M&A Transactions in Portugal in Q1 2026

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The M&A market in Portugal recorded 40 transactions in the first quarter of 2026, showing greater dynamism in the Industry sector, with 14 transactions, and IT, with 6 transactions. Of the total, 21 transactions were led by domestic investors, with 16 driven by private equity funds or their portfolio companies.

Among the transactions led by domestic investors, those conducted by private equity funds stand out. Draycott acquired the garden services companies Sograma and Jardim Vista, and also made a 2M€ investment in Science4you following its recent MBO. Lince Capital acquired a 25% stake in MLC, a supplier of industrial equipment for the ceramics sector, as well as a minority stake in IEM4.0, a company specialising in industrial automation and robotics solutions. Also notable is the acquisition of Aquitex, a producer of chemicals for the textile and ceramics industries, by Iberis, and of Pontual, an IT services company, by Atena. Vallis strengthened its presence in the tableware ceramics segment with the acquisition of Costa Verde, following the acquisition of 65% of Ceramirupe. In the strategic domestic investors side, the acquisition of P&R Têxteis, a sportswear company, by the Ortigão Costa family holding stands out.

International investors led 19 transactions during the period, maintaining a significant weight in M&A activity in Portugal. Among these, stands out the acquisition of Automotive Compounding Industry by Westlake — a Portuguese company producing polymeric composites for electric cable insulation that recorded revenues of approximately 210M€ in 2024. Spainish investors stood out with four significant transactions: Urbaser acquired EcoAmbiente, a waste collection and transport operator with approximately 1,500 employees; Nextil purchased 70% of Sindutex, a garment manufacturing company; Anderson Iberia acquired the law firm PRA; and Vicky Foods acquired the Portuguese and Spanish operations of the bakery company Panrico from Adam Foods. French investors were also active, notably Groupe IDEC, which acquired VHM, a consultancy in engineering and architecture, and Syclef, which purchased Gesticool, a company specialising in refrigeration system installation, one year after acquiring GlobalCold. The German group Bechtle also acquired the technology company RIS 2048.

On the international front, 12 Portuguese companies made acquisitions abroad. Highlights include the purchase of the German company Kaia Health by Sword Health for 237M€, and the acquisition of Grupo Cedar by Salvador Caetano, an Irish automotive distributor and retailer with revenues of close to 1,000M€. Also noteworthy is the acquisition of the pasta business of the Spanish company Cerealto by Cerealis, as well as the acquisitions of Just Go and Bunk Campers by Indie Campers, strengthening its presence in the UK and Ireland in the motorhome market.

Note: Transactions in the Infrastructure, Financial Services, Real Estate, and Hospitality sectors were excluded from this analysis.

SectorTargetBuyerCountryType of investor
IndustryAutomotive Compounding IndustryWestlakeUSAStrategic
IndustryArgatecnicSecil (Cementos Molins)PortugalStrategic
IndustryATZSalto SystemsPortugalStrategic
IndustryAquitexIberis CapitalPortugalPE/PE backed
IndustryPrimefixTintas 2000PortugalStrategic
IndustryP&R TêxteisSOGEPOCPortugalStrategic
IndustryIEM 4.0Lince CapitalPortugalPE/PE backed
IndustryMLC Ceramic MachineryLince CapitalPortugalPE/PE backed
IndustryGotflowTransfor (Arrow Global)PortugalPE/PE backed
IndustryBKR InternacionalAudacesBrazilStrategic
IndustrySindutexNextilSpainStrategic
IndustryVicousticUnited GroupIndiaStrategic
IndustryCosta VerdeVallis Capital PartnersPortugalPE/PE backed
IndustryNavalriaMário FerreiraPortugalStrategic
ITRIS 2048BechtleGermanyStrategic
ITadn GroupGrupo Bernado da CostaPortugalPE/PE backed
ITPONTUALAtena Equity PartnersPortugalPE/PE backed
ITBitteAmadeus Protocol–Strategic
ITSoftstoreCompanialLithuaniaPE/PE backed
ITNSoftInovflowPortugalStrategic
F&BCentral Lomera PortuguesaWOFCOSpainStrategic
F&BPanricoVicky FoodsSpainStrategic
SportsSintrenseCoralcompassPortugalPE/PE backed
OthersInevitavel & Fundamental (Poligrafo)Media CapitalPortugalStrategic
OthersGesticoolSyclef HoldingFrancePE/PE backed
OthersJardim VistaDraycottPortugalPE/PE backed
OthersSogramaDraycottPortugalPE/PE backed
OthersScience4youDraycottPortugalPE/PE backed
OthersThe British School of LisbonDukes EducationUKStrategic
OthersEuromexRekeepItalyStrategic
OthersAgrofaunaNuzoaSpainPE/PE backed
OthersLacatoniVincenti Capital PartnersPortugalPE/PE backed
OthersWSS TechColliersCanadaPE/PE backed
OthersEcoAmbienteUrbaserSpainPE/PE backed
OthersAnjos & Associados – SROCBaker TillyUKStrategic
OthersMoreira, Cruz & MagalhãesAtlanthiaPortugalStrategic
OthersPRA – Raposo, Sá Miranda e AssociadosAndersen IberiaSpainStrategic
OthersInovsanKiloutouFranceStrategic
OthersKnower GCWellow NetworkPortugalStrategic
OthersVHMGroupe IDECFranceStrategic

M&A deals of Portuguese companies abroad

SectorTargetBuyerCountryType of Investor
ITFênixArquiconsultBrazilStrategic
ITKaia HealthSword HealthGermanyPE/PE-backed
ITDragomarinCenteaSpainStrategic
ITIQ Inc.Critical SoftwareUSAStrategic
ITDigital SupplyAITimestantSwitzerlandPE/PE-backed
ITInnovate ITCloudcomputingUKStrategic
F&BCeralto (massas alimentares)CerealisSpainPE/PE-backed
IndustryNewtronicAralabIndiaStrategic
InsuranceAseRiesgoMDSSpainStrategic
OthersQiadoEY PortugalGermanyStrategic
OthersCedarSalvador CaetanoIrelandStrategic
OthersGrupo CedarSalvador CaetanoIrelandStrategic
OthersRight AnalyticsQuadranteUSAPE/PE-backed
OthersJust Go / Bunk CampersIndie CampersUK / IrelandPE/PE-backed
OthersInprocessQuadranteSpainPE/PE-backed
OthersMac Group StandsIrmarferSpainPE/PE-backed