Nazca invests in Clustag, a leader in intralogistics RFID automation solutions, to continue its international expansion

• Founded in 2015 in Valencia, Clustag provides radio frequency identification (RFID) automation solutions for complex logistics environments, offering market-leading accuracy, reliability, and speed.
• Nazca acquires a majority stake to support Luis Rius, founder and CEO, and the rest of the current management team in executing their international growth plan and consolidating the company’s global leadership.
• This marks the fourth investment by the Nazca Small Cap II fund.

Madrid, October 13, 2025. Nazca Capital, a leading private equity investment firm in unlisted Spanish SMEs, has acquired, through its Nazca Small Cap II fund, a majority stake in Clustag, a leading company in the field of RFID reading solutions for logistics environments.

RFID (Radio Frequency Identification) technology is transforming the way companies control and optimize their operations. Based on data transmission via radio waves, RFID enables products to be identified and tracked in real time without the need for physical contact or direct line of sight, providing total inventory visibility, reduced losses and errors, increased speed and operational efficiency, an improved customer experience, and driving cost and time savings. In a context where logistics and e-commerce are becoming increasingly complex, these advantages are decisive.

Clustag has become a leader in the intralogistics segment, thanks to a broad portfolio of innovative solutions tailored to customer needs, including equipment with proprietary design and technology that offers the highest reading accuracy, reliability, and speed in the market, enabling cost savings and greater supply chain control in highly complex and demanding logistics contexts. Furthermore, these solutions are fully compatible with all RFID tags available on the market. This unique value proposition is the result of more than a decade of specialization in RFID automation solutions and a continuous improvement efforts carried out by its dedicated R&D team.

The company expects to exceed €18 million in turnover in 2025, maintaining the double-digit growth recorded in recent years. More than 50% of its sales come from international markets, with a presence in over 25 countries and subsidiaries in the United States and Mexico. Its client portfolio includes leading operators in the fashion, retail, consumer goods, healthcare, and cosmetics sectors, as well as logistics operators and automation engineering firms.

Luis Rius, CEO and founder of Clustag, will maintain his position as shareholder and top executive, leading a new plan that envisages continuing international growth, increasing presence in sectors where the use of RFID technology is still emerging, and supporting the adoption of radio frequency identification by textile manufacturers.

This transaction marks the exit of SML Intelligent Inventory Solutions, a supplier of RFID labels and former shareholder. Following the deal, the company will be jointly owned by Nazca and Luis Rius.

Through this deal, Nazca will bring its experience in high-growth and international expansion projects to Clustag, supporting the company in a new development phase that will continue its innovative nature, focus on continuous improvement, and customer service with solutions tailored to their needs.

This investment represents the fourth by the Nazca Small Cap II fund, which already includes in its portfolio Global Factor, a leader in sustainability and environmental markets; Coycama and Becrisa, a leading group in the bathroom sector; and Laberit, a leader in digital transformation services.

According to Luis Rius, CEO of Clustag: “Nazca’s entry is a very important step for Clustag and reinforces our successful track record over recent years. We are convinced that Nazca is the right partner to drive this new phase of strong growth and consolidate our position as a global leader.”

According to Celia Pérez-Beato, head of Nazca’s Small Cap strategy: “Clustag perfectly fits Nazca’s strategy as a company with an excellent management team, exposure to a high-growth market, and a solid international position. Its offering—supported by technology and a differentiated service—enables us to meet the needs of globally leading clients with excellence.”

As part of this deal, Deloitte, KPMG, and Uría Menéndez advised Nazca, while Livingstone Partners and Araoz & Rueda advised Clustag.