The Deals Pipeline

Germany

OASE, an Argand Partners-backed German manufacturer of water-gardening products, could hit the market during the second half of the year, Mergermarket reported on 9 July. The sponsor has appointed Raymond James to advise on a potential sale. The process could potentially kick off later this year. OASE generates around EUR 25m-35m in EBITDA. Its revenues amount to around EUR 200m. OASE reported EUR 165.2m revenues and EUR 25.1m adjusted EBITDA in the financial year to 30 September 2019.

Nordic Capital and Palamon Capital Partners are preparing to sell Veonet, their European ophthalmology platform and parent of Germany's Ober Scharrer Group (OSG), Mergermarket reported on 8 July. The sponsors have appointed Goldman Sachs and JP Morgan to manage the process. The sell-side banks are working to a post-summer launch. Veonet, which runs 170 eyecare clinics spread across four countries, generates in the region of EUR 100m–120m in EBITDA. That would suggest OSG will easily surpass a EUR 1bn valuation given that multiples in the ophthalmology sector fall comfortably into the double-digit bracket.

UK

Providence Equity Partners is preparing Tes Global for a sale process expected to launch later this year, adding to a list of education deals as the sector continues to consolidate, Mergermarket reported on 6 July. The sponsor is working with Morgan Stanley and Arma Partners on the upcoming sale. It is likely to launch after the summer break. Tes is expected to be marketed based on EBITDA of GBP 50m for 2021. Net revenues were GBP 99.4m in 2020. Adjusted EBITDA for 2020 amounted to GBP 43.6m. A potential sale of Tes is expected to attract interest from private equity firms with experience in the space, including Bain Capital, Permira and Cinven. It could also attract interest from US strategics such as PowerSchool Group, backed by Vista Equity Partners.

Italy

Somacis, an Italian maker of printed circuit boards (PCB), is due to collect preliminary offers by the end of this month, Mergermarket reported on 9 July. Teasers for the Green Arrow-backed company have been distributed. The deal value is expected to be in the region of EUR 300m. Jefferies and Cassiopea are sell-side advisers. In 2020, Somacis generated EUR 25m in EBITDA from revenues of EUR 135m, and its management expects the company to reach EUR 26.4m in EBITDA from EUR 155.3m in revenues this year.

France

Sagard is said to be the winner of an auction for the acquisition of a majority stake in the French prescription engineering group Ginger, and has entered exclusive negotiations, Capital Finance reported on 6 July. The transaction would value the target slightly above EUR 300m. Ginger has been controlled by EMZ Partners (majority), Siparex and BNP Paribas Developpement since 2017. The parties will discuss whether EMZ would reinvest in the business. Ginger generates revenues of EUR 200m.

Spain

Suanfarma's sale by sponsor ICG has attracted the interest of Carlyle, PAI Partners, Ardian, Wendel, HIG Capital and the healthcare fund GHO Capital, Expansion reported on 6 July. The Spain-based pharma business is valued at approximately EUR 600m. Rothschild is managing the auction. ICG became Suanfarma's majority stakeholder in 2018, with the acquisition of around 65% of the capital, while its chairman and founder, Héctor Ara, has a stake of around 20%. Spanish fund ProA Capital, which was the previous owner, also remains a shareholder. Suanfarma reported a 2020 turnover of around EUR 300m and an EBITDA of EUR 40m-50m.

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• Topics
• Buyouts
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• Southern Europe
• UK / Ireland
• DACH
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• Deals Pipeline