Crest Capital and Oxy Capital led notable acquisitions in the Portuguese M&A market, highlighting increased activity and investment opportunities across various sectors in Q3 2025.

Target Information

The M&A market in Portugal witnessed a significant uptick, registering 46 transactions in the third quarter of 2025, marking an increase of 10 compared to the previous quarter. The industrial sector emerged as a major contributor, with 13 operations, while the insurance brokerage sector accounted for 5 transactions, and both the health and IT sectors saw 4 transactions each. This growing activity indicates a robust landscape for mergers and acquisitions in the country.

Prominent among these transactions were those involving venture capital funds and their portfolio companies, which played a central role in 25 deals. Notably, Crest Capital made strategic acquisitions, including Cubotónic, Precisão Laser, and Alcorsal, which specialize in metalworking, metal cutting, and metal treatment and lacquering, respectively. Conversely, they sold Auto Delta to Spanish private equity firm Portobello Capital, showcasing a dynamic repositioning strategy.

Industry Overview

The Portuguese market for M&A is becoming increasingly vibrant, driven by notable transactions across various sectors. The industrial sector, in particular, has been a focal point, reflecting a global trend where manufact