Semapa has completed the acquisition of 100% of the share capital of Imedexa, a European leader in the design and manufacture of metal structures for electricity transmission and distribution infrastructure, as well as for other applications across various sectors. This transaction marks Semapa’s first direct acquisition of a company headquartered outside Portugal—an important step in the Group’s internationalization and diversification strategy.
Founded in 1979 and headquartered in Cáceres, Spain, Imedexa operates three industrial units in Cáceres and Valladolid. The company stands out for its engineering capabilities and ability to deliver large-scale projects, having served more than 250 clients in over 50 countries. In 2024, Imedexa recorded sales exceeding €100 million— double the figure from four years ago—reflecting its strong positioning in the broad energy transition sector. Approximately 75% of its revenue comes from export markets.
Imedexa’s client base includes the main electricity transmission and distribution operators in Europe, who demand high standards of product quality, service, and execution, given the critical nature of the equipment supplied.
Semapa acquired Imedexa from the Spanish private equity fund GPF Partners for an equity consideration paid on this date of €148 million, plus an additional amount to be paid subject to the fulfilment of certain conditions.
According to Ricardo Pires, CEO of Semapa, “We are very pleased with our first direct acquisition of a company outside Portugal. This step represents a clear opportunity for growth and value creation in a country that is strategic for Semapa. Imedexa is a European leader in a sector that is fundamental to the energy transition, with great potential and the capacity to respond to the growing demands of electrification and decarbonization across the continent—both of which are unstoppable trends.”
As Europe continues to add new renewable generation capacity year after year, and as sectors such as electric mobility, data centers, and industrial electrification grow exponentially, the need for more robust and intelligent grids increases. Imedexa is well positioned as a key partner in these critical infrastructure developments. Its industrial know-how, operational agility, execution capacity —highly valued by its clients—were decisive factors in Semapa’s decision to move forward with this acquisition.
Semapa intends to support Imedexa and its management team in implementing a solid and ambitious growth plan for the coming years. This includes strengthening its position in key geographies where it has already established a presence, as well as expanding into new markets.
Through its subsidiaries, the Semapa Group has been progressively consolidating its presence in Spain by acquiring innovative, high-value-added industrial companies. Notable recent acquisitions include Gomà-Camps Consumer in 2023 by The Navigator Company, specialized in the tissue paper sector, and Grupo Barna in 2025 by ETSA, which operates in the valorization of fish by-products for animal feed. With these two transactions—and now with the acquisition of Imedexa—Semapa Group’s total investment in the Spanish market exceeds €250 million over the past three years.
These acquisitions are part of the Group’s broader strategy focused on business diversification and the growth of its portfolio companies through expansion supported by differentiated products with positive impact.
About Semapa Group
Semapa is one of Portugal’s largest industrial groups, with approximately 6,000 employees and operations across four continents. In 2024, over 75% of its revenue was generated in international markets, through exports and foreign sales. Semapa’s strategy is focused on long-term growth and value creation through investments in a diversified portfolio of companies with a strong sustainability focus. Its portfolio includes The Navigator Company, Secil, ETSA, Semapa Next, UTIS, Triangle’s, and Imedexa. https://www.semapa.pt.
About GPF Partners
GPF Partners (www.gpf-partners.com) is a private equity firm founded in 2015 by Martín Rodríguez-Fraile, Ignacio Olascoaga, Lorenzo Martínez de Albornoz and Guillermo Castellanos. GPF Partners currently manages over €1.5 billion in assets across the GPF Private Equity and Inbest-GPF Real Estate funds. All funds are backed by private investors from Spain, the United States, Europe, and 15 countries in Latin America
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