The Growing Importance of International Buyers in the Spanish Mid-Market: More Than 50% of Capittal's Transactions in the First Half of 2026 Were Cross-Border
International buyers—whether industrial groups or private equity-backed platforms—are playing an increasingly prominent role in Spain's services and industrial mid-market.
Capittal's activity during the first half of 2026 clearly illustrates this trend: of the seven transactions advised by the firm during the first six months of the year, four involved foreign acquirers.
In the occupational health and safety sector, Phenna Group, the UK-based international TICC (Testing, Inspection, Certification & Compliance) platform backed by Oakley Capital, acquired MDS High Quality Prevention and Gabinete Técnico de Prevención (GTP), two leading occupational risk prevention firms operating in Spain and Portugal.
In the industrial distribution sector, French group Foussier acquired SELK, a distributor of industrial supplies with a strong presence in northern Spain, to accelerate its growth across the Iberian Peninsula. In addition, Capittal advised a leading French multinational in the electronic security sector on the acquisition of one of Spain's foremost companies specialising in the installation and maintenance of electronic security and fire detection systems.
The overall picture is clear: international appetite for the Spanish mid-market continues to accelerate. Several factors explain this trend, chief among them the fact that many industrial and business services verticals remain highly fragmented, providing international consolidators with an attractive opportunity to achieve scale and establish a strong local presence through acquisitions.
Industrial distribution is a good example. Spain is home to thousands of small industrial supply distributors, with fewer than 10% generating annual revenues above €5 million. The market lacks dominant national players while international manufacturers already maintain a significant presence. Family-owned French groups such as Foussier—and several of their peers—see in Spain the same opportunity they successfully capitalised on in France: a highly fragmented market where many owner-managed businesses are facing succession challenges, creating significant consolidation opportunities.
Furthermore, although valuation multiples have been increasing, acquisition multiples in Spain remain attractive compared with those in many of the buyers' home markets. For international acquirers, expanding through acquisitions offers a faster and more efficient route to building local capabilities and customer relationships than organic expansion, particularly in a market where they have no existing footprint and where business dynamics differ from those of their domestic markets. For sellers, the growing participation of international buyers broadens the pool of potential acquirers, increases competitive tension throughout the sale process and can ultimately translate into higher company valuations.
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