, its first deal in the textile sector, after recent portfolio rotations (Gestair and Somos). JHK founded in 2002 in Fuenlabrada (Madrid) designs, produces, and markets blank basics for customization, offering 10,000+ SKUs.
• SYSTRA bought Ardanuy Ingeniería S.A., a leading Spanish rail and urban transport engineering firm, to strengthen its systems expertise and footprint in Spain and Latin America. Ardanuy brings references across metro, tram, suburban rail and high-speed rail, including signaling, power supply and telecoms.
• Grant Thornton España agreed to sell 70% to New Mountain Capital, joining a US-led integrated platform alongside affiliates in Ireland, Switzerland, UAE and others.
• Everwood Capital’s Transport & Logistics Fund acquired 100% of Transportes Cruz, a 50-year-old, family-owned cold-chain hauler based in Navarra. The deal, Everwood’s first in Navarra, adds a fleet of several hundred vehicles and nationwide/international refrigerated routes, supporting a strategy to build a specialized logistics platform.
• Spanish IT consultancy IZERTIS acquired the digital transformation business of Grupo ICA, incorporating the companies Icalia and Icatd (Barcelona and Madrid). The transaction bolsters capabilities in software development and tech consulting, with particular momentum in the Public Administration sector.
• GESTCOMPOST (Suma Capital) acquired Biosecuritas, a specialist in collecting and managing animal by-products. The combination strengthens capabilities in traceability, biosecurity and operational efficiency, and supports Gestcompost’s strategy of leadership in Spain’s recovery of animal by-products and biomethane production.
• Total Specific Solutions acquired Spain-based software provider bytemaster® – ERP Logístico. Founders will remain involved, while the business becomes wholly owned by TSS. Bytemaster generated €7 million in sales in 2024.
• Antin Infrastructure Partners will acquire a majority stake in Madrid-based Swiftair S.A., a European leader in outsourced express airfreight (aircraft leasing and time-critical cargo).
• Thermador Groupe acquired 100% of QUILINOX, a Paterna distributor of stainless-steel fluid-handling equipment (valves, fittings, pumps), plus adjacent land for future construction. Enterprise value totals €10.9m. Quilinox had €14.6m revenue and €1.42m EBITDA in 2024.
