In the second quarter of 2026, the M&A market in Portugal recorded 50 transactions, with the greatest activity in the Industrial sector, with 9 transactions, as well as in IT and F&B, with 7 and 6 deals respectively. Of the total, domestic investors led 34 of these transactions. In parallel, private equity funds and their portfolio companies maintained a central role, carrying out 30 transactions.
Largest deals of the second quarter of 2026
Among the quarter’s main transactions, the highlights include TAP’s disposal of its 49.9% stake in the former Groundforce and its 51% stake in Cateringpor, to Menzies and Gate Gourmet respectively, which already held the remaining capital. Also of note was the acquisition of Europontal, a construction waste management company, by the consortium made up of Jerónimo Martins, Visabeira and the family holding company of Martifer’s chairman, Carlos Martins.
In outdoor advertising, Caderno Azul, the investment vehicle of João Borges de Oliveira, acquired a stake in MOP, sharing control with Explorer Investments, the private equity fund that acquired the company in 2007. In transport, the British fund ICG acquired a 33.5% stake in Grupo Paulo Duarte. Lastly, Crest sold the garage door manufacturer Rollerdoor to Assa Abloy, which also acquired Santos, a manufacturer of mechanical locking solutions.
Consolidation remains one of the main trends
Consolidation moves continued to shape the Portuguese market during the quarter. Crest carried out a consolidation move in the packaging sector with the acquisitions of Tecnopack, Embalpom and Seven Way. In garden construction and maintenance, Draycott pursued the consolidation strategy begun at the start of the year, acquiring Jardins do Paço, having previously acquired Jardim Vista and Sograma.
The continuing care sector also saw a consolidation move, with Grupo SER, owned by the fund Core Capital, acquiring five units from Grupo Naturidade.
Consolidation also extended to the investment and asset management sector, with the acquisition of Hipoges by Finsolutia, of Square Asset Management by Draycott and of 3 Comma Capital by C2.
Taken together, these deals underline the continuation of a trend towards concentration in sectors characterised by fragmented markets, where building scale can generate significant operating synergies.
Programa Consolidar continues to drive investment
Funds under Programa Consolidar also maintained a significant presence in the market. During the quarter, the highlight was Growth Partners Capital’s investment in the metal structures company Lomboser (€17.5m). Core Capital also invested in the software company Real Life Technologies (€12.4m) and in the communications consultancy Lift Consulting (€5m), the latter as part of its merger with the Spanish firm Evercom.
These investments were joined by Touro Capital’s entry into the electrical installations group R&C (€11.5m), ActiveCap’s investments in the food company Enquanto (€8.1m) and in the stone industry consultancy Still Moving (€5m), and Crest’s investment in Trio Berries (€8m).
Under this programme, around €750m has been invested since 2023 in near 100 Portuguese companies.
Portuguese companies continue to invest abroad
Internationally, several Portuguese companies completed acquisitions abroad. Of particular note was the acquisition of the Spanish chemicals company Ercros by Bondalti Capital, the chemicals arm of the José de Mello group, through a tender offer that secured 77% of the company for €247m.
BA Glass also strengthened its international presence with the acquisition of 41% of the Tunisian company Sotuver, for €62m, and of the Bulgarian company Vatia.
In insurance broking, Sabseg continued its consolidation process, acquiring the Spanish firms Baigorri and Premium Quality Investments, as well as Italy’s Today Group.
A market shaped by consolidation, domestic capital and the importance of investment funds
The second quarter 2026 data show a Portuguese M&A market particularly shaped by three trends: the predominance of domestic investors, the growing role of private equity funds, notably the importance of the funds under Programa Consolidar, and the continuation of sector consolidation moves.
The combination of these factors shows that M&A continues to play a significant role in transforming Portugal’s business landscape, both through the concentration of fragmented sectors and through capital injections to fund company growth and international expansion.
Nota: Foram excluídas da análise transações nos setores das Infraestruturas, Financial Services, Imobiliário e Hotelaria.
| Sector | Target | Acquirer | Country | Investor type |
|---|---|---|---|---|
| Industrials | Rollerdoor Group | Assa Abloy | Sweden | Strategic |
| Industrials | PerfilDoor | Oxy Capital | Portugal | PE/PE backed |
| Industrials | Lomboser | Regrifast, Growth Partners Capital | Portugal | PE/PE backed |
| Industrials | Grupo Tecnopack | Crest Capital | Portugal | PE/PE backed |
| Industrials | Seven Way | Crest Capital | Portugal | PE/PE backed |
| Industrials | Cables Systems Provider | Navix Oy, Saari Partners | Finland | PE/PE backed |
| Industrials | Manufacturas Santos | Assa Abloy | Sweden | Strategic |
| Industrials | Rui & Candeias | Touro Capital Partners | Portugal | PE/PE backed |
| Industrials | Jodel | Interhigiene | Portugal | Strategic |
| F&B | Adega Moor | Lindeborg Wines | Portugal | Strategic |
| F&B | Cateringpor | Gate Gourmet | Switzerland | Strategic |
| F&B | The 100 Maneiras | Grupo Dhurba Subedi | Portugal | Strategic |
| F&B | EMATER | Financor Distribuição Alimentar | Portugal | Strategic |
| F&B | EQUANTO – Intercâmbio Comercial e Industrial | ActiveCap | Portugal | PE/PE backed |
| F&B | Trio Berries | Crest Capital | Portugal | PE/PE backed |
| Insurance brokerage | Seguraz – Mediação de Seguros | PIB Group | UK | PE/PE backed |
| Insurance brokerage | AQS Consultores De Seguros | PIB Group | UK | PE/PE backed |
| Insurance brokerage | Porto Seguro | MDS Group (Ardonagh Group) | Portugal | PE/PE backed |
| Insurance brokerage | Corbroker | F. Rego | Portugal | Strategic |
| IT | Inova+ | Sun Capital Partners | USA | PE/PE backed |
| IT | AMT Consulting | VINCI Energies | France | Strategic |
| IT | Payper | Manie | Portugal | Strategic |
| IT | SiliconGate | Celera Semiconductor | USA | PE/PE backed |
| IT | Smartmove – Serviços de Mobilidade | Webook.com | Saudi Arabia | Strategic |
| IT | DiRoots | NTI Group, Axcel Management | Denmark | PE/PE backed |
| IT | KaizenTech | Incentea | Portugal | Strategic |
| Transport & Logistics | Grupo Paulo Duarte | ICG (Viator Invest) | UK | PE/PE backed |
| Transport & Logistics | NCL Transitários | Movit | Portugal | Strategic |
| Health | Naturidade Group (5 Assisted Living Facilities in Lisbon, Portugal) | SER – Senior Exclusive Residences, CoRe Capital | Portugal | PE/PE backed |
| Health | BebéVida | Stemlab | Poland | Strategic |
| Other | Square Asset Management | Draycott | Portugal | PE/PE backed |
| Other | Hipoges | Finsolutia | Portugal | PE/PE backed |
| Other | MOP | Caderno Azul (João Borges de Oliveira) | Portugal | Strategic |
| Other | Prioridade | DST | Portugal | Strategic |
| Other | 3 Comma Capital | C2 Capital Partners | Portugal | PE/PE backed |
| Other | Olimec | Eaglestone(Moon Capital) | Portugal | PE/PE backed |
| Other | ADVENTECH – Advanced Environmental Technologies | C2 Capital Partners | Portugal | PE/PE backed |
| Other | NBS Water Engineering | EJ Investimentos, Growth Partners Capital, Velvetforest | Portugal | PE/PE backed |
| Other | SPdH (Groundforce) – TAP stake | Menzies | UK | Strategic |
| Other | Europontal | Black and Blue Investimentos, Visabeira e Jerónimo Martins | Portugal | Strategic |
| Other | Descomplicando Linguagens | Moovi (Numen) | Brazil | Strategic |
| Other | Hozen Consulting | Crowe | Portugal | PE/PE backed |
| Other | Grupo LCI | Sonepar | France | Strategic |
| Other | Figuravolante | Grupo JAP | Portugal | Strategic |
| Other | Jardins do Paço | Draycott | Portugal | PE/PE backed |
| Other | Embalpom | Crest Capital | Portugal | PE/PE backed |
| Other | Still Moving | ActiveCap | Portugal | PE/PE backed |
| Other | Ccenergia, Auditoria E Consultoria Energética | C2 Capital Partners | Portugal | PE/PE backed |
| Other | Lift Consulting | Core Capital | Portugal | PE/PE backed |
| Other | Real Life | Core Capital | Portugal | PE/PE backed |
Transações de empresas portuguesas no estrangeiro
| Setor | Target | Acquirer | Country | Investor Type |
|---|---|---|---|---|
| Indsutrials | Ercros | Bondalti Capital | Spain | Strategic |
| Indsutrials | Sotuver | BA Glass | Tunisia | Strategic |
| Indsutrials | Vatia | BA Glass | Bulgaria | Strategic |
| Indsutrials | Paperflow | Fox & Temple | France | PE/PE-backed |
| Indsutrials | Cobiosa | Sparkfood | Spain | Strategic |
| Insurance brokerage | Baigorri | Sabseg | Spain | PE/PE-backed |
| Insurance brokerage | Premium Quality Investments | Sabseg | Spain | PE/PE-backed |
| Insurance brokerage | Today Group | Sabseg | Italy | PE/PE-backed |
| IT | iGamingNuts | Clever Advertising | Poland | Strategic |
| Other | Hedin Caetano (50%) | Grupo Salvador Caetano | Sweden | Strategic |
| Other | Premier Forecourts & Construction | Petrotec | UK | Strategic |