https://blue-mountain.es/en/insights/ Insights, analysis, and reports on direct investment in Spanish middle-market companies. en Sun, 17 May 2026 18:04:46 GMT https://blue-mountain.es/en/insights/buy-companies-extremadura/ Extremadura combines agri-food, solar energy, cork and rural tourism in an emerging M&A market. We analyse the opportunities for buying and selling companies in the region and why Blue Mountain invests in the Extremadura middle market. Mon, 30 Mar 2026 00:00:00 GMT https://blue-mountain.es/en/insights/buy-companies-extremadura/ info@blue-mountain.es (Blue Mountain Capital) guide extremadura inversion-directa agroalimentacion energia-renovable turismo-rural https://blue-mountain.es/en/insights/company-insolvency-proceedings-options/ Insolvency proceedings are not the end of the road. This guide analyses the real options available to an insolvent company in Spain: from pre-insolvency through to productive unit sales, including creditors' agreements and liquidation. Thu, 26 Mar 2026 00:00:00 GMT https://blue-mountain.es/en/insights/company-insolvency-proceedings-options/ info@blue-mountain.es (Blue Mountain Capital) guide reestructuracion situaciones-especiales mercado-espanol https://blue-mountain.es/en/insights/partner-wants-to-sell-other-doesnt/ Disagreement between partners over selling the company is one of the most paralysing situations in the middle market. This guide analyses the legal mechanisms, practical solutions and when a third party can unlock the impasse. Mon, 23 Mar 2026 00:00:00 GMT https://blue-mountain.es/en/insights/partner-wants-to-sell-other-doesnt/ info@blue-mountain.es (Blue Mountain Capital) perspective conflicto-socios venta-empresa ma-transacciones situaciones-especiales pacto-socios https://blue-mountain.es/en/insights/buy-companies-leon/ Leon and Salamanca combine mining, energy, agri-food and automotive components with university cities that generate talent. We analyse the opportunities for buying and selling companies in these Castilla y Leon provinces. Thu, 19 Mar 2026 00:00:00 GMT https://blue-mountain.es/en/insights/buy-companies-leon/ info@blue-mountain.es (Blue Mountain Capital) guide leon salamanca castilla-y-leon inversion-directa agroalimentacion https://blue-mountain.es/en/insights/sell-pharmacy-business/ Spanish pharmacies are experiencing unprecedented consolidation. This guide analyses the regulatory framework, valuation methods and the sale process for pharmacy owners and pharmaceutical groups operating in Spain. Tue, 17 Mar 2026 00:00:00 GMT https://blue-mountain.es/en/insights/sell-pharmacy-business/ info@blue-mountain.es (Blue Mountain Capital) guide sell-company pharmacy valuation middle-market https://blue-mountain.es/en/insights/case-study-hospitality-chain-acquisition/ A regional hospitality chain with EUR 15 million in revenue, a proven model, and an expansion opportunity. This case illustrates how a buy-and-build strategy can create significant value in a fragmented sector. Fri, 13 Mar 2026 00:00:00 GMT https://blue-mountain.es/en/insights/case-study-hospitality-chain-acquisition/ info@blue-mountain.es (Dirk Manuel Martens Jiménez) insight hosteleria inversion-directa middle-market ma-transacciones https://blue-mountain.es/en/insights/sell-gym-fitness-business/ Spain's fitness sector is consolidating rapidly with low-cost chains, premium boutiques and hybrid operators. This guide analyses valuation, key metrics and the sale process for gym and sports centre owners. Wed, 11 Mar 2026 00:00:00 GMT https://blue-mountain.es/en/insights/sell-gym-fitness-business/ info@blue-mountain.es (Blue Mountain Capital) guide sell-company gym fitness valuation middle-market https://blue-mountain.es/en/insights/buy-companies-alicante/ Alicante combines tourism, footwear, agri-food and an emerging tech ecosystem. We analyse the opportunities for buying and selling companies in the province and how Blue Mountain invests in the Alicante middle market. Fri, 06 Mar 2026 00:00:00 GMT https://blue-mountain.es/en/insights/buy-companies-alicante/ info@blue-mountain.es (Blue Mountain Capital) guide alicante comunidad-valenciana inversion-directa turismo calzado https://blue-mountain.es/en/insights/sell-franchise-business/ Selling a franchised business involves a process with particularities that do not exist in the sale of an independent company. This guide analyses franchisor approval rights, valuation, territory rights and royalty obligations. Wed, 04 Mar 2026 00:00:00 GMT https://blue-mountain.es/en/insights/sell-franchise-business/ info@blue-mountain.es (Blue Mountain Capital) guide sell-company franchise valuation middle-market retail https://blue-mountain.es/en/insights/case-study-logistics-restructuring/ A transport and logistics company with EUR 8 million in revenue on the brink of insolvency. This case shows how a simultaneous operational and financial restructuring can transform a distressed company into a profitable and sustainable business. Wed, 25 Feb 2026 00:00:00 GMT https://blue-mountain.es/en/insights/case-study-logistics-restructuring/ info@blue-mountain.es (Dirk Manuel Martens Jiménez) insight reestructuracion situaciones-especiales logistica inversion-directa https://blue-mountain.es/en/insights/buy-companies-valladolid/ Valladolid is the industrial centre of Castile and Leon: automotive, agri-food and logistics define a market with genuine M&A opportunities. We analyse buying and selling companies in the Castilian capital. Mon, 23 Feb 2026 00:00:00 GMT https://blue-mountain.es/en/insights/buy-companies-valladolid/ info@blue-mountain.es (Blue Mountain Capital) guide valladolid castilla-leon inversion-directa automocion agroalimentacion https://blue-mountain.es/en/insights/sell-real-estate-company/ Real-estate companies and developers in Spain operate in a cyclical market where valuation depends on the land bank, project pipeline and balance sheet structure. This guide analyses the sale process's particularities in the property sector. Wed, 18 Feb 2026 00:00:00 GMT https://blue-mountain.es/en/insights/sell-real-estate-company/ info@blue-mountain.es (Blue Mountain Capital) guide sell-company real-estate valuation middle-market https://blue-mountain.es/en/insights/how-to-buy-company-spain-guide/ Complete guide to buying a company in Spain: the 8 steps of the acquisition process, financing, due diligence, negotiation, closing, and the most common buyer mistakes. With practical examples from the Spanish middle market. Fri, 13 Feb 2026 00:00:00 GMT https://blue-mountain.es/en/insights/how-to-buy-company-spain-guide/ info@blue-mountain.es (Blue Mountain Capital) guide ma-transactions middle-market due-diligence spanish-market direct-investment https://blue-mountain.es/en/insights/buy-companies-cordoba/ Cordoba is much more than historical heritage: the province has a solid business fabric in agri-food, olive oil, jewellery, tourism and a growing technology cluster. We analyse the M&A opportunities. Tue, 10 Feb 2026 00:00:00 GMT https://blue-mountain.es/en/insights/buy-companies-cordoba/ info@blue-mountain.es (Blue Mountain Capital) guide cordoba andalucia inversion-directa agroalimentacion aceite-oliva https://blue-mountain.es/en/insights/sell-renewable-energy-company/ Spain's renewable energy sector is one of Europe's most active for M&A. This guide analyses the valuation of solar and wind assets, the impact of PPAs, the regulatory framework and the sale process for companies in the sector. Fri, 06 Feb 2026 00:00:00 GMT https://blue-mountain.es/en/insights/sell-renewable-energy-company/ info@blue-mountain.es (Blue Mountain Capital) guide sell-company renewable-energy valuation middle-market 50 MW) with long-term energy sale contracts. **Infrastructure funds.** They seek stabilised assets with predictable long-term cash flow. They accept lower IRRs than other investors in exchange for stability and duration. They are the natural buyers of operating plant portfolios with PPAs. **IPPs (Independent Power Producers).** Independent producers growing through acquisition of assets and development portfolios. They seek both operating plants and advanced-stage development projects. **Private equity funds.** They invest in renewable development platforms, seeking value creation by advancing projects from early stages to ready-to-build or COD (Commercial Operation Date). **Corporate investors.** Non-energy companies investing in renewable assets for self-consumption or as a financial investment with an ESG component. ## How a renewable energy company is valued The [valuation](/en/company-valuation/) of a renewable company depends fundamentally on the maturity of its assets. ### Operating plants They are valued using discounted cash flow (DCF) analysis, considering: - Estimated energy production (based on track record and independent resource assessments). - Electricity sale price (PPA, spot market, long-term price estimates). - Operation and maintenance (O&M) costs. - Residual useful life of the equipment. - Applicable remuneration regime (if regulated remuneration exists). Resulting [EBITDA](/en/glossary/ebitda/) multiples vary by technology and contracting profile: | Asset type | EBITDA multiple | |-----------|----------------| | Solar with long-term PPA | 9 – 12x | | Solar merchant (no PPA) | 6 – 9x | | Wind with PPA | 8 – 11x | | Wind merchant | 5.5 – 8.5x | | Assets with regulated remuneration | 10 – 14x | ### Development-stage projects They are valued per MW of capacity, with premiums for advancement status: | Development stage | Indicative value (EUR/MW) | |------------------|--------------------------| | Land secured + feasibility study | 10,000 – 30,000 | | Environmental permit obtained | 30,000 – 60,000 | | Grid access and connection granted | 60,000 – 100,000 | | Ready to build (RTB) | 100,000 – 180,000 | ### Renewable services companies O&M, engineering, consulting and installation companies are valued using EBITDA multiples similar to other services sectors (5-8x), with premiums for long-term contracts and a diversified client portfolio. ## The sale process ### Preparation Technical documentation is especially important in the renewable sector: - Independent solar/wind resource reports. - PPA contracts, remuneration regime and grid connection conditions. - Permits and licences: environmental, planning, grid access and connection. - Land lease agreements. - O&M contracts, equipment warranties, insurance. - Updated financial model with production and price projections. ### Renewable [due diligence](/en/glossary/due-diligence/) Due diligence in the renewable sector is technically demanding: **Technical.** Independent resource assessment, actual vs. forecast performance, equipment condition, panel or turbine degradation, incident history. **Legal-regulatory.** Current permits and licences, applicable remuneration regime, grid connection conditions, land lease terms, easements. **Environmental.** Compliance with the environmental impact declaration, compensatory measures, risks of impact on protected areas. **Financial.** Project finance debt structure, loan conditions, covenants, reserve accounts, cash waterfall. **Contractual.** PPAs, O&M contracts, manufacturer warranties, insurance, spare parts supply agreements. ## Common challenges **Regulatory risk.** Spain has a track record of regulatory changes that have affected the sector (moratoria, retroactive cuts, remuneration regime changes). Professional buyers incorporate a regulatory risk premium into their valuation. **Electricity price risk.** Assets without PPAs are exposed to electricity market volatility. Long-term price curves are a matter of debate between buyers and sellers. **Administrative complexity.** Renewable project permitting in Spain involves multiple administrations (national, regional, municipal) and can take several years. Administrative delays are a real risk that affects development-project valuations. **Curtailment and grid congestion.** In some areas, the electricity grid lacks sufficient capacity to evacuate all renewable production. Curtailment risk reduces effective production and asset value. ## How Blue Mountain approaches the renewable sector At [Blue Mountain](/en/about-us/) we see renewable energy as a strategic long-term sector. Our patient capital approach is well-suited to a sector where assets generate value over 25-30 years and where a long-term perspective is a competitive advantage. We are interested in both development platforms with qualified technical teams and operating asset portfolios with stable cash flows. We particularly value companies that have built solid relationships with local administrations, have a diversified project pipeline and operate with rigorous technical and environmental standards. If you own renewable assets or a sector company and are considering sale or partnership options, [contact us](/en/contact/) for a confidential conversation.]]> https://blue-mountain.es/en/insights/acquiring-companies-barcelona/ Catalonia holds Spain's strongest industrial base — 19% of GDP, densest family business concentration, and a succession wave among industrial founders now in their late 60s and 70s. Blue Mountain acquires manufacturing, logistics and services businesses in Barcelona with permanent capital. Mon, 02 Feb 2026 00:00:00 GMT https://blue-mountain.es/en/insights/acquiring-companies-barcelona/ info@blue-mountain.es (Blue Mountain Capital) report barcelona catalonia acquiring-companies regional-market direct-investment https://blue-mountain.es/en/insights/acquiring-companies-madrid/ Madrid accounts for 19% of Spain's GDP and hosts over 600,000 active SMEs. Blue Mountain acquires established businesses in the Community of Madrid with permanent family capital and active management — no exit deadline, no fund lifecycle. Mon, 02 Feb 2026 00:00:00 GMT https://blue-mountain.es/en/insights/acquiring-companies-madrid/ info@blue-mountain.es (Blue Mountain Capital) report madrid acquiring-companies regional-market direct-investment https://blue-mountain.es/en/insights/acquiring-companies-valencia/ The Valencian Community generates 10% of Spain's GDP with a deeply export-oriented economy: the Mediterranean's busiest container port, world-leading ceramics clusters, and first-rate agri-food production. Blue Mountain acquires Valencian businesses with permanent capital. Mon, 02 Feb 2026 00:00:00 GMT https://blue-mountain.es/en/insights/acquiring-companies-valencia/ info@blue-mountain.es (Blue Mountain Capital) report valencia valencian-community acquiring-companies regional-market direct-investment https://blue-mountain.es/en/insights/case-study-family-industrial-succession/ A family-owned industrial company with four decades of history, EUR 12 million in revenue, and a founder with no clear successor. This case illustrates how a well-planned generational transition can preserve a legacy and generate value for all parties. Tue, 27 Jan 2026 00:00:00 GMT https://blue-mountain.es/en/insights/case-study-family-industrial-succession/ info@blue-mountain.es (Dirk Manuel Martens Jiménez) insight empresa-familiar sucesion-empresarial middle-market inversion-directa https://blue-mountain.es/en/insights/buy-company-insolvency-proceedings/ Guide to buying a company in insolvency proceedings in Spain: legal framework, productive unit acquisition process, advantages for the buyer, specific due diligence, and risks to consider. Wed, 21 Jan 2026 00:00:00 GMT https://blue-mountain.es/en/insights/buy-company-insolvency-proceedings/ info@blue-mountain.es (Blue Mountain Capital) guide situaciones-especiales ma-transacciones reestructuracion middle-market mercado-espanol