Ezentis acquires 55% of ADQA Proyectos in €8.5M deal
What's the deal? Spanish infrastructure group Ezentis has acquired 55.01% of ADQA Proyectos, a turnkey project firm specialising in high-quality professional spaces, for €8.5M. The deal was split evenly — half in cash and half in newly issued Ezentis shares via a capital increase. Ezentis will acquire an additional 5% of ADQA annually until it holds 75% of the company.
Baker Tilly advised Ezentis on the due diligence across financial, tax, legal, and labour areas. The acquisition was executed through Ezentis's subsidiary Ezentis Instalaciones y Equipamientos.
Why now? Ezentis is pursuing an aggressive growth strategy — both organic and inorganic — centred on acquiring profitable, complementary businesses. The company expects to surpass €80M in revenue in 2026.
ADQA brings a strong track record: more than 1,800 projects delivered for over 150 blue-chip clients, with a focus on sustainability. The deal bolsters Ezentis's integrated installations division, a key growth area for the group.
What could go wrong? Paying half the deal in equity rather than cash means ADQA's sellers are betting on Ezentis's share price holding up. If it doesn't, the deal economics shift. The staggered acquisition structure — 5% a year until 75% — also creates a long tail of execution risk. Misalignment between the two companies over several years could complicate integration.
The signal: Mid-market M&A in Spain's infrastructure and installations sector is heating up. Companies like Ezentis are using creative deal structures — mixing cash with equity and building in gradual ownership increases — to acquire without overextending their balance sheets. The focus on sustainability-oriented firms like ADQA reflects broader demand for green building expertise across Europe.
Read more: lawyerpress.com
