Ardanuy Ingeniería acquired by Systra
Context
SYSTRA has announced the 100% acquisition of Ardanuy Ingeniería to strengthen its technical capabilities and market presence in Spain, Portugal, and Latin America. This operation follows SYSTRA's successful 2023 integration of Subterra and marks a major step in building a comprehensive engineering hub for the Iberian and Hispanic markets. The strategic rationale for the deal is to create technical synergies in railway systems and infrastructure, while securing a workforce of 350 highly skilled professionals. The combined entity will manage a portfolio of landmark projects, including the metros of Santiago, Bogota, Panama, and Madrid, as well as high-speed rail projects in Portugal and Spain. This alliance positions SYSTRA as the go-to partner for public and private transit authorities seeking to develop high-performance, sustainable transport infrastructures.
Ardanuy Ingeniería, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average observed in the Business Services sector (11.0x in 2025).
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Target
Founded in 1992, Ardanuy Ingeniería is a prominent Spanish engineering and consulting firm specializing in the rail, metro, and urban transport sectors. The company’s business model is built on providing highly technical design and consultancy services for complex transport systems and infrastructure. Its value proposition centers on deep technical expertise in rail electrification, signaling, and rolling stock, serving both public and private clients across Europe and Latin America. Strategically, Ardanuy operates with a significant international footprint, employing over 350 specialists across Spain, Portugal, India, the Baltic states, and Latin America (notably Colombia, Chile, and Panama). By focusing on sustainable mobility and high-performance transit systems, the firm has established itself as a key technical partner for major metropolitan transport networks.
Ent. Value
[members only]
Equity Value
[members only]
Multiples
EV / Revenue
[members only]
EV / EBITDA
[members only]
EV / EBIT
[members only]
Historical Financials (EUR)
Other operations with Systra
Similar deals in Industrial Services
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 10/2025 | SYSTRA | BG&E | AUSTRALIA | Engineering & Consulting |
| 10/2025 | HIG CAPITAL | ADVANCED LOGISTICS FOR AEROSPACE (ALA) | ITALY | Industrial & Technical Distribution |
| 09/2025 | CONQUIP | PRO MECH | UNITED KINGDOM | Equipment Rental |
| 09/2025 | FREMMAN CAPITAL | AGQ LABS | SPAIN | TIC (Testing, Inspection, Certification) |
| 09/2025 | LOXAM | TOSCANA NOLEGGI | ITALY | Equipment Rental |
| 09/2025 | MÉRIEUX NUTRISCIENCES | BUREAU VERITAS FOOD TESTING | UNITED STATES | TIC (Testing, Inspection, Certification) |
| 08/2025 | TRANSCAT | ESSCO CALIBRATION LABORATORY | UNITED STATES | TIC (Testing, Inspection, Certification) |
| 08/2025 | ACUREN CORPORATION | NV5 GLOBAL | UNITED STATES | Engineering & Consulting |
| 07/2025 | SGS | APPLIED TECHNICAL SERVICES (ATS) | UNITED STATES | TIC (Testing, Inspection, Certification) |
| 07/2025 | THE CARLYLE GROUP | ADASTRA GROUP | CANADA | Engineering & Consulting |
REFERENCES
Revenue range: REV €25–50M
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
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