Lezama Demoliciones

Who owns Lezama Demoliciones?

Lezama Demoliciones is currently owned by GPF Capital through GPF Capital III (2020 vintage), since 2022.

Hand-verified · updated 2026-08-02

About Lezama Demoliciones

Lezama Demoliciones is a Spanish industrial services company specialising in the demolition, dismantling, recycling and regeneration of industrial sites across all sectors. Headquartered in Trapagaran in the Basque province of Bizkaia, with a commercial office in Madrid, it is one of Spain's leading operators in heavy demolition and the environmental remediation of contaminated industrial land. The company is best known for dismantling large end-of-life energy assets, including retired thermal power plants owned by utilities such as Naturgy and Endesa, and for recovering and recycling the resulting materials. According to press reporting around its change of ownership, Lezama generated roughly EUR 40 million in revenue and employed close to 170 people, positioning it as a national reference in soil regeneration and industrial decommissioning.

Ownership journey

Lezama Demoliciones was founded in 1995 in Vizcaya and built up over more than two decades as a family and management-owned demolition and remediation specialist. In 2022 the Spanish private-equity firm GPF Capital acquired an 80 percent stake in the company through its GPF Capital III fund, framing the deal as its entry into the energy-transition and industrial-decommissioning theme, with the founding partners and management retaining a minority holding. In 2026 GPF increased its position to approximately 93 percent by buying out the historical partners who had remained as shareholders since the 2022 entry. GPF Capital remains the controlling equity owner and no exit or secondary transaction has been recorded.

Under PE ownership

Under GPF Capital's ownership Lezama has pursued a buy-and-build and diversification strategy anchored on the decommissioning of legacy energy infrastructure. It won and executed some of the sector's largest contracts, including the dismantling of the As Pontes thermal power plant in Galicia, and moved into adjacent activities such as wind-farm repowering as older renewable assets reach the end of their life. The company also broadened its geographic footprint across Spain and into Portugal while pursuing merger and acquisition opportunities to consolidate a fragmented market. Over the ownership period revenue rose from about EUR 40 million toward nearly EUR 50 million, roughly a quarter of growth, as the business scaled its industrial demolition and environmental remediation platform.