Corporate Finance

- September 29, 2025 -

Global Automotive Industry Trends in the First Quarter of 2025

During the first quarter of 2025, the global automotive sector recorded a total of 113 M&A transactions, with Europe accounting for 27% of the total. Although this figure represents a slight drop compared to the fourth quarter of 2024, the dynamism of the market remains remarkable.

Despite the de-escalation of international trade tensions, the automotive industry continues to face significant challenges. This is largely due to new trade tariffs imposed by the United States starting in the second quarter of 2025, affecting automobiles, automotive parts, aluminum and steel. These measures have intensified the complexity of the global regulatory environment.

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Among the highlights of the quarter was SAPA's acquisition of Megatech in March, further consolidating SAPA's growth strategy in the international market.

In terms of valuations, the estimated EV/EBITDA multiples for 2025 reflect the following figures by segment:

Multiproduct: 5.2x
Motor: 6.7x
Chassis: 4.3x
Interiors (Trim): 4.4x

This data provides a clear picture of market performance and investment opportunities in the global automotive sector.

- July 17, 2025 -

Aerospace and Defense M&A Trends: Europe Gains Ground in 2025

During the second quarter of 2025, the global mergers and acquisitions (M&A) market in the aerospace and defense sector recorded 50 transactions, down from 64 deals during the same period in 2024. Despite this drop, Europe accounted for 26% of the total, consolidating its strategic role in a geopolitical context marked by the reinforcement of its military capabilities.

Europe drives defense M&A market

Increased defense investment by European countries is creating a favorable environment for new corporate operations. This trend is expected to continue in the coming years, boosting activity in the sector.

One of the most noteworthy transactions globally was Thomabravo's equity investment in Boeing Digital Aviation Solutions, reflecting the growing interest in digital solutions within aerospace.

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Multipliers on the rise: EV/EBITDA reaches 20.7x

Valuation multiples in M&A transactions also show a significant evolution. The EV/EBITDA ratio has risen from 13.6x in 2024 to 20.7x in the first half of 2025, while listed companies in the sector are trading at around 18.5x. This increase reflects the market's confidence in the sector's growth potential.

Spain also takes off: Phoenix Aerospace leads in the Iberian Peninsula

In the Iberian market, Phoenix Aerospace, a Spanish industrial company specialized in the design and manufacture of ground equipment for the aerospace sector, acquired GSE Composystem. This operation reinforces Spain's position as a relevant player in the European aerospace value chain.

Conclusion

The aerospace and defense sector is undergoing a strategic transformation, with Europe at the forefront. Investment and consolidation opportunities will continue to grow, especially in an environment where security and technological innovation are key priorities.

- July 7, 2025 -

Packaging Industry Trends: Declining Transactions and Growth Prospects

The packaging industry has undergone a remarkable transformation in 2025. According to data from S&P Capital IQ, the number of transactions fell by more than 50% in the second quarter of 2025 compared to the fourth quarter of 2024. This decline is mainly attributed to market uncertainty caused by various social and political factors.

Why is interest in sustainable packaging growing?

Despite this downturn, the medium- and long-term outlook is positive. The rise of e-commerce and increasing regulatory pressure for sustainable packaging are driving a new wave of investment and acquisitions. Companies are looking to adapt to new environmental regulations and meet the demand of increasingly sustainability-conscious consumers.

Download the Iberian M&A Report - Packaging Sector

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Mergers and acquisitions in the packaging sector

The mergers and acquisitions (M&A) market in the packaging sector is showing signs of recovery. EBITDA multiples have increased, reaching nearly 11x in the first quarter of 2025, up from 9.4x in the third quarter of 2024. This increase reflects a higher valuation of companies in the sector.

Among the most noteworthy operations was the acquisition of Berry by Amcor, a key transaction at the global level. In the Iberian market, the purchase of Embalajes Echeverría by the Swedish group Nefab stands out, reinforcing the international interest in the Spanish market.

Conclusion: a sector in transformation

The packaging industry is in a time of change. Although transactional activity has slowed recently, consumer trends and regulatory requirements point to a promising future for companies that embrace innovation and sustainability.

- May 28, 2025 -

The entry of Pangram Capital Partners and Growth Partners Capital as partners marks a turning point in the development of ÑAM Restaurants.

The company, with a strong presence in the Basque Country and Navarre, is strengthening its shareholding structure with the aim of bringing its culinary offering to new cities like Madrid.

Madrid, May 26, 2025 – ÑAM Restaurantes has formalized the entry of Pangram Capital Partners II SCR Pyme (vehicle managed by Quadriga Asset Managers) and Growth Iberia – FCR Europeu Fechado EUVECA (fund managed by the Portuguese venture capital company Growth Partners Capital) as partners in its share capital, with the aim of scaling its model and expanding its territorial presence.

With a history spanning more than 30 years, ÑAM Restaurants has built a solid network of 15 establishments in the Basque Country and Navarre, under two complementary concepts: Ñam and Bilbbo, with a common philosophy: to offer an honest, fast, and affordable gastronomic experience, without sacrificing product quality or friendly service.

This transaction marks a turning point in ÑAM Restaurantes' history, providing not only capital but also comprehensive strategic support aimed at professionalizing the structure, strengthening internal capabilities, and scaling the business model to new locations in northern Spain, in addition to entering the Community of Madrid.

The new phase of ÑAM Restaurants is built on a shared vision: to consolidate a national restaurant operator that preserves its local essence and commitment to quality.

ÑAM Restaurants begins a new phase with the entry of Pangram Capital Partners and Growth Partners Capital

PKF Attest , advisor at ÑAM Restaurants

ÑAM Restaurantes ' ownership has had the support of PKF Attest as an advisor in key areas of the business, receiving expert support in both the financial and legal fields.

Our involvement has allowed the company to make decisions with greater confidence, optimize its financial structure, and ensure regulatory compliance across all its operations. As a multidisciplinary consulting and advisory firm, at PKF Attest we add value at every stage of business growth, consolidating our clients as leaders in their sector.

- March 6, 2025 -

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.