Italo-Spanish fund Cleon buys Spanish provider of judicial services Lexer

Italo-Spanish private equity firm Cleon Capital has closed the acquisition of Lexer, a Spain-based provider of judicial services and debt recovery formerly owned by Grupo BC, a portfolio company of Silver Lake.

The transaction, advised by the financial advisory and asset management firm Lazard and financed by Banco Santander, brings to an end one of the year’s most complex and high-profile processes in the legal-financial space.

Headquartered in Madrid with three regional offices, Lexer posts over €50 million in revenue and employs more than 600 professionals, providing nationwide legal coverage in Spain. According to filings at the commercial registry, Lexer reported 2024 revenue of over €50 million and an EBITDA of approximately €15 million.

Cleon Capital is a private investment firm with a focus on mid-market opportunities in Southern Europe and beyond. The firm and its professionals have deployed more than €2 billion across approximately 40 transactions over the last two decades, including investments in ABK (Italy) and Cocoon Bioscience (with Viscofan).

For deal closing, Cleon worked closely with Lexer’s management team, a group of international investors and Banco Santander to structure the shareholder handover.

The change in ownership is intended to power the company’s new growth phase, including potential M&A in the alternative legal service provider (ALSP) segment.