HIG Capital Creates Spanish Workplace Safety Giant

HIG Capital has finalized its acquisition of Vitaly, a prominent Spanish occupational risk prevention firm, and plans to merge it with Avanta, another key player in the sector that HIG acquired previously. This strategic consolidation is set to create the undisputed leader in Spain's workplace safety and health services market, with an estimated combined valuation approaching €1 billion. The deal marks a significant step in consolidating a highly fragmented sector, promising enhanced service offerings and operational efficiencies.

The newly formed entity will integrate Vitaly, itself a product of the merger between Cualtis and Preving, with Avanta. This combination positions the merged company as the largest specialized group for occupational risk prevention in Spain, effectively bringing together the sector's top two operators. This move is expected to reshape the competitive dynamics within the Spanish market, which has historically seen numerous smaller, regional providers.

Vitaly demonstrated robust financial performance, closing 2025 with an EBITDA exceeding €50 million. Projections for 2026 anticipate this figure to approach €60 million, serving as a key reference for the transaction. Meanwhile, Avanta contributes an EBITDA of approximately €40 million, underscoring the substantial scale and profitability of the combined enterprise. The integration is anticipated to yield significant synergies and further revenue growth.

The ownership structure of Vitaly prior to the acquisition included significant stakes held by funds managed by Artá Capital, which held a majority position around 46% through vehicles like Deyá Capital IV and Artá Capital II. Corpfin was also a notable shareholder with approximately 15%, alongside Inverpreven, a company led by Vitaly's president, Eusebio Gómez, which held around 16%. These sellers, advised by financial advisors Arcano and Baird, alongside BCG, Deloitte, and Garrigues, have now exited their investments.

Avanta, headquartered in Valencia, offers a comprehensive suite of services including technical prevention, health surveillance, corporate medicine, and specialized psychiatric and psychological support. This broad service portfolio, when combined with Vitaly's established presence, creates a formidable offering capable of serving a wide range of corporate clients across Spain. HIG Capital, with advisory support from A&M, Cuatrecasas, EY, and Paul Weiss, orchestrated this strategic acquisition, further solidifying its position in the European healthcare and business services sectors.

The leadership of Vitaly's founders, Andrés López and Jesús Nieto, will remain integral to the new group, as they are set to continue as CEOs and retain an investor stake. This continuity in management is crucial for navigating the integration process and maintaining client relationships. The Spanish occupational risk prevention sector, characterized by its fragmentation, presents fertile ground for such consolidation plays, with potential for further M&A activity following this landmark deal.