Acquisition Will Nearly Double Revenue of Combined Group to Over €600 Million
Ayesa, a portfolio company of A&M Capital Europe (“AMCE”), has agreed to acquire Ibermática, a leading Spanish IT services company, from ProA Capital and the remaining minority shareholders, including ONCE and Kutxabank.
The transaction is expected to close before year-end, following approval by the relevant authorities. The terms of the transaction were not disclosed.
Founded in 1973, Ibermática (“IB”) is one of the leading IT services providers for large corporates in Spain and counts many IBEX 35 companies as clients. IB offers a wide-ranging portfolio of solutions spanning IT consultancy, cybersecurity, cloud computing and data analytics. At the end of 2021, IB had approximately 4,750 employees and revenue of €276 million.
Through this transaction, we believe Ayesa will be able to consolidate its position in the Spanish IT services market, becoming one of Spain’s foremost service providers. The combined group will employ over 11,000 professionals worldwide, generate more than €600m in revenue, and benefit from enhanced technological capabilities, broad and complimentary sector coverage, a deeper nationwide presence, and a reinforced international footprint.
Following the recent acquisitions of Byrne Looby in Ireland and M2C in Spain, IB constitutes Ayesa’s third add-on acquisition since AMCE’s majority investment in January 2022.
Arcano acted as financial advisor to AMCE and Ayesa, BCG as a commercial adviser, Alvarez & Marsal as an operational adviser, EY as an accounting adviser, Houlihan Lokey as a debt adviser, and Pérez-Llorca and Weil, Gotshal & Manges as legal advisers.
About Ayesa
Headquartered in Spain, Ayesa is a leading international provider of IT and engineering services with over 6,300 employees in 20 countries across Europe, Latin America, and Asia. The IT Services division provides an extensive portfolio of IT and digital transformation solutions, including software implementation and maintenance services, data management and analytics, cybersecurity and process automation, among others. The Engineering Services division provides infrastructure project management and design services primarily in the civil engineering market. In 2021, the group, led by CEO José Luis Manzanares Abásolo, recorded sales of €322 million.
About A&M Capital Europe (“AMCE”)
AMCE is a pan-European, London-headquartered, middle-market private equity firm specialising in providing strategic and operational support to growing European businesses. AMCE Fund I currently has €650 million of assets under management, and Ibermática represents AMCE’s eleventh transaction. More broadly, AMCE is part of A&M Capital, a multi-strategy private equity investment firm with over €4.3 billion in assets under management across four investment strategies. In addition, A&M Capital maintains a strategic association with Alvarez & Marsal, one of the world’s largest operationally
