Spain surpasses 75 SF acquisitions and is on track to reach 100 by the end of 2027

Spain has surpassed 75 SME acquisitions completed by SF entrepreneurs over the past 12 years, further consolidating its position as the world’s second most active SF market after the United States. Based on the current pace of activity, the country is on track to reach 100 completed acquisitions before the end of 2027.

The beginning of 2026 has been particularly active, with nearly 10 acquisitions already completed and several more expected to close in the coming weeks before the end of the summer. Among the first publicly disclosed transactions are 4Dreams, Astera (EBM Mercurio and ITF Grup), Cartondis, Ciboulette & Domenico, Escuela Europea de Coaching, Grupo Security, Ingeniería y Prevención de Riesgos, Super’s Diana, and Vega Piel.

The number of searchers actively pursuing acquisitions is estimated at between 60 and 70, although tracking the entire ecosystem has become increasingly difficult as many entrepreneurs now launch self-funded searches without public announcements. While competition for quality businesses has intensified, investors generally reject the idea that the market is becoming saturated. As new SFs continue to launch every month, they remain confident that Spain can sustain 20–25 acquisitions annually over the next five years. In fact, 2026 is expected to become the first year in which the country records more than 20 completed SF acquisitions.

Recent exits continue to demonstrate both the growing maturity of the Spanish SF ecosystem and the strong performance of the asset class. Most of the roughly dozen exits completed over the past two years have generated returns exceeding 4–5x invested capital and IRRs above 40%, broadly in line with the results historically achieved in the United States.

Spain also remains Europe’s most active SF financing ecosystem, and the second largest globally, with a vibrant network of private investors, family offices, and institutional funds supporting entrepreneurs. The country now counts more than 35–40 active investors in the asset class. Several of the earliest investors have accumulated more than a decade of experience and are now raising their third generation of dedicated SF vehicles. At the same time, a new wave of investors continues to enter the market, while many successful former searchers who have exited their businesses are giving back to the ecosystem by becoming investors in the next generation of entrepreneurs.

Below is the complete list of Spanish search fund 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 (IESE & IE) and consistently nurturing new waves of searchers.