Entering Spain is not a question of if for many Italian CEOs, it is a matter of how fast and how well.
Among the available paths, M&A has become the most controlled way to accelerate expansion without starting from zero. In Italy-Spain corridor this is a pattern we see across SMEs and family-owned companies.
Spain is close enough to feel familiar. Yet different enough to create execution risk if approached without structure.
A favourable environment for cross-border growth
Structural similarities between the two economies represent a significant strategic advantage. Both markets are driven by a dense network of SME’s operating in highly fragmented sectors: an environment that is naturally inclined to consolidation through M&A, offering attractive opportunities to gain scale and strengthen competitive positioning.
Recent data confirms the strength of this corridor: Spain’s GDP growth reached +3.2% in 2024 underlining the resilience and dynamism of its economy. Bilateral trade has hit a record of €68.5 billion, reflecting the economic integration between the two countries and Italian investments in Spain have accelerated, with direct investments tripling to €987 million.
For Italian businesses Spain is not only a familiar market, but also a gateway platform for further expansions into high-growth regions such as Latin America and Africa.
Spain M&A market
The evolution of the Spanish M&A market in recent years offers a compelling opportunity for Italian companies. From a largely opportunistic market, Spain has transitioned to a mature and strategic ecosystem, making it significantly more attractive for foreign investors.
In 2025, the Spanish M&A market reached record levels with over €100 billion in deal value and more than 3,000 transactions. This dynamic is further supported by a sustained wave of new investments, with 71% of Italian companies already established in Spain planning to increase their presence or pursue new acquisitions.
More broadly, the growing role of M&A is also evident in outbound trends from Italy. Italian acquisitions abroad reached 291 deals in the first eleven months of 2025, representing a 9% increase each year. Within this context, Spain consistently ranks among the top three destinations for Italian investors, confirming its strategic importance for Italian companies looking to scale internationally in a structured and sustainable way.
M&A as an accelerator
Among the various entry strategies, M&A stands out as a strategic shortcut to growth. Compared to organic expansion, it offers a less uncertain path especially for markets where competition is intense and entry barriers are high.
Through M&A you can:
- Gain immediate local presence
Building a presence in Spain from scratch can take years of investment in brand positioning, regulatory compliance, and operational infrastructure. By acquiring an already established company, you can bypass these initial hurdles and secure an immediate presence in the market. Moreover, it also strengthens your credibility with local stakeholders who already trust and know your acquired business.
- Access established client portfolios and supplier networks
One of the main challenges when expanding your business abroad is developing a reliable commercial ecosystem. Through M&A, you gain direct access to existing customer and supplier relationships. For Italian companies, this represents a decisive advantage in reducing commercial risk and ensuring continuity of operations.
- Acquire technology, certifications, and expertise
Most sectors require specific certifications (technological, regulatory, operational…). M&A allows you to acquire these essential assets instantly avoiding long development cycles.
- Reduce time-to-market and operational uncertainty
When acquiring a company with an existing and functioning business model, you significantly reduce the risks compared to entering the market from scratch. This shortens your time-to-market and allows you to focus immediately on value creation.
This is particularly relevant in fragmented and competitive markets such as Spain. For Italian companies, M&A is not just an entry strategy, but it is also a way to accelerate growth while maintaining control over execution.
Managing complexity to create value
Despite its advantages, M&A remains a challenging and multidisciplinary process requiring rigorous preparation and execution. Success relies on mastering each phase with precision.
A successful transaction involves several key steps:
- Market screening and target identification
- Financial, legal, and operational due diligence
- Valuation and transaction structuring
- Negotiation and risk allocation
- Post-acquisition integration
In our experience, the success of an M&A transaction does not end at closing: it begins there. Integration is often the most critical phase and the main determinant to success. Poorly managed integration can lead to loss of key employees or clients, operational disruptions, cultural misalignment, and overestimated synergies.
Whereas, when executed effectively, integration becomes a powerful driver of value. It enables Italian companies to favour growth opportunities, streamline operations, capture synergies, and strengthen organisational performance.
M&A case studies in Spain
ALTIOS has already supported some successful M&A operations in Spain. Here you can find two of them:
The French industrial group Mauffrey entered the Spanish market through the acquisition of Ecotrans, a mid-sized agri-logistics platform generating €63 million in revenue and employing 350 people. This transaction reflects a broader trend identified by ALTIOS: international investors are increasingly targeting specialized, resilient mid-market companies in Spain to establish scalable platforms for pan-European expansion. In this case, Spain served not only as an entry point, but as a strategic hub to deploy a long-term buy-and-build strategy in a resilient, high-value sector.
ALTIOS finally supported the Mauffrey Group in the post-integration phase by hiring the board of Directors (CFO, COO, DHR).
ALTIOS: enabling successful cross-border growth
ALTIOS benefits of over 35 years of experience and a strong local presence in 26 countries through 40 offices. Our teams in Italy and Spain guide clients through the full acquisition cycle, from initial screening to post-integration board recruitment, as illustrated in our work with the Mauffrey Group: from strategic planning and target identification to transaction execution and post-acquisition integration. We control the process (structuring the transaction, coordinating due diligence, managing timelines, and securing regulatory and operational alignment) so that you can focus on creating a strategy for long-term value.
Ready to accelerate your international growth through M&A? Get in touch with our experts to discuss your strategy and discover how ALTIOS in Italy can support your next deal.
FAQ:
Why should Italian SMEs consider Spain as a priority market for M&A?
Spain offers a unique environment for Italian companies. With strong GDP growth, deep economic integration, and increasing Italian investments, it represents both a familiar ecosystem and a scalable expansion platform to Europe as well as a gateway to Latin America and Africa.
Which sectors offer the most attractive M1A opportunities in Spain?
Opportunities are particularly strong in fragmented, SME-driven industries, where consolidation strategies can create scale and competitive advantage. These include industrial services, logistics, manufacturing and specialized mid-market platforms.
What are the main challenges Italian companies face when acquiring in Spain?
Despite structural similarities, the main challenges may include longer deal timelines in decision-making often centred around founders or family ownership. In addition, post-integration phase is often underestimated especially when it comes to cultural alignment and talent acquisition.
Why is post-acquisition integration critical to success?
Integration is the primary driver of long-term value creation. While closing a deal marks a milestone, success depends on the ability to retain key talents and clients, align cultures and operations and ensure continuity and performance. A poor integration can destroy value, while effective integration unlocks growth and competitiveness.
