Lexer, backed by Cleon Capital, buys Paypymes
Lexer, a company specialised in legal services for financial institutions, funds and large corporations, has acquired Paypymes, a Madrid-based firm focused on legal debt-recovery services for small and medium-sized enterprises (SMEs). The deal continues an acquisition strategy that Lexer began at the end of October 2025 with the purchase of Zelsior. Paypymes’ management team, several of them company founders, will remain in place following the transaction.
Lexer itself was acquired in October 2025 by a group of investors advised and led by Cleon Capital, an investment and advisory firm operating between Italy and Spain that provides flexible capital solutions to companies based in southern Europe.
Deal details
Paypymes was founded in 2019 and currently generates revenue of €2.5 million. The company provides legal services for the recovery of receivables owed to SMEs, both through amicable settlement and judicial proceedings, and employs 32 people through a commercial structure designed to reach a highly fragmented market with strong geographic coverage.
The acquisition allows Lexer, which reports revenue of close to €75 million, to diversify a business line that has so far been concentrated on serving financial institutions and investment funds. Through Paypymes, Lexer now enters the SME segment of the debt-recovery legal services market. According to the company, Paypymes is expected to add approximately €2.7 million in revenue in 2026.
Business context
Lexer describes itself as a company offering an end-to-end service across the debt-recovery cycle, including real-estate asset management, corporate legal defence services, court representation, and specialised recovery solutions for the automotive sector, alongside in-person collection services. The company employs more than 900 professionals and operates from offices in Madrid, Valencia, Barcelona, Jaén, Granada and Las Palmas de Gran Canaria, serving financial institutions, servicers, insurers, large corporations and investment funds.
Cleon Capital’s portfolio also includes Labomar, a company specialised in the research and production of food supplements, nutritional supplements and medical devices; Gias, an Italian producer of frozen plant-based ready meals; and ABK Group, a manufacturer of ceramic surfaces and induction-cooking solutions. The firm previously divested Hevo Group in 2024, a buy-and-build project that became a producer of shell eggs in Spain with revenue exceeding €150 million.
