The Deals Pipeline

Unquote team
01 November 2021

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

France

IK Investment Partners has chosen Lazard to handle the sale of its portfolio company Linxis, a French specialised equipment company for the food and health sector, Mergermarket reported. Sale documentation will be dispatched to a mix of private equity firms and strategics. The process is likely to kick off in early 2022. With an annual EBITDA close to EUR 40m, Linxis could be valued at close to EUR 500m.

PAI Partners-backed French gaming publisher and distributor Asmodee is attracting an array of financial sponsors including Silver Lake, CVC, Advent, and KKR ahead of the company's sale launch in November, Mergermarket reported. Blackstone, Hellman & Friedman and Kirkbi are also expected to join the fray. Information memorandums are expected to be distributed in November. Goldman Sachs and Natixis are advising PAI on the sale. Asmodee will likely be marketed based on EBITDA of almost EUR 200m.

The sale of French online vocational course provider L'Ecole Française, organised by adviser Alantra, is set to relaunch in November at a scaled down enterprise value of EUR 300m, L'Agefi reported. KKR, Ardian, Apax and Bridgepoint were said to be looking at the business when it was previously in the market in June 2021.

DACH

Permira is among sponsors looking to table a non-binding offer for Swiss industrial software firm AutoForm, Mergermarket reported. Onex is also expected to bid for the Astorg-backed asset. Carlyle, KKR, EQT, Hellman & Friedman and Francisco Partners (which owns automotive specialist CDK Global) were previously reported as potential bidders. Evercore and Jefferies are sell-side advisers in the auction. AutoForm generated EUR 75m in EBITDA in 2021.

Silverfleet Capital has appointed Houlihan Lokey to prepare a sale process for Germany-based phenolic and amino resins manufacturer Prefere Resins that could kick off before year-end, Mergermarket reported. Prefere is expected to be marketed based on EBITDA of around EUR 40m from sales of approximately EUR 400m.

UK & Ireland

Volpi Capital is preparing to sell Version 1 in the first quarter of next year in a deal that could see the Irish IT service valued at more than EUR 500m, Mergermarket reported. Volpi has received advisory pitches in recent weeks for the sell-side mandate. Version 1 generates EBITDA of around EUR 30m-35m, which is projected to increase to around EUR 40m for 2022.

Benelux

3i Group has started preparations to exit packaging products company Weener Plastics Group, Mergermarket reported. Barclays will be guiding the sponsor on the upcoming sale process. The Netherlands-based maker of plastics caps and closures is expected to post EBITDA of more than EUR 100m in 2022.

Southern Europe

The Carlyle Group will conduct an advisory beauty contest in the coming weeks as it starts sale preparations for Irca, Mergermarket reported. Rothschild and Morgan Stanley are considered the frontrunners to secure the sell-side mandate. The auction for the Italian producer of chocolate, pastry, ice cream and baking products is expected to launch at the beginning of 2022. Irca had EUR 68m EBITDA from revenues of EUR 320m in 2019.