Artá Capital Acquires Majority Stake in Pinazo

Artá Capital has secured a majority ownership in Talleres Electromecánicos L. Pinazo, S.A., a Spanish manufacturer specializing in low-voltage electrical enclosures and panels. This strategic acquisition marks the sixth investment from Artá Capital Fund III, a €400 million vehicle closed in November 2024, underscoring the firm's commitment to expanding its portfolio in key industrial sectors.

Founded in 1964 and headquartered in Algete, Madrid, Pinazo boasts a long-standing reputation for excellence in the electrical materials market. The company designs, manufactures, and assembles essential equipment for energy protection, measurement, and distribution. Its extensive catalog includes homologated references from major Spanish electricity providers, alongside specialized solutions for public lighting and water/gas distribution networks. This deep integration with the Spanish energy sector, built over three decades, provides a strong foundation for future growth.

The transaction sees Artá Capital partnering with the existing leadership, Laureano Pinazo and José Luis Pinazo, who will retain a significant minority stake and continue to guide the company's operations. This continuity is expected to ensure a smooth transition and leverage the founders' deep industry knowledge. Pinazo reported approximately €40 million in revenue for 2025, demonstrating a robust compound annual growth rate of around 12% over the preceding six years, highlighting its consistent market performance.

Artá Capital plans to support Pinazo's management team by injecting capital and resources to align with the anticipated investment cycles of its utility clients. The Spanish energy sector is poised for significant infrastructure upgrades, creating a favorable environment for Pinazo's core offerings. The investment strategy also includes enhancing product development capabilities and accelerating international commercial expansion, potentially through both organic growth and further acquisitions.

This deal highlights a broader trend of private equity firms targeting established industrial manufacturers with strong customer relationships and clear growth avenues. The electrical infrastructure market, driven by renewable energy integration and grid modernization, presents substantial opportunities. Pinazo's established market position and technical expertise make it an attractive platform for consolidation and expansion within this dynamic sector.

Artá Capital was advised by Latior (financial advisory), Garrigues (legal), EY (financial, tax, legal, and labor due diligence), Arthur D. Little (commercial due diligence), and Deloitte (industrial and systems due diligence). The sellers received counsel from ABECA and Consultores de Capitales y Patrimonios (legal and financial advisory).