The Bolt-Ons Digest – 19 April 2022

Industrials

Triton’s All4Labels, a German label manufacturer, has acquired Olympus Print Group, to make its first move into the UK. The target offers labels for the personal care and alcohol industries. The deal marks the fifth acquisition by All4Labels in the past year. Triton bought the asset in August 2019 via Triton V.

Committed Capital’s MR Marine Group, a Dutch servicer of marine elevators, has acquired I&C Services, a local servicer of onboard marine equipment including ballast water systems. The GP bought the asset in July 2020 via Committed Capital III.

Triton’s Leadec, a German service provider for factories, has acquired Castrol Industrie und Service, a carve-out of Castrol that provides fluid management services for the automotive and mechanical engineering sectors. Leadec had sales of EUR 940m in 2021. Triton bought the asset in August 2016 via Triton Fund IV.

Capiton’s Cedes, a Swiss elevator sensor provider, has acquired Vitector, a local provider of door sensors. The GP said that the acquisition complements its portfolio, including optical sensing edges and reflective photo eyes. Capiton acquired the asset from Assa Abbloy, the Swedish access conglomerate, in September 2020 via Capiton VI.

TMT

Goldman Sachs Private Equity’s Advania, a Swedish IT services provider, has acquired Azzure IT, a British Microsoft Dynamics specialist. The GP bought Advania in February 2021.

Main Capital Partners' Perbility, a German HR-software provider, has acquired Concludis, a local provider of recruitment software, the asset’s first bolt-on. The GP first acquired Perbility in December 2020 via Main Capital VI.

Deutsche Beteiligungs AG’s In-Tech, a German engineering technology company, has acquired Ruetz Systems Solutions, which provides data communications for the automotive industry. The GP first acquired In-Tech in January 2022 via DBAG Fund VIII.

Bregal Unternehmerkapital’s Iptor, a Swedish provider of supply-chain software, has acquired TimberTec, a German ERP software provider for the timber industry. The GP acquired the asset in January 2020 via Bregal Unternehmerkapital II.

Rivean Capital’s Corilus, a Belgian medical software company, has Q-Top, a local provider of software for physiotherapists and occupational therapists. The GP bought the asset in May 2020 from AAC Capital.

Vespa Capital’s Flag Communication, a British sustainability communications agency, has acquired ESG Communications, a local responsible investment communications consultancy. The GP bought the asset in January 2022.

Financial services

Miura Partner’s Brokers Alliance, a Spanish insurance broker for SMEs, has acquired local peer Ores & Bryan, a broker in credit and surety space, forming a group with revenues of EUR 20m. The GP first backed Broker Alliance in June 2021 with the acquisition of Banasegur in June 2021 and is looking to consolidate the Iberian brokerage market.

Consumer services

Ufenau Capital Partners' GarLa Gruppe, a Swiss landscaper, has acquired Enz Group, a local peer in gardening and landscape planning. The group now has CHF 40m in sales and Ufenau sees GarLa as a buy-and-build asset. It first bought the business in July 2019.

HIG Capital’s Highbourne Group, a UK-based distributor of bathroom equipment, has acquired Plumbworld, a local e-commerce specialist for bathroom, kitchen, plumbing and heating products. The sponsor bought the asset in May 2021 in a carve-out from Travis Perkins.

Utilities

Equistone’s Amadys, a Belgian distributor of passive network equipment, has acquired PRO-Kunststoff, a logistics partner for network operators and construction companies. The GP bought Amadys from Vectis Private Equity in November 2019 via Equistone Partners Europe Fund VI.

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