We have advised Between Group, a leading Spanish provider of IT and engineering staffing services, on its management buy-out (MBO) backed by Montefiore Investment, one of Europe’s most prominent mid-market private equity funds.
As part of the transaction, Montefiore Investment acquired a majority stake in Between Group, while the management team, led by Óscar Serret and Pau Guarro, and The Talent Club have reinvested and remain shareholders, ensuring continuity and alignment around its long-term strategic vision. The management team will continue to lead the group in this new phase, focused on combining organic growth with a selective buy and build strategy, supported by Montefiore Investment’s international experience.
Between Group is a high-growth technology services platform with more than 20 years of experience supporting IT and engineering teams for large corporations. Following its integration into The Talent Club in 2019, the group has pursued a highly focused buy and build strategy, completing four acquisitions that have expanded its capabilities and strengthened the organisation. This evolution has led to the creation of Between Group as a unified brand and corporate structure, reinforcing its positioning as an integrated technology services platform.
Today, Between Group generates revenues close to €100m, with EBITDA of around €10m, and employs more than 1,300 professionals. Headquartered in Barcelona, with offices in Madrid, Seville, Bilbao, A Coruña, and Zaragoza, the group combines deep expertise in IT and engineering staffing with a growing offering in managed services and specialised technology solutions, supported by brands such as GammaUX, DMD Solutions, DQS Consulting, and Hopla. Between Group’s strategic plan targets revenues of €200m by 2028, consolidating its role as a trusted, full-service partner for large clients across multiple sectors.
Montefiore Investment is a European private equity firm headquartered in Paris, specialising in the services sector and managing approximately €5bn in assets. Its latest flagship fund, Montefiore Investment VI, closed at its hard cap of €1.4bn, complemented by the €450m from Montefiore Investment Expansion fund. As part of its international growth strategy, Montefiore Investment have recently opened an office in Madrid, reinforcing its commitment to the Iberian market.
The investment in Between Group represents Montefiore Investment’s first transaction in Spain and a strategic step in establishing its presence in the country, providing a platform with scale, strong growth momentum, and clear potential to serve as a foundation for future investments in the Spanish market.
