AGQ LABS acquired by FREMMAN CAPITAL
Context
Marking a significant milestone in its global expansion journey, AGQ Labs has entered into a definitive agreement for Fremman Capital to acquire the stake previously held by Portobello Capital. This secondary buyout facilitates the successful exit of Portobello’s Structured Partnerships Fund while ensuring a continued partnership with the company’s founders, Estanislao Martinez and Coral Zamora. The strategic shift follows a period of rapid consolidation during which the group successfully integrated eight bolt-on acquisitions and doubled its laboratory network. Joining forces with the founders, Fremman aims to leverage its pan-European network to accelerate the next phase of growth, focusing on deepening presence in core international markets and broadening the specialized service offering. The partnership is designed to capitalize on favorable market dynamics, including the increasing trend toward outsourcing technical testing and the globalization of food safety standards. By reinforcing its leadership in the Testing, Inspection, and Certification (TIC) segment, the organization is positioned to deliver enhanced value across highly regulated industries, including life sciences and sustainable mining.
It is worth noting that the fund Portobello Capital took control of Agq Labs through an LBO in 2020.
AGQ LABS, which reported an EBITDA margin of in 2025, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Business Services sector (11.4x).
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Target
AGQ Labs is an international technical service provider specializing in advanced laboratory analysis and specialized chemical engineering. The organization operates a network of high-tech laboratories delivering testing and trial services to the food, environment, and agronomy sectors. Its value proposition is based on the integration of cutting-edge technology with deep sector-specific knowledge, particularly within the food supply chain workflow from origin to distribution. The entity’s strategy centers on supporting the agricultural and mining industries through precise chemical trials and health and safety monitoring. By positioning itself at critical points of the production cycle—including aquaculture, meat, and animal feed—the firm ensures quality and regulatory compliance for global retailers and producers. The firm serves as a strategic partner in the digital and environmental transformation of the primary sector, emphasizing sustainable agronomy and environmental stewardship through its international presence across multiple continents.
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Other operations with AGQ LABS
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 07/2020 | PORTOBELLO CAPITAL | AGQ LABS | SPAIN | TIC (Testing, Inspection, Certification) |
REFERENCES
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Press release: view release
Acquirer: fremman capital