Baker Tilly has advised Grupo Ezentis on the acquisition of 55.01% of the share capital of Adecuaciones y Proyectos, S.L. (ADQA Proyectos), a company specialized in the design, execution, refurbishment, and delivery of high-quality professional spaces, through its subsidiary Ezentis Instalaciones y Equipamientos, S.L.U.
The total transaction value amounts to €8.5 million, paid 50% in cash and 50% through Ezentis shares issued via a capital increase through debt-for-equity conversion. The agreement also includes additional annual acquisitions of 5% until reaching 75% of the share capital.
Buyer: Grupo Ezentis
Grupo Ezentis is a company specialized in comprehensive installations and maintenance services, communications networks, and advanced technologies, listed on the Madrid and Bilbao Stock Exchanges. As part of its Strategic Plan, the company expects to exceed €80 million in pro forma revenues in 2026 and surpass €160 million in 2028.
Target: ADQA Proyectos
Founded in Seville in 2006, ADQA Proyectos is a leading firm in comprehensive turnkey projects with a strong focus on sustainability. The company has completed more than 1,800 projects for top-tier clients such as Loewe, Inditex, Mango, Adidas, CBRE, EY, and Starbucks across sectors including retail, hospitality, offices, and healthcare clinics. ADQA Proyectos closed 2025 with €29 million in revenues and EBITDA of €2.5 million.
Our Transaction Advisory Services
At Baker Tilly, we led the Full Due Diligence process for the transaction, covering the Financial, Tax, Legal, and Labour areas. Álvaro Martínez, Financial Advisory Manager; Ángel Pérez, Tax Partner; Patricia Chas, Legal Department; and África Vázquez, Labour Manager, identified, assessed, and defined the potential risks associated with the transaction.
This transaction reflects the ongoing consolidation of the comprehensive installations market and the trust placed in Baker Tilly by listed groups pursuing ambitious inorganic growth plans.
About Baker Tilly
Our Global Experience
At Baker Tilly, we have a specialized Mergers & Acquisitions (M&A) advisory team supporting family-owned businesses, investors, and companies in business sale and acquisition processes, growth strategies, and corporate restructurings.
Baker Tilly is a global professional services firm specializing in consulting, audit, tax, legal, accounting, labour advisory, and M&A services for SMEs and multinational groups. The firm supports family businesses, investors, and companies in acquisition, growth, and restructuring processes. With an international network spanning more than 147 countries, over 50,400 professionals, and around 754 offices, Baker Tilly combines innovative, high value-added solutions with a constant commitment to excellence.
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