Top Headlines This Week

• 💊 KKR wins €2.5bn auction for Karo Healthcare

• 👗 Prada to acquire Versace for €1.25bn

• 🎓 CVC preps €2bn sale of Universidad Alfonso X El Sabio

• 🐱 Sale of Applaws delayed by 3i due to tariffs

• ☀️ Enpal raises €110m to expand solar rental platform

• 🏢 SC Capital joins bidding for Glo bal Switch in potential $5bn deal

Deals, Deals, Deals

UK & Ireland 🇬🇧🇮🇪

🧼 Advent International has emerged as the leading contender to acquire Reckitt’s Essential Home division, with first-round bids ranging between £3bn – £4bn.

🛡️ EQT and Nordic Capital have advanced to the second round of bidding for Davies Group, the BC Partners-backed insurance services provider. The sale is being marketed on c.£200m EBITDA.

💧 KKR, a potential investor in Thames Water, is reportedly willing to commit to no dividends or listing for 10 years to secure the deal.

🍦 Unilever has hired banks to prepare the listing of its ice cream division, which posted €8.3bn revenue, accounting for 13.6% of the group’s total sales.

🍸 Diageo has entered a strategic joint venture with Main Street Advisors to scale Cîroc Ultra-Premium Vodka in North America and Lobos 1707 Tequila globally.

📞 Focus Group, a UK-based telecom and mobile solutions provider backed by HgCapital and Bowmark Capital, has acquired Matrix247, a managed IT and communications services firm.

🥃 The sale process for Falkirk Distillery, a family-owned whisky producer in Scotland generating c.£9m in revenue and producing 760k litres annually, is now underway.

☁️ NexGen Cloud, a UK-based AI cloud infrastructure firm, has raised $45m in a Series A funding round from private investors and family offices.

🏘️ REA Group (owned by Newscorp) has abandoned renewed interest in Rightmove, after the UK estate agent rejected its previous £6.2bn offer following four approaches.

🍕 Private equity firm Piper has invested in London-based Yard Sale Pizza, which operates 14 locations and generated £10.8m turnover and £1.3m EBITDA in FY24.

⚽ Wrexham AFC has stated in its latest annual report that it is open to new investment partners if they can bring strategic value to the club.

🛡️ Orbis Protect, a UK security services provider backed by Synova and NorthEdge Capital, has acquired Panthera Group, a specialist in site infrastructure and sustainable hoarding solutions.

🐾 The planned sale of Applaws, a UK cat food producer backed by 3i, has been delayed due to tariff-related concerns.

👗 Japan-based ZOZO has announced the $154m acquisition of UK-based fashion platform Lyst.

🐶 UK-based premium pet food company Different Dog has raised €11.7m in new funding.

🏗️ SC Capital has emerged as a potential buyer for London-based data centre developer Global Switch, which could be valued at up to $5bn.

💼 Finli, a UK-based wealth advisory platform backed by JC Flowers, has acquired five advisory firms in a consolidation push.

🚨 incident.io, a UK-based incident management platform used by teams at Netflix, Ramp, and Etsy, has raised $62m Series B from Insight Partners.

Central & Northern Europe 🇩🇪🇸🇪🇵🇱

💊 KKR has won the auction for German consumer healthcare company Karo Healthcare, with the transaction valuing the business at over €2.5bn.

🥶 Bencis Capital is preparing the sale of German frozen food wholesaler and logistics firm Elbfrost, which is expected to be marketed off c.€18m EBITDA.

🚗 German automotive parts giant Continental has announced plans to spin off its ContiTech unit, which generates €6.4bn revenue. A formal sale process is expected to begin.

📉 The IPOs of multiple European companies, including those of Stada, Klarna, and Cirsa, have been put on ice due to market volatility stemming from the announcement of US tariffs.

☀️ Berlin-based solar system rental platform Enpal has raised €110m in a new financing round.

🏗️ ThyssenKrupp AG is reviewing strategic options, including a sale, for its materials unit, which could be valued at up to €2bn.

🧴 Altor has postponed the sale of Swedish plastic packaging firm Trioworld due to uncertainty around US tariffs. The company reported c.€140m EBITDA.

🌮 Around 40 potential buyers have expressed interest in acquiring Sausalitos, the German Mexican-themed restaurant chain currently under provisional administration.

🔋 Scania has acquired Northvolt’s battery cell production facilities, along with 260 employees, as part of its EV manufacturing expansion.

⚡ Switzerland-based energy management solutions firm Landis+Gyr is planning a dual listing in 2026.

📺 Polish billionaire Michal Solowow has withdrawn plans to acquire Polish broadcaster TVN from Warner Bros. Discovery.

🏦 Banco Santander is reviewing strategic options for its majority-owned Polish unit.

🧠 German anti-money laundering tech provider Hawk has raised $56m in a Series C round, led by One Peak.

🎨 German online art marketplace Artnet, with a market cap of c.€50m, has confirmed takeover talks with two investors.

❄️ CoolerU Logistics, a German refrigerated food logistics business, has secured investment from private equity firm nwu nordwest.

🔬 Danish photonic quantum chip developer Sparrow Quantum has raised €21.5m Series A from PensionDanmark and other investors.

🛡️ Hungarian insurtech Ominimo Insurance has closed a Series A at a €200m valuation, just 12 months post-launch. Zurich Insurance led the round.

♻️ CVC has agreed to acquire a 49% stake in BALANCE, which operates 42 biogas facilities across Northern and Eastern Germany.

📄 Bain Capital Private Equity is exploring a dual-track process for Ahlstrom, its Finnish fibre-based specialty materials company, which posted c.€3bn net sales in 2024. A sale or IPO could take place as early as 2026.

Western & Southern Europe 🇫🇷🇪🇸🇮🇹

🏥 Five Arrows, sponsor of French health IT provider Softway Medical, is in exclusive talks with Bain Capital to sell the company at a rumoured €1.2bn enterprise value.

👗 Prada has agreed to acquire Versace from Capri Holdings in a deal valuing the Italian fashion house at an enterprise value of €1.25bn.

💊 Advent International is preparing to launch a sale process for Dutch healthcare group Mediq, with a targeted valuation of c.€1bn.

🎓 CVC Capital Partners is close to appointing advisors for the sale of Spanish private university Universidad Alfonso X El Sabio (UAX), which could fetch €2bn.

💻 The sale of Italian wealth management software provider Objectway has entered the second round of bidding, with the vendor targeting a valuation of €350m+.

🧴 Portobello Capital has appointed Mediobanca to manage the sale of Italian personal care manufacturer Farmol, which reported €21m EBITDA in 2024.

🤿 HEAD Group is in exclusive talks to acquire Aqualung Group, a scuba diving equipment manufacturer with c.€100m revenue.

🥖 French bakery network operator Moulin d’Elise has sold an undisclosed minority stake to Bpifrance, the French state investment group.

🚘 Stellantis, the Dutch automotive group, has engaged McKinsey & Co. to advise on strategic options for its Maserati and Alfa Romeo businesses.

🏫 Inspired Education, a UK-headquartered global premium schools group, has agreed to acquire El Colegio Británico (British Council School) in Madrid.

🧳 Equistone Partners Europe has mandated Natixis Partners to sell its majority stake in French tourism company Karavel, which has 1,100 employees and €60m EBITDA.

📈 French accounting software provider Pennylane has doubled its valuation to €2bn after raising €75m in a round led by Sequoia Capital.

🚁 Swiss Life Asset Managers has acquired a controlling stake in Eliance, a Spanish HEMS and rescue aviation services provider backed by RiverRock. The business operates 100+ aircraft.

⚡ Repsol is seeking a partner for a €900m renewable energy portfolio in Spain.

💼 Spanish digital staffing platform Job&Talent has raised €92m in a Series F round at a €1.3bn valuation.

🚧 Spanish construction group Comsa Corporacion has decided not to proceed with the sale of its €115m-revenue services division.

📐 Seven2 is working with Jefferies to explore a sale of French construction software firm Graitec, which expects €45m EBITDA in FY25.

🎤 A consortium of Verlinvest and Vendis Capital has won the auction for KaraFun, the French online karaoke solutions company. The deal is reportedly valued at €180m.

📡 Brookfield-backed French telecom infrastructure group TDF is expected to return to the auction block later this year.

🚁 SAF Aerogroup (Groupe SAF), a French helicopter transport and mountain rescue operator, has been fully sold by Oaktree Capital Management in a deal reportedly worth €300m.

Fresh Powder 💰

🌱 Legal & General (L&G) and NTR have raised over €600m at the final close of their L&G NTR Clean Power (Europe) Fund, targeting clean energy infrastructure investments across Europe.

📊 21 Invest has closed its sixth vintage fund at €261m. The fund will invest in mid-cap companies across the Tech/Software, Healthcare, Business Services, and Education sectors.

💬 Know someone who should be reading this? Forward it on — they’ll thank you.