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 Spanish M&A market closed 2025 with numbers that confirm a sustained trend: the country has consolidated its position as one of the most dynamic markets in continental Europe for corporate transactions. The year was marked by volume recovery, rising valuations, accelerated sectoral consolidation, and the growing prominence of patient capital as an alternative to traditional private equity.
The middle-market segment (transactions involving companies with enterprise values between 10 and 250 million euros) registered 742 completed transactions in 2025, a 14% increase over 2024. Total disclosed transaction value reached 28.5 billion euros, driven by both higher volumes and rising multiples.
Average EBITDA multiples across sectors rose from 6.8x in 2024 to 7.2x in 2025, reflecting a combination of increased buyer competition, improving company fundamentals, and greater availability of financing.
Logistics and transport. The most active sector by number of transactions, with 98 completed deals. Platform strategies — acquiring a base company and adding bolt-on acquisitions — dominated the activity. Average multiples: 6.5-8x EBITDA.
Healthcare and social services. Continued strong activity driven by demographic trends and the professionalisation of previously fragmented subsectors. 76 transactions, with dental clinic aggregation and elderly care platforms leading the volume.
Hospitality and tourism. 64 transactions, with a notable increase in portfolio deals involving multiple properties. The succession-driven supply of independent hotels continued to feed the pipeline. Average multiples: 9-12x EBITDA for quality assets.
Technology and IT services. 82 transactions, though predominantly in the smaller end of the middle market. Cybersecurity, managed services, and cloud infrastructure were the most active subsectors.
Industrial services and engineering. An emerging theme with 54 transactions, up 28% from 2024. Investors are beginning to recognise the attractive fundamentals of this traditionally overlooked sector.
Patient capital on the rise. Family offices and long-horizon investors accounted for an estimated 22% of middle-market deal volume, up from 16% in 2023. This reflects both the increasing sophistication of the family office ecosystem in Spain and the growing preference of sellers for partners who offer stability and cultural alignment.
Cross-border interest. International buyers — particularly from Germany, France, the United Kingdom, and the United States — were involved in 38% of middle-market transactions, attracted by Spain’s economic fundamentals, reasonable valuations, and strategic position.
ESG integration. Environmental, social, and governance considerations are increasingly integrated into transaction processes, particularly in due diligence. While not yet a deal-breaker in most cases, ESG readiness is becoming a differentiating factor in competitive processes.
As we enter 2026, the fundamentals for continued M&A activity in the Spanish middle market remain strong: the succession wave is intensifying, sectoral consolidation has further to run, financing conditions are favourable, and international interest in Spain continues to grow. We expect volume and valuations to remain robust, with particular activity in logistics, healthcare, hospitality, and industrial services.
2025 was a strong year for Spain’s M&A market. The middle-market segment continues to offer compelling opportunities for investors who understand the local dynamics, have access to proprietary deal flow, and can offer business owners the type of partnership they are increasingly demanding: patient, respectful, and aligned with the long-term interests of the company.
By Blue Mountain Capital
By Blue Mountain Capital
By Blue Mountain Capital
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.