Inzu Group, the industrial holding company of Kutxa Fundazioa, which employs close to 1,000 people, has completed the acquisition of Geminis and its subsidiary Mekalerun. The transaction will bring together the Elgoibar-based company and Gurutzpe, headquartered in Itziar, to create a new international benchmark in the field of horizontal lathes and advanced machine tools. NORGESTION acted as financial and legal advisor to the seller.
The transaction, one of the most significant in the sector in recent years, combines the technological, industrial and financial strengths of two companies that have historically competed with one another while sharing a strong international presence and a high level of specialization in complex machining solutions.
Beyond its industrial dimension, the deal reinforces Gipuzkoa’s industrial roots by ensuring that two strategic companies for the Basque manufacturing ecosystem maintain their decision-making centers and growth plans within the region. The alliance starts with combined revenues of approximately €70 million and aims to achieve annual growth of 15%.
The integration also addresses one of the key challenges facing Basque industry: achieving greater scale to compete in increasingly demanding global markets. While Geminis and Gurutzpe will continue to operate independently from their respective facilities and retain their corporate identities, the two companies will work closely together in engineering, technological development and commercial expansion.
“We are moving from competition to cooperation in order to lead,” says Josu Azcue, CEO of Inzu Group. “We will share knowledge and capabilities to develop more advanced, specialized and higher value-added industrial solutions.”
Ninety-five percent of the production of both companies is exported to international markets such as the United States, Germany, South Korea and the Nordic countries. Their customers operate in highly demanding sectors including aerospace, energy, shipbuilding, steelmaking and railway infrastructure.
The partnership will enable the companies to take on larger and more technically complex projects, including the manufacture of machinery capable of machining components measuring up to four meters in diameter and weighing as much as 200 tonnes.
According to Iosu Unzueta, CEO of Geminis, the transaction responds to the need to evolve the industrial business model in order to maintain competitiveness in an environment characterized by increasingly sophisticated projects and growing international competition. Similarly, Elías Badiola, CEO of Gurutzpe, highlights that customers are demanding more customized solutions, greater technological sophistication and support throughout the entire product lifecycle.
The transaction also strengthens Kutxa Fundazioa’s industrial strategy. In 2025, the foundation acquired 100% of Inzu Group, making it its primary long-term industrial investment vehicle. Today, the group comprises fifteen industrial and technology companies, as well as its own R&D center, Ikergune, focused on advanced manufacturing, digitalization and sustainability.
Following the incorporation of Geminis, Inzu Group now employs close to 1,000 professionals, more than half of whom hold university degrees. The group also maintains a strong commitment to innovation, allocating approximately 9% of its annual revenues to research and development activities.
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