A&M Capital Europe-backed Ayesa inks deal to buy Ibermática from ProA Capital

The acquisition will create an international group with advanced technological capabilities, broad sector penetration and a deeper presence across Spain, said Ayesa.

  • Ayesa has agreed to acquire 100% of Ibermática from ProA Capital and other minority shareholders, including ONCE and Kutxabank
  • The deal is Ayesa’s third purchase of the year
  • A&M Capital Europe acquired a majority investment in Ayesa in October 

A&M Capital Europe (AMCE) portfolio company Ayesa has agreed to buy 100% of Ibermática from ProA Capital and other minority shareholders, including ONCE and Kutxabank.

The acquisition will create an international group with advanced technological capabilities, broad sector penetration and a deeper presence across Spain, said Ayesa. It is Ayesa’s third acquisition of the year. AMCE made a majority investment in the Seville-based provider of technology and engineering services in October 2021.

Ibermática was founded in 1973 and is focused on the digitalisation of corporations and public administrations. It offers clients a range of digital services in the areas of development and maintenance of software and infrastructure applications. At the end of 2021 the company had recorded a turnover of €276 million.

The combination of the two companies will create a digital services group with a turnover of over €600 million. Ibermática will retain its headquarters in Euskadi, Spain.

“The geographical location and service offering of the two companies are highly complementary,” said José Luis Manzanares Abásolo, CEO of Ayesa. “Our major clients will be able to entrust us to deliver their important digital transformation projects with our extended technological capabilities and services. Combining our management teams positions us as a leading group in terms of talent and leadership within the technology sector in Spain and overseas”.

“Ibermática will make a qualitative leap forward by joining a solid and expanding business project, with important commercial synergies and a very promising professional future,” said Juan Ignacio Sanz, CEO of Ibermática. “We will concentrate our best technological talent, functional experience across different sectors and add innovation potential.”

AMCE is a dedicated European middle-market investment fund headquartered in London. It manages approximately €650 million of assets. It looks to invest in founder or family-owned businesses seeking institutional backing. The firm’s typical target investment size is between €40 million to €120 million, with a target enterprise value of €75 to €500 million and target EBITDA of €15 million to €50 million. It invests in companies across the industrial and consumer & business sectors with a selective interest in the healthcare sector.

The majority seller, ProA Capital, is a Madrid-based private equity firm with over €1.5 billion in assets under management investing across six vehicles. It has 13 companies in its portfolio.