Deals, Deals, Deals

UK & Ireland

• Montagu Private Equity is considering a potential offer for UK-listed Advanced Medical Solutions, which currently has a market cap of c.£502m.

• Brookfield, GTCR, and a consortium of Advent, CVC Capital Partners, and Motive Partners have been shortlisted in the process to acquire financial services provider OSTTRA from CME Group and S&P Global, in a deal that could reach $4bn Enterprise Value.

• IQVIA is among the remaining bidders in the second round for UK-based events and data provider Hanson Wade, currently owned by Graphite Capital.

• The sale of Viridor, KKR Infrastructure’s UK waste management company, has attracted interest from investors including Brookfield Asset Management and BlackRock. KKR acquired Viridor for £4.2bn in 2020.

• evo, a business supplies company, has secured £93m financing to enable a management buyout. Existing backer Endless is exiting the business.

• Searchlight Capital Partners is exploring a sale of the aerospace and defence division of UK-based Survitec, with the unit reportedly delviering £40m EBITDA.

• Warehouse REIT is engaging with Blackstone over a 115p per share takeover offer, valuing the business at £489m, a 39.6% premium to its 28 February closing price.

• UK wealth management firm Shackleton, backed by Sovereign Capital Partners, has acquired London-based financial advisory group PK Group.

• Ireland-based Greencore Group has increased its bid for UK rival Bakkavor Group, which is now considering the latest proposal after rejecting at least two previous offers.

• Jingye Group, owner of British Steel, has rejected a £500m UK government financial support package aimed at transitioning to green steel production.

• The Thames Water investment process may be impacted by governance issues relating to poor tracking of its infrastructure asset base.

• Irish drone delivery startup Manna Aero has raised c.€28m in a round led by Tapestry VC and Molten Ventures.

• Teya is exploring strategic options, including a sale, for its card issuing and processing business Paymentology, which posted c.£14m revenue in 2023.

• Modella and Hilco are among the parties exploring a controlling interest in UK homewares retailer Lakeland.

• UK-based digital bank Tide is in the market for a $100m+ growth equity raise.

• Outdoor media infrastructure owner Wildstone is preparing to seek a new infrastructure investor as sponsor Antin Infrastructure prepares for an exit.

• The sale process for Irish energy group Energia has officially begun, with owner I Squared Capital contacting potential bidders. The group posted €375m adjusted EBITDA and is targeting a €2bn valuation.

• KatKin, a UK-based DTC pet food provider backed by Perwyn, with revenues of c.£30m, is in the market for a new sponsor.

• Leyton Orient FC is close to agreeing a £18m majority sale to a US consortium led by David Gandler.

• Blackstone Infrastructure is acquiring a minority stake in AGS, the operator of Aberdeen, Glasgow, and Southampton airports, for £235m.

• WH Smith is selling its UK High Street retail business to Modella Capital for an enterprise value of £76m.

• Anglo American is in discussions regarding a potential public float of its De Beers diamond unit.

Central & Northern Europe

• PAI Partners and Bain Capital have expressed interest in Nestlé’s water unit, in a deal that could value the business at c.€5bn.

• Maguar is considering a sale of German HR software provider Ingentis in H2. The business generated c.€20m revenue and €7m EBITDA in 2024.

• German family office Certina Group has launched a sale process for Certina Packaging, expected to be marketed off c.€11m EBITDA.

• UK retailer Frasers could be forced to launch a mandatory takeover offer for German luxury group Hugo Boss if it converts its derivative position into a 39% stake. Hugo Boss has a market cap of €2.6bn.

• IFS, the industrial AI and enterprise software firm, is in advanced talks to bring in new investors. Existing PE backers EQT and TA Associates are reducing their holdings while Hg has increased its stake with a £125m investment. IFS reported €1bn+ ARR in 2023.

• Fidelio Capital has delayed the planned sale of Swedish digital construction platform iBinder until 2026. The company was targeting €10m+ EBITDA in 2024.

• Asker Healthcare has completed its IPO, reaching a valuation of c.€2.5bn and raising c.€139m in new capital.

• Volkswagen is exploring options for MAN Energy Solutions, including a potential listing. A deal could value the business at €5bn+.

• Fintech fiskaly, backed by Verdane, has acquired DF Deutsche Fiskal from GK Software.

• Automotive supplier Brose has drawn interest from potential strategic partners. The group generated €7.9bn turnover in FY23.

• Seven2 has agreed to acquire a majority stake in German wealth manager HRK Lunis from JC Flowers.

• Swiss diagnostics group labor team is up for sale three years after a failed exit attempt. The business is being marketed off a forecast FY25 EBITDA of €26m+ .

• VR Equitypartner is exploring a potential sale of Bookwire, which generates €100m revenue, including €20m from software.

• Wellhub has acquired German corporate wellbeing provider Urban Sports Club, expanding its network to 34,500 corporate clients. Urban Sports Club raised €95m in 2023 led by Verdane.

• Oskar Bottcher (OBETA Group) has acquired German electrical wholesalers NEWA and VVM from a Nokera subsidiary.

• OMMAX, the Munich-based digital consultancy, is exploring strategic options in 2024. The firm is on track for €15m EBITDA and €50m revenue in FY24.

• bp has announced its intention to sell its mobility & convenience business in Austria, including over 260 retail sites, fleet services, and EV charging assets.

• German fusion energy startup Marvel Fusion has secured a €113m Series B, with backing from EQT, Siemens Energy, and the European Innovation Council.

• Sanoptis, one of Europe’s largest ophthalmology networks, has received a €250m preferred equity investment from Carlyle.

• Discount retailer Kodi, currently under self-administration, is close to selling 150 stores to a consortium led by former shareholder Richard Noelle.

• Chinese apparel group Bosideng International has submitted a first-round bid for German fashion brand Bogner.

• Morgan Stanley has appointed Goldman Sachs to explore the sale of its 50.1% stake in German renewable developer PNE, with an estimated stake valuation of c.€540m.

• Verisure’s majority owner Hellman & Friedman has added advisors for a potential IPO. Reports suggest a €20bn valuation.

• Bain Capital has made a €150m investment in Swedish light industrial property firm Företagsparken, acquiring a 15% stake.

• German medical learning platform AMBOSS has closed a €240m financing round led by KIRKBI, M&G Investments, and Lightrock.

• Developer automation platform n8n, based in Germany, raised €55m Series B at a €250m valuation, led by Highland Europe.

Western & Southern Europe

• Bain Capital has acquired a majority stake in Italian digital transaction management firm Namirial from Ambienta, in a deal valued at €1.1bn. The founder and management team retain a stake.

• Negotiations between L Catterton and Mayhoola for the buyout of Italian fashion house Etro have stalled due to a gap in valuation expectations.

• Astorg has mandated Goldman Sachs to advise on the sale of its majority stake in Solina, the France-based food ingredients producer. The company has €1.6bn in revenue and could be valued at €5bn.

• France-listed hotel group Accor has announced plans to divest its remaining 30% stake in real estate subsidiary Accor Invest, targeting €800m – €1bn.

• Nutrisens, backed by Sagard, is expected to come to market in Q2 2025 with a forecasted 2025 EBITDA of €40m.

• Blackstone and EQT are in exclusive negotiations to acquire Spanish waste management company Urbaser in a deal valued at €5.5bn.

• Ubisoft will inject €1.16bn into a new subsidiary housing top-selling titles. Tencent will acquire a 25% stake in the entity.

• Italian hotel chain Una Hotels, which operates 55 properties, has received non-binding offers from KSL Capital, Blackstone, and a Prelios–Starwood consortium. Valuation is expected to be around €1bn.

• Italian pharma group Alfasigma has appointed Jefferies to find a minority investor. The group expects €1.87bn turnover and €427m EBITDA in 2024.

• Chiorino, the Italian conveyor and transmission belt maker backed by Tamburi Investment Partners, is considering an IPO later this year.

• Ardian has dropped its plans to acquire a 50% stake in Italian airport operator Save.

• Kraft Heinz expects binding offers for baby food manufacturer Plasmon by early April.

• Remondis France, a subsidiary of German group Rethmann, is set to acquire local waste management peer Groupe Schroll.

• CMI France has appointed Rothschild & Co to advise on the sale of magazines Ici Paris and France Dimanche, which have a combined 290k weekly readers.

• PAI Partners is acquiring Nuzoa, a Spanish integrated animal health platform, from Abac Capital.

• The sale of student housing platform Livensa Living, owned by Brookfield, has attracted offers from AXA, CPPIB, Hines, and KKR, with the asset valued around €1.3bn.

• Turkish café chain Espressolab is exploring strategic options including a full sale.

• Italian equestrian clothing and accessories maker Amahorse has sold a majority stake to LBO France.

• Low-carbon iron venture GravitHy has raised €60m in a funding round joined by Ecolab and Rio Tinto.

• Repsol has sold a 49% stake in its Spanish renewable portfolio to Schroders Greencoat, valuing the portfolio at €580m.

• AnaCap has acquired a majority stake in Fiduciaire Jean Marc Faber, a Luxembourg-based trust, fund, and corporate services provider.

• Augustine Therapeutics, a Belgium-based biotech firm, has raised €78m after the final close of its Series A round led by Novo Holdings and Jeito Capital.

Fresh Powder

• Norvestor has closed Nova I Fund at its €500m hard cap, targeting lower mid-market deals in the Nordics.

• Fondo Italiano d’Investimento has increased total capital in FICC II to €503m, supporting Italian companies in strategic sectors including Made in Italy, digital, healthcare, and industrial tech.

• Oakley Capital has closed Fund VI at a €4.5bn hard cap, continuing its pan-European mid-market investment strategy.

• Daphni has raised €200m for its Blue Fund, focused on startups addressing sustainability and planetary challenges.

• Pollen Street Capital is targeting a 20%-40% oversubscription on its €1bn target for Fund V, aiming for a mid-2025 close.