Nazca Capital Takes Minority Stake in Grupo Oesía to Boost Growth

Nazca Capital, a private equity firm, has entered into a strategic financial partnership with Grupo Oesía by acquiring a minority and temporary stake. The deal, announced alongside Grupo Oesía’s 2026-2030 Strategic Plan presentation, aims to accelerate the Spanish multinational’s growth and industrial consolidation in dual-use engineering technology.

The investment is made through Nazca Capital’s Aeroespacial y Defensa INNVIERTE I FCR fund, the largest Spanish fund dedicated to aerospace and defense sectors, currently holding commitments exceeding €425 million. The fund is in advanced stages of raising up to €600 million, attracting prominent investors such as Airbus, the European Investment Fund (EIF), and CDTI Innovation.

As part of the agreement, Grupo Oesía and Nazca Capital have jointly established a €150 million venture capital fund. This fund targets technology start-ups and scale-ups that align with European defense and security priorities, aiming to strengthen critical technological capabilities and support scalable companies in the sector.

Grupo Oesía is a Spanish multinational specializing in dual-use engineering technologies, serving both civilian and defense markets. The company’s new strategic plan, titled “Powered by Technology. Delivering Value,” outlines a roadmap for growth and industrial consolidation through 2030, emphasizing innovation and market expansion.

The Nazca Capital partnership follows another significant strategic move by Grupo Oesía: the April 2026 acquisition of 100% of Micromag, a Spanish company specialising in the design, development, and production of materials with advanced electromagnetic properties. Founded in 2000, Micromag has established itself as a technological bridge between defense electromagnetic solutions and their transfer to civilian markets, with applications spanning defense, security, telecommunications, electronic industry, and construction. The acquisition strengthens Grupo Oesía’s research line in low observability — a critical technological capability for multi-domain defense and security applications. As part of the deal, Micromag’s founder Antonio Hernando is joining Grupo Oesía’s Technology Council as President, with a mandate to accelerate professional and research development across the group’s technology talent.

Luis Furnells, executive chairman of Grupo Oesía, described the Micromag integration as a decisive step in the group’s hyperspecialisation strategy and its commitment to design authority in service of national sovereignty. He emphasised that low observability is a disruptive and fundamental capability for future defense and security systems, and that combining Micromag’s exceptional talent and unique technology with Grupo Oesía’s proven technological capabilities expands the portfolio while reinforcing the Spanish industrial ecosystem to address the challenges of today’s multi-domain environment.

Nazca Capital’s minority stake investment is designed to bolster Grupo Oesía’s capacity to execute its 2026-2030 strategic plan while preserving the company’s independence and governance structure. The partnership leverages Nazca’s extensive investor network and sector expertise to enhance Grupo Oesía’s innovation pipeline and commercial reach.

Industry experts note that this collaboration strengthens Grupo Oesía’s position in the competitive European aerospace and defense technology markets. The combination of strategic equity capital, the €150 million joint venture capital fund, and ongoing M&A activity (including Micromag) is expected to accelerate the commercialization of advanced dual-use technologies and support emerging companies with high growth potential across the European defense ecosystem.

Financial terms of the minority stake and Micromag acquisition were not disclosed. However, the involvement of leading investors such as Airbus, the EIF, and CDTI Innovation, the scale of the venture capital fund, and the breadth of Grupo Oesía’s strategic moves underscore strong market confidence in the sector’s growth prospects.

Looking ahead, Grupo Oesía and Nazca Capital plan to integrate their efforts closely, focusing on executing the strategic plan, integrating Micromag’s capabilities, and managing the venture fund’s portfolio. This partnership marks a significant step in European aerospace and defense consolidation, with potential ripple effects prompting competitors to seek similar strategic alliances. Grupo Oesía’s enhanced financial backing, expanded technological capabilities, and innovation pipeline position it well for future market challenges and opportunities in the rapidly evolving European defense and dual-use technology landscape.