Spain continues to be the most active market for SFs, surpassing 50 transactions

If we exclude North America, Spain remains the most dynamic market in the SF industry, achieving a new milestone: more than 50 companies have been acquired by an SF over the past 10 years. (We are still compiling data on deals closed in the last quarter before December 31, 2024, so the final count may increase by one or two.)

Below is a complete list of Spanish acquisitions:

Other statistics regarding the Spanish market:

• Spain has one of the lowest rates of SFs failing to acquire a company, although this figure has been rising in recent months, as several SFs have unfortunately had to abandon their searches.
• More than 50 SFs are actively pursuing acquisitions, making Spain one of the most competitive markets in the world. Some believe the market is reaching a certain level of saturation, although most still consider Spain’s SME-driven economy capable of supporting 25-30 transactions per year.
• More than 12 SFs are currently fundraising, demonstrating that interest in EtA as an entrepreneurial path remains very strong.
• Two exits in 2024: Investors in Baluarte Capital achieved one of their most successful returns by exiting CTAIMA, described as the most successful SF investment in Europe to date. The other exit was Bike Ocasión.

Why is Spain the most active market (outside the USA)?

One key reason is the vibrant network of investors supporting searchers. Spain boasts:

• Approximately 20 local (or Spanish-based) institutional funds,
• Another dozen family offices deeply involved in this asset class,
• Around 20 private investors who have participated in the cap table of at least 2 or 3 SFs.

Although 2024 hasn’t been the best year for concluded deals in Spain, the number of SFs actively seeking acquisitions makes it highly likely that we’ll see 15-20 acquisitions per year between 2025 and 2026. This will further consolidate Spain’s leadership in the SF landscape.