Top M&A and Private Equity Deals in Spain – Week 18 (2026)
The mergers and acquisitions (M&A) and private equity market in Spain continued to show strong momentum during Week 18 of 2026. Below is a selection of the most relevant transactions, highlighting key trends such as sector consolidation, technology investment, and international expansion.
Key M&A and Private Equity Deals in Spain
Consolidation in the fitness and wellness sector
VivaGym, backed by Providence Equity Partners, has completed the acquisition of Synergym España, previously owned by All Seas Capital. This transaction creates a leading fitness and wellness platform with more than 450 gyms across Spain and Portugal. Synergym, founded in 2013, operated over 160 gyms and generated €50.2 million in revenue in 2024, representing a 36% year-on-year increase.
Investment in infant nutrition and strategic growth
Seaya, through its Andromeda fund, has acquired a majority stake in Smileat, a Spanish infant food company. The founders will remain at the helm, with an ambitious plan to triple the company’s size within three years through a combination of organic growth, international expansion, and an active M&A strategy.
Technology and business digitalization
Norwegian software group Visma has invested in Bilky, a fast-growing startup based in Málaga. Bilky connects advisory firms, businesses, and employees through a single digital platform, serving over 300,000 active users and thousands of SMEs in Spain. This deal reinforces investor interest in technology-driven solutions for businesses.
Retail and home equipment sector
Pikolin, Spain’s leading sleep equipment manufacturer, has acquired the Bedland retail chain, adding 48 stores across Spain and strengthening its leadership position in the sleep products market.
Education and digital learning content
Sanoma Learning has acquired Editorial Vicens Vives, one of Spain’s leading educational content providers. This transaction strengthens Sanoma’s position in one of Europe’s largest K12 education markets and reinforces its leadership in Spain.
Expansion in the cosmetics sector
Mirai Investments has launched a new cosmetics division through the acquisition of Ternum Cosmetics, a Barcelona-based company with more than 30 years of R&D experience.
Last-mile logistics and infrastructure
Citibox has secured €100 million in funding, led by Ithaka Infrastructure Partners, marking one of the largest recent investments in Spain’s last-mile logistics infrastructure sector.
Aerospace, defense, and industrial consolidation
Nazca Capital has taken a minority stake in Grupo Oesía through its aerospace and defense fund. The investment supports Oesía’s 2026–2030 strategic plan, focused on growth, innovation, and industrial consolidation while preserving its independence.
Food retail sector
Condis Supermercats has reached a preliminary agreement to acquire Dispreu, operator of the Binipreu supermarket chain in Menorca, strengthening its regional footprint.
Fire protection and sector consolidation
PACISA shareholders have approved the integration of the company into Wtech Fire Group, a platform backed by Waterland Private Equity that will become part of APi Group in the second half of 2026.
Key M&A Trends in Spain
These transactions highlight several important market trends:
- Strong investor appetite and liquidity, both domestic and international
- Ongoing sector consolidation in industries such as fitness, retail, and services
- Growing focus on technology and digital transformation, particularly for SMEs
- Increasing use of M&A as a strategic growth lever
- Continued attraction of international capital into Spain
Outlook
The Spanish M&A and private equity market remains robust, with increasing investor sophistication and heightened competition for high-quality assets. This positive trend is expected to continue in the coming months, driven by growth strategies, digital transformation, and ongoing market consolidation.
