{"id":69397,"date":"2026-01-28T15:43:00","date_gmt":"2026-01-28T14:43:00","guid":{"rendered":"https:\/\/techma.bakertilly.es\/?p=69397"},"modified":"2026-03-06T13:44:27","modified_gmt":"2026-03-06T12:44:27","slug":"analysis-transactions-industrial-tech-spain-2025","status":"publish","type":"post","link":"https:\/\/techma.bakertilly.es\/en\/analisis-transacciones-industrial-tech-espana-2025\/","title":{"rendered":"Buying and selling technology companies in Spain: analysis of Industrial Tech M&amp;A in 2025"},"content":{"rendered":"<p>El <strong>technology mergers and acquisitions market<\/strong> in Spain underwent a significant structural change in 2025. After several years dominated by transactions involving software, digital platforms and SaaS models, the focus of investment has shifted towards industrial technology or <strong><a href=\"https:\/\/techma.bakertilly.es\/en\/companies\/industrial-tech\/\" target=\"_blank\" rel=\"noreferrer noopener\">Industrial Tech<\/a><\/strong>.<\/p>\n\n\n\n<p>This move reflects a clear trend in the market: the <strong>technological reindustrialisation of Europe<\/strong> and the need to develop in-house capabilities in strategic areas such as semiconductors, advanced electronics, industrial automation and smart energy networks.<\/p>\n\n\n\n<p>In this context, M&amp;A in the Industrial Tech sector in Spain has established itself as one of the most significant drivers of investment this year, with transactions led by <strong>large industrial corporations, private equity funds and international buyers<\/strong> interested in acquiring specialised technology companies.<\/p>\n\n\n\n<p>From the perspective of <strong>echnology M&amp;A advisors<\/strong>, these transactions show how the Spanish mid-market is transforming into a key ecosystem for the development of <strong>critical hardware, advanced electronics, and digital industrial solutions<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Baker_Tilly_mejores_asesores_de_M_A_tecnologico\"><\/span>Baker Tilly: best tech M&amp;A advisors<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In this scenario of increasing transactional activity, the role of <strong>advisors who specialise in the sale and acquisition of technology companies<\/strong> is essential.<\/p>\n\n\n\n<p>In 2025, <strong>Baker Tilly<\/strong> has consolidated its position for <strong>the third consecutive year as one of the leading advisors in technology M&amp;A transactions in the Iberian mid-market<\/strong>, according to the Transactional Track Record (TTR) rankings.<\/p>\n\n\n\n<p>The firm particularly excels in transactions within the Technology, Media and Telecommunications (TMT) sectors, advising on both the<a href=\"https:\/\/techma.bakertilly.es\/en\/sale-of-companies\/\" target=\"_blank\" rel=\"noreferrer noopener\"> Company sale processes<\/a> and strategic acquisitions, including cross-border transactions with industrial buyers and international funds.<\/p>\n\n\n\n<p>This positioning reflects the growth of Tech M&amp;A activity in Spain, especially in segments such as Industrial Tech, B2B software, deep tech and technological infrastructure.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"El_auge_de_los_semiconductores_y_la_electronica_de_potencia\"><\/span>The rise of semiconductors and power electronics<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>One of the main drivers of technology M&amp;A in 2025 has been the interest in developing <strong>European capabilities in semiconductors and advanced electronics<\/strong>, a strategic sector following tensions in global supply chains.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ideaded_capacidad_estrategica_en_microchips\"><\/span>Ideaded: strategic expertise in microchips<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>One of the most significant transactions of the year was the <strong>Escribano Mechanical &amp; Engineering<\/strong> directive and the <strong>Sociedad Espa\u00f1ola de Transformaci\u00f3n Tecnol\u00f3gica (SETT)<\/strong> acquisition of shares by <strong>Ideaded<\/strong>.<\/p>\n\n\n\n<p>This investment responds to a dual strategic rationale:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Strengthening the technology supply chain in Spain<\/li>\n\n\n\n<li>Development of national capabilities in industrial chip design and manufacturing<\/li>\n<\/ul>\n\n\n\n<p>Ideaded brings a particularly valuable asset: intellectual property in semiconductor design for industrial applications and power electronics, a key segment for sectors such as defence, energy and electric mobility.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Semi_Zabala_y_la_tecnologia_GaN\"><\/span>Semi Zabala and GaN technology<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Another noteworthy transaction is the investment by <strong>Corporaci\u00f3n Mondrag\u00f3n and Fagor<\/strong> in <strong>Semi Zabala<\/strong>, a company specialising in radiation-resistant gallium nitride (GaN) semiconductors. This type of technology is particularly relevant for applications in the aerospace industry, advanced energy systems and high-reliability industrial electronics.<\/p>\n\n\n\n<p>The transaction reflects how large Spanish industrial groups are investing in acquiring specialised technological capabilities to compete in high value-added global markets.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Consolidacion_en_servicios_industriales_e_infraestructura_tecnologica\"><\/span>Consolidation in industrial services and technological infrastructure<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Industrial Tech ecosystem is not limited to hardware alone. It also includes <strong>highly specialised industrial services<\/strong>, which are attracting growing interest from <strong>private equity<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Aspen_Infrastructure_Group_adquiere_Imparesa\"><\/span>Aspen Infrastructure Group acquires Imparesa<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The acquisition of <strong>Imparesa<\/strong> by <strong>Aspen Infrastructure Group<\/strong> exemplifies this trend. The objective of the investment is to build a leading platform in critical infrastructure services, combining maintenance solutions, predictive maintenance, specialised technical maintenance and industrial asset digitalisation.<\/p>\n\n\n\n<p>For investors, these types of companies offer very attractive features:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>recurring contracts<\/li>\n\n\n\n<li>strong relationship with industrial customers<\/li>\n\n\n\n<li>high technical barriers to entry<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Compradores_internacionales_adquieren_tecnologia_industrial_espanola\"><\/span>International buyers acquire Spanish industrial technology<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>International interest in Spain's industrial technology ecosystem has continued to grow in 2025.<\/p>\n\n\n\n<p>Many multinationals are identifying companies in the Spanish mid-market with unique technological capabilities that complement their global platforms.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cicor_adquiere_MADES\"><\/span>Cicor buys MADES<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Swiss group <strong>Cicor<\/strong> acquired <strong>MADES (Manufacturing and Design Electronics Services)<\/strong> to strengthen its position in the European <strong>advanced electronics manufacturing (EMS)<\/strong>market. MADES provides critical capabilities in electronic design, high-precision manufacturing, and certifications for the aerospace and defence sectors.<\/p>\n\n\n\n<p>This acquisition enables Cicor to position itself to capture the expected growth in the European aerospace, defence and industrial electronics industries.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Assa_Abloy_integra_Calmell\"><\/span>Assa Abloy merges with Calmell<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Another significant transaction was the acquisition of <strong>Calmell<\/strong> by Swedish multinational <strong>Assa Abloy<\/strong>, a global leader in access solutions. Calmell specialises in smart cards, ticketing systems and secure physical identity solutions.<\/p>\n\n\n\n<p>The transaction reinforces Assa Abloy's strategy of integrating <strong>physical security and digital identity<\/strong>, a market experiencing strong growth in transport, smart cities and access control.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Energia_y_redes_electricas_adquisiciones_estrategicas_de_Arteche\"><\/span>Energy and electrical networks: strategic acquisitions by Arteche<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The energy transition is also driving <strong>M&amp;A in industrial technology<\/strong>.<\/p>\n\n\n\n<p>In this context, the <strong>Arteche<\/strong> group has made several acquisitions to strengthen its technological offering for smart grids, notably <strong>RTR Energ\u00eda<\/strong> and <strong>AMET-Power<\/strong>. These operations enable Arteche to expand its portfolio of <strong>power components and power quality solutions<\/strong>, technologies that are essential for:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Integration of renewable energies<\/li>\n\n\n\n<li>Industrial electrification<\/li>\n\n\n\n<li>Electricity network stability<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Private_Equity_y_la_estrategia_buy-and-build_en_Industrial_Tech\"><\/span>Private equity and the buy-and-build strategy in industrial tech<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Private equity has been one of the most active players in technology M&amp;A in Spain during 2025, driving sector consolidation strategies.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Henko_Partners_y_la_plataforma_Attlon\"><\/span>Henko Partners and the Attlon platform<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A representative example is <strong>Henko Partners<\/strong>, which has promoted the <strong>Attlon<\/strong> platform in the electronic security sector through the integration of <strong>Electro Alavesa<\/strong>.<\/p>\n\n\n\n<p>The strategy follows the classic <strong><em><a href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/buy-build-strategy-what-it-is\/\" target=\"_blank\" rel=\"noreferrer noopener\">buy-and-build<\/a><\/em><\/strong>model, which consists of:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Acquiring a base company or 'platform'<\/li>\n\n\n\n<li>Subsequently integrating complementary companies<\/li>\n\n\n\n<li>Creating a larger-scale national leader<\/li>\n<\/ol>\n\n\n\n<p>The industrial and electronic security sector in Spain remains highly fragmented, offering clear opportunities for consolidation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Venture_Capital_y_el_futuro_del_hardware_industrial\"><\/span>Venture Capital and the future of industrial hardware<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Although M&amp;A and private equity transactions have accounted for the largest volume of investment, <a href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/what-is-a-venture-capital-ss-a2\/\" target=\"_blank\" rel=\"noreferrer noopener\">venture capital<\/a> continues to play a key role in financing the next generation of Industrial Tech companies.<\/p>\n\n\n\n<p>Among the most interesting transactions are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Floatech and Nanopower<\/strong>, with investment from BigSur Ventures in efficient power electronics<\/li>\n\n\n\n<li><strong>iPrionics<\/strong>, a technology spin-off that has attracted international investment<\/li>\n\n\n\n<li><strong>Quantix Edge<\/strong>, focused on cybersecurity for industrial edge computing<\/li>\n<\/ul>\n\n\n\n<p>These investments point to a clear trend: the convergence of <strong>industrial hardware, artificial intelligence and edge computing<\/strong>, which is likely to generate new opportunities for buying and selling technology companies in the coming years.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Otras_operaciones_relevantes_en_Industrial_Tech\"><\/span>Otras operaciones relevantes en Industrial Tech<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Spanish Industrial Tech ecosystem has also seen numerous niche acquisitions that strengthen the industrial value chain. Among these, the following stand out:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Skandacor acquires Bagel Systems<\/strong>, consolidating capabilities in industrial machinery<\/li>\n\n\n\n<li><strong>Quantum acquires assets from BCN3D<\/strong>, strengthening its position in industrial 3D printing<\/li>\n\n\n\n<li><strong>Finkatuz <\/strong>promotes industrial consolidation with <strong>Innometal <\/strong>and <strong>Ohmia Electronics<\/strong><\/li>\n<\/ul>\n\n\n\n<p>These operations reflect the diversity of Spain's industrial technology sector, which includes companies in electronics, advanced manufacturing, metallurgy and automation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Perspectivas_del_M_A_Industrial_Tech_en_Espana_para_2026\"><\/span>Outlook for Industrial Tech M&amp;A in Spain for 2026<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An analysis of M&amp;A activity in the industrial tech sector in Spain during 2025 reveals three major structural trends:<\/p>\n\n\n\n<p><strong>1. Hardware returns to the centre of technological investment<\/strong><\/p>\n\n\n\n<p>After years dominated by software, investors are rediscovering the strategic value of semiconductors, advanced electronics and technology manufacturing. European technological sovereignty has become a clear investment thesis.<\/p>\n\n\n\n<p><strong>2. Spain consolidates its position as an industrial technology hub<\/strong><\/p>\n\n\n\n<p>Operations carried out by companies such as <strong>Ideaded, MADES, and Calmell<\/strong> position Spain as a centre for technological development and manufacturing in southern Europe.<\/p>\n\n\n\n<p><strong>3. Consolidation of the technology mid-market<\/strong><\/p>\n\n\n\n<p>Many Spanish industrial technology companies are evolving from family structures to platforms backed by private equity and integrations into global industrial groups.<\/p>\n\n\n\n<h1 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"El_papel_del_asesor_especializado_en_M_A_tecnologico\"><\/span>The role of the specialist advisor in technology M&amp;A<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\n\n<p>In an increasingly technical and competitive market, having <strong>specialised technology M&amp;A advisors<\/strong> is key to maximising value in the <strong>purchase or sale of technology companies<\/strong>.<\/p>\n\n\n\n<p>Our advisors have sector knowledge in technology and industrial tech, as well as experience in <strong>international operations<\/strong> and access to <strong>strategic buyers and investment funds<\/strong>.<\/p>\n\n\n\n<p>Looking ahead to <strong>2026<\/strong>, the market is expected to continue accelerating, driven by trends such as <strong>Industrial AI<\/strong>, factory digitisation, industrial electrification and technological security. Everything points to <strong>Industrial Tech remaining one of the most active segments of technology M&amp;A in Spain<\/strong>, consolidating the country's role within the European technology ecosystem.<\/p>","protected":false},"excerpt":{"rendered":"<p>El mercado de fusiones y adquisiciones tecnol\u00f3gicas en Espa\u00f1a ha vivido en 2025 un cambio estructural relevante. Tras varios a\u00f1os dominados por operaciones en software, plataformas digitales y modelos SaaS, el foco inversor se ha desplazado hacia la tecnolog\u00eda industrial o Industrial Tech. Este movimiento refleja una tendencia clara en el mercado: la reindustrializaci\u00f3n tecnol\u00f3gica [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":69398,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[222],"tags":[],"sectores":[2215],"tipo-contenido":[2260],"class_list":["post-69397","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-adquisiciones","sectores-industrial-tech","tipo-contenido-noticias"],"acf":[],"_links":{"self":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/69397","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/comments?post=69397"}],"version-history":[{"count":3,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/69397\/revisions"}],"predecessor-version":[{"id":69409,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/69397\/revisions\/69409"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media\/69398"}],"wp:attachment":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media?parent=69397"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/categories?post=69397"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/tags?post=69397"},{"taxonomy":"sectores","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/sectores?post=69397"},{"taxonomy":"tipo-contenido","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/tipo-contenido?post=69397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}