Spain surpasses 60 SF acquisitions and consolidates its position as the world’s second most active market

Activity in Spain remains robust. The country has reached a new milestone, surpassing 60 SME acquisitions by searchers over the past 11 years, with an additional 2–3 late-stage deals expected to close before the end of December. This new record solidifies Spain as the most active market in Europe and the second most active globally, just behind the United States.

Currently, around 60 searchers are actively pursuing acquisitions, including several self-funded searchers who have launched within the past 12 months, making Spain the most competitive SF fund market in Europe. Although some investors believe the ecosystem may be nearing saturation (or are reducing exposure due to perceived concentration risk), new SFs continue to launch every month, most of which successfully raise capital. Optimism remains strong, and there is little reason to believe the market cannot sustain 20–25 transactions per year over the next five years.

Furthermore, the outstanding results from the last 10 exits in the past 18 months (Ctaima, BikeOcasion, Cermer, Dental Ibérica, Vozitel, Salvavidas Cardio, Logiscenter, ENEB, Cropsalsa, Emotion Mobility), most achieving multiples above 4–5x and IRRs above 40%, clearly demonstrate that the model delivers outcomes comparable to those seen in the U.S. These results underscore the increasing maturity and strong performance of this asset class.

Another positive factor is Spain’s exceptionally active financing ecosystem: a vibrant network of private investors, family offices, and funds supporting searchers. Some have nearly a decade of experience in the model, complemented by a strong new generation of investors entering the space.

Below is the complete list of Spanish acquisitions:

There is no doubt that Spain will continue to maintain its leadership in the years ahead, having been one of the earliest European pioneers in teaching ETA in its top business schools and consistently nurturing new waves of searchers.