Dutch group Conclusion looks to acquire in Portugal and Spain

The Dutch group Conclusion, which bought Novabase’s recruitment business for €51 million, is back with a shopping list in Portugal.

The companies services supply company held by private equity group NPM Capital is working with advisers on searching for assets that match with its priorities: cloud, data and AI.

Conclusion’s international growth strategy includes the Iberian peninsula through its subsidiary Conclusion Iberia and is backed up by a refinancing of €410 million concluded in 2023.

After using some of this amount to acquire the German company Diva-e in 2024, the focus for this year is the Iberian market.

Conclusion has a network of external advisors, both in Portugal and Spain, who are assisting it in its mergers and acquisitions (M&A) plans. According to the online news source ECO Conclusion has not revealed which entities are involved in this new search process, although the multinational has been working with Banco Invest and CFI – Corporate Finance International.