Madrid Artes Digitales acquisition gives Nazca majority stake

The Madrid Artes Digitales acquisition gives Nazca Capital a majority stake in the Spanish immersive culture operator through its Nazca Opportunities strategy, PE Hub reported. Camden Partners-backed Triumph Higher Education has also acquired the Culinary Institute of Barcelona, with its culinary education network set to serve more than 8,000 students a year across North America and Europe, according to PE Hub.

The deals put private equity capital behind two parts of Spain’s consumer and education economy: location-based cultural entertainment and career-focused culinary training. PE Hub also reported a related European transaction in Italy, where Investindustrial has agreed to invest in PA Aromatics, a flavors and fragrances producer with about €50 million of 2025 revenue, according to a press statement cited by PE Hub.

What did Nazca Capital buy in Spain?

Nazca Capital acquired control of Madrid Artes Digitales, also known as MAD, a Madrid-based creator, producer, licensor and operator of immersive cultural experiences. Immersive cultural experiences combine physical venues with digital technologies such as 360-degree projection, virtual reality, augmented reality, holographic content and interactive installations to turn exhibitions into staged, location-based attractions.

MAD is scheduled to open La Odisea (The Odyssey: The Immersive Journey) at Matadero Madrid in September, PE Hub reported. Nazca plans to support the company by speeding up development of its own productions, widening its international licensing network and adding permanent venues on a selective basis, according to PE Hub.

Stardust International and Inmersivas Digitales will retain meaningful minority holdings in MAD, PE Hub reported. The existing management team will remain in charge of the business, while Layers of Reality will continue working with MAD as an international licensing partner.

Founded in 2021, MAD has built a portfolio that includes Tutankhamun: The Immersive Exhibition, The Last Days of Pompeii, The Legend of the Titanic and Cleopatra: The Immersive Exhibition. Those productions have sold more than five million tickets worldwide and have won Telly and Eventex awards, as well as National Geographic Spain’s Best Historical Exhibition Award, PE Hub reported.

How does Triumph’s Barcelona deal fit its education platform?

Triumph Higher Education, backed by Camden Partners, bought the Culinary Institute of Barcelona, a private international culinary school. The acquisition adds CIB to a portfolio that already includes Auguste Escoffier School of Culinary Arts and Pacific Institute of Culinary Arts in Vancouver, PE Hub reported.

After the transaction, Triumph’s network will include more than 25,000 alumni and more than 150 faculty members and chef instructors across North America and Europe, according to PE Hub. CIB will continue to operate from its Barcelona campus. Camden Partners made a growth investment in Triumph in 2014, PE Hub reported.

What is Investindustrial buying in Italy?

Investindustrial has agreed to invest in PA Aromatics, an Italian developer and manufacturer of flavors and fragrances used in food, beverages, confectionery, animal feed, pharmaceuticals, cosmetics and personal care, PE Hub reported.

PA Aromatics was founded in 1984 by the Montagna family and is based in Carbonara al Ticino. The company serves multinational groups and Italian customers with a catalogue of more than 8,000 products, according to the press statement cited by PE Hub. Its production base comprises four plants, three in Italy and one in Brazil.

The investment is intended to support PA Aromatics’ expansion in Italy and abroad, strengthen its management and manufacturing platform, and fund growth through organic initiatives and strategic acquisitions, according to the statement cited by PE Hub.

This story draws on original reporting from PE Hub.