An estimated 1.1 million family businesses operate in Spain, representing 90% of the country’s private companies. These firms are integral to the economy, generating almost 70% of Spain’s private employment and nearly 60% of its GDP. Family businesses are involved across Spain’s key industries, notably in the construction, trading, agriculture, and industrial sectors. Over 53% of Spain’s family enterprises are still led by their first-generation owners, and 90% of directors or CEOs are members of the founding family.
At the heart of this entrepreneurial spirit is Madrid, Spain’s capital city and central to the country’s political and business landscapes. Home to over 500,000 active companies, it hosts the highest concentration of businesses in the country and 72% of the largest 2,000 Spanish firms. Madrid is not just pivotal to Spain, however — it even contributes approximately 4% of Latin America’s GDP.
Around 63% of the businesses in Madrid are family-owned, with many more than a century old, notably the world’s oldest restaurant, Botin. Founded in 1725 and currently run by fourth-generation family owners, it appears in the Guinness World Records and has the distinction of once employing painter Francisco de Goya as a dishwasher.
Here are the 10 Largest Family Businesses in Madrid:
10. Squirrel Media
Owning/Controlling Family: Lage
Annual Revenue: $101 million
In 2003, lawyer-turned-media entrepreneur Pablo Pereiro Lage founded Squirrel Capital, marking the start of his journey in the investment world. During the 2010s, he established several other communications and media firms before acquiring a 25% stake in independent production house and distribution company Vértice 360.
In 2021, Lage rebranded Vértice 360 and his other media-focused businesses into the Squirrel Media Tech Group of companies. Spanning advertising, media, content, and technology, it has operations in 100 countries, including brands such as Horse TV, Nautical Channel, and Best Options Media, the second-largest independent advertising agency in Spain by market capitalisation. Pablo Pereiro Lage serves as Chairman of Squirrel Media, while daughter María José Pereiro Lage serves as the company’s proprietary director and deputy secretary director. Together, they are steering Squirrel Media into the future, blending family leadership with bold innovation.
9. PharmaMar
Owning/Controlling Family: Fernández
Annual Revenue: $183 million
Founded in 1986 as a subsidiary of Spanish pharmaceutical giant Zeltia, PharmaMar set out to specialise in developing innovative medicines sourced from marine life. This bold vision paid off: In 2015, PharmaMar absorbed parent company Zeltia and its subsidiaries in a reverse merger, solidifying its position as a leader in biopharmaceutical innovation.
PharmaMar’s portfolio features cutting-edge therapy drugs such as Yondelis, Aplidin, and Zepzelca. Around three-quarters of the company’s operations are based in Spain, its reach extends across Europe and North America. At the helm of PharmaMar is founder José María Fernández Sousa-Faro, who now serves as Executive Chair. His cousin, Pedro Fernández Puentes, sits on the board as Executive Vice-Chair.
8. Corporación Financiera Alba
Owning/Controlling Family: March
Annual Revenue: $474 million
Corporación Financiera Alba serves as the investment holding company for the March family’s group of businesses, with the company’s Banca March hailing as one of Spain’s leading family-owned financial institutions. Founded in 1926, Banca March offers personal and private banking, equity banking, corporate banking, and international branches.
Corporación Financiera Alba’s reach extends beyond banking, however. Its diverse portfolio of around 16 businesses includes a range of key sectors, such as food production, waste removal, semiconductors, and real estate. The group’s origins date back to a cement company controlled by the March Group in the 1950s. Today, several descendants of founder Juan March control the family business, including Carlos March Delgado, who serves as President.
7. Talgo
Owning/Controlling Family: Oriol
Annual Revenue: $588 million
Railway engineer Alejandro Goicoechea revolutionised train carriage design during the 1930s with his innovative steel triangle frame concept. Teaming up with investment partner José Luis Oriol in 1942, the two launched their first train prototype, the Talgo I (Tren Articulado Ligero Goicoechea Oriol). By 1950, Talgo was providing commercial service, running trains from Madrid and Hendaye at 120 km per hour.
In the late 1960s, Talgo expanded internationally, establishing routes connecting Madrid, Paris, Barcelona, and Geneva. The company’s breakthrough came in 1978 when its tilting diesel train set a world speed record of 230 km/h — a milestone in railway innovation.
Today, Talgo operates in 41 countries across Europe, Asia, Africa, North America, and South America, providing regional, high-speed, and very-high-speed trains capable of reaching up to 330 km per hour. Still guided by family leadership, Talgo is chaired by Carlos Palacio Oriol, with José María de Oriol Fabra serving as Non-Executive Vice Chair.
6. Prosegur Compañía de Seguridad
Owning/Controlling Family: Revoredo
Annual Revenue: $4.8 billion
Founded in 1976 by Herberto Gut, Prosegur Compañía de Seguridad initially provided securities logistics and cash management services before expanding into surveillance services in 1977. Its international journey began in 1980 with the opening of a branch in Portugal, and in 1987, it became the first Spanish security company to list on the Bolsa de Madrid. The 1990s saw further diversification with the launch of its alarms segment in 1992. By the 2000s, Prosegur was a truly global enterprise, establishing operations in countries including Singapore, India and Germany.
Today, Prosegur Compañía de Seguridad operates in 31 countries, employing over 150,000 people across five business divisions: alarms, security, cash logistics, cybersecurity, and technological solutions. Helena Revoredo Delvecchio currently serves as President of the company her husband founded, with her son, Christian Gut, leading the firm as its CEO, and her daughter, Chantal Gut, holding a seat on the board.
5. Técnicas Reunidas
Owning/Controlling Family: Lladó
Annual Revenue: $5 billion
Founded by Jose Llado Fernandez-Urrutia in 1960, Técnicas Reunidas is now one of the world’s leading sustainable solutions engineering and construction companies. Throughout its history, it has designed and managed over 1,000 industrial plants across 50 countries. Técnicas Reunidas’ clients range from major multinational oil companies and water desalination consortiums to biomass and hydrogen energy producers.
In 2020, Jose Llado passed the torch of leadership to the next generation, with his son, Juan Lladó Arburúa, assuming the role of Chair. Another of his sons, José Manuel Lladó Arburúa, serves as Vice Chair. With a workforce of 6,500, Técnicas Reunidas is Spain’s second-largest engineering recruiter.
4. Ferrovial SA
Owning/Controlling Family: Pino
Annual Revenue: $8.6 billion
Founded in 1952 by visionary entrepreneur Rafael del Pino y Moreno, Ferrovial began as a railway construction company, its name inspired by the Spanish word for railway. Primarily focused on railway projects, Ferrovial built the link between Las Rozas and Chamartín in 1958, laying 18 miles of track in just 30 days and quickly gaining recognition for its efficiency.
During the 1960s, Ferrovial broadened its activities to include road and building construction, waterworks assembly, and toll road concessions. The company began its international expansion in the 1970s, developing projects in Libya, Mexico, Brazil, and Paraguay. Key acquisitions during the 2000s, including Polish construction company Budimex, airport operator BAA, and the UK services provider Amey, further solidified its global footprint.
Today, Ferrovial is a global leader in infrastructure development and management, overseeing 6 airports, 8 highways, and 22 transportation concessions across 9 countries. The company remains firmly rooted in family leadership, with Rafael del Pino as Chair of the company his father founded and his sister María del Pino serving as the firm’s Non-Executive Director and second-largest shareholder.
3. Gestamp Automoción
Owning/Controlling Family: Riberas
Annual Revenue: $13 billion
International metal automotive parts manufacturing group, Gestamp, was established in 1997 as an offshoot of Gonvarri Industries, the metal fabrication business founded by Francisco Riberas in 1958. Over the decades, it has grown into one of Spain’s largest metal automotive components manufacturers, with a global presence spanning more than 115 production facilities in over 20 countries.
Gestamp specialises in car-body products, chassis, and powered systems, catering to the world’s leading automotive manufacturers. Francisco Riberas’ son, Francisco José Riberas, serves as Executive Chair, while his brother, Juan María Riberas Mera, Vice-Chairs the board.
2. Acciona SA
Owning/Controlling Family: Entrecanales
Annual Revenue: $14 billion
Acciona is a global leader in the development and management of infrastructure and renewable energy projects. The company was created in 1997 through the merger of two prominent Spanish construction companies: Entrecanales y Távora and Cubiertas y MZOV. José Entrecanales Ibarra co-founded Entrecanales y Távora in 1931, building it into one of Spain’s leading construction firms.
In 2004, José Manuel Entrecanales succeeded his father as Acciona Chair and CEO. Today, the company operates across diverse sectors, including energy, transport, water, real estate, healthcare, and finance, with projects designed to drive sustainable environmental, economic, and social development.
1. El Corte Ingles SA
Owning/Controlling Family: Álvarez
Annual Revenue: $16.7 billion
El Corte Ingles, Europe’s largest department store group and the third-largest worldwide, began as a small tailoring shop purchased by Ramón Areces Rodríguez in 1935. Over the following decades, the company grew through strategic acquisitions and diversification, opening its first traditional department store in 1946. Throughout the 1960s, El Corte Ingles expanded across Spain, opening locations in Barcelona, Seville, and Bilbao. The company launched its Supercor chain of supermarkets segment in 2000 and opened its first international location in Lisbon, Portugal, in 2001.
Today, the El Corte Ingles Group, which operates over 1,750 commercial locations across Spain and Portugal, also includes travel business Viajes Group and home maintenance firm Sicor. Marta Álvarez, great-niece of the founder, currently heads El Corte Ingles as its Chair.
