When was ARDANUY INGENIERÍA acquired by SYSTRA?

ARDANUY INGENIERÍA was acquired by SYSTRA in 2025.

What was the revenue of ARDANUY INGENIERÍA at the time of the deal?

The revenue of ARDANUY INGENIERÍA at the time of the deal is estimated to be in the range of 25M - 50M EUR.

How is the data for the ARDANUY INGENIERÍA acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the ARDANUY INGENIERÍA deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.systra.com/wp-content/uploads/2025/09/cp_systra-ardanuy.pdf

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Home Database Business ServicesARDANUY INGENIERÍA

09/2025

ARDANUY INGENIERÍA acquired by SYSTRA

SPAIN Industrial Services / Engineering & Consulting REV 25M - 50M EUR

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 in 2024, 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 (11.5x).

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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

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

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EBITDA

EBIT

2024

2023

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REFERENCES

Revenue range: 25M - 50M EUR

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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.