3 February 2026 – A&M Capital Europe (“AMCE”), a London-based private equity firm with over €700 million of commitments under management, has signed definitive agreements to sell Ayesa, a global provider of digital and engineering services, through two separate transactions.
Ayesa’s Engineering Services division will be acquired by Colliers, a global professional services and investment management firm specialising in real estate and infrastructure. Ayesa’s Digital Services division will be acquired by a consortium led by BBK, a leading Spanish financial institution.
Both transactions are expected to close in the first half of 2026, subject to customary regulatory approvals. The aggregate sale consideration is ~€1.1 billion.
Headquartered in Spain, Ayesa is an international engineering and digital services group with almost €1 billion in revenues and operations in 24 countries across Europe, Latin America, Asia and Oceania. The group operates through two divisions: Engineering Services, providing infrastructure design and project management consulting for civil and industrial projects; and Digital Services, delivering digital transformation, cloud, software development, cybersecurity, data and AI solutions.
Since acquiring Ayesa in 2022, AMCE has partnered closely with management to deliver what we believe to be a transformational value-creation programme. This has included an ambitious buy-and-build strategy with twelve corporate transactions completed to expand service offerings and geographic reach, alongside commercial and operational initiatives to support scalable growth and targeted investments in talent. During AMCE’s ownership, Ayesa has nearly quadrupled its revenues, tripled headcount, and more than doubled its global footprint.
“Partnering with AMCE transformed Ayesa. Building on the strength of an exceptional Ayesa management team, AMCE’s hands-on, long-term approach enabled a global buy-and-build strategy that expanded our footprint to 62 international offices, grew the team to 15,000 people, and more than tripled revenues. Together with A&M Consulting’s support on strategy, integration, and the Engineering–Digital demerger, this combination delivered a highly successful exit and positioned Ayesa for its next chapter,” said Group CEO of Ayesa, José Luis Manzanares.
On the sale of the Engineering Services division, AMCE was advised by Baird-Arcano (financial) and Roland Berger (commercial). On the sale of the Digital Services division, AMCE was advised by Houlihan Lokey (financial) and BCG (commercial). Pérez-Llorca and Weil, Gotshal & Manges LLP acted as legal advisers, EY as accounting adviser, and Alvarez & Marsal as operational adviser on both transactions.
About A&M Capital Europe
AMCE is a London-headquartered private equity firm focused on building pan-European platform companies through buy-and-build and organic growth initiatives. AMCE manages over €700 million in commitments, and the sale of Ayesa represents the firm’s second exit of its nine portfolio companies. More broadly, AMCE is part of A&M Capital, a multi-strategy private equity firm that manages commitments totalling ~€6 billion across all its investment strategies. In addition, A&M Capital maintains a strategic association with Alvarez & Marsal Consulting, a leading global operationally focused advisory firm. For additional information, please visit AMCE’s website at www.a-mcapital.com.
