Acquisitions in Portugal

Westlake Corporation has completed the acquisition of the global compounding solutions businesses of the ACI/Perplastic Group (collectively, ACI). Headquartered in Portugal, ACI manufactures specialty materials primarily serving the wire and cable sectors, and the deal expands Westlake Global Compounds’ manufacturing footprint into Portugal, Romania, and Tunisia.

Cleanwatts Digital launched as an independent technology company following a management buyout led by its founding partners José Basílio Simões, Jorge Landeck, and James McDougall. Shortly after the buyout, Celtis (Celtis Venture Partners) made an investment in the newly independent business to support growth in its AI-powered digital energy platform and battery integration solutions.

Emotion Mobility, a global SaaS mobility and fleet-management software provider, announced a strategic growth investment from PSG Equity. The investment is intended to accelerate product development, support international expansion across Europe, the Americas and Asia, and enable future strategic M&A.

Banyan Software acquired Host Hotel Systems, a hospitality software provider headquartered in Lisbon, Portugal. Founded in 1994, Host provides integrated property and operations management software for hotels and supports over 1,000 hotels across more than 10 countries. The deal represents Banyan’s first investment in Portugal and expands its European software portfolio.

TransPerfect acquired Unbabel, a Lisbon-founded language AI company known for its TowerLLM translation-focused large language model and COMET machine translation evaluation tools. Unbabel’s technology will be integrated into TransPerfect’s GlobalLink technology portfolio to expand AI-driven multilingual content and translation capabilities. Financial terms were not disclosed.

Revenue Analytics, an AI-powered revenue optimization company, acquired Climber, a Portugal-based cloud Revenue Management Software (RMS) provider for boutique, independent, and regional hotel chains. The deal expands Revenue Analytics’ product portfolio and strengthens its presence across Europe and Latin America, including Brazil where Climber is a market leader. Climber’s full team will join Revenue Analytics, which also plans to open a new office in Portugal.

Black Knight Football Club (BKFC), backed by Cannae Holdings, Inc., acquired a majority ownership interest in Moreirense Futebol Clube (Moreirense FC), a Primeira Liga football club founded in 1939 and based in Moreira de Cónegos, Portugal. The investment expands BKFC’s multi-club ownership strategy and establishes BKFC’s presence in Portugal alongside its interests in AFC Bournemouth, FC Lorient, and Hibernian FC.

Carrier Global Corporation has completed the acquisition of Addvolt, S.A., a transport electrification technology company that provides plug-in electric systems for refrigerated vans, trucks, trailers and containers. Headquartered in Porto, Portugal, Addvolt (about 60 employees) will join Carrier’s Climate Solutions Transportation segment, strengthening Carrier’s electrification strategy with power electronics, power management and energy management software capabilities.

Boliden completed its acquisition of Somincor (the Neves-Corvo copper and zinc mine in Portugal) and the Zinkgruvan zinc mine in Sweden from Lundin Mining on April 16, 2025. Boliden paid cash consideration of USD 1.40 billion at closing, with a purchase price of USD 1.30 billion (debt- and cash-free, locked-box as of August 31, 2024) plus customary adjustments, and potential contingent payments of up to USD 150 million tied to commodity prices and other conditions.

Lear Corporation acquired StoneShield Engineering, a privately held system integrator headquartered in Castelo Branco, Portugal. StoneShield specializes in automation technology for the wire harness industry (including robotics, automated taping, and high-voltage harness assembly), and the deal is intended to accelerate automation and advanced manufacturing capabilities within Lear’s E-Systems business.

Funds managed by Igneo Infrastructure Partners have agreed to acquire AEDL – Auto-Estradas do Douro Litoral, a Portuguese toll road concessionaire, from investment funds managed by Strategic Value Partners (SVP) and other minority investors. AEDL operates the Douro Litoral motorway concession (A32, A41 and A43) in the Porto metropolitan area. The transaction is subject to customary grantor and regulatory approvals and is expected to close later in 2024.

Kinetic Solutions, a Volaris Group company, acquired Bullet Solutions, a software timetabling provider for the global higher education market. The deal expands Kinetic’s footprint in higher education software and combines Bullet’s smart timetabling capabilities with Kinetic’s conferencing and student accommodation solutions.

GHO Capital Partners LLP has sold a majority stake in FairJourney Biologics, an antibody discovery and development services company, to Partners Group acting on behalf of its clients. GHO will reinvest and retain a minority stake alongside FairJourney’s founder and CEO António Parada, as Partners Group provides additional capital to support FairJourney’s continued growth.

Humble Group AB (publ) has agreed to acquire LEV Group, a Portuguese producer and brand of healthy foods, snacks, ready-to-eat meals, and dietary supplements. The purchase price is approximately SEK 163.2 million on a cash- and debt-free basis, funded through a mix of cash (about 58%) and Humble shares (about 42%), with potential earn-outs tied to 2022–2024 performance. The acquisition expands Humble’s product range and geographic presence in Portugal and provides entry into Spain and France, with identified manufacturing and cross-selling synergies.

Amadeus agreed to acquire Vision-Box, a Portugal-based provider of software-centric solutions for seamless travel journeys, border control, and ID management, for an enterprise value of approximately €320 million. Keensight Capital is exiting its investment in Vision-Box, which it has held since 2015 alongside the company’s co-founders. The deal adds biometric hardware and software and border control capabilities to the Amadeus travel technology portfolio.

Conclusion, a business transformation and IT services provider, agreed to acquire Portuguese IT talent and engineering services firm Neotalent from investment company Novabase. The deal is expected to close in the coming months, subject to customary conditions including approval by the Portuguese competition authority. The acquisition is intended to expand Conclusion’s nearshore capacity and support Neotalent’s continued growth in Portugal, Spain, and beyond.

Brokers & Partners, an insurance brokerage consolidation platform backed by Miura Partners, has agreed to acquire Portugal-based Sabseg Seguros. Following the transaction, the combined group will be rebranded as Sabseg Group, positioning it as the leading independent insurance broker in the Iberian market, subject to approval by the Portuguese insurance regulator.

Linedata, a global provider of credit and asset management technology, data and services, acquired Audaxys in Portugal to expand its Lending & Leasing activities in Southern Europe. The deal strengthens Linedata’s presence across the Iberian region and supports plans to build a Portugal-based center of excellence dedicated to the credit business.

Pollen Street has agreed to acquire a majority stake in Finsolutia, a technology-driven credit and real estate servicing platform operating in Iberia. Finsolutia provides loan and real estate management services and will use the investment to reinforce its tech-enabled offering, expand into new geographies, and diversify its customer base. The transaction is expected to close in the coming months subject to customary regulatory approvals.

Supercap S.r.l., part of Crealis S.p.A., signed/closed agreements to acquire 100% of three family-owned Portuguese closure and cork-product manufacturers: Woodcap Industria de Capsulas de Madeira, Manuel Firinho & Filhos, and Jesus Couto & Pereira, all based in Santa Maria de Feira (Porto). The acquisitions expand Supercap/Crealis’ BarTop closure offering by adding natural cork products and establish a new industrial hub in Portugal.

Total Specific Solutions (TSS) acquired a qualified majority stake in Edubox and 100% of Lusoinfo. The two Portuguese software providers serve local governments and schools with education management software and digital educational content, expanding TSS’s presence in Portugal.

ValGenesis, Inc. acquired Portugal-based 4Tune Engineering (4TE) to expand its validation lifecycle software portfolio with best-in-class risk management and continuous process verification platforms. The deal, completed on June 6, 2022, adds 4TE’s iRISK and iSEE platforms and strengthens ValGenesis’ presence in Europe and Latin America.

Antin Infrastructure Partners, through its NextGen strategy, signed an investment agreement to acquire a co-controlling stake in Power Dot, a European owner-operator of electric vehicle charging infrastructure. The deal was agreed with Arié Group and other current shareholders and is expected to close in late Q2/early Q3 2022, subject to customary competition approvals.

Akanda Corp. closed its acquisition of Holigen Limited from The Flowr Corporation to expand its seed-to-patient medical cannabis platform across Europe, the Middle East and Africa. Akanda acquired 100% of Holigen for approximately US$3.0 million in cash, 1.9 million Akanda common shares, and by assuming about US$4.3 million of non-recourse debt at Holigen.

Ascent, a European digital services business, announced the acquisition of BiLD Analytics, a cloud-first data engineering and business intelligence consultancy. The deal expands Ascent’s advanced data capabilities and strengthens its nearshore EU delivery presence via BiLD’s Lisbon-based team; BiLD founder Diogo Dias will join Ascent’s leadership team to help grow Ascent’s Portuguese talent hub. Horizon Capital, Ascent’s investor, highlighted the acquisition as supportive of Ascent’s growth strategy.

ICAPE Group, a global distributor of printed circuit boards (PCBs), acquired 100% of the shares of LUSODABEL, a leading Iberian supplier of PCB solutions focused on prototypes, pre-series, and series production. The transaction was fully financed in cash by ICAPE Group, effective as of January 1, 2022, and LUSODABEL will continue operating in Portugal and Spain under the name ICAPE Lusodabel.

TSG Group acquired a majority stake in Gasodata, a Portugal-based provider of systems, payment solutions, and services for energy distribution networks. The deal strengthens TSG’s presence in Portugal and supports its strategy around responsible mobility and new-energy infrastructure, while Gasodata’s management team remains in place.

Equistone Partners Europe has acquired a majority stake in Gardengate, a European manufacturer of aluminium gates and doors headquartered in Braga, Portugal. Crest Capital Partners will retain a minority stake alongside Gardengate’s founder and management team, as Equistone supports the company’s continued European expansion and product growth strategy.

A.P. Moller – Maersk (Maersk) announced the acquisition of HUUB, a Portuguese cloud-based logistics technology start-up focused on B2C warehousing solutions for the fashion industry. The deal, executed through Maersk’s venture activities with Maersk Growth, is intended to strengthen Maersk’s e-commerce logistics technology capabilities and integrate HUUB’s platform into Maersk’s existing solutions. Maersk Growth and HUUB’s other investors will exit as part of the acquisition.

Waterlogic, a Castik Capital-backed global provider of purified drinking water dispensers, acquired Portugal-based Home Business Solutions (HBS), including its Ocafe and Aagua offerings. The acquisition gives Waterlogic a direct presence in Portugal and supports its buy-and-build expansion strategy, with HBS leadership continuing to run the business locally.

Oakley Capital, through Oakley Capital Private Equity III (Fund III), has agreed to acquire PRIMAVERA Business Software Solutions, a Portuguese leader in ERP and cloud business management software. PRIMAVERA will be combined with Oakley portfolio company Ekon to form Grupo Primavera, creating the largest independent business software provider for SMEs in Iberia. The deal is subject to regulatory approval, and PRIMAVERA’s founders will reinvest alongside Fund III and continue to co-lead the business.

Antin Infrastructure Partners signed an agreement to acquire a majority interest in Miya Group, a global water distribution and efficiency operator, from Bridgepoint. Following completion, Antin will partner with Miya’s management team to support growth in water concessions and public-private partnerships in Europe and North America and expand water efficiency projects globally.

Volaris Group completed its acquisition of Collab – Soluções Informáticas de Comunicação e Colaboração, expanding its Communications & Media vertical. Collab provides mission-critical contact center software, including on-premise contact center, CCaaS, and cloud PBX solutions for telecom and contact center solution providers worldwide.

GHO Capital Partners LLP (Global Healthcare Opportunities) announced an investment in FairJourney Biologics to partner with the company’s founding management team. Headquartered in Porto, Portugal, FairJourney provides outsourced monoclonal antibody discovery, engineering, production, and characterization services to global biopharma, and GHO will support expansion through organic growth and potential acquisitions.

Apax Partners has acquired Portuguese life insurance company GNB Vida from Novo Banco. The deal is the first acquisition made through Apax’s newly created life and wealth platform, GamaLife, intended to drive consolidation in the European life insurance market. Financial terms were not disclosed.

Chryso, a global provider of construction chemicals for concrete and cement, has acquired Euromodal, a Portuguese family-owned manufacturer of construction chemicals. The deal expands Chryso’s local production, technical services, and product mix in Portugal, strengthening its position in the market. Financial terms were not disclosed.