The last quarter of 2019 has continued to show healthy investment activity in private equity driven by high liquidity and debt availability. We have also seen an increasing number of secondary transactions. Overall in 2019, despite the economic slowdown, the sector has once again beaten its own records mainly due to the closure of megadeals and increased competition.

For 2020, on top of the anticipated economic slowdown, the market will be carefully assessing the impact of a new political scenario, after the formation of a fragile coalition government. In the medium term, we expect that the increasing liquidity will continue to fuel activity, although valuations ​​may suffer downward corrections, particularly in more cyclical sectors, such as such as Consumer, Tourism or Industrials.

Consumer, Leisure and Retail:

  • Nazca Capital has agreed to acquire One Shot Hotels, a Spain-based urban hotel chain, for an undisclosed consideration
  • GPF has agreed to acquire Fruxeresa and Frutas Naturales, Spain-based companies engaged in the production and distribution of citrus fruits, for an undisclosed consideration


  • Ergon has agreed to acquire Grupo Palex, a Spain-based company engaged in implementation and sale of high-tech products and equipment for integrated neonatal care and the critical patient, from Corpfin Capital, for an undisclosed consideration
  • Kohlberg Kravis Roberts & Co. has agreed to acquire Dentix, a Spain-based operator of dental clinics, for an undisclosed consideration

Industrial Products & Services:

  • Portobello has agreed to acquire USA-Group, a Spain-based automotive components manufacturer, for an undisclosed consideration


  • Artá Capital acquired Grupo Preving, a Spain-based operator in the labour risk prevention sector, from Corpfin Capital, for an undisclosed consideration. Grupo Preving was advised by DC Advisory, learn more about this deal here >


  • Three Hills Capital Partners has agreed to acquire Goal Systems, a Spain-based provider of optimisation software for the transport industry, for an undisclosed consideration
  • The BT Group, a global fibre networks and data centres business, has agreed to sell its domestic Spanish business to Portobello Capital, for an undisclosed consideration
  • Vista Equity Partners has agreed to acquire Accelya, a leading global provider of integrated technology platforms, software, and services to the travel and transport industry, from Warburg Pincus for a consideration of €1,175m

Spain deals by sector