Analysis of the trends and opportunities in the Spanish mergers and acquisitions market.
The Spanish mergers and acquisitions market has shown significant evolution throughout 2025, marked by the recovery of transactional activity and the consolidation of trends that had been developing over previous years. From Blue Mountain, we share our perspective on the key dynamics shaping the investment landscape in the Spanish middle market — a segment that concentrates the majority of the country’s business activity and offers exceptional opportunities for investors with local market knowledge and a long-term vocation.
After two years of relative caution — driven by interest rate increases, geopolitical uncertainty, and the recalibration of valuation expectations — 2025 has seen a clear recovery in transaction volumes. The Spanish middle market registered approximately 700 completed transactions in the year, up from approximately 580 in 2024 and 520 in 2023.
This recovery reflects several converging factors: the stabilisation of interest rates, the normalisation of valuation expectations between buyers and sellers, and the intensification of the generational succession wave that continues to bring quality family businesses to market.
Logistics and transport. The consolidation of Spain’s fragmented logistics sector accelerated in 2025, with platform strategies driving the majority of deal activity. The sector’s structural characteristics — high fragmentation, regulatory barriers to entry, and significant scale economies — make it a natural candidate for consolidation.
Healthcare. Demographic trends continue to drive investment in healthcare services, with dental clinic aggregation, elderly care, and specialist medical services among the most active subsectors.
Hospitality. The combination of record tourism numbers and the succession-driven supply of independent hotels sustained strong transaction activity. Valuations for quality assets remained at premium levels.
Technology. While headline valuations have moderated from the exuberance of 2021-2022, quality technology companies with recurring revenue continue to attract strong interest at healthy multiples.
One of the most notable developments in 2025 has been the growing prominence of family offices and other long-horizon investors in the Spanish middle market. Business owners are increasingly selecting partners based on alignment of values and long-term vision, not solely on price. This trend plays to the strengths of patient capital investors and represents a structural shift in the competitive dynamics of the market.
The outlook for 2026 is constructive. The supply of quality companies — driven by succession needs, fragmented sectors ripe for consolidation, and the growing sophistication of the seller ecosystem — shows no signs of abating. The demand side is equally robust, with domestic and international capital actively seeking Spanish middle-market opportunities.
Spain’s M&A market has matured significantly over the past decade. The middle-market segment, in particular, has evolved from a fragmented, relationship-driven market to a more structured, competitive, and institutional one — while retaining the local knowledge and relationship intensity that make it distinctive. For investors with the right approach, it remains one of the most attractive markets in Europe.
By Dirk Manuel Martens Jiménez
By Dirk Manuel Martens Jiménez
By Dirk Manuel Martens Jiménez
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