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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
2020
Galician investment fund Xeito Investments enters the capital of Flanker Tech
Sell-side advisor
2019
Espiga Capital acquires a majority stake in Grupo Silam
Sell-side advisor
2019
Danobat acquires the Dutch company Hembrug
Buy-side advisor
2019
NFL Group acquires 75% stake of SIDENOR's Plant in Reinosa
Buy-side advisor
2019
IKOR, completes the sale of the remaining 49.9% to the German company EBM Papst
Sell-side advisor
2019
Sarralle acquires 100% stacke of Bascotecnia-Lagunartea
Financial advisor to the parties
2019
Sale of Pretersa to the Belgian company Kartesia
Sell-side advisor
2019
HOMM's capital increase, incorporating private investors
Sell-side advisor
2019
Sale of SETE Española de Tubos y Envases, S.L., to the Argentine company Aluex
Sell-side advisor
2018
Spanish multinational Grupo Antolin acquires 40% of Walter Pack
Sell-side advisor
2018
Danish group Danfoss buys Ikusi its telecontrol business
Buy-side advisor
2018
Sumitomo Cyclo Drive Germany acquires Sociedad Industrial de Transmisiones
Sell-side 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
Presencia local en los principales mercados a través de Mergers Alliance
Ámsterdam, Bangkok, Barcelona, Beijing, Bengaluru, Bilbao, Bogotá, Chicago, Estocolmo, Gurgaon, Hamburgo, Helsinki, Ho Chi Minh, Hong Kong, Köln, Lima, Londres, Madrid, Miami, Milán, Montreal, Mumbai, Munich, Navarra, Nueva Delhi, Nueva York, Palo Alto, Pamplona, Paris, Río de Janeiro, San Sebastián, Santa Mónica, Santiago de Chile, Sâo Paulo, Sevilla, Shanghai, Singapur, Sydney, Tokyo, Toronto, Utrecht, Varsovia, Zug, Zurich
Experiencia y alcance global a través de nuestros socios internacionales.
“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 company
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
Generational handover
+
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
+
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 face processes of some complexity with every guarantee.
Subsectors we work in
Comprehensive operations 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 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
+
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
+
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 operation meticulously and with all our involvement, aligning decisions with the company's strategic and financial objectives.
Confidentiality
+
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
+
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
+
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
Industries
Our expertise spans complex operations across a wide range of sectors and sub-sectors. Here are a few highlights.
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