Blue Mountain closes 2024 with a consolidated portfolio of more than 80 active companies across 6 sectors.
Blue Mountain closes the 2024 financial year with a consolidated portfolio of more than 80 active companies across six strategic sectors: logistics, hospitality, leisure, circular technology, engineering, and services. The group has maintained its strategy of organic and inorganic growth, strengthening its sectoral platforms and generating sustainable value for all stakeholders. This annual review offers a detailed perspective on the group’s trajectory during a year defined by operational consolidation and the preparation of foundations for the next phase of growth.
The portfolio demonstrated resilience and growth across all major sectors. Aggregate revenue across portfolio companies grew by 12% year-on-year, driven by a combination of organic growth in existing businesses and the contribution of new acquisitions completed during the year.
EBITDA margins improved by approximately 80 basis points across the portfolio, reflecting the benefits of operational improvements, procurement synergies, and the progressive professionalisation of management in recently acquired companies.
Logistics. The logistics platform continued its consolidation strategy, adding three new companies to the group. Total revenue in the logistics sector exceeded 200 million euros, with a growing proportion of intermodal and last-mile services.
Hospitality. The hotel platform surpassed 15 properties, with new additions in the Mediterranean coast and Balearic Islands. Occupancy rates recovered to pre-pandemic levels, and revenue per available room showed consistent improvement across the portfolio.
Circular technology. Certus, the group’s circular technology platform, expanded its European operations and increased its device processing volume significantly. The circular economy continues to be one of the group’s most dynamic growth vectors.
Engineering and industrial services. Investment in this sector was initiated during 2024, with the first platform acquisition establishing a foundation for future consolidation.
Blue Mountain evaluated more than 120 investment opportunities during 2024, conducting detailed analysis on 35 and completing 8 new investments. This conversion rate reflects our disciplined approach to capital deployment — we would rather miss opportunities than invest in the wrong ones.
The advisory board was expanded with the addition of new members bringing expertise in digital transformation, logistics operations, and hospitality management. The internal team grew to support the increasing complexity of the portfolio, with particular investment in financial control, legal compliance, and portfolio operations functions.
We enter 2025 with optimism tempered by discipline. The Spanish middle market continues to offer exceptional opportunities for patient capital investors, and our portfolio is well-positioned to benefit from the secular trends of sectoral consolidation, generational succession, and the professionalisation of family businesses. We expect to maintain our current pace of investment while deepening our operational engagement with existing portfolio companies.
2024 was a year of consolidation and foundation-building. The investments made, the governance structures established, and the operational improvements implemented during the year position the group for sustained value creation in the years ahead. We remain committed to our founding principles: patient capital, active management, and a genuine commitment to the companies, teams, and communities that form part of our portfolio.
If you wish to explore a potential collaboration or present an investment opportunity, we invite you to contact us. We guarantee absolute confidentiality in all our conversations.