Generational Group Advises Intecsa Engineering Group in its Sale to DAR Investment Management

DALLAS--( BUSINESS WIRE)-- Generational Group, a leading mergers and acquisitions advisory firm for privately held businesses, is pleased to announce the sale of Intecsa Engineering Group to DAR Investment Management. The transaction closed December 30, 2025.

Headquartered in Madrid, Spain, Intecsa Engineering Group is a global engineering and consulting firm with more than six decades of experience delivering complex transportation, water, environmental, and civil infrastructure projects. Founded in 1965, Intecsa is recognized for its multidisciplinary engineering capabilities and strong track record across Europe, Asia, North America, and South America. The company supports public and private sector clients worldwide with infrastructure planning, design, project management, and construction supervision, delivering sustainable solutions across transportation, water systems, environmental services, and civil works. Known for its technical expertise and international reach, Intecsa continues to advance large-scale infrastructure development in diverse markets around the world.

Headquartered in Dover, Delaware, DAR Investment Management is a private investment firm focused on equity and debt investments in lower-middle-market companies. DAR partners with management teams to support growth through capital investment, strategic guidance, and operational expertise. The firm focuses on investing in industry-agnostic opportunities with a preference for professional services and other light-asset sectors where people are the primary drivers of value. Through a relationship-focused investment approach and hands-on operational support, DAR works to help companies scale, strengthen performance, and create long-term value.

Generational Group Executive Managing Director, M&A, Eastern Region – David Fergusson with the support of Senior Vice President, M&A, Tristan Keeffe led the transaction. Senior Managing Director, Steve Wenneborg established the initial relationship with Intecsa Engineering Group.

“Since its founding over 60 years ago, Intecsa has pioneered innovative engineering design for critical infrastructure projects across the world from its headquarters in Spain. In a strategic collaboration, the leadership teams of Generational and Intecsa focused on the establishment of a growth partnership with accomplished engineering industry investors to expand their market reach,” said David Fergusson, Executive Managing Director, M&A, of Generational Group. “With more than 300 premier engineers, a world-class project portfolio, and an experienced international management team, we were confident of the value that the US market would place on this extraordinary company. The principals of DAR Investment Management shared our collective vision for the creation of an innovative platform for consolidation of market-leading infrastructure engineering design companies. I am confident that together, as ‘The Intecsa Group,’ they will achieve extraordinary results and bring valuable benefits to the global community.”

"We are extremely excited about Intecsa and the engineering sector more broadly, particularly given the strong tailwinds from increased U.S. infrastructure investment and growing demand for sustainable infrastructure solutions," said Arslan Ryspkov, Managing Partner at DAR. "Intecsa has built an exceptional organization with a highly experienced team, and we look forward to supporting its continued growth with our capital and strategic resources."

Juan Diego Ibáñez López, President of Intecsa, added, "This partnership represents a tremendous opportunity for Intecsa to build on its long-standing success while joining forces with DAR to create even greater value. We have an outstanding team in place, and our focus remains firmly on delivering excellence and innovative solutions for our clients as we expand our footprint."

Ryan Binkley, CEO of Generational Group, stated, “This transaction reflects our ongoing commitment to building meaningful partnerships that deliver lasting value. It brings together two companies that share a common vision, complementary strengths, and a clear alignment for continued growth and long-term success together. And the sale of Intecsa to DAR further reinforces the opportunity to achieve this result despite the boundaries and distance that exist between buyers and sellers. This U.S./Spain transaction, the latest led by our cross-border leadership team of David Fergusson and Tristan Keeffe, represents Generational’s expanding M&A advisory service, providing immediate access for business owners to international markets for acquisition, investment, and global expansion.”

About Generational Group

Generational Group, headquartered in Dallas, TX, is a leading, award winning full-service M&A advisory firm. Generational has over 300 professionals across 16 offices in North America. The firm empowers business owners to unlock the full value of their companies through a comprehensive suite of services—including strategic growth consulting, exit planning education, business valuation, value enhancement strategies, M&A advisory, digital solutions, and wealth management.

Celebrating its 21 st year, Generational has successfully closed over 1,800 transactions and has ranked #1 or #2 in all LSEG league tables for deals valued between $25 million and $1 billion in 2024 and 2025.

The firm was named 2025 USA Investment Banking Firm of the Year by the Global M&A Network and recognized as Investment Banking Firm of the Year by The M&A Advisor in 2022, 2024, and 2025.