Confianz

Categoría: News

  • El mercado de M&A en España consolida su recuperación y se convierte en motor de atracción de inversión internacional

    El mercado de M&A en España ha experimentado una transformación notable durante 2025. Tras analizar la evolución, podemos afirmar que el país ha dejado atrás dos años de incertidumbre para entrar en una fase de crecimiento sostenido. Entre enero y septiembre de 2025 se cerraron aproximadamente 1.400 operaciones de fusiones y adquisiciones, un 6% más que en el mismo periodo de 2024 según datos de TTR Data. Este repunte no es casual. Los tipos de interés del BCE estabilizados en 4,25% y una inflación moderada del 2,8% han creado el entorno perfecto. Además, la renovación de los fondos europeos Next Generation hasta 2026 inyecta liquidez y confianza al ecosistema empresarial español.

    Nuestra lectura de estos datos revela patrones claros. Aunque la importación agregada cayó un 10% interanual, esto no representa debilidad sino una redistribución hacia el segmento medio del mercado. España mantiene su cuarto puesto europeo por volumen de operaciones M&A, únicamente superada por Reino Unido, Alemania y Francia. Sin embargo, lidera el sur de Europa en resiliencia y capacidad de adaptación. Esta posición privilegiada responde a fundamentos sólidos que hemos identificado tras evaluar cientos de operaciones corporativas durante el último año.

    Factores determinantes en la recuperación de fusiones y adquisiciones

    Desde nuestra perspectiva en Confianz, tres elementos explican el resurgimiento del mercado de M&A en España. Primero, la estabilización de la financiación bancaria ha sido crucial. El crédito corporativo vuelve a fluir con condiciones razonables, permitiendo a empresas bien posicionadas acceder a capital para operaciones estratégicas. Segundo, la confianza empresarial alcanzó su máximo desde 2022, con el índice de sentimiento económico de la Comisión Europea en 102 puntos.

    El tercer factor es el más relevante para inversores sofisticados: España se ha convertido en destino prioritario para fondos internacionales. Inversores de Estados Unidos, Reino Unido, Países Bajos y Alemania incrementan sus operaciones transfronterizas de forma sostenida. Esta tendencia no obedece a modas pasajeras sino a ventajas competitivas reales. El país ofrece estabilidad regulatoria, infraestructura logística de calidad y un ecosistema de asesores especializados que facilita operaciones complejas.

    Hemos observado también cómo empresas familiares aprovechan este contexto favorable para procesos de relevo generacional. La venta parcial o total a fondos de private equity permite combinar continuidad empresarial con profesionalización. Este movimiento dinamiza el mid-market español y multiplica las oportunidades de inversión con retorno predecible.

    También hablamos de las M&A aquí.

    Sectores con mayor tracción en operaciones corporativas españolas

    Nuestra evaluación del mercado de fusiones y adquisiciones identifica sectores con tracción excepcional. Tecnología lidera con el 25% de las operaciones registradas en 2025. Software B2B, inteligencia artificial y ciberseguridad concentran el interés inversor más cualificado. La transformación digital obligatoria de empresas tradicionales alimenta esta demanda estructural. España cuenta con un ecosistema tech consolidado que atrae fondos especializados en escalamiento acelerado.

    Energía e infraestructuras representan el 20% de la actividad total del mercado de M&A. Las energías renovables, la transmisión energética y el almacenamiento protagonizan este segmento. Operaciones recientes en Acciona y Enagás Renovable ejemplifican el potencial de estos activos. La transición verde europea garantiza flujos de inversión sostenidos durante la próxima década. Desde Confianz consideramos este sector como uno de los más sólidos para diversificación de carteras institucionales.

    Salud, deporte y experiencia del consumidor emergen con fuerza. Las clínicas especializadas, el bienestar integral y el entretenimiento inmersivo ganan protagonismo entre inversores que buscan sectores resistentes a ciclos económicos. Educación y formación corporativa también experimenta consolidación acelerada. Plataformas digitales y academias profesionales responden a necesidades estructurales del mercado laboral que persistirán independientemente de las condiciones macroeconómicas.

    Análisis comparativo europeo y proyecciones para el mercado español de M&A

    Los datos de Refinitiv confirman nuestra tesis sobre la fortaleza relativa de España. Mientras el mercado español crece un 6% en 2025, Italia retrocede un 3% y Francia un 5%. Alemania permanece estable sin crecimiento significativo. Esta divergencia no es accidental. España destaca en sectores tecnológicos y de transición verde donde otros países europeos muestran actividad moderada.

    Los fondos de capital privado intensifican su actividad en el mid-market español. Ardian, ProA Capital, Portobello y Nazca Capital refuerzan carteras con estrategias basadas en creación de valor orgánico. Una tendencia clave que identificamos es el mayor uso de fondos de continuación. Esta estrategia permite mantener participadas rentables durante más tiempo, maximizando retornos mediante build-ups, spin-offs y carve-outs.

    Las principales firmas de consultoría coinciden con nuestro análisis. Las proyecciones apuntan a un crecimiento del 8% en operaciones durante 2026. Anticipamos que las alianzas estratégicas transfronterizas serán determinantes. Además, componentes ESG y valoración de sostenibilidad se integrarán completamente en los procesos de due diligence. Este cambio no responde a presión regulatoria sino a demanda real de inversores institucionales.

    El mid-market consolidará su papel como motor de la inversión nacional. Empresas familiares en fase de relevo generacional continuarán buscando soluciones que combinen continuidad operativa y profesionalización de gestión. Esta dinámica crea oportunidades excepcionales para fondos especializados y compradores estratégicos con visión de largo plazo.

    En el despacho, nuestro enfoque rechaza la opacidad tradicional del sector para ofrecer transparencia y análisis técnico profundo. Verificamos cada operación con diligencia institucional porque entendemos que los inversores necesitan información contrastada.

    España ha superado definitivamente la fase de contención. El mercado de M&A español entra en una etapa de crecimiento sostenible orientado a la competitividad global. Los fundamentos son sólidos y las oportunidades reales para quienes operan con criterio riguroso.

  • Sanción régimen FEAC anulada por vulnerar el principio de proporcionalidad

    La multa de 10.000 euros por comunicar tardíamente el régimen FEAC ha sido recientemente anulada por el Tribunal Superior de Justicia de Castilla y León. Esta sentencia de julio de 2025 cambia las reglas  para miles de empresas que realizan operaciones de reestructuración.

    ¿Tu empresa hizo una fusión, escisión o aportación de activos y comunicaste tarde el régimen especial? Hasta ahora, la Agencia Tributaria aplicaba automáticamente una sanción fija de 10.000 euros. Sin embargo, el TSJ acaba de establecer que esta práctica vulnera el principio de proporcionalidad.

    Por qué se anula la sanción del régimen FEAC

    El artículo 89 de la Ley del Impuesto sobre Sociedades establece que las operaciones de reestructuración empresarial se acogen por defecto al régimen fiscal especial de neutralidad. No hace falta optar expresamente. Solo hay que comunicarlo en tres meses.

    Pero ¿qué pasa si comunicas fuera de plazo?

    La Administración Tributaria venía imponiendo una sanción fija de 10.000 euros por cada operación no comunicada, sin distinguir entre falta absoluta de comunicación y presentación tardía. Esta rigidez acaba de caer.

    El TSJ analiza un caso donde una empresa presentó la comunicación ocho meses tarde, pero voluntariamente y antes de cualquier requerimiento. La Administración impuso la sanción automática sin valorar que no hubo perjuicio económico ni ánimo defraudatorio.

    La sentencia es contundente. El tribunal establece que imponer una sanción fija sin posibilidad de modulación vulnera el principio de proporcionalidad cuando la conducta no causa perjuicio a la Hacienda pública.

    ¿Por qué no hay perjuicio? Porque desde 2015 el régimen FEAC se aplica por defecto salvo renuncia expresa, por lo que la comunicación es un requisito meramente formal cuyo incumplimiento no afecta a la aplicación del régimen.

    Cuándo aplicar el régimen FEAC sin sanciones

    El régimen fiscal especial de neutralidad permite realizar fusiones, escisiones, aportaciones de activos y canjes de valores sin tributación inmediata. Es una herramienta fundamental para reestructurar empresas de forma eficiente.

    No se exige optar expresamente por este régimen para su aplicación. Simplemente opera. Pero hay un único requisito formal: comunicar a la Agencia Tributaria qué operación hiciste.

    El plazo es de tres meses desde la inscripción de la escritura pública en el Registro Mercantil o desde su otorgamiento si no requiere inscripción.

    Hasta ahora, la normativa establecía que la falta de comunicación constituye infracción tributaria grave sancionable con multa fija de 10.000 euros. El matiz clave: la norma no distinguía entre no comunicar nunca y comunicar tarde.

    El TSJ introduce ahora proporcionalidad. La sentencia se apoya en jurisprudencia del Tribunal de Justicia de la Unión Europea y del Tribunal Supremo que establece que las sanciones no deben ir más allá de lo necesario para garantizar la recaudación y prevenir el fraude.

    ¿Resultado? Si presentaste la comunicación tarde pero voluntariamente, sin perjuicio económico y sin intención defraudatoria, tienes argumentos sólidos para impugnar la sanción.

    Cómo proteger tu empresa del régimen FEAC

    La sentencia no elimina la obligación de comunicar. Tampoco convierte la comunicación tardía en algo deseable. Lo que hace es introducir sentido común en un sistema que aplicaba sanciones automáticas.

    En Confianz, cada semana vemos empresas que realizan operaciones de reestructuración sin asesoramiento fiscal especializado. Firman la escritura, la inscriben en el Registro Mercantil y se olvidan de comunicar el régimen FEAC a Hacienda.

    Tres meses después llega la sanción. Y hasta ahora, no había defensa posible.

    Esta sentencia abre una vía. Pero requiere trabajo. Hay que demostrar tres elementos clave: presentación voluntaria antes de requerimiento, ausencia de perjuicio económico y falta de ánimo defraudatorio.

    El TSJ recuerda que la normativa ya prevé una cláusula antiabuso para supuestos de fraude. Si hay fraude, Hacienda puede inaplicar el régimen y eliminar la ventaja fiscal. Pero si no lo hay, la sanción automática no se sostiene.

    Un dato relevante: el TSJ no admite el argumento de perjuicio en el control tributario cuando la comunicación se presenta antes del vencimiento del plazo de declaración del Impuesto sobre Sociedades.

    La realidad práctica: esta es una sentencia de un Tribunal Superior de Justicia, no del Tribunal Supremo. Por tanto, no establece jurisprudencia vinculante para toda España. Pero sienta precedente.

    ¿Tienes una sanción por comunicación tardía del régimen FEAC? Revísala. ¿Cumples los requisitos que valora el TSJ? Entonces tienes opciones de impugnación.

    ¿Vas a hacer una operación de reestructuración? No improvises. El régimen FEAC tiene requisitos sustantivos más allá de la comunicación. Hace falta demostrar motivos económicos válidos, porque la ausencia de estos puede implicar la inaplicación del régimen Fiscal Impuestos.

    En Confianz diseñamos operaciones de reestructuración que cumplen todos los requisitos desde el principio. Comunicaciones en plazo, documentación de motivos económicos válidos y seguimiento de plazos. Porque anticiparse sale más barato que corregir.

    La sanción automática de 10.000 euros ya no es tan automática. Pero eso no convierte la comunicación tardía en una opción razonable. Hazlo bien desde el principio o tendrás que pelearlo después.

    Contáctanos para poder asesorarte.

  • Transfer of tax liability to directors following rulings in 2025

    The transfer of tax liability to directors underwent a radical change in 2025. The Supreme Court handed down two rulings requiring the tax authorities to prove the specific fault of the director. It is no longer sufficient to have formally held the position.

    For years, the Tax Agency almost automatically transferred debts from insolvent companies to their directors. The procedure was simple: prove that someone was a director and that the company committed tax offences. From there, it was up to the director to prove their innocence. A virtually impossible task.

    The transfer of liability now requires actual proof of negligence

    On 20 May 2025, the Supreme Court handed down judgment 594/2025. The case involved a director from whom the tax authorities claimed more than €355,000 in VAT debts. However, when the tax inspection took place, this person no longer even held the position.

    The National Court initially supported the tax authorities. Its argument was that once the status of administrator and the company’s infringements had been proven, it was up to the person concerned to prove that they had acted diligently. The Supreme Court overturned this decision completely.

    The ruling establishes that the derivation of tax liability is punitive in nature. Therefore, it must respect the constitutional guarantees of Article 24 of the Constitution. Especially the presumption of innocence. This radically changes the rules of the game.

    Now it is up to the Administration to prove the director’s guilt. Generic phrases such as «did not supervise adequately» or «allowed the breach through his passivity» are not enough. The Treasury must specify which obligations the company breached, how the director should have intervened and how his conduct facilitated the infringement.

    The causal link must be clear and proven. If there is no connection between the director’s actions and the infringement, liability cannot be attributed. Furthermore, any reasonable doubt must be resolved in favour of the director under the principle of «in dubio pro reo».

    Supreme Court rulings protect against automatic derivations

    On 17 July 2025, a second ruling (3465/2025) was handed down. This time, the case concerned both section a) and b) of Article 43.1 of the General Tax Law. In other words, tax infringements and cessation of activity without dissolution.

    The Supreme Court reinforced its previous doctrine. Even in the event of cessation of activity, strict liability is prohibited. The Administration must prove that the administrator failed to perform their duties. It must prove that they omitted specific procedures within their power and that this omission caused the non-payment.

    A key point: the obligation to provide reasons lies entirely with the Administration. The courts cannot subsequently make up for what the Treasury failed to justify from the outset. If the referral agreement lacks sufficient grounds, it must be annulled.

    According to data from the Tax Agency, in 2022 there were 31,313 referrals of liability. This represents an increase of 7.7% compared to 2021. When compared to 2018, when there were 16,714 referrals, the increase is even more significant. These figures show that the Treasury is increasingly using this collection tool.

    The new rulings oblige the Administration to work harder and provide better grounds. The days of autopilot in tax liability referrals are over.

    How to protect yourself against liability referral proceedings

    For administrators, these rulings open up new possibilities for defence. Many referrals that are pending or have already been resolved could be appealed. This is especially true for those based on generic statements without concrete evidence.

    Prevention remains essential. If you are the administrator of a company in difficulty, document all your decisions. Take minutes of the administrative bodies’ meetings, recording the financial problems and the measures taken. This documentation may prove decisive.

    If the company is in the process of being dissolved, take action. Call a meeting to agree on the dissolution or file for voluntary bankruptcy if appropriate. Ceasing activity without taking any action is the most direct route to liability.

    If you decide to resign as director, document your reasons and notify the Companies Registry immediately. Your resignation must be registered in order to be effective vis-à-vis third parties such as the tax authorities.

    When you receive a liability referral request, analyse it carefully. Read what specific conduct you are accused of. If the agreement uses vague language without specifying what measures you should have taken, you have solid grounds for appeal.

    The liability transfer procedure lasts a maximum of six months. It begins with an initial agreement notifying the facts and scope. This is followed by a 15-day period for submitting arguments. Finally, the Administration issues a ruling.

    During this process, you can submit arguments and evidence. Do not waste this time. This is your chance to prove that you acted diligently or that you were not responsible for the breaches.

    At Confianz, we have been advising family businesses and SMEs in complex situations for over 30 years. We have in-depth knowledge of these procedures and know how to defend you. Our specialised team analyses each case individually. We do not apply generic formulas.

    We assess whether the referral agreement complies with the new Supreme Court standards. We identify formal defects, limitations or lack of motivation. And we design a personalised defence strategy to protect your assets.

    The 2025 rulings have changed the landscape. Administrators now have better tools to defend themselves against the tax authorities. But you have to know how to use them correctly and at the right time.

    You can see more on our YouTube channel.

  • ‘s new Family Business Law

    The Community of Madrid recently announced a Family Business Support Act. At Confianz, after years of advising on succession processes and seeing how many viable companies fell by the wayside, we believe that this regulation comes at just the right time. But beyond the headlines, what does it really mean for your family business? Let’s analyse it from our experience in the field.

    The figures that explain why urgent action was needed

    There are 450,000 family businesses in Madrid. They represent 93% of the region’s entire business fabric, generate 65% of GDP and employ 60% of private sector employees. If you work in Madrid, you most likely work for a family business or with a family business as a client or supplier.

    But there is one fact that keeps us awake at night as advisors, and that is that only 33% of family businesses survive into the second generation, and barely 15% make it to the third. We are not talking about unviable or poorly managed businesses. We are talking about profitable companies that disappear due to tax problems, poorly managed family conflicts or a lack of succession planning.

    Every month at Confianz, we see cases of solvent companies that are forced to sell or close because the tax bill for succession is impossible to bear without decapitalising the business. We have seen siblings at odds due to a lack of prior agreements, children who do not want to continue the business without a plan B, and entrepreneurs who postpone succession until it is too late.

    What really changes with this law

    1. Taxation: less pressure where it hurts most

    Inheritance tax has historically been the great enemy of business continuity. Inheriting a business should not mean having to sell it to pay taxes, but that has been the reality for many families.

    What changes now:

    • Reduction from 95% to 99% in the tax base for inheritance and gift tax
    • Extension of the 95% allowance to uncles and nephews, with no conditions regarding the existence of a spouse or descendants
    • Expansion of the concept of a family business to include uncles and nephews in the required 20% shareholding

    What does this mean in practice? Let me give you an example: a company valued at €2 million that is passed on from parents to children paid, with the 95% allowance, around €100,000 in taxes. With the new 99% rebate, that figure is reduced to €20,000. It is the difference between being able to take over the business or having to seek external financing that compromises the business.

    For nephews and nieces who inherit the business from an uncle with no descendants, the change is even more dramatic. Until now, the tax burden was much higher. With the new regulations, it is practically the same as for direct descendants.

    2. Succession without a family replacement

    One of the most complex problems we deal with at Confianz is when the founder wants to retire but none of their children want to or are able to continue the business. The company is viable, it has a team, customers, structure… but it has no future due to a lack of a successor.

    The solution proposed by the law: A platform that will connect companies without generational succession with external professionals interested in continuing the business. It is an innovative concept that already works in other countries: the institutionally facilitated «management buyout».

    Our experience: We have managed cases where a trusted manager or even a competitor could have continued the business, but the lack of financing, ignorance of options or simply the absence of a framework to facilitate the process made it impossible. This platform could be the missing link.

    3. Family mediation

    This is where one of the most sensitive aspects comes in: the family.

    What the law provides: A specialised public family mediation service. This is not family therapy, but professional mediation focused on finding business solutions that respect family dynamics.

    Why it is important: In our experience, 70% of inheritance disputes are not really about money, but about recognition, perception of justice or lack of communication. A professional mediator can avoid years of litigation that destroy both the business and the family.

    4. Professionalisation

    Many family businesses operate with informal structures that worked when they were small but become a burden as they grow. Lack of protocols, absence of professionalised governing bodies, confusion between family and business assets…

    The aid provided:

    • Grants to hire consultants specialising in succession processes
    • Funding for training specific profiles
    • Support for modernisation and digitalisation plans

    Our recommendation: Take advantage of this aid before it becomes urgent. A family protocol cannot be drawn up in three months when the founder is 75 years old and has health problems. It takes time, consensus and a vision for the future.

    5. Funding for growth

    The average size of Spanish companies is one of the major constraints on competitiveness. Many family businesses could grow, but the leap requires investment, and traditional investment (sale of shares, injection of funds) clashes with the desire to maintain family control.

    What the law offers: Specific lines of credit for the acquisition of productive assets, land or strategic investments.

    Where we see it as critical: Companies that need to make the leap to automation, internationalisation or digitalisation but do not want to take on debt under market conditions or dilute their capital. These lines of credit may be the necessary push.

    What the law does not solve 

    Let’s be clear: no law, however good it may be, can replace planning. In our office, we constantly see the same mistakes:

    1. Postponing the conversation about succession «We’ll talk about it when the time comes» is the most expensive phrase in a family business. Succession is planned 5-10 years in advance, not when the founder turns 70.
    2. Not having a family protocol Only 15% of Spanish family businesses have a protocol. It’s like driving without a seatbelt: as long as nothing happens, nothing happens. But when it does…
    3. Confusing family and business roles Being a child does not automatically make you the best CEO. Being the founder does not mean you should continue to make all the decisions at 75.
    4. Not professionalising governance Boards of directors where everyone is family, with no independent directors, no specialised committees, no performance evaluation… It’s a recipe for stagnation.
    5. Ignoring key non-family members That financial director who has been there for 20 years, that salesperson who brings in 40% of the turnover, that production manager who knows every process… If they are not in the succession plan, they will leave when you need them most.

    The family business seal

    The law provides for the creation of a distinctive seal for family businesses. It may seem anecdotal, but it is not. Identifying yourself as a family business can be an important commercial asset.

    Think about it: when you choose a supplier, do you prefer a company with three generations of experience and local roots, or one that may close its British branch tomorrow if the next quarter’s figures are not up to scratch? Customers are increasingly thinking the same way.

    The opportunity of the decade

    This law comes at a critical moment. The founders of the business boom of the 1980s and 1990s are reaching retirement age. It is the largest generational transfer of wealth and business control in Spain’s recent history.

    According to ADEFAM, with just €2.5 million in public investment, this legislation could mobilise between €20 million and €45 million in private investment in the first year, preserve between 15,000 and 45,000 jobs, and facilitate the creation or modernisation of up to 1,200 family businesses.

    But these figures will only become a reality if family businesses actively take advantage of them. It is not enough for the law to exist. It is necessary to plan, act and, above all, start now.

    As you know, at Confianz we have been helping family businesses with succession, optimising their taxation and professionalising their operations for years. This law opens up opportunities that did not exist before, but only for those who know how to take advantage of them.

    If your family business is in Madrid, if you are thinking about succession, if you want to optimise your tax structure or simply want to know how these changes affect you, let’s talk. Because the best legacy you can leave is not only a profitable business, but a business that is prepared to last.

    The law puts the tools on the table. Now it’s time to use them well.

    Would you like to know how this law affects your family business? Contact our team of family business specialists.

  • An escrow account is the smart guarantee for complex business transactions

    A well-structured escrow account can mean the difference between success and failure in a complex business transaction. Sixty per cent of M&A transactions in Spain in 2024 opted for additional guarantee mechanisms, making this financial instrument an essential tool for mitigating post-closing risks.

    However, the effectiveness of an escrow account lies not only in its implementation, but also in its technical design and the selection of the right custodian. Many entrepreneurs discover too late that a poorly planned structure can create more problems than solutions.

    Why do you need an escrow account in your M&A transactions?

    The operation of an escrow account is seemingly simple, but its strategic value is profound. During a business sale transaction, the buyer deposits a certain amount with a neutral agent. These funds remain blocked until compliance with specific, pre-agreed conditions is verified.

    In business sale transactions, it is very common to use escrow contracts as a guarantee instrument, especially when there are uncertainties about working capital adjustments, tax contingencies or possible hidden liabilities. The mechanism simultaneously protects the interests of both the buyer and the seller.

    Furthermore, this contractual arrangement, which derives from Anglo-Saxon law, requires specific regulation in the Spanish legal system, making it crucial to seek expert advice during its structuring.

    The escrow account acts as a financial buffer that allows complex transactions to be completed without paralysing the business while pending technical issues are resolved.

    Selection of the escrow agent

    The choice of agent to manage your escrow account will determine the effectiveness of the entire operation. In Spain, the escrow agent is usually a notary, but it can also be a solicitor, a bank, a chamber of commerce or an electronic service provider.

    Each type of agent has specific advantages. Banks offer financial strength and experience in fund management, while law firms as escrow agents provide agility, security, trust and cost savings in business transactions.

    If you wish, you can view it on our YouTube channel.

    However, the decision should not be based solely on the cost of the service. Factors such as sector experience, responsiveness to contingencies and the absolute neutrality of the agent are decisive.

    Lawyers, banks, or notaries can act as escrow agents, although notaries are not obliged to accept the assignment, so the availability and specialisation of the chosen professional must be carefully evaluated.

    A poorly selected escrow agent can turn your guarantee into an operational obstacle that causes delays and unexpected additional costs.

    How Confianz optimises your escrow account for real results

    At Confianz, we understand that each transaction requires customised solutions. We do not use generic templates or standardised approaches. Our method is structured in three distinct phases.

    First, we design a specific contractual framework that precisely defines the conditions of release, custody periods and agent responsibilities. Each clause reflects the actual risks identified during the analysis of your transaction.

    Second, we evaluate and select the most suitable escrow agent for your transaction. We analyse their financial solvency, sector experience, independence and operational capacity before making our final recommendation.

    Third, we project contingency scenarios and prepare early resolution mechanisms. We simulate possible tax, labour or contractual imbalances to shield the structure from subsequent claims.

    This comprehensive approach transforms the escrow account from a contractual formality into an operational tool that truly protects your interests throughout the transaction.

    Our goal is for the escrow account to function as smart insurance that is activated only when necessary, allowing your transaction to flow without unnecessary obstacles.

  • Tax control of holding companies increases following new interpretations by the TEAC

    The inspection of holding companies following the 2024 TEAC rulings has intensified tax scrutiny of corporate structures that use the special FEAC regime. The interpretative changes made by the Central Economic-Administrative Court mark a turning point in the supervision of these operations. Companies can no longer rely solely on formal compliance with legal requirements.

    The rulings of 22 April, 19 November and 12 December 2024 have established stricter criteria. The TEAC now examines in greater depth the valid economic reasons justifying each operation. This new doctrine has a direct impact on corporate restructuring and tax planning strategies for corporate groups.

    The creation of holding companies has slowed considerably due to fears of the tax authorities. Tax advisers report «brutal legal uncertainty» that is paralysing numerous business reorganisation projects. It is therefore essential to understand the new parameters for tax inspection.

    The criteria applied by the inspectorate to holding companies following the TEAC 2024 rulings

    The most significant change lies in the requirement for valid economic reasons beyond mere tax savings. The inspection must now assess whether there is a real business purpose behind each FEAC transaction. This new approach requires companies to thoroughly document the commercial reasons for their restructuring.

    In addition, the TEAC has modified the way in which transactions considered abusive are regularised. Tax advantages can only be regularised to the extent that they are realised. This means that the tax authorities cannot correct the entire latent capital gain in one go.

    The court has determined that only the abusive effects of the tax advantage obtained should be eliminated. This modular approach allows tax corrections to be adjusted on a year-by-year basis, as distributed profits materialise or capital gains are realised.

    The inspection of holding companies following the TEAC 2024 rulings has also refined its temporal analysis. The control bodies can review future periods when the tax advantages are progressively materialising. This extension in time requires continuous monitoring by companies.

    Defensive strategies in the face of the new tax inspection of holding companies

    To successfully deal with inspections of holding companies following the TEAC 2024 rulings, companies must implement robust preventive measures. Prior documentation of valid economic reasons becomes the key element of any defensive strategy.

    The first line of defence is to reliably prove that the transaction responds to real business needs. This includes expansion projects, operational efficiency, centralisation of resources or improvement in group management. The TEAC does not consider the placement of future profits under a holding company to be abusive when there is business justification.

    It is essential that the holding company carries out effective economic activity. It must charge for services at market prices or receive dividends as justified consideration for its role within the group. Merely holding shares without additional activity is insufficient under the new criteria.

    Internal control of allocated expenses is another critical aspect. Companies must avoid charging partners’ personal expenses without adequate documentary support. The inspection thoroughly examines whether the expenses truly respond to business needs.

    The preparation of adverse scenario tax simulations allows for the anticipation of possible corrections. This proactive planning facilitates informed decision-making on dividend distributions and share sales. In this way, future regularisation does not take the company by surprise.

    New tax challenges

    At Confianz, we understand that the inspection of holding companies following the TEAC 2024 rulings requires a comprehensive and personalised approach. Our methodology combines exhaustive technical analysis with business pragmatism. We do not impose standard solutions, but rather adapt each strategy to the specific needs of the business group.

    Our work process is structured in three complementary phases. First, we carry out an in-depth diagnosis that identifies all FEAC operations carried out, analyses their economic motivation and assesses their vulnerability according to current TEAC criteria. This assessment allows us to determine the actual level of tax exposure.

    Next, we develop the supporting documentation and defence strategy. We generate all the necessary documentation to support the company’s position in the event of an inspection. This includes corporate minutes, financial reports, business plans and any other supporting documentation that substantiates the business reasons for the transactions.

    Finally, in cases presenting greater risk, we suggest adjustments or restructuring to minimise future exposure. These changes always respect the group’s business logic and do not compromise operational efficiency. The aim is to maintain commercial advantages while reducing tax risk.

    What sets Confianz apart is the balance between technical vision and practical application. We do not design sophisticated structures without real economic substance. We are committed to consistency between tax strategy, effective business operations and the ability to defend ourselves before the tax authorities.

    The new tax reality requires companies to review their structures with more demanding criteria. It is no longer enough to comply with legal formalities; operations must be justified from a real business perspective. If your group has implemented holding companies or is planning a restructuring, now is the time to evaluate each operation and shield it appropriately.

    We invite you to learn more from our tax expert in this video.

  • Middle market private equity in Spanish SMEs in 2025

    The relationship between entrepreneurs and middle market private equity remains complex. Many executives experience a natural resistance to opening their companies to external investors. However, recent data shows that this perception needs to be updated.

    The SpainCap 2025 report reveals growth patterns that contradict many long-held beliefs about private equity.  We are witnessing a structural transformation that is redefining how medium-sized companies grow in Spain. The evidence is compelling and deserves detailed analysis.

    Middle market private equity drives real growth in employment and turnover

    The report’s findings exceed even the most optimistic expectations. The 251 companies analysed that received middle market private equity generated 79,778 additional jobs during the first three years. This annual growth of 18.2% contrasts significantly with comparable companies that did not access this financing.

    The difference is sustained over time: by 2022, cumulative employment growth reached 87%. These are not temporary or artificial hires, but rather sustained expansion reflecting greater operational capacity.

    In terms of turnover, the advantage is even more pronounced. The investee companies improved sales almost eight times more than the control group during the first three years. Translated into concrete figures, we are talking about increases of around €20 million per company.

    These figures are in line with the sector’s superior performance. Private equity currently doubles the performance of the IBEX 35 and exceeds the Euro Stoxx 600 by more than 50%, demonstrating the structural strength of this type of investment.

    In addition to liquidity, middle market private equity provides operational expertise, international commercial networks and management methodologies that few companies develop internally. This combination explains why the results transcend the mere financial effect.

    The benefits of middle market private equity are sustained over the long term

    A frequent concern among entrepreneurs is the long-term sustainability of these benefits. The data categorically dispels this uncertainty.

    The companies in which investments were made reached 106,668 employees, confirming that growth does not slow down after the initial period. On the contrary, it consolidates and expands, creating a more solid foundation for future expansion.

    Total assets show similar patterns. Companies recapitalised by middle market private equity show much higher growth in efficiency and investment capacity compared to companies without this financing. This improvement in the equity base facilitates access to new markets and growth opportunities.

    Gross margins also experience sustained improvements. This is not only due to higher sales, but also to more efficient operating structures that transform revenue into margins more effectively.

    The industry faces 2025 with particularly favourable prospects after a period of consolidation in which managers focused on optimising their existing portfolios. Indicators suggest a very positive year for all relevant metrics.

    This stability is particularly valuable for companies seeking sector consolidation, preparation for external shocks, family succession processes or structured international expansion.

    When to evaluate middle market private equity in your company

    The decision to access middle market private equity requires careful assessment of the timing and business circumstances. Certain criteria can guide this reflection.

    Your company is in a favourable position if it has a turnover of between €10 million and €100 million, which is the typical range for the middle market according to SpainCap data. You also need transparent financial management, with audited financial statements and clear metrics to measure performance in terms of sales, margins and assets.

    Expansion is another determining factor. If your company is seeking internationalisation, geographical diversification or product line expansion, middle market private equity significantly accelerates these processes. The same applies when the competitive environment demands scalability and professionalisation to maintain competitive positions.

    However, certain mistakes can compromise the process. Many companies underestimate the effort required for preparation: inadequate documentation, lack of clear objectives or inconsistent metrics.

    Another common mistake is not adequately valuing the investor’s non-financial contribution. The operational management, network of contacts and international strategy provided by specialised managers can be more valuable than the capital itself.

    It is also counterproductive to negotiate without clarity on the level of control you are willing to transfer. Worse still is focusing exclusively on liquidity for existing partners rather than on medium- and long-term value creation.

    The macroeconomic context is particularly favourable for these transactions. Interest rates will continue to fall gradually throughout 2025 until they stabilise at around 2%, where they will remain in the medium to long term. This scenario boosts transactions in private markets.

    Confianz accompanies companies in this strategic assessment. Our approach diagnoses financial maturity, optimises corporate structure and prepares negotiation conditions that preserve business control while maximising the impact of middle market private equity. This specialised support avoids the most frequent and costly mistakes in the process.

     

  • The Villar Mir case. When judicial restructuring saves a business empire

    A few months ago, the Spanish business world witnessed one of the most impressive restructurings in recent years. The Villar Mir Group, a conglomerate that seemed doomed under the weight of more than €1.5 billion in debt, has managed to rise from the ashes by reducing its obligations to just €120 million.

    How is such a transformation possible? The answer lies in a masterful combination of legal tools, financial strategy and, let’s be honest, a good dose of business pragmatism.

    Anatomy of a crisis that became an opportunity

    Let’s provide some context. We are talking about a business group with a presence in sectors as diverse as construction, real estate and fertilisers, carrying a debt of over €1.5 billion. Few solutions in sight?

    But the business reality has proven to be much more sophisticated. On 26 September 2024, Madrid Commercial Court No. 3 approved a restructuring plan affecting 332 million of the total debt of 435.5 million, setting a precedent that many lawyers and businesspeople will study for years to come.

    The protagonists of this story of survival

    In every major restructuring there are key players, and this case is no exception:

    Tyrus Capital, the fund that played the role of white knight. Not only did it finance the group at its most critical moment, but it also accepted conditions that few would have considered: a significant rescheduling that included the option of cancelling debt in exchange for 8.5% of the capital. A risky move that speaks to long-term vision.

    Emperador Properties, the creditor that became the necessary «killjoy» in the process. Its opposition to the plan and subsequent appeal to the Provincial Court of Madrid is not capricious: it represents the interests of those who believe that the deal was not fair. Its conditions are very harsh: wait up to seven years without interest for the ordinary loan (31 million) and up to 12 years for the subordinated loan (3.3 million).

    The master moves

    What is fascinating about this case is how strategic moves were executed that, in hindsight, seem textbook:

    Smart divestments: The sale of assets such as Priesa to Aedas for €50 million was no coincidence. It was precision surgery to generate liquidity just when it was most needed.

    Management of creditor classes: Divide and conquer, but in a legal and transparent manner. The formation of different classes allowed for priority voting, facilitating majority agreements without the need for unanimity.

    From our experience at Confianz, this case represents a turning point in how we understand restructuring in Spain. The insolvency reform has provided the system with tools powerful enough to preserve business value even in situations of extreme illiquidity.

    What this process really teaches us

    The importance of anticipation: The best results in restructuring do not come from improvisation. The Villar Mir Group did not wait until it was too late to act.

    The transformative role of international funds: Tyrus not only contributed money, but also a different strategic vision. Specialised funds understand that sometimes it is better to recover 60% of an investment than to lose 100%.

    Complexity as an ally: Far from being an obstacle, today’s legal sophistication allows for solutions that would have been unthinkable a decade ago.

    Risks we cannot ignore

    However, this process is not all positive. We have identified several points of concern:

    Dependence on a «single saviour»: Over-reliance on a single creditor can create power imbalances that complicate future negotiations.

    The time factor: Legal proceedings, however effective, remain susceptible to delays that can render a viable company unviable.

    Managing expectations: As we see with Emperador Properties, not all creditors will be satisfied with the final outcome.

    If there is one thing this case teaches us, it is that preparation is essential. We are not talking about waiting for the storm to arrive before buying an umbrella.

    On our YouTube channel, we provide strategic tips on restructuring.

    The new rules

    Speed vs. consensus: International funds operate on more aggressive timelines than traditional creditors. This can speed up processes, but it can also create tensions.

    Professionalisation of crisis management: It is no longer enough to have a good insolvency lawyer. Multidisciplinary teams capable of thinking in legal, financial and strategic terms are needed.

    Internationalisation of processes: With foreign funds playing a leading role, Spanish restructurings will increasingly have international components.

    Turning crisis into opportunity

    The Villar Mir case is a practical manual on how to execute a restructuring that transcends the immediate crisis to become a platform for future growth.

    At Confianz, we will be following these developments and updates on this case very closely because they confirm our convictions about the importance of comprehensive preparation and specialised support. The Villar Mir case shows that with the right strategy, crises are not only overcome: they become catalysts for transformation.

  • Tax strategies before and after an M&A

    Did you know that 40% of mergers and acquisitions fail due to undetected tax issues? A poorly planned M&A transaction can drag along millions in hidden liabilities, trigger the Complementary Tax, or clash with European regulations on legitimate economic purpose.

    The reality is stark. Ignoring these factors can turn your dream transaction into a financial nightmare. However, with the right tax strategy, M&A can be the perfect catalyst to accelerate your company’s growth.

    What to review before signing

    Tax due diligence

    The preliminary tax review should unravel critical risks such as buried tax debts, tax credits without solid documentation, and incentives applied without a real economic basis.

    In 2024, for example, a Spanish technology company had to return €2.3 million in R&D deductions incorrectly applied by the acquired company. The fine and interest doubled the initial impact.

    In 2025, the Supplementary Tax has added complexity. Your obligations are assessed based on the post-merger situation of the consolidated group. Two individually exempt companies may, after the transaction, be subject to this 15% tax on profits exceeding £20 million.

    The European filter that can stop your transaction

    The EU Anti-Tax Abuse Directive requires that all acquisitions have genuine economic motivation. A transaction motivated solely by tax benefits may be declared elusive. In Spain, the Treasury is applying this criterion with increasing rigour.

    Remember to document the commercial reasons for your transaction from day one. A solid business case will shield the transaction from tax scrutiny.

    Acquisition structure

    The choice between purchasing assets, acquiring shares or merging determines the treatment of capital gains, the inheritance of tax credits and the degree of exposure to tax liabilities. An intelligent structure minimises the immediate tax burden without mortgaging the future.

    After signing

    The SPA

    The purchase agreement must include dynamic adjustment clauses for tax contingencies and compensation systems. W&I insurance is now standard in transactions exceeding €10 million in Spain.

    According to KPMG (2025), more than 30% of SPAs include specific clauses on the Complementary Tax. The average cost of a W&I policy represents between 0.8% and 1.2% of the transaction value, but can save you up to 10 times that amount.

    Tax integration

    Once the transaction is closed, integration determines the final success. A poorly executed process can lead to tax duplication, trigger tax inspections and create loopholes that compromise the company’s image with investors.

    Successful integration requires unified filing of corporate income tax and consolidated VAT, consistent accounting criteria and centralised management of tax obligations.

    In complex transactions, we recommend setting up a «tax war room» during the first 90 days after closing to detect and resolve discrepancies in real time.

    In the world of M&A, tax is part of the strategic DNA of any successful transaction. Companies that understand this from day one turn tax planning into a competitive advantage.

    Our integrated approach designs tax-efficient structures, anticipates regulatory changes and executes transitions that protect the value of your investment.

    Are you planning an M&A transaction? The best decision starts with a conversation. Contact us and you will find in Confianz your strategic partners with more than 30 years of experience.

  • Key points for preparing your family business for restructuring

    In Spain, family businesses are the backbone of our economy: more than 1.1 million companies representing 92% of the business fabric and generating 70% of private employment. With such significant figures, any restructuring process in this sector has a fundamental impact not only on the business families themselves, but on society as a whole.

    However, the reality is stark: only 29.3% of family businesses manage to survive at least one generational change, and barely 1.2% reach the third generation. Recent cases such as Celsa, Naviera Armas and Rator remind us that poor planning can lead to loss of family control, destructive conflicts and erosion of business value.

    Anticipating restructuring is a necessity if you want to protect the value, continuity and legacy of your company, as we have also explained in our video podcast. This list will help you prepare for an orderly, efficient restructuring with control over the process.

    1. Analyse your financial situation objectively

    Before making any structural changes, you need a complete, unfiltered financial overview. Review your current liquidity, debt levels, operating cash flow and profit margins. Do not settle for the data you already know: request independent analyses that include optimistic, realistic and pessimistic projections.

    Practical tip: Prepare an up-to-date financial dossier that you can present to potential investors, partners or financial institutions. In 2023, 43% of mergers and acquisitions in Spain involved family businesses, demonstrating the constant activity in this sector.

    Checkpoint: Are you clear about your self-financing capacity for the next 24 months?

    2. Assess the corporate and governance structure

    Your current structure may be a legacy of the past, not the solution for the future. Review whether the share distribution, shareholder agreements and family protocols are aligned with your current objectives. Many family businesses have complex structures that hinder agile decision-making.

    Practical tip: Map out who has real decision-making power, who can block operations, and what mechanisms exist to resolve conflicts. If there is no up-to-date family protocol, developing one should be a priority.

    Checkpoint: Does the current structure facilitate or complicate the strategic decisions you need to make?

    3. Prepare a tax assessment prior to any changes

    Tax surprises can ruin even the best restructuring. Anticipating this means identifying potential hidden capital gains, optimising asset transfers and assessing the tax implications of mergers, spin-offs or changes of control. A poorly executed spin-off can generate unnecessary tax costs that compromise the entire operation.

    Practical tip: Work with tax advisers who specialise in family businesses to model different restructuring scenarios. Each alternative should include its actual tax impact, not just the operational advantages.

    Checkpoint: Do you know the tax cost of each restructuring option you are considering?

    4. Assess your workforce and internal leadership

    Even the best restructuring plan will fail without the right team. Assess whether your current workforce, especially the management team, can sustain a new phase or operating model. Internal conflicts and a lack of prepared leadership are common causes of failure in restructuring.

    Practical tip: Identify key professionals whose departure could jeopardise the operation. Develop specific retention plans and assess whether you need to bring in external talent for critical roles.

    Checkpoint: Do you have the leadership necessary to execute and sustain the planned changes?

    5. Communicate clearly and in a timely manner

    Lack of internal communication breeds resistance, talent drain and destructive rumours. Poorly communicated restructuring can become a self-fulfilling prophecy of failure. Employees, partners and stakeholders need to understand not only what is going to change, but why it is necessary and how it affects them.

    Practical tip: Design a communication plan with differentiated messages for each audience: business family, employees, customers, suppliers, and financial institutions. Involve key leaders from the beginning of the process.

    Checkpoint: Do you have a structured communication plan that prevents speculation and rumours?

    6. Consider the family and generational context

    Almost 70% of family businesses do not survive the first generational handover. Unresolved family tensions can explode during a restructuring, turning a business process into a destructive personal conflict. It is essential to separate family dynamics from business decisions.

    Practical tip: If there are underlying family conflicts, resolve them before beginning the restructuring. Consider professional family mediation and establish clear decision-making mechanisms that do not depend on complex family consensus.

    Checkpoint: Are family relationships an asset or a risk to the restructuring process?

    7. Design a structured plan with timelines, responsible parties and scenarios

    Restructuring without a plan is costly improvisation. You need a clear roadmap with specific milestones, defined responsibilities, and alternative scenarios. Planning in advance is always better than deciding in a crisis, when options are limited and costs multiply.

    Practical tip: Develop a realistic timeline that includes time for negotiations, due diligence, legal procedures, and organisational adaptation. Each phase should have measurable success criteria and review points.

    Checkpoint: Do you have a detailed plan that you can follow and adjust as circumstances evolve?

    8. Seek legal, tax and financial advice from the outset

    The cases of Celsa, Rator and Naviera Armas demonstrate the serious consequences of inadequate planning. Reactive restructuring, managed under pressure from creditors or crises, dramatically limits options and can result in the loss of family control.

    Practical tip: Seek out advisors with specific experience in family businesses and restructuring. Not all professionals understand the particularities of managing family and business interests simultaneously. The difference between planned and reactive restructuring can be the survival of your business.

    Checkpoint: Do you have a comprehensive advisory team that understands both the technical aspects and family dynamics?

    Your next step

    A well-prepared restructuring preserves value, talent, control and family legacy. On the contrary, failing to anticipate can lead to destructive conflicts, costly litigation, loss of control and an unnecessary tax impact that compromises the future of your company.

    Remember that in a planned restructuring, you maintain control of the process and decisions. In a reactive one, others set the timing, conditions, and outcomes.

    Does your family business need to reorganise or prepare for a new phase?

    At Confianz, we can help you structure the process with a global vision and a practical approach. Request a personalised diagnosis.