Acquisitions in Catalonia, Spain

Inke, backed by Keensight Capital, has acquired Pharmanoid, a highly potent active pharmaceutical ingredient (HPAPI) manufacturing site focused on ophthalmology. Pharmanoid was acquired from Gentec Pharmaceutical Group and will expand Inke’s HPAPI portfolio beyond respiratory APIs, strengthening its capabilities in complex APIs for global pharmaceutical customers.

Miura Partners, through its Miura Impact Fund, has entered the share capital of Grup PMP via a capital increase to support the company’s growth. The investment is intended to accelerate Grup PMP’s expansion across Spain and strengthen its position in sustainable industrialized (modular) residential construction. Founder and CEO Montse Pujol will continue to lead the business following the transaction.

ASSA ABLOY acquired Calmell, a Spain-based manufacturer of smart cards, smart paper tickets, and magnetic tickets. Calmell, headquartered in Barcelona, will be integrated into ASSA ABLOY’s HID business area within Identification Technologies to strengthen its smart card and public transportation ecosystem offerings.

Miura Partners has sold its majority stake in Tekman Education to Impact Partners, Inveready and Generali, who acquire a majority position alongside Tekman’s founding team. Tekman, founded in Barcelona, provides innovative K-12 math and language programs and serves over 500,000 students across Spain and Latin America. The founders reinvest in the business to support continued growth under the new shareholder group.

Miura Partners has partnered with Saesco Medical via a capital increase to support Saesco’s international growth and consolidation in European medical device distribution for minimally invasive surgery. As part of the transaction, Saesco Medical is also acquiring Cardiolink, a Barcelona-founded distributor of specialized medical devices active in Spain and Portugal.

Azelis Group NV acquired 100% of the shares of Solchem Nature S.L., strengthening Azelis’s position in the Spanish nutraceutical ingredients market. Based in Barcelona, Solchem adds an established portfolio of premium nutraceutical ingredients and formulations and a customer base of over 250 nutraceutical customers, expanding Azelis’s EMEA-wide nutraceutical platform.

Fastbreak AI acquired Barcelogic, a European provider of sports schedule optimization solutions, to expand Fastbreak AI’s international footprint and accelerate growth across Europe. As part of the deal, Barcelogic’s customers will transition to the Fastbreak Pro platform, enhancing scheduling, operations, and broadcast-driven optimization capabilities for professional sports leagues.

Leadec, a Triton Fund IV portfolio company, acquired Spain-based Manteniments Industrials Servycat 2017, S.L.U. and Electro Servycat, S.L., effective January 2, 2025. The acquisition expands Leadec’s technical maintenance and installation capabilities and broadens its customer base, particularly in the food and beverage sector in Catalonia.

StatLab Medical Products has acquired Especialidades Médicas Myr, S.L. ("Myr"), a Spanish manufacturer of histology equipment. The deal adds Myr’s equipment portfolio, manufacturing capabilities near Tarragona, and its global distributor network to help StatLab expand its international footprint and distribution channels, including in developing regions.

Miura Partners has signed an agreement to acquire HTBA (HealthTech Bioactives), a Barcelona-headquartered global producer of natural ingredients including citrus flavonoids and active forms of vitamin B12. HTBA serves pharmaceutical, nutraceutical, food and beverage, and animal nutrition markets, with manufacturing in Murcia, Spain and an operations center in Cincinnati, Ohio. The transaction is pending approval by the Spanish regulator.

Ball Corporation acquired Alucan, a European provider of extruded aluminum aerosol and bottle technology, to expand its sustainable impact-extruded aluminum packaging capabilities in Europe. The deal adds manufacturing facilities in Llinars del Vallés (Barcelona), Spain and Lummen, Belgium, strengthening Ball’s global extruded aluminum aerosol and bottle business and supporting broader reuse/refill packaging offerings.

Jacobs Holding agreed to acquire a majority stake in ILERNA, a leading Spanish provider of accredited online vocational education and training (VET), to support further expansion of its programs, technology, and physical footprint. ILERNA is being acquired from Skill & You (a portfolio company of IK Partners), and the transaction is supported by a unitranche financing package co-arranged by CVC Credit and CAPZA.

Calibre Scientific acquired ACEFE, S.A.U. (ACEFESA), a Barcelona-based distributor of laboratory consumables and equipment serving biotechnology, molecular biology, pharmaceutical, and veterinary end markets. The deal marks Calibre Scientific’s fifth acquisition in Spain and expands its distribution footprint and product portfolio across the Iberian Peninsula.

GoodLife Foods B.V. signed an agreement to acquire Audens Group Solutions S.L., a leading manufacturer in the Iberian frozen food market. The deal will combine the companies’ complementary frozen snacks and meal components businesses to create a broader pan-European frozen savoury food group. Financial terms were not disclosed and closing is subject to legal and regulatory approvals.

Miura Partners' Impact Fund acquired a 20% stake in Bianna via a capital increase to support Bianna’s expansion plans. As part of the partnership, the parties will create a new rental business, Bianna Renting Services, offering rental access to Bianna’s waste treatment and valorization equipment and turnkey facilities.

Accenture acquired Axis Corporate, a Spain-based management and technology consulting firm focused on financial services. The deal strengthens Accenture’s Strategy & Consulting capabilities in Spain across banking, consumer finance, and payments, and adds Axis Corporate’s approximately 110 professionals. Transaction terms were not disclosed.

Oakley Capital, through Oakley Capital Origin Fund I, is investing in Horizons Optical by acquiring a majority stake alongside CEO Santiago Soler, who will retain a significant share and continue to lead the company. As part of the transaction, Oakley is buying out the shares held by Sherpa Capital. Horizons Optical, founded in Barcelona in 2017, provides patented medical software used by optical laboratories and opticians to design and manufacture premium progressive spectacle lenses and related scanning equipment.

Intellera acquired PredictBy, a Barcelona-based Spanish research and advisory firm focused on life sciences (health, environment, and pharma) and using data and behavioural science to support decision-making. The deal marks Intellera’s first acquisition outside Italy and is intended to accelerate its international expansion and strengthen its offering to European institutions, including policy advisory work with the European Commission.

ProA Capital has agreed to acquire a majority stake of around 70% in Acrylicos Vallejo, a Barcelona-based manufacturer of acrylic paints for modeling, fine arts, and decorative arts. The transaction values Acrylicos Vallejo at approximately €50 million; current majority shareholder Alexander Vallejo will remain president and retain just over 20%, alongside an investment by the management team.

Funds advised by Apax Partners LLP and funds advised by Fremman Capital reached a definitive agreement to jointly acquire co-controlling stakes in Palex Medical, a Southern Europe-focused distributor of high value-added medical technology equipment and solutions. The selling shareholders include funds advised by Fremman (the current majority shareholder) and other minority shareholders; Fremman will also reinvest alongside Apax. Palex is headquartered in Sant Cugat del Vallès (Barcelona), Spain, and the transaction is expected to close in Q4 2023 (terms not disclosed).

Wikiloc, an outdoor trail navigation software platform headquartered in Girona, partnered with Miura Partners to accelerate international growth and expand its product offering. Miura invested via its Impact Fund, while Wikiloc’s founders Jordi Ramot and Montserrat Jordi will retain a majority stake and continue to lead the company.

Neuraxpharm Group signed a binding agreement to divest Inke, an inhalation active pharmaceutical ingredient (API) developer and manufacturer, to Keensight Capital. The sale enables Neuraxpharm to sharpen its focus on its core CNS disorders business, while Keensight plans to support Inke’s next phase of growth as an independent company. Financial terms were not disclosed, and the transaction is expected to close in May 2023.

Pronovias Group reached a binding agreement with its principal shareholder BC Partners and a majority of its senior and junior lenders to recapitalize the business, strengthening its balance sheet and providing new funding. Majority ownership will transfer to a consortium of investors led by Bain Capital and MV Credit, while the transaction reduces debt and extends remaining maturities to support Pronovias’ growth plan.

An affiliate of H.I.G. Capital acquired Standard Hidraulica (STH), an international industrial group focused on plumbing supplies. STH was previously part of Aalberts N.V., and H.I.G. plans to accelerate STH’s growth and support consolidation in its core markets.

All4Labels Global Packaging Group, a Triton Fund V portfolio company, acquired Relieves Egara, a Spanish label converting and packaging supplier founded in 1947. Relieves Egara will become a subsidiary of All4Labels and its current management team will continue to run the business. Financial terms were not disclosed.

All4Labels Global Packaging Group, a Triton Fund V portfolio company, acquired Gráficas Indetic, a Spanish converter of high-value decorative self-adhesive labels and shrink sleeves. Gráficas Indetic will become a subsidiary of All4Labels, with its current owners continuing to manage the business. Financial terms were not disclosed.

Electronics For Imaging, Inc. (EFI), a portfolio company of Siris, acquired Inèdit Software S.L., a developer of raster image processors (RIPs) and workflow software for digital industrial textile printing. Inèdit will be integrated into EFI’s Reggiani textile business to expand EFI Reggiani’s end-to-end digital textile printing workflow and automation capabilities. Financial terms were not disclosed.

Ergon Capital Partners III agreed to sell its entire majority stake in Indo to Rodenstock Group, a portfolio company of Apax Partners. Minority investors Sherpa Capital and Oquendo Capital will also exit, while Indo’s management team will reinvest in Rodenstock; the deal is subject to antitrust clearance.

VeriSIM Life acquired Molomics Biotech, a privately held AI-driven drug discovery company. Molomics’ AI and Human Collective Intelligence (HCI) technology will be integrated into VeriSIM’s BIOiSIM virtual drug development engine to enhance drug discovery and translational prediction across therapeutic areas including neurological and oncological diseases.

Accenture acquired Alfa Consulting, a consulting firm specializing in operations strategy and analytics-driven supply chain transformation for capital-intensive industries. Alfa Consulting is headquartered in Barcelona and has offices in Madrid and Mexico; its 52 consultants will join Accenture’s Supply Chain & Operations function. Financial terms were not disclosed.

Charme Capital Partners and Miura Capital have acquired INDIBA, a developer of radio-frequency (448 kHz) solutions used in physiotherapy, aesthetics, and veterinary applications. INDIBA’s management indicated the new ownership will support the company’s next phase of long-term growth and expansion.

Repeats Group B.V., a pan-European plastics recycling platform and a portfolio company of Ara Partners, made an investment in Anviplas S.L., a recycled low-density polyethylene (LDPE) producer based in Navarcles, Catalunya, Spain. The transaction terms were not disclosed, and the investment supports Repeats’ strategy to build a pan-European plastics recycling platform and expand LDPE recycling capacity in Europe.

Acces Industrie, supported by Equistone, has acquired Uping Acces, an aerial work platform and forklift rental company based in Sabadell near Barcelona, Spain. The acquisition supports Acces Industrie’s growth strategy and marks its return to Spain, with Uping Acces expected to drive the group’s development in the country.

H.I.G. Capital announced that one of its affiliates has acquired Standard Hidraulica (STH), an international industrial group focused on plumbing supplies. The business was previously part of Aalberts N.V., and H.I.G. plans to accelerate STH’s growth and support its transition to an independent company while pursuing consolidation in core markets.

Fremman agreed to acquire a majority stake in Palex, a leading distributor of high value-added MedTech equipment and solutions serving hospitals and laboratories in Spain and Portugal. Ergon and Corpfin are selling down their positions while remaining minority shareholders alongside Palex’s management team, which will also retain a minority stake. Palex is headquartered in the Barcelona area (Sant Cugat del Vallès) and has pursued an active buy-and-build strategy with more than 10 add-on acquisitions since 2016.

EQT Mid Market Europe fund ("EQT Private Equity") has agreed to sell Adamo Telecom, an open-access fiber-to-the-home broadband platform in Spain, to Ardian Infrastructure. Adamo is headquartered in Barcelona and provides fixed broadband and mobile services to retail and wholesale subscribers, with a nationwide network footprint. The transaction is subject to customary conditions and regulatory approvals and is expected to close in Q1 2022.

Pastas Gallo, backed by Proa Capital, has acquired Ta-Tung Platos Precocinados, a Spanish producer of Asian ready-to-eat foods headquartered in Sant Vicenç dels Horts. The deal includes an upfront payment with additional consideration over the next two years tied to performance targets. Seller Kav-ly will remain with the business for a period to lead product development.

Ergon Capital Partners IV SCSP ("Ergon") agreed to acquire a majority stake in Palex, a leading distributor of hospital equipment, healthcare technology, and advanced hospital solutions in Spain and Portugal. The stake is being purchased from Corpfin Capital, the Knuth family, and Palex’s management team, with Corpfin retaining a minority ownership alongside Ergon and management.

The Riverside Company invested in HealthTech BioActives S.L. (HTBA), a Spanish manufacturer of active pharmaceutical ingredients, excipients, flavorings and sweeteners serving pharmaceutical, nutraceutical, cosmetic, and feed markets. HTBA was carved out from Ferrer as part of Ferrer’s strategy to focus on its core branded pharmaceutical business.

Vista Equity Partners agreed to acquire Accelya, a global provider of financial, commercial and analytics software solutions for the airline and travel industry. The transaction marks the first investment by Vista’s permanent capital fund, Vista Equity Partners Perennial, and will follow Warburg Pincus’ exit from its ownership position, subject to customary closing conditions and regulatory approvals.