Deals, Deals, Deals

UK & Ireland

• Bridgepoint, Cinven, and Triton Partners have submitted indicative bids for MyDentist, the UK’s largest dental chain. Owner Palamon Capital Partners is seeking a £900m valuation.

• Inflexion and 65 Equity Partners have invested in Kee Safety, a UK-based provider of safety systems, valuing the business at £1.3bn.

• HIG Capital, Investindustrial, and Platinum Equity have been shortlisted in the second round for DCC’s healthcare unit carve-out. The Ireland-based unit is forecasting £110m EBITDA in 2025.

• Blackstone is expected to launch the sale of global events organiser Clarion Events next week. Ardian, CVC, and PAI are reportedly circling the asset, which could command a £2bn enterprise value.

• Arm Holdings, the UK microprocessor firm controlled by SoftBank, has reportedly considered a takeover of IP design firm Alphawave.

• Virgin Media O2 is seeking a buyer for a minority stake in its UK-based NetCo fibre network unit.

• Thames Water has selected KKR as preferred partner in its ongoing investment process. Due diligence has begun with a target close in H1 2025.

• Leading London estate agent Dexters has acquired Keatons, a firm with seven offices across East London.

• Aston Martin is set to boost liquidity by £125m via investment from Yew Tree and the sale of its minority stake in the Aston Martin Aramco Formula One Team.

• Temasek Holdings is considering a sale of Element Materials Technology, the UK-based testing company it acquired for $7bn (incl. debt) in 2021.

• Whitworths Food Group is acquiring KTC Edibles, a food oil business with over £500m in sales, from Endless.

• Isomorphic Labs, an AI-driven drug discovery company, has raised $600m in its first external round, led by Thrive Capital and GV.

• The founder of Finance Ireland, an Irish challenger bank, is seeking an exit. PTSB is tipped as a likely buyer.

• Nippon Sheet Glass is reportedly exploring a sale of its UK subsidiary Electric Glass Fiber UK.

• University College Cork has agreed to sell the Irish Management Institute to Kilcullen Business Post Group.

• Titan Wealth will expand assets under management to £36bn with its acquisition of Workplace Advice Group, which administers £200m in assets.

• The Whisper Group, a UK television production firm, is in discussions with potential buyers. Sony Pictures is considering an exit from its 2020 investment.

• Irish cybersecurity startup Adaptive Security has raised $43m in a round led by Andreessen Horowitz and the OpenAI Startup Fund, marking OpenAI’s first investment in the sector.

• 10X Banking Technology, the fintech founded by Antony Jenkins, is exploring a sale via Moelis.

• Majestic Wine, owned by Fortress Investment Group, has agreed to acquire premium wine and spirits distributor Enotria&Coe.

Central & Northern Europe

• Siemens has agreed to acquire Dotmatics, a provider of scientific software, from Insight Partners for $5.1bn.

• EQT has become the anchor investor in WTS, a German tax and financial advisory provider with €250m in annual revenues.

• DSM-Firmenich’s Animal Nutrition & Health (ANH) business has attracted PE and strategic interest and may be valued at c.€3bn.

• IK Partners, sponsor of LAP Group, has mandated Houlihan Lokey to run a sale process for the German laser positioning systems provider.

• In a recapitalization deal, Hg has increased its stake in German cloud-based HR software firm P&I, while Permira has exited. The business is now valued at €5.5bn.

• A consortium of EQT and First Kraft has made an offer to take Swedish SME cloud accounting software company Fortnox private, valuing it at €4.78bn, a 38% premium to the 28 March closing price.

• A.P. Møller has made an offer to acquire the remaining shares in Svitzer, the global port and terminal infrastructure operator, in a deal valuing the company at €1.2bn.

• KKR & Co. has withdrawn from the consortium negotiating the acquisition of Gerresheimer, the Düsseldorf-based medical packaging manufacturer. Warburg Pincus continues to pursue the deal.

• Triton has appointed Deutsche Bank to manage the sale of Aleris, a Sweden-headquartered private healthcare provider with 2024 revenue of €660m and €76m EBITDA.

• The sale of Meyra Group, the German manufacturer of mobility and rehabilitation equipment, is in its final stages. The company is being marketed off c.€20m EBITDA.

• Cellnex has initiated the process to sell its 72% stake in its Swiss phone tower unit, with the asset expected to fetch €2bn.

• Green, the Switzerland-based data centre operator backed by InfraVia Capital Partners, has attracted interest from Swiss Life, KKR, and others. InfraVia is seeking a valuation of €2bn+, including debt.

• An exit of Ondal Medical Systems by sponsor IK Partners is anticipated in 2026. The company acheived a 2024 EBITDA of c.€25m.

• HAS Healthcare Advanced Synthesis, a Swiss pharmaceutical ingredients company, has agreed to acquire domestic peer Cerbios-Pharma, backed by 65 Equity Partners. The deal values HAS at $380m.

• ProSiebenSat.1 has hired Morgan Stanley to help defend against MFE-MediaForEurope’s minimum takeover bid. MFE, owned by the Berlusconi family, made a formal approach last week.

Western & Southern Europe

• TotalEnergies has completed the acquisition of renewable energy platform VSB from Partners Group for €1.57bn.

• Rimac, the Croatian sports car manufacturer, has made a preliminary offer to acquire Porsche’s stake in its Bugatti JV, valuing the venture at c.€1bn.

• Fairmat, a French deep tech startup specializing in composite materials recycling, has raised €52m in a Series B financing round.

• French accountancy firm Archipel has closed a €50m equity investment from Otium Partners, the PE arm of Pierre-Edouard Sterin’s investment firm.

• Greek supermarket chain Masoutis has signed a non-binding declaration of intent to acquire 100% of ANEDIK Kritikos, which operates over 450 stores.

• International Schools Partnership (ISP), a UK-headquartered school operator backed by Panthers Group, has acquired Greek private school Ellinogermaniki Agogi.

• Airesis, owner of Le Coq Sportif, has received two bids to acquire the insolvent sporting goods company, which owes €60m–€70m to public authorities.

• CVC Capital is exploring options for its majority stake in French diagnostics firm Sebia, which could be valued at around €6bn.

• Carlyle and Partners Group are among PE firms conducting early due diligence on Lutech, the Italian software group owned by Apax Partners. Lutech posted c.€130m EBITDA in 2024.

• Diot-Siaci Group, a French corporate insurance brokerage provider, announced that Ardian has entered exclusive talks with Ontario Teachers’ to acquire a substantial stake. The business is valued at c.€4.7bn.

• QuattroR is selling its stake in Italian tomato processor Casalasco to FSI. Casalasco revenues have grown from €330m to over €600m since QuattroR’s €100m investment in 2021.

• Fondo Italiano d’Investimento (FII) is considering a potential 2024 exit from aerospace supplier Mecaer Aviation Group (MAG), which forecasts €250m turnover and €34m EBITDA in 2025.

• TIP Group, an Amsterdam-based trailer leasing firm, is being considered for sale by owner I Squared Capital, with a potential valuation of €3bn+.

• Partners Group has announced a €120m investment into Gestcompost, a Spanish waste management company that has tripled EBITDA since 2020.

• Spanish timber company Losan, the country’s second-largest in the sector, is in the market for a new investor.

• Bialetti, the listed Italian coffee maker brand under bankruptcy protection, is close to being acquired by a consortium including Nuo Capital and Jakyval (vehicle owner by the Hermes family), at a reported deal value of €170m.

• BDL Capital, a major shareholder in Just Eat Takeaway.com, says Prosus’s €20.3 per share offer undervalues the business.

• The García Vallina family, which owns 85% of TSK, is in talks to sell the Spanish engineering and renewable energy firm to China Energy.

Fresh Powder

• IK Partners has closed Fund X at its €3.3bn hard cap. The fund will continue its focus on mid-market private equity investments across Europe.

• Queen’s Park Equity (QPE) has closed its second fund at £305m, continuing its strategy of investing in high-quality, profitable UK-based businesses.

• Investindustrial has closed Fund VIII with €4bn in commitments. The fund will target Southern European mid-market companies with global growth potential.

• Revaia, a European growth investor, has completed the final close of Revaia Growth II at €250m, focused on scaling sustainable and purpose-driven tech companies.

• Pophouse Entertainment has closed its debut fund at over €1.2bn. The fund will invest in music catalogues and entertainment IP.