Analysis/Buyouts
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater
Sponsors drive record take-private activity as deployment pressure mounts
Discounted small- and mid-cap take privates expected to feed 2 pipelines amid M&A and IPO slowdown
GP Profile: Limerston Capital anticipates higher volume but more complex M&A as market steadies
UK-based GP is seeing dealflow driven by carve-outs and buy-and-build in a market where organic multiple arbitrage is no longer a given
Lenders sway fate of auctions in volatile LBO market
Vendors increasingly sounding out lenders before bidders to navigate uncertain M&A landscape
German health minister’s 'locust sponsors' comments spook live healthcare deals
New entrants scared by remarks on limiting profits; existing investors expected to rush to complete bolt-ons
Going, going, not gone: PE auctions bid for relevance amid risk-off environment
With a debt financing drought and macro woes denting exits, GPs are adapting the traditional M&A auction in favour of more flexible bilateral negotiations to get deals across the line
Gatemore eyes larger stakes in listed SMEs as path to take-privates
With its first closed-end fund in the making, the activist investor will use larger stakes to drive value creation and direct small-cap targets towards PE sales
Final close: Sponsors fight through buyout fundraising drought
With EUR 100.5bn in commitments this year, European buyout fundraising is likely to be the lowest since 2018
Private equity buyouts hit lowest point since COVID
Amid macro uncertainty, sponsors see EUR 44.6bn deployed across 211 buyouts, in the lowest mark since Q3 2020
Foreign GPs step up for large Italian deals – panel
Interest from international players is growing across a variety of sectors, but political uncertainty looms
Morrisons rival bidders may have little room to improve on Fortress bid
Both CD&R and Apollo are seen as viable threats to Fortress’s offer, one source says
European consumer M&A presents opportunities in Covid-19 chaos
Europe's consumer sector offers pockets of opportunity as the coronavirus pandemic wreaks havoc on M&A
Viridor/KKR shows sponsor route to waste opportunities in Covid-19 market
Waste management, and particularly energy-from-waste, is fast becoming an area of heated dealflow
GP Profile: Cerea Partenaire
Three-pronged food and agriculture investor is due to announce a first close for its second debt fund in March ahead of a final close on its €300m target
Deal in Focus: IK buys Studienkreis from Aurelius
IK had considered previous opportunities in the education space, with the firm's partner Petersson saying the sector offers good opportunities for PE
Deal in Focus: Ardian merges Spanish bakeries Berlys and Bellsolà
Ardian's investment in Berlys and Bellsolà forms part of a consolidation play in the European frozen food industry
Deal in Focus: Ambienta carves out Restiani from Total Erg
An in-depth look at a difficult carve-out in the energy production market segment
Deal in Focus: Ambienta bets on tighter market regulation with Safim
A look at the rationale behind the GP's 25th investment since the launch of its maiden fund in March 2008
Deal in Focus: Ufenau reaps 6x on NRW sale
Divestment of building refurbishment company follows a tenure of less than three years
Deal in Focus: Eurazeo buys Mondelēz confectionery arm for €157m
Following the deal, the company's international production will be relocated to France
Deal in Focus: Bain and Cinven to take Stada private
Acquisition of German pharmaceutical company would be the largest buyout ever recorded in the country
Deal in Focus: Ardian to take majority stake in Prosol
French hypermarket group reportedly valued in the region of €1bn, with existing investors remaining as minority backers following completion
Deal in Focus: Wise backs Tapì’s SBO
Italy-based bottle cap producer will adapt its expansion strategy to account for geopolitical developments in Central and North America
Deal in Focus: Cobalt makes 3.5x on TCS sale to Meeschaert
Vendor extended its holding period with LPs' blessing in order to fully implement its buy-and-build growth strategy