Technology - Software & IT
We drive expansion and innovation in the software sector by accelerating growth and market reach through strategic M&A.
M&A Consultants specializing in the industrial sector
M&A Advisors in Specialized Industry: Experience, Rigor and Sector Knowledge
NORGESTION advises middle-market industrial companies on corporate transactions: company sales, entry of financial partners, acquisitions, mergers and restructurings.
We work with owners, business families and investment funds operating in the Spanish and European industrial fabric.
Some of our latest M&A transactions in specialized industry
2024
USA Group, exit from Portobello Capital and entry of new partners
Buy-side financial advisor
2024
Acideka acquires ChiemiVall
Buy-side financial and legal advisor
2024
Grupo Lacor Ibili acquires Jay Industrial Cubertera de Galicia
Buy-side financial and legal advisor
2024
Denmark's MODIG acquires a significant minority stake in IBARMIA's capital
Sell-side financial and legal advisor
2024
Pasaban acquires a majority stake in the U.S. company A&F
Buy-side financial advisor
2024
SILAM joins the ELASTOFIRM Group
Sell-side financial advisor
2024
U.S. firm ArtiFlex acquires Ingemat
Sell-side financial and legal advisor
2024
STQ Energía acquires Sercoin and Inaman
Sell-side financial advisor
2023
Formaspack acquires Recopolymers
Financial and legal advisor to the parties
2023
USA Group, owned by Portobello Capital, acquires Baldomero Ventura
Buy-side advisor
2023
Espiga Capital acquires a majority stake in Abrasivos Manhattan
Sell-side financial and legal advisor
2023
Autodistribución (PHE Group), through AD Parts Intergroup, acquires Auto Industrial Basconia
Sell-side financial and legal advisor
First independent M&A boutique in Spain by number of transactions.
We closed 2025 with 15 M&A transactions, 14 of which are included in the Bloomberg ranking.
The increasing role of international investors (30%) and Private Equity (53%) supports our ability to execute in a competitive environment.
Bloomberg - Financial Advisors Ranking
Total M&A transactions during 2025
1. PwC
113
2. EY
42
3. BNP Paribas
21
4. JP Morgan
19
5. Alantra Partners SA
18
6. Banco Santander
17
7. Goldman Sachs
15
8. Lazard
15
9. Rothschild & Co
15
10. NORGESTION
14
10. BBVA
14
10. KPMG Corp Finance
14
“Tackling the challenge of inorganic growth can become the most effective path for business expansion.”
Igor Gorostiaga
Partner
Crossborder:
More than 30% of our closed transactions are international
Local presence in the world's main markets.
Mergers Alliance has proprietary tools that enable a high level of collaboration and integration among all its partners, currently present in more than 20 countries with more than 30 offices worldwide.
Operating 22 countries, 39 offices
International outlook
Local presence in key markets through Mergers Alliance
Amsterdam, Bangkok, Barcelona, Beijing, Bengaluru, Bilbao, Bogotá, Chicago, Stockholm, Gurgaon, Hamburg, Helsinki, Ho Chi Minh City, Hong Kong, Cologne, Lima, London, Madrid, Miami, Milan, Montreal, Mumbai, Munich, Navarre, New Delhi, New York, Palo Alto, Pamplona, Paris, Rio de Janeiro, San Sebastián, Santa Monica, Santiago, São Paulo, Seville, Shanghai, Singapore, Sydney, Tokyo, Toronto, Utrecht, Warsaw, Zug, Zurich
Global experience and reach through our international partners.
“Working alongside NORGESTION, we've supported several large French groups in their cross-border transactions, and their local expertise combined with the reach and trust of Mergers Alliance has made all the difference.”
Jean-René Griton
Aurignac Finance
“Being part of Mergers Alliance means our clients benefit from local expertise wherever their deals take them, and NORGESTION's knowledge of the Spanish market has made that difference time and again.”
Marcos Quiroz
EFIC Partners
“Through Mergers Alliance, Singhi Advisors has successfully offered clients a truly global reach, and NORGESTION has been a strong and dependable partner on opportunities involving Spanish companies and we've worked seamlessly together as One Team.”
Ajoy Lodha
Singhi Advisors Pvt. Ltd.
“Mergers Alliance is what allows Proventis Partners to support clients seamlessly across borders, and NORGESTION's professionalism and market insight make Spain a market where we always feel well represented.”
Jost Hartmann
Proventis Partners
“Mergers Alliance gives Ethica Group direct access to trusted partners across Europe, and NORGESTION has consistently proven to be one of the most reliable in the Iberian market.”
Stefano Pastore
Ethica Group
“Mergers Alliance allows NORGESTION to offer our clients the reach and expertise of a truly global organization, while keeping the close, hands-on approach that defines our way of working.”
Igor Gorostiaga
NORGESTION
Industrial sector M&A firm
The industrial sector in the M&A market
Spain's industrial fabric is made up of thousands of family-owned companies specializing in technical niches: industrial components, applied engineering, precision manufacturing, fine chemicals, agri-food processing and advanced packaging. Many of these companies share a profile: founded decades ago, well capitalized, export-oriented and with a consolidated customer base.
This profile makes them attractive targets for industrial investors and private equity funds. Private equity has identified the Spanish industrial middle market as an environment with clear consolidation opportunities: fragmented sectors, profitable companies at reasonable multiples and growth potential through buy-and-build platforms.
At the same time, a significant number of these companies are facing decisions that go beyond day-to-day operations: generational handovers without a clear successor, the need for capital to expand internationally, partners looking to divest, or the advisability of joining a larger group to achieve scale. In all these scenarios, M&A emerges as a way to resolve them.
Drivers of transactional activity in the sector
Generational handover
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Spanish family-owned industrial companies have a very high proportion of owners at retirement age. When there is no successor ready within the family, or when the next generation is unwilling or unable to take over the management, selling to a third party becomes the most orderly way to ensure the company's continuity and liquidity for the founding family.
Sector fragmentation
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Many industrial subsectors in Spain are made up of dozens of mid-sized companies operating in similar niches without having reached sufficient scale. This fragmentation attracts investors seeking to consolidate the market: they acquire a platform company and make additional acquisitions (bolt-ons) to build a group with critical mass, operational efficiency and negotiating power.
International expansion
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Spanish industrial companies are increasingly export-oriented, but many have yet to take the step of establishing a physical presence in key markets (Central Europe, North America, Asia). Bringing in a partner with an international footprint — whether a fund or an industrial buyer — can accelerate that process.
Technological transformation
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Adopting advanced automation, digitalizing production processes and transitioning to Industry 4.0 models require investments that not every company can undertake with its own resources. Corporate transactions provide access to the capital and technical expertise needed to tackle that transformation.
The industrial sector in Spain
In Spain, the industrial sector — traditionally built on family businesses with decades of manufacturing tradition and deep local roots — has become an attractive field for corporate transactions, both for financial investors and for international industrial groups seeking to position themselves in one of Europe's major manufacturing bases. For those interested in exploring these opportunities, specialised advice is essential in order to make informed decisions and handle processes of some complexity with the greatest possible confidence.
Subsectors we work in
Comprehensive transaction management strategy
2. Chemical and pharmaceutical industry
Fine chemicals, formulation, specialized chemical distribution and pharmaceutical manufacturing (CMO/CDMO) companies. A sector with high regulatory barriers to entry, which protects established players and generates valuation multiples above the industrial average.
3. Packaging and plastic processing
A sector in the midst of consolidation, driven by environmental regulations (PPWR directives), the demand for sustainable packaging, and the need for scale to compete with pan-European groups. Buy-and-build operations are particularly common in this segment.
4. Metallurgy and metal fabrication
Machining, boiler making, casting, stamping, and surface treatment companies. A sector where installed production capacity, the industrial client portfolio, and the technical qualifications of the workforce are the primary assets.
5. Engineering and industrial technical services
Process engineering, testing, certification, technical consulting, and industrial maintenance firms. A sector where specialized human capital and recurring service contracts create an attractive profile for investors.
1. Industrial components and advanced manufacturing
Manufacturers of components for the automotive, aeronautics, machinery, capital goods and industrial electronics industries. A segment where technical precision, certifications (ISO, IATF, AS9100) and long-term relationships with OEM customers are high-value assets in an M&A transaction.
Industrial M&A
Specialized M&A advisory for the industrial sector
NORGESTION combines financial, legal, and tax advisory services within a single multidisciplinary team. In industrial transactions, this is particularly relevant because deals often involve complex assets (productive real estate, machinery, patents, certifications) and specific contingencies (environmental, labor, regulatory) that require a coordinated approach.
Valuation tailored to the industrial sector
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Valuing an industrial company involves unique complexities not found in other sectors. Tangible assets—such as facilities, machinery, and land—coexist with intangible ones, including know-how, certifications, and client relationships. Cash flows can be driven by economic cycles, framework agreements with OEM clients, or large, one-off orders. A rigorous valuation must accurately reflect these dynamics.
Technical and industrial due diligence
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In addition to standard financial, tax, and legal due diligence, industrial transactions require a specific technical review: the condition of machinery and capex requirements, environmental compliance, risks of soil contamination in older industrial estates, reliance on critical suppliers, and supply chain analysis.
Sell-side preparation
+
In family-owned industrial businesses, it is common to encounter situations that need to be tidied up before going to market: personal assets on the company balance sheet, informal compensation arrangements, verbal contracts with suppliers, and properties used for both business and family purposes. Preparation ahead of the sale mandate is an investment that improves both the final price and the likelihood of closing the deal.
Buyer identification and competitive process management
+
Our industry expertise allows us to identify relevant buyers—both industrial (competitors, international groups, and complementary businesses) and financial (middle-market private equity firms and family offices)—and manage processes that generate competitive tension without compromising confidentiality.
50 years of experience and international reach in M&A
Industrial M&A Consulting
There are four cross-cutting pillars that define our way of working in Mergers & Acquisitions, and they are what have made us the benchmark firm we are today.
Commitment
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We manage each transaction meticulously and with full commitment, aligning decisions with the company's strategic and financial objectives.
Confidentiality
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We safeguard the integrity of the transaction and the interests of all parties, understanding the high sensitivity of the information involved and its potential repercussions.
Transparency
+
We provide a clear perspective on each stage, with proactive and accurate communication, strengthening the alignment of expectations and objectives between consultants and clients.
Experience
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We have spent decades advising on transactions in the manufacturing sector. We know the key players, understand the value chains, and know how both industrial entrepreneurs and financial investors think. When we sit down with a manufacturer, there is no need to start from scratch.
Contact us
Other sectors
Our expertise spans complex transactions across a wide range of sectors and subsectors. Here are a few highlights.
Financial Sector - Financial institutions, private equity and private investment
We advise financial institutions, private equity firms, and private investors on their M&A transactions with analytical rigor, independence, and complete discretion.
Logistics and Supply Chain
We integrate innovative solutions and optimize supply chains for an increasingly connected world.
Real Estate - Construction
We provide advisory services to the real estate and construction sectors, covering everything from capital entry to corporate restructuring, with the prudence required by an asset- and cycle-intensive business.
Education
We drive the consolidation of educational groups, capital investment, and the expansion of long-term educational projects.
Healthcare
We support the consolidation of the healthcare sector by combining regulatory expertise with the sensitivity that its impact on people demands.
Energy and energy transition
We connect capital, technology, and projects in energy and the energy transition to accelerate a more sustainable and competitive model.
Media
We support the media sector in its digital transformation, consolidation, and the development of new content-based business models.
Fashion and Textiles
We drive the internationalization of the fashion and textile industry, the integration of its value chain, and the building of brands with a global reach.
Leisure - Tourism and leisure
We support the consolidation and reinvention of tourism, leisure, and entertainment—a sector currently undergoing a complete transformation of the guest experience.
Others
Our expertise extends to complex operations in other sectors, such as the chemical industry and waste management, among others.
Experience and vision in M&A: General service
We turn the complexity of mergers and acquisitions into a controlled process that places your company in a favorable position, guided by reputable experts with extensive experience in M&A transactions.
Corporate Finance
We provide expert advice on mergers, acquisitions and financial restructurings, along with detailed analysis and financing strategies to maximize the value and growth potential of companies.
Our offices