The Deals Pipeline

Unquote team
15 June 2020

Tweet
Facebook
LinkedIn
Google plus
Send to

A fortnightly highlight of deal processes underway and involving private equity, either on the buy- or sell-side, across Europe.

Benelux

Advent International has hired Rothschild to ready Dutch medical equipment wholesaler Mediq for a sale, Mergermarket reported on 5 June. Advent had postponed the process on account of Covid-19. Mediq's offering includes surgical masks, braces and casts, and generates €922m revenue.

Apax Partners has readied Dutch firefighting-equipment developer SK FireSafety Group for a sale, Mergermarket reported on 5 June. KPMG is advising. The process is likely to start as soon as the market is stabilised.

Nordic

Vitruvian has reinitiated its sale of Swedish transport management software provider Unifaun, with initial bids due on 10 June, Mergermarket reported on 9 June. The process was postponed in April ahead of first-round bids, due to Covid-19 market jitters. The sponsor-focused process has attracted bids from EQT and Axcel, and FSN Capital and Hg are also potentially looking at the asset. IK Investment Capital is also interested in the business, while Nordic Capital, General Atlantic, Montagu, Inflexion and Keensight were examining the asset before the sale was put on hold. Unifaun is marketed based on EBITDA of around €15m and is estimated to be valued at around €200m.

Casual Dining Group (CDG), a UK-based restaurants holding company, has disclosed that it is in discussions with potential buyers, The Daily Telegraph reported on 1 June. CDG has entered preliminary talks with several potential buyers. Its majority shareholder, KKR, said this month that it intended to appoint administrators to the restaurant group. AlixPartners is advising CDG. The potential bidders are thought to be looking to acquire CDG outright, rather than its individual restaurant brands, Las Iguanas, Cafe Rouge and Bella Italia. CDG made a £47m operating loss in the 12 months to May 2019.

Southern Europe

Bain Capital has made a counter offer to the Italian Football League (Serie A) to that put forward by CVC for a stake in a proposed TV rights newco, Il Sole 24 Ore reported on 12 June. Bain is offering €3bn for a 25% stake in the newco compared to CVC's offer of €2.2bn for a 20% stake. CVC is presently in exclusive talks with Serie A that are due to end at the end of June.

Stirling Square will relaunch its sale of Italian waste-recycling provider Itelyum towards the end of the year or early next year, Mergermarket reported on 5 June. Rothschild is advising the sponsor on its exit. Itelyum generated €60m EBITDA in 2019, and was being marketed based on revenues of €300m. Itelyum's sale was put on hold due to the coronavirus pandemic.

CEE

Zabka sponsor CVC Capital Partners has ruled out a possibility of selling the Polish convenience retail network to Poland's government, Business Insider Polska reported on 5 June. CVC is not considering an exit, with a stock market listing likely to be given priority when the time comes. Government representatives had been signaling for the past few days that a state-owned chain of grocery stores could be created. The government does not want to build it from scratch, and would prefer to take over an existing retail network.