Insights
Insights, analysis, and reports on direct investment, family business, and the Spanish market.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
A personal reflection on the decision to dedicate over fifteen years to investing in the Spanish middle market and the reasons that continue to reinforce that conviction.
A comprehensive overview of the Spanish middle market: size, key sectors, investment trends, and outlook for the coming years.
A family-owned food processing group with EUR 25 million in revenue, a 72-year-old founder, and no heir willing to take the helm. Three years of planned transition that preserved the culture, the clients, and the legacy. A case of succession without trauma.
How the circular economy is transforming the investment landscape in technology and sustainability.
Comprehensive analysis of trends, volumes, and opportunities in the Spanish mergers and acquisitions market for 2026. Closing data from 2025, sectoral forecasts, and perspectives from the middle market.
Analysis of the trends and opportunities in the Spanish mergers and acquisitions market.
The holding company is a corporate and tax planning tool that every family business should consider. We analyse its advantages, structure, and key tax aspects in the Spanish context.
We close 2025 with a review of Spain's mergers and acquisitions market: 742 middle-market transactions, rising valuations, accelerated sectoral consolidation, and the growing prominence of patient capital. The numbers and trends that defined the year.
The circular economy has evolved from a trend into a consolidated investment reality, with tangible opportunities across multiple segments of the Spanish market.
A corporate turnaround is not a cost-cutting plan or a refinancing exercise. It is a deep transformation with real capital at risk. This guide explains what a turnaround investor actually does, how the process unfolds, and what business owners and employees can realistically expect.
Digitalisation in family businesses goes far beyond buying software. It is a transformation that affects processes, culture, decision-making, and ultimately the company's valuation. We share our experience in digitalising portfolio companies.
Practical guide to buying a running business in Spain: advantages over starting up, common risks, acquisition process, and keys to a successful transition. With evaluation criteria and mistakes to avoid.
The most important lessons learned over more than fifteen years supporting Spanish family businesses through growth, succession, and transformation.
The out-of-court payment agreement is a pre-insolvency mechanism that allows distressed companies to negotiate haircuts, deferrals, or both with their creditors without entering formal insolvency proceedings. We explain its requirements, phases, and advantages.
Spain's road freight transport sector is one of the most fragmented in Europe, with more than 100,000 operators and a top-ten market share barely reaching 8%. We analyse the consolidation dynamics and opportunities for investors.
A practical guide on how to approach succession in family businesses, from the emotional dimension to the governance structures needed to ensure continuity.
Professionalising management is the most effective lever for increasing a company's value before sale. We detail the key areas — corporate governance, reporting, executive team, and processes — and the timelines required.
The debate over whether a small company can be sold starts from an incorrect premise: that size determines value. In M&A, what determines value is margins, market position, and team quality. Size is secondary.
Your company's legal form — SL or SA — has practical implications for an M&A transaction that go far beyond theory. We analyse the differences that matter when the time comes to sell.
The 95% reduction in Inheritance Tax for family business shares is the main fiscal incentive for business continuity in Spain. We analyse its requirements, limits, and the most common tax authority inspections.
The process of selling a company in the Spanish middle market typically takes between 6 and 12 months. We break down each phase — preparation, buyer search, due diligence, and closing — and the factors that accelerate or delay the transaction.
La Rioja boasts a world-class wine industry, quality agri-food, footwear and Spain's leading mushroom production. We analyse the opportunities for buying and selling companies in the region.
We explore the importance of corporate governance in family businesses and how its implementation can transform growth capacity and company valuation.
The transfer of a family business can be carried out through a lifetime gift or through inheritance. Each route has radically different tax implications depending on the autonomous community, the corporate structure, and compliance with specific requirements.
Saving a company from closure is possible in more cases than it seems — if you act before the options run out. This is a practical decision tree: from immediate actions to external capital, with real examples and no sugarcoating.
An analysis of the differences between a family office's patient capital model and traditional private equity, and why many middle-market companies need an alternative.
The leisure and entertainment sector in Spain is undergoing a profound transformation that generates investment opportunities in segments such as experiential leisure, organised dining, and sport. We analyse the trends and value drivers.
Preparing a complete and organised data room is key to accelerating due diligence and building buyer confidence. We detail the required documentation by area: corporate, financial, tax, labour, commercial, and regulatory.
We analyse the sectors with the greatest investment potential in Spain, identifying the structural trends shaping the landscape for the coming years.
Anti-money laundering regulations impose specific obligations on buyers in M&A transactions. We review KYC procedures, enhanced due diligence, and the practical implications of regulatory compliance.
Complete map of active company buyers in Spain: family offices, private equity funds, industrial buyers, search funds, and MBOs. How many deals close, what each type looks for, and how to approach them.
Having debt does not prevent the sale of a company. We explain the common mechanisms — cash-free/debt-free, debt assumption, prior restructuring — and how indebtedness affects the sale process and valuation.
We identify the fundamental levers for value creation in Spanish middle-market companies, from professionalisation to strategic expansion.
Comparative analysis between buying an existing business and starting from scratch: advantages, risks, capital requirements, time to profitability, and investor profiles for each option.
In a company acquisition, the closing price is just one variable. The deal structure, warranties, team retention, and the buyer's vision can matter as much or more than the number.
Overview of the Spanish business-for-sale market in 2026: sectors with the most activity, valuation ranges, market trends, and factors driving the supply of businesses in the Spanish middle market.
How much is a company that turns over €5 million worth? What EBITDA multiple does the market pay in logistics, software or manufacturing? We answer the most common valuation questions with 2026 Spanish market data.
Only 12% of family businesses survive to the third generation. That is not bad luck — there are structural reasons why the jump from second to third generation is the hardest. And there are solutions that few families know about.
We compare direct investment and fund-based models, highlighting the advantages of patient capital for value creation in the middle market.
A complete portrait of the Spanish middle market with updated 2025 data. We analyse transaction volume, average valuations by sector, and the trends defining the segment of companies with revenues between 3 and 50 million euros.
Acquiring distressed companies is one of the most profitable — and most complex — investment strategies in the middle market. This guide analyses the opportunities, risks, and process from the buyer's perspective.
In a world of globalised investment, concentrating all investment activity in a single country seems like a limitation. We explain why for Blue Mountain it is exactly the opposite: a deliberate competitive advantage.
Document preparation is one of the most important — and most underestimated — phases of selling a company. This checklist details all the documentation you will need, organised by phase, so there are no surprises during the process.
Complete guide to financing options for buying a company in Spain: bank debt, vendor financing, earn-outs, mezzanine, equity partners, and mixed structures. With practical examples from the middle market.
The engineering and industrial services sector in Spain offers a combination of recurring revenue, technical barriers to entry, and reasonable multiples that makes it one of the most attractive investment opportunities in the middle market.
Blue Mountain's first quarterly report on Spain's mergers and acquisitions market. Q1 2026 analysis: transaction volume, average valuations, most active sectors, and outlook for the mid-market segment of companies between €3M and €50M turnover.
Castilla-La Mancha combines world-class viticulture, renewable energy, strategic logistics and a powerful agri-food industry. We analyse the opportunities for buying and selling companies in the region.
Practical guide for business owners, advisors, and intermediaries who wish to present an investment opportunity to Blue Mountain. We explain what we look for, what information we need, and how our evaluation process works.
Inheriting a family business involves legal, tax and personal decisions that can shape the entire family's future. This practical guide analyses the legal framework, taxation, governance and the real options: stay, sell or find a partner.
We examine how family offices can serve as the ideal partner for managing business succession, preserving legacy while driving growth.
Spain offers a unique combination for long-term investors: a dynamic economy, a fragmented middle market, abundant family businesses, and a patient capital gap that creates differential opportunities compared to more mature markets.
Concern for employees is one of the main emotional barriers for business owners considering a sale. We explain the legal framework that protects them, what happens in practice, and how to ensure a transition that preserves the team.
Spain's insurance brokerage sector is experiencing intense consolidation. This guide details valuation methods based on recurring revenue, active buyer types and the transfer process's particularities.
The structure of a transaction — share sale or asset sale — has tax, legal, and operational implications that can represent millions of euros in difference. We explain the key differences every business owner should know.
The Spanish hotel sector is experiencing an accelerated consolidation cycle. We analyse the data, the aggregation models that work, and the opportunities for long-horizon investors in a market of 14,000 establishments, most of them independent.
Understanding how a company is valued is fundamental for both buyers and sellers. We analyse the most commonly used valuation methods in the Spanish middle market, their limitations, and the factors that actually determine the final price.
Blue Mountain Capital backs the expansion of its hotel platform, adding new properties in strategic Spanish tourist destinations.
Dentistry in Spain is experiencing accelerated consolidation with the entry of dental chains and investment funds. This guide details how to value a dental clinic, what buyers look for and how to prepare the sale to maximise the price.
More than 55,000 Spanish companies turn over between €3M and €50M. The majority of their owners believe they are too small to interest a serious investor. They are wrong.
When a company faces financial difficulties and seeks an investor, the process is radically different from a conventional sale. We explain what to expect, what the investor will demand, and how to prepare for the negotiation.
Cantabria has a diversified industrial base, a quality food sector and a strategic logistics position between the Cantabrian coast and the Meseta. We analyse the opportunities for buying and selling companies in Santander and its surroundings.
When a company faces difficulties, the decision between restructuring and selling defines its future. We analyse the objective criteria that help make the right decision, beyond inertia and emotion.
The Balearic Islands are not just about tourism: the archipelago has a diversified business fabric spanning hospitality, nautical services, real estate and professional services. We analyse the opportunities for buying and selling companies in Palma de Mallorca and the Balearic archipelago.
Blue Mountain Capital formalises a new investment agreement in the circular technology sector, expanding its refurbished devices platform.
The family protocol is the key tool for organising the relationship between family and business. We explain what it should include, when the right moment is to create one, and how to avoid the most common mistakes.
The letter of intent is the most important document before signing a company sale agreement. We analyse its key clauses, the most relevant negotiation points, and the mistakes that can cost millions.
Bilbao and the Basque Country combine a first-rate industrial heritage with a business culture oriented towards the long term. We analyse the opportunities for buying and selling companies in the Basque market.
Oviedo and Asturias offer investment opportunities in a region that combines industrial restructuring, an energy sector in transformation, a first-rate dairy industry and an emerging technology ecosystem.
Selling a family business is a once-in-a-lifetime decision. These are the ten mistakes we have seen repeated over more than fifteen years analysing transactions in the Spanish middle market, and how to avoid them.
The circular economy in Spain has moved from regulatory trend to established investment thesis. We analyse the segments with the greatest potential, current valuations, and the factors that determine which circular companies create sustainable value.
Business succession becomes exponentially more complex when there are multiple heirs. Unequal capabilities, divergent expectations, and family dynamics turn the process into a minefield. We analyse the options that work.
Spain's veterinary sector is experiencing accelerated consolidation with the entry of chains and investment funds. This guide analyses veterinary clinic valuation, active buyers, the role of goodwill and the sale process's key considerations.
Business succession is a process that requires between three and ten years of preparation. This guide details each phase of the plan, from initial assessment to effective transfer, with real examples from the Spanish middle market.
The shareholders' agreement is the most important — and most frequently absent — document in a Spanish middle-market company. We analyse the key clauses governing a sale and how their absence can block or increase the cost of an M&A transaction.
If you are a business owner considering retirement, this guide analyses every real option: sale to an investor, MBO, family succession, bringing in a patient capital partner and phased exit. Each option, with its advantages and risks.
Search funds and family offices represent two radically different investment models. Understanding their differences is essential for choosing the right partner when the time comes to bring in an investor.
A viability plan is not a theoretical exercise: it is the tool that determines whether an investor bets on a distressed company or passes. We detail what it should contain, what mistakes to avoid, and what the investor is really looking for.
The demerger is a key corporate reorganisation tool that allows the separation of activities, assets, or business lines. We analyse the types of demerger, their legal process, and tax implications in Spain.
When the next generation does not want to continue the family business, the business owner faces a vital decision. We analyse the real options from experience and without drama.
Analysis of the hotel investment market in the Spanish middle-market segment: opportunities, deal structures, valuation multiples, and trends for 2025.
Before filing for insolvency, many companies have viable alternatives: selling the productive unit, refinancing, or bringing in a financial partner. We analyse each option.
Blue Mountain Capital welcomes new members to its advisory board, enhancing analytical capabilities and strategic support across key sectors.
From the perspective of an active buyer in the Spanish middle market, we explain the real criteria that determine whether a company is attractive for acquisition and which factors weigh most in the decision.
Complete due diligence guide for company buyers: the six critical dimensions (financial, tax, legal, employment, commercial, and operational), the most common findings in the Spanish middle market, and how to protect yourself against contingencies.
You have filed for pre-insolvency protection — or you are about to. The clock is ticking. This guide explains your real options in plain language: from a creditor restructuring plan to selling to an investor who can move now.
Practical guide for the business owner approaching retirement who needs to plan the sale of their company: timing, options, tax considerations, and mistakes to avoid.
The Spanish logistics sector is experiencing accelerated consolidation. We analyse market dynamics, the most active segments, and investment opportunities in a sector that moves 115 billion euros annually.
Due diligence is the most critical phase of a company sale. We explain what buyers analyse, how long the process takes, and how to prepare to avoid surprises.
A transport and logistics company with EUR 18 million in revenue that, through a buy-and-build strategy, acquired three complementary businesses over four years and reached EUR 42 million. This case illustrates the real challenges of integrating acquisitions and capturing synergies.
Tax guide for business owners considering a sale: personal income tax on capital gains, holding company exemption, shares vs assets, advance planning, common tax mistakes, and the 95% family business reduction.
The employment dimension is often the most complex factor in an M&A transaction. We analyse how collective redundancy procedures interact with company sale and restructuring processes in Spain.
Blue Mountain Capital consolidates its position as a leading family office, surpassing 150 companies across five strategic sectors.
Preparation is what separates a good sale from an excellent one. These 12 steps, based on our experience as buyers, maximise your company's value before going to market.
Spain's elderly care sector is experiencing accelerated consolidation. This guide analyses valuation methods, the regulatory framework and the sale process for owners of care homes and senior care groups.
Family offices and private equity firms both invest in companies, but their models, incentives, and impact are fundamentally different. We analyse the key differences from over 15 years of experience.
Detailed analysis of EV/EBITDA multiples by sector in the Spanish middle market for 2025, with data from recent transactions and the factors that influence valuation.
Refinance or go into insolvency? It is the most critical decision a distressed company faces. We analyse the objective criteria for choosing the right path and the consequences of getting it wrong.
When a founder dies unexpectedly, the family inherits a company they may not know how to run. This guide explains the immediate legal steps, tax implications and the real options available for the medium term.
Selling a consulting firm poses unique challenges: key-person dependency, client concentration and the transferability of know-how. This guide analyses valuation, the process and the keys to maximising the price in the professional services sector.
70% of Spanish family businesses do not have a clear successor. We analyse all available options: from internal succession to sale, including hybrid models that many are unaware of.
An IT services company with EUR 6 million in revenue that needed capital and structure to scale. In three years, it tripled its team, expanded to three new cities, and reached EUR 14 million. A case study on how to grow without losing your essence.
Granada combines first-rate tourism, high-value agriculture, a powerful university ecosystem and a growing technology sector. We analyse the M&A opportunities in the province of Granada.
Complete guide with the 10 steps to sell a company in Spain: preparation, valuation, buyer search, due diligence, and closing. With documentation checklist, EBITDA multiples by sector, tax implications, and the costliest mistakes.
Spain's agri-food sector is the fourth largest in Europe and is undergoing consolidation. This guide analyses valuation approaches, active buyers and the sale-process particularities for agricultural, food-processing and distribution companies.
The 7 signs your company needs a capital partner, the types of partners available, how to protect your interests in the negotiation, and the balance between maintaining control and ceding equity.
Patient capital transforms the way a family business grows, makes decisions, and preserves its identity. We analyse in depth what it is, how it differs from private equity and venture capital, and why it can be the difference between transforming a company and destroying it.
Complete guide to investing in Spanish middle-market companies: investment landscape, attractive sectors, legal and tax framework, investment vehicles, and value-creation strategies for domestic and international investors.
Spain's hospitality sector is undergoing rapid consolidation. This guide covers the sale process, sector-specific valuation methods and the keys to maximising the price of a restaurant, catering company or restaurant group.
Blue Mountain closes 2024 with a consolidated portfolio of more than 80 active companies across 6 sectors.
Complete guide to what a family office is, the three types that exist, how it invests compared to private equity and venture capital, and why more middle-market companies in Spain are choosing this model as a strategic partner.
An industrial metalworks company with EUR 7 million in revenue losing EUR 500,000 per year. In 18 months, a deep operational restructuring restored profitability and opened new markets. This case shows that distressed companies are not lost causes.
When a divorce involves a company, the complexity multiplies enormously. This guide explains what happens to the business under Spanish law, how it gets valued, and what genuine options each spouse has.
Digitalising your company before selling is not an expense but an investment that can significantly increase the valuation. We explain what to digitalise, why it matters to buyers, and the expected return.
Compliance obligations are not just for large corporations. We analyse what requirements actually apply to middle-market family businesses and how to implement them without unnecessary bureaucracy.
Partner disputes are one of the most common reasons Spanish companies end up being sold. This guide explains the legal mechanisms available, what practical solutions actually work, and when selling the business is the right way to resolve the deadlock.
Business valuation combines art and science. We identify the five most frequent errors and how to avoid them to achieve a valuation that reflects reality.
We share our vision for 2025 in direct investment: market trends, sectors of interest, and Blue Mountain's strategic priorities for the coming year.
We review investment activity in Spain's hotel and restaurant sector during 2024: volumes, trends, notable transactions, and outlook.
After an intense 2024 of consolidation, Spain's logistics sector prepares for a 2025 marked by automation, sustainability, and accelerated concentration.
Business owner burnout is real, common and solvable. This guide speaks honestly about entrepreneurial exhaustion, the genuine options for recovery or exit, and why selling is not giving up.
We describe the typical restructuring of a Spanish middle-market company: from initial diagnosis to stabilisation, including the hardest decisions along the way.
We receive hundreds of investment proposals each year. We share what distinguishes those we immediately engage with from those we discard in five minutes.
Only 30% of family businesses survive the transition to the second generation. We analyse the factors that determine success or failure in this critical transition.
The shareholders' meeting approval is a legal requirement that can derail an M&A transaction if not managed correctly. We analyse the required majorities, minority shareholder protections, and the formal aspects the buyer will verify.
Blue Mountain does not appear on Deale, Bizalia or any business-for-sale platform. That is a deliberate choice. We explain our off-market approach, how we find the best companies and why it is better for the seller too.
Debt is not the problem; the inability to manage it is. This guide analyses the debt restructuring mechanisms available to Spanish middle-market companies, from bilateral renegotiation to court-approved restructuring plans.
Every year brings new lessons. I share the most significant reflections from 2024: about markets, about people, and about the craft of investing in the Spanish middle-market.
The Spanish hotel sector is one of the most active in M&A transactions. This guide analyses valuation approaches, the distinction between the real-estate asset and the operating business, sector multiples and the sale process for hotel owners.
Spain's technology sector is active, fragmented and attractive to international buyers. If you own a Spanish IT, SaaS or digital services company and are considering an exit, this article explains what buyers look for, how valuations work, and why patient capital may suit you better than conventional private equity.
Blue Mountain's Certus division closes 2024 marked by the consolidation of its technology investments and by the confirmation of its thesis on data and applied artificial intelligence.
An entrepreneur with two dental clinics and EUR 3 million in revenue who, through a consolidation strategy, acquired five more clinics and reached EUR 11 million. A case study on operational standardisation, brand building, and medical talent retention.
With third-quarter data in hand, we present a first assessment of the Spanish M&A market in 2024: selective recovery, stabilised multiples, and a resilient middle-market.
A technology company specialising in the circular economy, EUR 5 million in revenue, and an ambitious growth plan. This case illustrates how patient capital can accelerate the growth of companies with positive impact without sacrificing their mission.
The virtual data room is the central tool of due diligence. Proper preparation accelerates the process, builds buyer confidence, and can significantly improve the deal outcome.
Spain's private education market exceeds €10 billion annually and is attracting significant international investment. If you own a private school, language academy chain, vocational training centre, or corporate training company, this guide explains how your business is valued and what options you have.
The confidentiality agreement is the first document signed in a business sale. Many treat it as a formality. We explain why it is much more than that.
Spain's optical retail sector is experiencing accelerated consolidation driven by large chains and investment funds. This guide analyses valuation, key metrics and the sale process for owners of independent opticians and optical groups.
Why family businesses are different to value, what intangible factors affect price, how to normalise family finances, and how to bridge the gap between emotional and market value.
Hundreds of thousands of Spanish companies face an existential problem: they have no successor. We analyse the data, consequences, and alternatives.
Spain's engineering and industrial services sector faces a strategic choice: grow organically or through acquisitions. We analyse the advantages and risks of each model.
The fear of selling a company is as real as any other entrepreneurial fear. But not all fears have the same foundation. We address the five most common concerns we hear from business owners — and what perspective can help.
Spain's leisure sector offers attractive investment opportunities for those who understand its dynamics and have the patience to create long-term value.
Tax planning before selling a business can mean a difference of hundreds of thousands of euros in net proceeds. We explain the main strategies available to the Spanish business owner.
The earn-out is one of the most commonly used and least understood mechanisms in corporate transactions. We analyse when it is a useful tool and when it becomes a source of conflict.
A management buyout (MBO) is one of the least understood but most effective succession options: the team already running the business buys it from the founder. We explain how it works in practice, how it is financed, and what role an investor plays.
Spain's road transport sector continues an accelerated consolidation process. We present the most relevant first-half 2024 data and implications for investors.
Retaining the management team after an acquisition is one of the most critical factors for investment success. We share the strategies that work and those that don't.
Not every retiring business owner needs to sell their company. There are formulas for stepping back from management while retaining ownership, generating income, and preserving the legacy. We analyse the real options and their implications.
Distressed companies are perceived as risk by most investors. We see them as one of the greatest opportunities in the Spanish middle-market. Here is why.
Most investors have an exit date from day one. That shapes everything: their decisions, their priorities, and what happens to your company in year five. We explain why the time horizon is the single most important variable when choosing a financial partner.
Corporate governance in the family business is the unfinished business of the Spanish middle-market. We identify the most frequent errors and practical solutions.
Spain offers a unique set of competitive advantages for middle-market investors. We analyse why the Spanish market remains one of Europe's most attractive destinations for patient capital.
Blue Mountain's hotel platform reaches a significant milestone with more than 15 operational hotels.
An overview of Spain's private equity and venture capital ecosystem based on the SpainCap data framework: investment volume, transactions by segment, active sectors and the family office as an alternative to conventional PE.
The share purchase agreement is the most important document in an M&A transaction. We explain the key clauses every business owner must understand before signing.
Internationalisation is one of the most complex strategic decisions for family businesses. We analyse when it makes sense, which markets to prioritise, and the mistakes we have seen.
Complete guide for business owners seeking an investor or capital partner: types of investors, what each brings, preparing your company, what investors look for, red flags for both sides, and patient capital vs private equity.
Credit restrictions are leaving many middle-market companies without traditional refinancing options. We explore the alternatives available and when each makes sense.
An analysis of valuation multiples by sector in the Spanish middle-market: where the opportunities lie for buyers and why some sectors command premiums or discounts.
Many owners delay selling because they cannot imagine life without their company. This guide speaks honestly about what comes next: the identity shift, the first months, and how the sellers who navigate it best find their new purpose.
Female leadership in Spanish family business remains a minority, but the figures are changing. We analyse persistent barriers, progress data, and implications for investors.
Cleaning, security and facility management companies have what most buyers want: predictable, recurring revenue from long-term contracts. Spain's auxiliary services sector is consolidating fast. If you own one of these companies, this article explains why the timing is favourable and what a sale process looks like.
From Certus, Blue Mountain's technology division, we share our data investment thesis: why we believe data is the infrastructure of the 21st century.
Employment protection is a frequent commitment in acquisitions, but rarely translates into verifiable actions. We explain what Blue Mountain does and why it works.
Spain's private healthcare sector is consolidating at pace, with international buyers actively acquiring clinic groups. If you own a dental group, medical centre chain, or healthcare company with €3M+ in revenue, this guide explains valuation, buyer dynamics, and how to protect your team and patients.
Negotiating a business acquisition is unlike any other negotiation. We share the principles learned from years of experience acquiring companies in the Spanish middle-market.
Patient capital is an attractive concept in theory. But how does it work in practice? We describe three real situations where a long-term horizon made the difference between success and failure.
The circular economy has evolved from an environmental concept to a real investment opportunity. We analyse Spain's circular technology sector and the trends driving its growth.
Spain has a strong and diversified industrial base, with thousands of family-owned factories approaching a generational transition. For international buyers and local founders alike, this article explains how manufacturing company sales work in Spain, what drives valuations and what a patient capital partner looks like.
Many corporate lawyers advise clients on selling their business without prior M&A experience. We share the key insights every lawyer should know before participating in a transaction.
Local accountants and tax advisers are often the business owner's first point of contact when considering a sale. We reflect on their role in the M&A ecosystem and how they can add more value.
When a business owner decides to sell, the first major decision is to whom: a competitor who knows the sector, or a financial investor who brings capital? We analyse the real differences, the risks in each path, and when each one makes sense.
In an increasingly competitive Spanish hotel market, asset repositioning has become the main value creation lever. We analyse which strategies work and which don't.
Quarterly update of EV/EBITDA multiples in the Spanish middle market. Transaction data from Q4 2025 and Q1 2026, with trend analysis by sector and the factors driving valuations.
The holding structure is the most commonly used business organisation tool by Spanish business families. We analyse its advantages, requirements, and the most frequent implementation errors.
Few talk about what happens after signing the sale of a company. Drawing on conversations with dozens of business owners, we describe the post-exit reality.
Not all companies are equally attractive to buyers. We identify the ten indicators that determine whether a company is sellable and what multiple it can aspire to.
Incorporating an external advisory board can transform the management of a family business. We analyse when it makes sense, what profiles to seek, and how to prevent it from becoming a decorative body.
Complete guide for business owners seeking a buyer: types of active buyers in Spain, where to look, how to prepare, intermediaries vs direct contact, and red flags in candidates.
Artificial intelligence is not just for tech startups. We analyse how traditional middle-market Spanish companies can leverage AI to improve operations, reduce costs, and gain competitiveness.
Beyond numbers and contracts, selling a business is a profoundly emotional process. We share the emotional phases the business owner goes through and how to manage them constructively.
Tag-along and drag-along are clauses that appear in shareholder agreements and sale contracts. Many sellers fear them without understanding them. We explain what they mean, when they protect you and when they constrain you.
Tax due diligence is one of the most critical phases of any business acquisition. We explain what aspects the buyer analyses, what contingencies they look for, and how the seller can prepare.
Last-mile logistics is undergoing accelerated transformation in Spain. We analyse consolidation dynamics and investment opportunities in this critical supply chain segment.
Spain has over 200,000 road transport companies, but the €3-30M segment is where consolidation is most active. If you own a freight company with 20-200 trucks, this guide explains how your business is valued, who is buying, and how to prepare your exit.
The most successful restructurings are those initiated before the crisis becomes irreversible. We analyse early warning indicators and the tools available to Spanish business owners.
Spain is Europe's second largest car manufacturer, with over 800 automotive parts suppliers. If you supply components to OEMs or Tier 1 manufacturers, this guide explains how your company is valued, how the EV transition affects your exit price, and how to find the right buyer.
Many business owners overvalue their company because they confuse emotional value with economic value. We analyse why this happens and how to prevent this bias from ruining a sale.
A quantitative analysis of the state of the family business in Spain: employment figures, revenue, succession, and structural challenges defining the current landscape.
Spain is Europe's largest agrifood exporter, yet most of its food companies are family-owned SMEs with strong products and underdeveloped distribution. For international buyers and domestic founders, this article explains how food and beverage company transactions work in Spain and what creates — or destroys — value.
Choosing an investment partner is one of the most consequential decisions in the life of a business. This article examines the criteria every business owner should evaluate before accepting an investment offer.
An earn-out is a deferred price mechanism with complex tax consequences. We explain how it is taxed in Spain for both individual and corporate sellers, and how to structure it optimally.
We analyse the trends that will define the Spanish M&A market during 2024. After a 2023 marked by macroeconomic uncertainty, the middle-market shows clear signals of selective recovery.
The financial and legal preparation for selling a company has detailed manuals. The psychological preparation does not. This guide covers the emotional stages of the process and the concrete steps to navigate them with clarity.
Looking ahead to 2024, the Spanish middle market presents an opportunity scenario: growing succession flow, reasonable valuations, and sectors in consolidation. We share our vision and priorities.
Certus completes its first year of investment activity. We take stock of what we have learned, the opportunities evaluated, and our vision for technology investment in the middle market.
Every year brings new lessons. 2023 has taught us about the importance of patience, selectivity, and active management in an environment of greater macroeconomic uncertainty.
Some distressed companies are best served not by restructuring debt or cutting costs, but by finding a new owner who brings capital, management, and vision. We describe our special situations thesis.
Practical guide for business owners who want to know what their company is worth before selling. EBITDA multiples by sector, factors that increase or decrease value, emotional valuation traps, and when to get a professional valuation.
With over 100,000 operators and extreme fragmentation, road freight transport in Spain is the sector with the greatest consolidation potential in the Spanish economy.
The twelve months before selling a company are the most critical. A month-by-month action plan to maximise value and minimise the stress of the process.
You don't always have to sell 100% to monetise decades of work or get the capital your business needs. This guide explains partial sale structures, their real implications, and when a full sale is the better choice.
Accounting firms and tax advisory practices in the Spanish middle market are, paradoxically, the most effective and least recognised investment intermediaries. We explain why and how we work with them.
In an M&A transaction, the commercial lawyer is not just a legal technician. They are a strategic ally who protects the entrepreneur and facilitates the closing. We describe their role and how to choose well.
Deal structure matters as much as price. We describe step by step how we design a transaction to work for both parties.
Spain's wholesale distribution sector is highly fragmented and attracting significant acquisition interest. If you own a Spanish distribution company with €3-50M in revenue, this guide explains how your business is valued, what buyers look for, and how to maximise your exit.
The leisure and entertainment sector in Spain generates over 40 billion euros annually but receives a tiny fraction of private capital investment. We analyse why and where the opportunities lie.
Blue Mountain's circular technology platform expands operations to the European level.
Spain's post-2008 construction survivors are lean, technically capable and increasingly attractive to consolidators. If you own a Spanish construction, civil engineering or installations company, this article explains what drives valuations, how to handle bonds and guarantees in a sale, and what capital can do for a company with a solid order book.
Digitalisation is not an end in itself but a value creation lever. In traditional middle-market companies, modest technology investments can generate disproportionate improvements.
The Spanish M&A market shows clear trends heading into the close of 2023: more middle-market deals, greater family office prominence, and a valuation adjustment.
There is no perfect moment to sell a company, but there are clear signals that the moment is approaching. From founder fatigue to market cycles, we analyse the factors that determine optimal timing.
The management team is the most important asset in a middle-market acquisition and, paradoxically, the hardest to evaluate. We share how we assess it and why it conditions our decision.
A well-composed and well-managed board of directors is the most powerful and least utilised transformation tool in Spanish SMEs.
The first visit to a candidate company reveals more than any financial report. I share the signals I observe, the questions I ask, and the non-financial indicators that determine my interest.
The SPA is written by lawyers, but it is the business owner who signs it. We explain the ten key clauses from the seller's perspective: what they mean, what is negotiable and what is standard.
Confusing financial restructuring with operational restructuring is the most common error in treating distressed companies. They are distinct problems requiring distinct solutions.
A business sale is not resolved in a single meeting or signing. It is a process lasting months that requires preparation, patience, and professionalism at each stage.
An inflated valuation does not benefit the seller. It creates unrealistic expectations, drives away serious buyers, and can delay the sale until conditions worsen.
The Canary Islands have 2.2 million inhabitants, 15 million tourists annually, and the lowest corporate tax rate in the European Union for qualifying companies: 4% under the ZEC. Island insularity creates natural barriers to entry that make businesses more defensible. Blue Mountain acquires Canarian companies with permanent capital.
The circular economy is not just an environmental trend. It is an investment sector with solid fundamentals, regulatory tailwinds, and attractive returns for the patient investor.
The engineering and industrial services sector in Spain offers an attractive combination: recurring revenues, barriers to entry, fragmentation, and consolidation potential.
Spain remains one of Europe's most attractive markets for foreign investors. This guide covers the legal framework, tax considerations, cultural factors and how we work with international buyers.
Inaction has a cost that is rarely calculated. Companies that postpone critical decisions — succession, investment, restructuring — pay a high price for waiting.
A company that depends on its founder to function is not a sustainable company. We describe the concrete steps to build an organisation that can thrive regardless of who leads it.
The Basque Country has Spain's highest GDP per capita and an unmatched precision industrial base: machine tools, aerospace, steel, automotive components. Blue Mountain acquires Basque industrial companies with permanent capital, discretion and generational vision.
Thousands of Spanish companies face their founder's retirement without a clear successor within the family. We analyse the available options and the factors that determine the best solution.
Navarra has the highest industrial GDP per capita in Spain after the Basque Country, its own tax regime, and world-class sectors: automotive with VW Navarra, pioneering renewables, premium agri-food. Blue Mountain acquires Navarran companies with permanent capital and a long-term perspective.
The perception of private equity in Spain is distorted by headlines from large deals. In the middle market, the reality is very different. We debunk the most widespread myths.
A reflection addressed to the tax advisers and accountants who guide entrepreneurs through sale processes. Their role is decisive, and this letter seeks to build bridges between advisers and investors.
Castilla y León is the Spanish region where business succession is most urgent: depopulation means many solid industrial and agri-food companies have no natural heir. Blue Mountain acquires companies across the region with permanent capital and a generational outlook.
The shareholders' agreement is the most important document in the relationship between an entrepreneur and their investor. We explain its key clauses, common traps, and what to negotiate before signing.
What do companies sell for in Spain? We present real transaction multiples by sector, size, and deal type in the Spanish middle market.
More and more business owners are considering selling their company without engaging advisors or intermediaries. We analyse when it makes sense and when it can cost more than it saves.
The connection between DACH markets (Germany, Austria, Switzerland) and Spain offers unique investment opportunities. We analyse the flows, synergies, and keys to operating in both markets.
Certus, Blue Mountain's technology capital division, was born with a clear thesis: invest in technology companies that solve real middle-market problems. We describe our approach.
Many business owners look for a 'business transfer' when what they have is a company. We explain the difference, when each term applies, and at what size the rules change.
The closing is not the end of the road but the beginning of a new chapter. We describe what actually happens in the twelve months after a sale, from both the entrepreneur's and buyer's perspective.
Corporate governance is not just for large listed companies. In an SME, a few well-implemented practices can transform decision quality and business sustainability.
Murcia exports more fresh fruit and vegetables than any other Spanish region. Behind that export capacity are hundreds of medium-sized family businesses — many founded in the 1980s — now facing generational transition without a clear solution.
A leak during a business sale process can destroy a company's value in weeks. Confidentiality is not a legal formality — it is an operational necessity of the first order.
Galicia is one of Spain's most distinctive regional economies — world-class seafood processing, a major automotive cluster, granite exports to eighty countries, and dairy that supplies half the country. And a succession crisis that creates genuine opportunity for the patient investor.
Companies do not enter crisis overnight. There are early signals that, detected in time, allow action before the situation becomes irreversible. We identify the five most common.
Many struggling companies do not have a debt problem but an operations problem. Operational restructuring is harder than financial restructuring, but far more effective when the root cause is correctly identified.
Asturias has Spain's highest concentration of industry per square kilometre outside the Basque Country. The Oviedo-Gijón-Avilés triangle hosts steel, engineering, cider and cheese — and a talent drain plus unresolved succession that creates real opportunities for investors who understand industry.
EBITDA has become the dominant M&A metric, but using it without judgement can lead to serious valuation errors. We analyse its real usefulness and most frequent traps in the middle market.
Academic due diligence has hundreds of items. Practical due diligence comes down to a handful of critical questions that determine whether a deal succeeds or fails. We share ours.
Spanish hospitality has emerged from the pandemic stronger but more polarised. For the investor with a long-term view and real operational capability, the opportunities are exceptional.
The €3-10M revenue segment has its own dynamics in a sale: faster processes, more personal relationships, different valuations. Everything an SME owner needs to know before starting the process.
The Spanish logistics sector, with over 200,000 companies and extreme fragmentation, is undergoing a wave of consolidation that will transform the competitive landscape in the coming years.
After more than fifteen years evaluating investment opportunities, these are the qualities I look for — and the warning signs that make me walk away.
Before hiring an adviser or signing a mandate, the entrepreneur considering a sale should speak with an actual buyer. Not to negotiate, but to understand how the other side of the table thinks.
The narrative that investors destroy jobs is a dangerous oversimplification. When investment is done well, employment grows, becomes more professional, and more stable.
Valuing a Spanish SME is not the same as valuing a listed company. Academic methods have serious limitations when applied to the middle market. We explain why and what approach works in practice.
A practical guide for entrepreneurs and business families facing generational succession, with recommendations based on over 15 years of experience.
The difference between a passive investor and an active administrator is the difference between dead capital and living capital. We describe how active management works in a middle-market portfolio company.
Generational succession in the family business is an uncomfortable but inevitable conversation. The sooner it is addressed, the more options the entrepreneur has and the better the outcome.
Practical guide for advisors and intermediaries who accompany family business owners in the sale of their company. From mandate preparation to closing, with the keys that make the difference in each phase.
The entrepreneur's tax adviser plays a decisive role in the success of a sale transaction. We analyse how they should be involved, what mistakes to avoid, and why early preparation is essential.
Not every company needs an investor, but many need one more than they realise. We identify the signals that indicate the time has come to seek a capital partner.
Zaragoza is Spain's undisputed logistics capital — equidistant from Madrid, Barcelona, Bilbao and Valencia, home to Europe's largest logistics park. The Aragonese business fabric offers acquisition opportunities with strong structural fundamentals.
Family businesses represent 89% of Spanish companies and generate over 60% of private employment. We analyse their strengths, weaknesses, and the succession challenge ahead.
The term 'family office' is used frequently but poorly understood. We describe how one actually operates: its structure, decision-making process, and why more entrepreneurs trust them as capital partners.
Andalusia concentrates more companies than any other Spanish region and one of the most mature family business ecosystems in Europe. We analyse acquisition opportunities in Seville and across the south.
Capital from an entrepreneurial family behaves fundamentally differently from institutional capital. That difference, far from being a weakness, is its greatest strength in the middle market.
Malaga has stopped being merely the Costa del Sol's tourist destination and become one of Spain's most dynamic business ecosystems. We analyse acquisition opportunities in a market experiencing a dual transition: family hospitality succession and a genuine tech boom.
With over 4,000 companies turning over between 10 and 200 million euros, the Spanish middle market offers risk-adjusted returns superior to more visible segments. We analyse the data and the real opportunity.
Direct investment offers a genuine alternative to traditional private equity for middle-market entrepreneurs. We explain how it works, what sets it apart, and why more business owners are choosing it.
Only 30% of family businesses survive the transition to the second generation. We analyse the real causes of failure — beyond the cliches — and the specific decisions that make the difference between continuity and disappearance.
Spanish M&A market analysis, sector valuations, and investment perspectives. No spam, unsubscribe anytime.
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