Buyouts
Lonsdale scores fourth exit of 2021 with Cross Rental Services sale
Sale of CRS is the GP's seventh exit since inception, and its fourth this year
Pamplona to acquire Pelsis from LDC
LDC backed the management buyout of Pelsis from US-based GP Wind Point Partners in 2017
Bain-led consortium enters discussions for Rolls-Royce's ITP unit
Bain-led consortium that includes local player Sener is poised to take over ITP with a EUR 1.6bn bid
Bridges reaps 2.5x return on sale of Wholebake to Elysian
Deal is the second investment for Elysian Capital III, which closed on its GBP 325m hard-cap in 2020
PAI buys PepsiCo US juice brands for USD 3.3bn
Deal also includes an irrevocable option to sell certain juice businesses in Europe
TriSpan buys Pho, Gresham House Ventures exits
Pho generated revenues of around GBP 40m in the year to February 2020
PAI acquires Scrigno from Clessidra
Deal is the fourth inked by PAI's new Mid-Market Fund, closed on EUR 920m in March
TA buys Smiths Medical from parent Smiths Group
Deal gives the medical subsidiary a USD 2.3bn enterprise value
Sanne board to recommend Apex offer
Should Apex make a firm offer, Cinven would have to significantly up its own bid for the fund administrator
Mayfair backs Tangle Teezer MBO
Report by The Times values the business at more than GBP 200m
HIG buys Quick Restaurants for EUR 240m
Restaurants reported EUR 227m in sales and EUR 21m in EBITDA in 2019
Livingbridge acquires IT service North from Aliter Capital
Aliter Capital formed North via a buy-and-build strategy for portfolio company Boston Networks
Wm Morrison shareholder JO Hambro to decline Fortress takeover offer
JO Hambro say the offer is below the 270p level that would be worthy of consideration
Cinven buys Restaurant Brands Iberia in EUR 1bn-plus deal
RB is the master franchisee for the Burger King brand in Iberia
Equistone sells Bruneau to Towerbrook
Earlier media report put the EV of the French online office supplies retailer at EUR 475m
Bregal acquires Advent-backed Laird Thermal Systems
Advent acquired LTS's parent company Laird in a GBP 1.2bn take-private in 2018
Graphite Capital acquires Wonderbly
Personalised children's books publisher is the seventh deal from Graphite's 2018-vintage ninth fund
Trilantic invests in Smile Eyes
Trilantic intends to pursue a buy-and-build strategy for the German ophthalmology clinic chain
Alpha Private Equity sells Vertbaudet to Equistone
SBO of the children's clothing and accessories retailer is Equistone's sixth platform deal of 2021
The Deals Pipeline
A highlight of deal processes underway and involving PE, either on the buy- or sell-side, across Europe
Bayer ESP eyed by Bain, Cinven ahead of post-summer sale launch
Bayer could expect to fetch in excess of EUR 2bn for ESP, two sources say
A&M Capital Europe buys Pet Network for EUR 260m
Pet Network was created by TRG in 2018 through the acquisition and merger of three businesses
FPE invests in employee benefits software Zest
Deal is the 10th platform investment from FPE's GBP 100m, 2016-vintage, second fund
Palatine sells Wren Sterling in Lightyear-backed MBO
Wren Sterling was created in 2015 through the Palatine-backed MBO of Towergate Financial