Family businesses lead the M&A market in Spain in 2025
The mergers and acquisitions (M&A) market among small and medium-sized enterprises (SMEs) maintained a positive growth trend across Europe during the first half of 2025, despite the macroeconomic turbulence caused by Donald Trump’s return to power in the United States and the ongoing conflicts in Gaza and Ukraine.
Although there has been a slight decline in the number of transactions, this has been offset by an increase in the average value of deals — reflecting a shift toward larger, more strategic operations, and a gradual move away from the acquisition of lower-margin companies.
In Spain, 2024 closed with an 8% increase in this type of transaction compared to the previous year, according to data from TTR Data (Transactional Track Record). The positive performance of the Spanish economy during the first half of 2025, which has outpaced the European average, has generated greater investor interest — particularly in the industrial and healthcare sectors.
In 2023, 43% of M&A transactions in Spain involved family-owned businesses, surpassing private equity (26%) and industrial corporations (19%), according to the Spanish National Statistics Institute (INE). This is not a temporary trend, but a solid one expected to continue throughout 2025.
On the one hand, 27% of family business owners plan to make acquisitions, while 29% favor strategic alliances. This dynamic reflects a clear change in mindset: less conservatism and a more forward-looking approach. On the other hand, the greatest obstacle remains succession. According to the Institute for Family Business (2025), 70% of first-generation family firms lack a defined succession plan, putting their continuity beyond the founder at risk and opening the door to more M&A activity.
The University of St. Gallen, in its Global Family Business Index 2025, warns that only 30% of such companies survive the transition to the second generation. The lack of alignment between family management and professional management can directly affect day-to-day operations and hinder up to 30% of business activity.
This emotional and structural context makes any merger or acquisition process a complex decision. It is not merely about growth or exit strategies, but about redefining the family’s role, professionalizing governance, and avoiding internal conflicts.
Looking ahead to the second half of the year, the new tariff agreements introduced in July 2025 and the resulting economic stabilization are expected to further strengthen the positive momentum of the mergers and acquisitions sector. The ongoing pursuit of innovation, the need for profitability in new markets, and the continued consolidation in strategic industries will continue to drive corporate transactions.
