The Bolt-ons Digest – 18 March 2022

Rachel Lewis
18 March 2022

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The Bolt-ons Digest is a compilation put together by the Unquote team of the main add-on deals announced by PE-backed companies in Europe in the last few days.

Healthcare

KKR's Biosynth Carbosynth, a Swiss life sciences CDMO, has acquired Vivitude, a Massachusetts, US-based provider of custom peptides and antibodies. Vivitude's sponsor Ampersand Capital will roll over its entire stake and become a substantial minority shareholder of the combined entity. KKR bought Biosynth Carbosynth through its USD 4bn Health Care Strategic Fund II in November 2021.

Holland Capital's YOEP Onderwijs, a Dutch provider of specialised healthcare to people under the age of 23, has acquired Ad Astra, a local youth care provider focused on guidance and treatment of children. The GP bought YOEP in December 2021.

Limerston Capital's Forensic Access Group, a British forensics provider, has acquired Analytical Services International (ASI), a London-based bioanalysis and toxicology laboratory. The GP says that the add-on is aligned with ambitions to create a full-service forensics offering. Limerston bought Forensic Access in September 2020.

TMT

Agilitas' Cibicom, a Danish critical communication network, has acquired Telpartner, a local DAS solutions provider to offer integrated indoor and outdoor mobile communications. Agilitas bought Cibicom in 2018 from its 2015 Fund, in a carve-out from Swedish Teracom Group.

VR Equitypartner's Ostertag DeTeWe, a German ICT solutions and system integration provider, has acquired Horus-Net, which works in network security and monitoring services. VR bought Ostertag in 2016.

BaltCap's FCR Media, a Belgian digital marketing agency for SMEs, has acquired Dutch rival Youvia. The GP first bought FCR Media in 2008 and has since made a series of divestments and bolt-ons across Europe.

Specialised consumer services

Epiris' Bonhams, a UK-based auction house has acquired Skinner, an auctioneer from Massachusetts: the third add-on for Bonhams. Epiris bought Bonhams in 2018 from its Fund II, which closed in late 2018 at GBP 821m.

Software

Apax France's Graitec, a French provider of CAD to the construction industry, has acquired US peer Applied Software. Apax said that the bolt-on has revenues of USD 100m, to add to Graitec's USD 200m. Apax bought the France-based Graitec in late 2019.

Financial services

Cairngorm Capital's Verso Wealth Management, a London-based wealth management platform, has acquired Sunderland-based CDC Wealth Management. Cairngorm said the strategy is to build a national wealth management group. The GP bought Verso in September 2021 from Cairngorm Capital Partners III, which closed in August 2021 at its hard cap of GBP 200m.

Support services

Altor Equity Partner's Trioworld, a Swedish plastic packaging producer, has bought UK pallet wrap and stretch film manufacturer Eurofilms. The target has revenue of GBP 30m to add to Trioworld's EUR 750m, which is distributed across 16 companies in Sweden, Denmark, the Netherlands and France. Altor bought Trioworld in March 2018 from its Fund IV, which closed in July 2014 at EUR 2bn.

For suggestions and feedback, reach out to Rachel Lewis.