Softwarea eta IT
Software-sektorearen hedapena eta berrikuntza bultzatzen ditugu, berrikuntza eta merkatua indartuz M&A estrategikoen bidez.
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.
50 years of experience advising on corporate transactions
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
2023
Amixalan acquires majority stake in EGA Perfil
Sell-side financial and legal advisor
2023
NBI Group acquires 100% of Industrias Beta S.L.
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
Member
Crossborder:
More than 30% of our closed transactions are international
Local presence in the main world markets.
Mergers Alliance has proprietary tools that allow all its partners, currently present in more than 20 countries with more than 30 offices worldwide, a high level of collaboration and integration.
Operating 22 countries, 39 offices
Vocación internacional
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 Sebastian, Santa Monica, Santiago, São Paulo, Seville, Shanghai, Singapore, Sydney, Tokyo, Toronto, Utrecht, Warsaw, Zug, Zurich
M&A company in the technology sector
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 strategic advantage of joining a larger group to achieve scale. In all these scenarios, M&A emerges as the solution.
Drivers of transactional activity in the sector
Increased demand
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The acceleration in the needs of companies for digitalization and process automation has increased the demand for technological solutions. Operators who can offer innovative products or services have a competitive advantage in this expanding market.
Attractive to investors
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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.
Diversification of opportunities
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The expansion of the sector encompasses a wide range of entities, from startups to well-established companies. This opens up a range of opportunities for collaborations, strategic alliances and exploration of new market niches.
Specialization of the investment ecosystem
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There is a growing trend toward specialized investment in specific technology markets. Companies that operate in particular niches or that offer innovative solutions can attract the interest of these specialized investors, thus obtaining an additional boost for their growth and development.
The technology sector in Spain
In Spain, the technology sector, traditionally comprised of small and medium-sized family businesses, has become an attractive field for corporate operations, both by financial investors and by international industrial groups seeking to consolidate the sector. For those who are interested in exploring these opportunities, it is essential to have specialized advice to make informed decisions in order to be able to deal with processes that incorporate a certain complexity with the maximum guarantees.
Subsectors we work in
Comprehensive operations management strategy
2. Strategic solutions for challenges in the technology sector.
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. Comprehensive strategy in the management of business transactions.
Our distinctive approach lies in the integration of experts in finance, law and taxation, collaborating closely from the start of the sales process. This interdisciplinary synergy guarantees the optimization of results and efficient management of the process, reducing the impact on the company's daily operations.
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 operations, this is particularly relevant because transactions 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
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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. Preparing before a sales mandate is an investment that improves both the final price and the likelihood of closing the deal.
Buyer identification and competitive process management
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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 three cross-cutting pillars that mark our line of work at Mergers & Acquisitions, and they are what have led us to be the reference firm that we are today.
Commitment
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We manage each operation meticulously and with all our involvement, aligning decisions with the company's strategic and financial objectives.
Confidentiality
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We safeguard the integrity of the operation and the interests of all parties, understanding the high sensitivity of the information involved and its potential repercussions.
Transparency
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We provide a clear perspective of 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 manufacturing operations. 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
Experience and vision in M&A: General service
We transform the complexity of mergers and acquisitions into a controlled process that places your company in a favorable position with reputable experts with extensive experience in M&A operations.
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