Who buys companies in Spain: a guide to buyers

When a business owner decides the time has come to sell, the first practical question is: who buys companies like mine in Spain? The question seems simple but the answer is surprisingly complex. The buyer ecosystem is diverse, evolving, and, for most business owners, opaque.

This guide aims to make the invisible visible: mapping who buys companies in the Spanish middle market, what each type of buyer seeks, how many deals close, and how to approach each one.

The Spanish M&A market: dimensions and trends

The Spanish mergers and acquisitions market has matured significantly over the past decade. The most recent figures indicate:

• Annual volume: Between 2,000 and 3,000 registered transactions, with cumulative value exceeding €60 billion in strong years.
• Middle market: Approximately one-third of deals fall in the €2-100 million segment, where most of Spain’s business fabric operates.
• Trend: Sustained growth in deal numbers, with interruptions in crisis years (2020) and rapid subsequent recovery.
• Foreign investment: More than 40% of total volume comes from international buyers, with strong Anglo-Saxon, Nordic, and French fund presence.

The buyers: who they are and what they seek

Family offices

More than 200 family offices with direct investment activity operate in Spain. They are the most dynamic and least visible segment of the middle-market M&A landscape.

Typical profile: Entrepreneurial family that sold its core business 5-20 years ago and reinvests the wealth in other companies. Own capital, no third-party investors, no fund cycle.

What they seek:

• Companies with EBITDA of €1-5 million (some reach €10-15 million).
• Sectors they understand: industry, services, distribution, food, healthcare.
• Consolidated management teams or potential to professionalise.
• Deals that fit a long horizon and patient capital.

How to find them:

• Through M&A advisers specialising in the middle market.
• Through the network of tax advisers and corporate lawyers.
• Directly, consulting directories like ASCRI or SpainCap.
• Many family offices have websites explaining their investment thesis.

Typical multiples: 4x-6x EBITDA, with flexibility in deal structure.

Private equity funds

More than 150 private equity managers operate in Spain, from international giants (CVC, KKR, Cinven, Permira) to local funds specialising in the middle market (Portobello, MCH, Miura, Nazca, Alantra).

Typical profile: Fund that has raised capital from institutional investors and deploys it over 3-5 years, aiming to exit in 5-7 years with a 2-3x return on investment.

What they seek:

• Companies with EBITDA of €3-20 million (large funds seek above €20 million).
• Aggressive growth potential: organic, through acquisitions (build-up), or operational improvement.
• Sectors with favourable trends and consolidation potential.
• Strong management teams that execute the growth plan.

How to find them:

• M&A advisers maintain relationships with all active funds.
• Funds usually have origination teams that contact business owners directly.
• Sector and venture capital events (SpainCap, ASCRI, Dealmakers).
• Specialist platforms like Axial, Dealsuite, or MergerMarket.

Typical multiples: 5x-7x EBITDA, with leverage amplifying returns.

Industrial buyers

Industrial buyers — companies in the same or related sectors — are those that historically pay the highest multiples because operational synergies justify a premium.

Typical profile: Spanish company or multinational seeking to grow through acquisitions, whether to gain market share, access new segments, incorporate technology or talent, or enter the Spanish market.

What they seek:

• Clear synergies: complementary clients, capabilities they lack, geographic presence.
• Companies with strong competitive positions in a niche.
• Consolidated operational teams (integration is easier with a stable team).
• Revenue from €5-50 million upwards.

How to find them:

• Through M&A advisers managing competitive processes.
• Direct contact with corporate development departments of large companies.
• Sector associations and trade fairs.
• International M&A platforms.

Typical multiples: 6x-8x EBITDA, with synergy premiums reaching 10x in technology sectors.

Search funds

Search funds are a growing phenomenon in Spain. They are entrepreneurs — typically with MBAs from top-tier schools — who raise capital from an investor group to find, acquire, and manage a company.

Typical profile: Professional aged 28-40 with experience in consulting, investment banking, or business management, who wants to become CEO of an acquired company using their investors’ capital.

What they seek:

• Companies with EBITDA of €500,000-2,000,000.
• Stable, non-cyclical sectors: B2B services, software, specialised distribution.
• Founders wanting to retire and leave the company in good hands.
• Operational teams that do not depend on the founder.

How to find them:

• Search fund associations (IESE, IE, ESADE have active networks).
• M&A advisers specialising in smaller transactions.
• Platforms like SearchFunder or Relay.

Typical multiples: 3x-5x EBITDA, with tickets of €1-5 million.

Management buyouts (MBOs)

In an MBO, the company’s own management team buys the majority of shares from the founder, typically with bank financing and, in many cases, a financial investor providing the necessary equity.

Typical profile: Management team of 2-5 people who have been with the company for years, know the business in depth, and have the founder’s trust.

Advantages for the seller:

• Total company continuity.
• Pre-existing trust relationship.
• More discreet and less disruptive process.

Limitations:

• Price is usually lower than from an external buyer.
• Bank financing limits the maximum price.
• The team may need a financial investor as co-pilot.

Typical multiples: 3x-5x EBITDA, constrained by leverage capacity.

How to approach each type of buyer

The golden rule: generate competition

The worst scenario for a seller is negotiating with a single buyer. Without competition, the buyer sets the terms. With two or three serious buyers at the table, the price rises, conditions improve, and negotiating power balances.

A well-managed sale process — whether through an intermediary or directly — contacts 20-50 potential buyers, qualifies 5-10, and generates offers from at least 2-3.

Tailor the message

Each type of buyer needs a different message:

• To the family office: “Profitable company, solid team, sector with long-term potential.”
• To the PE fund: “Company with growing EBITDA, build-up potential, team that executes.”
• To the industrial: “Clear synergies, niche position, complementary client base.”
• To the search fund: “Stable company, retiring founder, autonomous operational team.”

Protect confidentiality

Confidentiality is sacred in a sale process. Before revealing the company’s name, every potential buyer must sign a confidentiality agreement (NDA). The first information shared is a blind profile describing the company without identifying it.

Blue Mountain as a buyer

At Blue Mountain Capital we are a family office that buys companies in the Spanish middle market. Our profile:

• Ticket: €2-25 million in equity.
• Minimum EBITDA: €1 million.
• Sectors: Industry, services, distribution, food, engineering, applied technology.
• Structure: We prefer majority (51-80%) but are flexible depending on the situation.
• Horizon: No exit deadline. We invest for the long term.
• Value add: Business experience, contact network, professionalisation capability.

We are not the right buyer for every company. If your company does not fit our profile, we will tell you honestly and, where possible, point you towards the buyer that could be the right fit.

If you would like to explore whether there is a match, contact us for a confidential conversation.

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See also: How to find a buyer for your company in Spain, How much is my company worth?, How to sell a company in Spain: essential guide.