Transactions in Portugal in Q3 2026: international investment and consolidation

In the third quarter of 2026, the M&A market in Portugal recorded 45 transactions, with the strongest activity in the IT sector, with 8 deals, Industry, with 6, and technical services (installation and maintenance), with 5. Activity was evenly distributed between domestic and international investors, as well as between strategic and financial investors.

The largest transaction of the quarter

The largest transaction of the quarter was the acquisition of Quadrante by Permira, in a deal with an estimated value of €400 million. The Portuguese engineering and consulting firm had previously been owned by the Spanish private equity firm Henko Partners.

Growing acquisitions by international investors

International investors were particularly active in the Portuguese market, driving 22 of the quarter’s 45 transactions. Build-up strategies backed by private equity funds stood out, accounting for 10 of these deals.

Among the build-up strategies, one standout deal was Urbaser’s acquisition of EGEO, a company engaged in industrial waste management. Urbaser itself was recently acquired by investment funds Blackstone and EQT, in a deal valued at €5.6 billion. Multinational LFB Group, owned by Syntagma Capital, also strengthened its presence in Portugal with the acquisition of SKK, one of the leading Portuguese companies in the installation and maintenance of HVAC and refrigeration solutions.

Also noteworthy is Swedish group Atlas Copco, which resumed its acquisition activity in Portugal with the purchase of LusoAr, a company dedicated to the sale of compressed air equipment. This deal continues its expansion strategy in the Portuguese market, following the acquisition of Neadvance, a machine vision solutions company, in 2025.

Domestic investors: strategic buyers and investment funds split the M&A market

Among Portuguese investors, strategic buyers and investment funds split the number of transactions, with 12 and 11 deals, respectively.

On the strategic investor side, the following transactions stand out:

In the agri-food sector, Grupo Agris acquired fruit-growing companies Ferreira da Silva and Casa Agrícola Gafa, strengthening its presence in agricultural production.

In perfumery and cosmetics distribution, Grupo Arié, owner of Perfumes & Companhia, acquired the Portuguese operation of Spanish chain Primor, consolidating its position in the domestic market.

Industrial waste management was once again the stage for consolidation deals. Pure Planet, a holding company owned by Visabeira, Jerónimo Martins, and Carlos Martins, acquired R-Duz, continuing the expansion strategy begun with the acquisition of Europontal, completed in April of this year.

Among investment funds, the following transactions stand out:

Crest Capital stood out as the most active firm of the quarter, investing in three companies across distinct sectors: Grupo Flosel, a provider of electrotechnical and hydraulic engineering services; Grupo Labina, specialized in producing technical aluminum parts through die casting; and Bioflorestal, engaged in timber trading and the production and sale of biomass.

Horizon Equity Partners also carried out two transactions in the technical services segment. The first involved the acquisition of Geralseg and Vitelsis, companies specializing in the installation and maintenance of security and surveillance systems. The second was the acquisition of SISINT, a provider of services for telecommunications infrastructure, through its portfolio company TEEM.

In the education sector, Project To Be, backed by Draycott, acquired the Monte Flor school, while Inter-Risco acquired Externato São Miguel Arcanjo.

In the ceramics industry equipment sector, Lince Capital acquired Induzir, a manufacturer of industrial furnaces, a few months after acquiring a stake in MLC.

Lastly, Touro Capital Partners acquired a stake in Bruma Europa, a Portuguese faucet manufacturer.

Portuguese companies backed by VCs and PEs continue to invest abroad

International expansion strategies through acquisitions are particularly common among companies backed by venture capital (VC) and private equity (PE) funds, which use M&A to accelerate growth, enter new markets, and strengthen technological or operational capabilities.

This is the case of Sword Health, which acquired American mental health start-up Headspace, in a deal valued at more than €170 million. The acquisition continues Sword Health’s international expansion strategy, having already acquired Germany’s Kaia Health earlier in the year.

Portuguese start-up TEKEVER also acquired British engineering company Flowcopter, having already acquired West Wales Airport and Cocoon Experience in 2025.

Nearing Visabeira, a Visabeira subsidiary backed by Goldman Sachs, strengthened its presence in the US through the acquisition of Carter Electric, which specializes in electrical installations.

Lastly, Grupo Paulo Duarte acquired 70% of Spain’s Barquín y Otxoa, which specializes in temperature-controlled freight transport and logistics. The deal follows British fund ICG’s entry into the Portuguese group’s capital in the previous quarter.

A market marked by international investment and consolidation

The data for the third quarter of 2026 show a Portuguese M&A market marked by the activity of international investors, the continuation of consolidation strategies, and the significant role of domestic investors, both strategic and financial.

Permira’s acquisition of Quadrante stands out as the main highlight of the period, while the deals involving EGEO, SKK, and LusoAr illustrate international buyers’ interest in Portuguese companies with established positions in their respective markets.

At the same time, domestic investors maintained an active role, both strategic investors and investment funds, which continue to consolidate positions in sectors such as technical services, industry, and education.

The international expansion of Portuguese companies also reinforces the importance of M&A as a growth tool, along with the contribution of investment funds in fostering these strategies among family businesses and start-ups.

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

Transactions by Portuguese companies abroad

Sector	Target	Buyer	Country	Investor type
Engineering & Construction	Przedsiębiorstwo EL-IN	Proef	Poland	PE/PE-backed
Engineering & Construction	Carter Electric	Nearing Visabeira	USA	PE/PE-backed
Insurance Brokerage	BKS	MDS	Brazil	PE/PE-backed
Insurance Brokerage	Kalibo	Sabseg	Spain	PE/PE-backed
Transport & Logistics		Paulo Duarte	Spain	PE/PE-backed
IT	Headspace	Sword Health	USA	PE/PE-backed
Industrials	Flowcopter	TEKEVER	UK	PE/PE-backed
Specialized Distribution	Alphatech	Aralab	UK	Strategic
Education	ICARE	IFA	France	Strategic