Subscribe to unlock this article
Thanks for your support.
Legatum Partners, founded by Bruno Lequeux and Tomás España, has launched Astera, a technical services group, with the simultaneous closing of its first two acquisitions: EBM Mercurio, an HVAC installation company, and ITF Grup, a specialist in hotel refrigeration. The Astera team is completed by Ignacio Romeo, Raúl J. Julián and Eugenio Rodríguez as board members, bringing their operational and strategic experience, alongside the support of a group of leading Spanish entrepreneurs and family offices.
The transaction marks the starting point of a buy-and-build strategy in the HVACR installation and maintenance sector in Spain (heating, ventilation, air conditioning and refrigeration). The objective is to complete 10 additional acquisitions over the next five years, with a focus on critical sub-sectors such as data centres, clean rooms, and the tertiary and hospitality sectors.
EBM Mercurio, founded in 2009 by José Sillero and Juan Manuel Gómez, provides comprehensive HVAC installation and maintenance services to industrial and corporate clients in the Community of Madrid, including business parks, hospitals, data centres and offices. Its value proposition focuses on the maintenance, rehabilitation and technological upgrading of installations to achieve maximum energy efficiency. To ensure the success of the transaction and preserve the company’s DNA, both founders will remain at the helm of the business in executive roles and will join the capital of the new group as partners. The company reported €4.3M in revenue in 2024 and €0.5M in EBITDA.
Founded in 2020 by Amadeo Castel, ITF Grup specializes in the installation and maintenance of professional refrigeration equipment for the hospitality sector. The company holds maintenance contracts with leading hotel groups in the Tarragona area and has a highly qualified technical team with experience in complex, high-demand projects. Amadeo Castel will continue to lead the company’s management team and joins the project as a partner of the group. The company generated €2.3M in sales in 2024, with EBITDA of €0.5M.
Bruno Lequeux explained: “The sector is highly fragmented and benefits from strong long-term structural growth, driven by the energy transition and the increasing need for more reliable and efficient installations. Our ambition is to build a group specialised in the maintenance and rehabilitation of installations, supporting entrepreneurs and top-tier technical teams to help our clients navigate their transformation processes.”
Grupo Astera has a robust pipeline of opportunities, with active discussions underway with numerous companies in the sector, and expects to invest approximately €25M in equity and debt over the coming years. It will compete with other platforms launched by European searchers with a similar focus on HVAC companies, such as Nextclima (Termotur / Airnou) in Spain and Groupe Jordan in Belgium, among others.
DD: PwC / Legal: AVQ
