The Deals Pipeline

Unquote team
13 December 2021

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

DACH

Medi-Globe, a German medical device maker, is being prepped for an exit next year by UK-based sponsor Duke Street, Mergermarket reported. The vendors have appointed Moelis to advise on the process, the sources said. Medi-Globe, based in Achenmühle in Bavaria, generates around EUR 20m in EBITDA, according to sources. The company's EBITDA is closer to or exceeds EUR 20m. A process is expected to kick off at some point early next year.

The owners of Trivium Packaging are getting ready for a sale process expected to kick off early next year, Mergermarket reported. Advisers at Citi and Evercore will be guiding the global metal packaging group on an upcoming auction. Ontario Teachers' Pension Plan holds a majority stake in Trivium, while Ardagh has around 42% of the shares. Trivium generated USD 405m in EBITDA from USD 2.65bn in revenues in 2020.

The sale process for Switzerland-based Sommet Education, an operator of hotels and hospitality schools, has kicked off with the recent distribution of information memorandums and indicative bids slotted for mid-January, Mergermarket reported. Sommet is being sold base on adjusted EBITDA of CHF 46m (EUR 44m). Rothschild is sell-side adviser to owner Eurazeo. IK Partners and Providence are signalling preliminary interest in the asset.

France

PAI Partners and Baring Private Equity Asia (BPEA) are understood to have appointed Deutsche Bank as financial adviser to prepare for the sale of World Freight Company International (WFCI), a France-based manager of cargo freight capacity, L'Agefi reported. WFCI could be valued at more than EUR 1.5bn, given an annual EBITDA of EUR 150m.

Private equity firm Carlyle Group and Swedish gaming group Embracer Group are in the second round of bidding for French gaming publisher and distributor Asmodee, Mergermarket reported. The deal could be structured based on EBITDA of more than EUR 200m, or even EUR 210m. Final round bids are expected to be collected before Christmas. Goldman Sachs and Natixis Partners are sell-side advisers.

Exponent Private Equity, which owns Spotlight Sports, has mandated PJT Partners to oversee the UK-based horse racing newspaper's GBP 500m auction, Sky News reported. The sale initiation, which will commence in 2022, is expected to attract interest from US counterparts.

Southern Europe

Carlyle is negotiating directly with Lone Star to buy Spain-based tile manufacturer Altadia, formerly known as Esmalglass, Cinco Dias reported. The operation amounts to between EUR 1bn and EUR 1.5bn. Lone Star mandated Citi in the sale process, which has attracted the interest of some of the major funds operating in Spain, including CVC, Apollo Global Management, Cinven, Intermediate Capital Group, PAI Partners, Platinum Equity and Carlyle, which submitted non-binding offers at the end of November.

The Carlyle Group could appoint before Christmas an adviser for the sale of Irca, an Italian producer of chocolate, pastry, ice cream and baking products, Il Sole 24 Ore reported. Both industrial bidders and private equity groups are likely to be interested. Rothschild and Morgan Stanley are considered as the frontrunners to secure the sell-side mandate. Irca is expected to close 2021 with turnover of EUR 365m.