
Ardian buys LP interest in Bregal Freshstream
Ardian has acquired an LP interest in Bregal Freshstream (now rebranded as Freshstream I) from Bregal Investments.
Freshstream I is a fund established in 2015 with €600m in commitments. It targets majority stakes in mid-market companies based in the Benelux region and the UK.
The vehicle has been fully deployed across 10 investments, one of which was sold in 2019.
Freshstream I pursued an active buy-and-build strategy during the pandemic, with five bolt-ons signed or completed over the last six months and a further two in exclusivity.
Recent deals included add-ons made by Away Resorts (a UK holiday park operator) and Avicenna (a group of community pharmacies in the UK).
The fund will now be managed by Freshstream. Any future Freshstream funds will be raised by Freshstream as a stand-alone entity, the firm announced in a statement.
This transaction will complete Freshstream's transition from its Bregal Investments platform to an independent firm owned by its partners.
Both Bregal and Ardian have made commitments to Freshstream's second fund.
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