PKF Attest

Corporate Finance

PKF Attest advises on 36 transactions during 2024, with a strong focus on cross-border operations

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PKF Attest strengthens its position in the corporate transactions market, having successfully advised on 36 transactions during 2024.

In an economic context marked by the growing internationalization and dynamism of the business sector, the firm has played a key role in the structuring and closing of transactions both nationally and internationally. Thanks to its in-depth knowledge of the market and its highly specialized team, PKF Attest continues to consolidate its position as a benchmark in the field of corporate transactions, providing comprehensive advice to companies in various sectors.

The industrial sector continues to be the firm's main area of activity, closely followed by the materials, consumer goods and healthcare-pharma sectors. The firm has observed a continued interest from foreign investors in the Spanish economy, at the same time that domestic companies are looking to expand outside the country, mainly in Europe and America. In this regard, more than 34% of the transactions advised by PKF Attest have been cross-border in nature. In addition, private equity funds have been very active, making both primary investments andadd-onsfor their investees. In this area, the PKF Attest team has advised on 11 transactions of this type, representing 30% of the total.

Among the outstanding transactions in various sectors in which PKF Attest participated in 2024 were the acquisition of Lamincer Precision Steel from ThyssenKrupp by Aranía, in the steel rolling sector, the acquisition of Laboratorios Arbero by Insud Pharma, in the pharmaceutical sector, the acquisition of Burgos CF by private investors, in the sports and entertainment sector, the purchase of Hierros Arrate by Grupo Aramangue, in the rebar sector, the acquisitions of Discarlux and Plymouth by Talde, one of the pioneers of private equity in Spain, and the acquisition of MAT Friction by TRW, in the automotive sector.

PKF Attest's Transactions team, composed of more than 30 professionals, offers specialized services in M&A, due diligence and legal advice in M&A, consolidating its presence in an M&A market that in 2025 is expected to be one of the most intense in recent years.

M&A Report - Packaging Sector

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The mergers and acquisitions (M&A) market in the packaging industry: trends and prospects for 2024 and beyond.

In the first half of 2024, a decline in mergers and acquisitions (M&A) transactions was observed in the packaging industry. However, due to the growing need for companies in the sector to adapt to regulatory changes related to sustainable packaging, a significant uptick in M&A activity is expected in the coming years. This outlook is driven by stringent environmental regulations and increasing consumer expectations around sustainability.

Indicators of a growing market

Notably, EBITDA trading multiples have increased compared to the second half of 2023, reaching 8.6x in the first half of 2024. This increase reflects the renewed interest in companies with the ability to innovate and adapt to a constantly evolving market.

A new report on M&A in the Iberian packaging market

Download our exclusive and free report on M&A trends in the packaging industry, prepared by the M&A experts at PKF Attest.

Access essential market data and trends in 2024.

Download report

The packaging industry in the Iberian Peninsula: outstanding operations

In the Iberian packaging market, one of the most relevant deals in the fourth quarter of 2024 was the acquisition of Alucan Entec, a company specialized in the manufacture of aluminum containers and bottles, by Ball Corporation, a leading U.S. manufacturer of metal packaging. This transaction was worth 82 million euros, marking an important milestone in the sector.

EV/EBITDA multiples in the packaging industry during 2024 show material-specific trends:

  • Plastic: 8.1x
  • Paper and cardboard: 10.1x

These multiples reflect the valuation of companies with a clear focus on sustainability and technological innovation, key factors for standing out in today's competitive market.

Factors driving the growth of M&A in the packaging industry

The future of the M&A market in the packaging industry looks promising thanks to several key trends:

  1. Sustainability regulations: Legislation at the European level, such as the directive on packaging and packaging waste, is driving companies to invest in greener technologies and materials.
  2. Technological innovation: The development of reusable, biodegradable and recyclable packaging increases the attractiveness of companies leading this change.
  3. E-commerce growth: The expansion of e-commerce continues to generate increased demand for efficient and sustainable packaging solutions.
  4. Market consolidation: Large companies seek to strengthen their position through strategic acquisitions, especially in high-potential regions such as the Iberian Peninsula.

Conclusion

The packaging industry is at a crucial moment of transformation. Mergers and acquisitions will play a key role in adapting to new regulations and market demands. Companies such as Ball Corporation and Alucan Entec are examples of how the market continues to evolve towards more sustainable and cost-effective solutions.

As companies continue to adapt, interest in the packaging sector in the Iberian Peninsula and globally will continue to grow, consolidating itself as a strategic market in the coming years.

PKF Attest participates in the acquisition of Cartonajes Limousin by Lemnos Capital

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Lemnos Capital has acquired 100% of Cartonajes Limousin. Located in Toulouse for more than 100 years, Cartonajes Limousin is dedicated to the design and manufacture of corrugated cardboard containers and packaging.

With the purchase of Cartonajes Limousin from Guipuzcoa, the company is making a commitment to environmental, economic and social sustainability due to its clean, efficient and responsible production processes, its commitment to 100% water-based inks and its leadership in recovery and recycling in the cardboard sector.

Lemnos Capital was advised on this transaction by PKF Attest.

PKF Attest advises Lema Transit shareholders on the sale to the Altius group

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Grupo Altius, a leading company in the Spanish market of logistics, specialized international transport and customs, with more than 300 professionals in 10 offices in Spain and 5 offices in America, has acquired 100% of the capital of Lema Transit.

Lema Transit, based in Bilbao, Basque Country, is a forwarding company specialized in sea, air and land transportation.

The transaction will allow the Altius Group to expand and diversify its customer base and strengthen its presence in Bilbao, where it already has a team of more than 30 people.

PKF Attest has acted as financial advisor to the sellers.

PKF Attest advises Ingeteam on the sale of the Service division to RES

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PKF Attest has acted as financial advisor to Ingeteam in the sale of its renewable energy power plant operation and maintenance division to RES.

The deal, signed in early August and recently closed, will allow Ingeteam to continue driving the development of energy conversion systems, supporting its customers and electrifying a sustainable future, while RES will become the world leader in the renewable energy operation and maintenance services sector.

This transaction reinforces RES' commitment to accelerate the energy transition and responds to growth in its target markets of utilities and infrastructure.

With this, RES will have €40 billion in assets under management through more than 40 GW of global O&M and asset management service contracts.

PKF Attest would like to thank Ingeteam for their confidence in such a complex operation, and congratulate all the professionals involved in it, both from Ingeteam and RES.

Learn more about the details of the transaction: sale of the Service division to RES