Buenavista Equity Partners, a private equity group specializing in the Spanish low/mid-market segment, today announced the signing of an agreement to acquire a stake in Instituto Bernabeu via its portfolio company Eugin. This is the second investment made through its new private equity fund, Buenavista Buyout III, which has a target size of €250 million and has just completed its first closing. The transaction is subject to regulatory approval.
With this acquisition, Eugin becomes the second largest fertility group in Spain and one of the most significant in Europe and Latin America. Together, both companies will have the capacity to serve more than 10,000 patients annually through 45 clinics in 9 countries, including six in Europe—such as Spain and Italy—and three in Latin America.
The deal represents a transformational milestone for Eugin, strengthening its leading position in the Spanish fertility market and expanding its capabilities as a reference company. This acquisition will enable the group to leverage clear complementarities, such as sharing cutting-edge know-how and benefiting from economies of scale.
This transaction marks a transformational milestone for Eugin, strengthening its strong position in the Spanish fertility market and expanding its capabilities as a leading company in the sector. This acquisition will unlock clear synergies, such as sharing cutting-edge expertise and benefiting from economies of scale.
Leaders in Assisted Reproduction
Instituto Bernabeu, founded in 1985, is a benchmark in reproductive medicine, with a presence in Spain and Italy through 10 clinics, serving both domestic and international patients. The company reports revenues of over €30 million and has a solid track record of sustained growth.
The company boasts a first-class management team, which gives it exceptional prestige in the sector and an outstanding brand reputation.
According to Rafael López Armenta, Managing Partner-Private Equity Buyout de Buenavista: “The incorporation of Instituto Bernabeu positions Eugin at a new strategic level, consolidating a leading group in Europe and Latin America defined by medical excellence. This investment is fully aligned with the investment philosophy of the B/Buyout III fund, as it enables us to add capabilities and synergies to scale the business and drive its international expansion.”
For their part, the Bernabeu family has expressed their satisfaction with the agreement reached: “This alliance will make it possible to leverage synergies between both companies, united by similar philosophies and values, driving the growth of the project and ensuring the preservation of the ethical and professional principles that define Instituto Bernabeu.”
Driving Growth and Internationalization
Buenavista Buyout III is targeting €250 million in assets under management, which it expects to reach in the coming months, having completed its first closing in October 2025, coinciding with its initial investment in retail food company Hundred. Following the same strategy as its predecessors, this vehicle seeks to invest in majority stakes in medium-sized Spanish companies with high growth and internationalization potential, and the ability to lead sector consolidation, applying a buy & build strategy.
The fund aims to build a diversified portfolio of 8 to 10 investments. With this strategy, Buenavista aspires to create robust and sustainable platforms capable of competing internationally.
Deal advisors
Buenavista: Addleshaw Goddard, Herbert Smith Freehills, PWC, EY and Interpath.
Instituto Bernabeu: Deloitte Transacciones, Deloitte Abogados y Asesores Tributarios and Garrigues.
Financing: Tresmares
About Buenavista Equity Partners (www.buenavistaequity.com)
Buenavista Equity Partners is an independent asset manager founded in 1996, operating in the middle-market segment. It currently manages over €1.3 billion across various vehicles in Private Equity, Infrastructure, and Venture Capital.
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