The Bolt-Ons Digest – 16 September 2022

Business Support Services

A&M Capital’s Ayesa, a Spanish tech and engineering consultant, has acquired local IT consultancy Ibermática to nearly double the group’s revenue to EUR 600m. The deal is Ayesa’s third bolt-on since taking a majority position in January 2022 via AM Capital Europe.

BC Partners’ Valtech, a British provider of IT services, has acquired Dutch salesforce specialist Appsolutely. BC invested in Valtech at a USD 1.4bn valuation in July 2021 via BC European Capital XI.

Elaghmore’s Hexcite Group, a digital media marketing agency, has acquired Concept Group, a LED signage company for out-of-home advertising. The deal brings Hexcite’s annual turnover to GBP 35m. Elaghmore created Hexcite Group in a roll-up in 2019 via Elaghmore I.

Argos Wityu's Coexya, a French IT software and consultancy business, has acquired both Siris Advisory and Cloudspirit, separate French IT consulting firms specialised in digital transformation. Argos Wityu acquired Coexya in September 2020 via Argos VII. 

Equistone’s Acuity Knowledge Partners, has acquired Cians Analytics, a US-based intelligence provider to the financial services sector. The deal is Acuity’s first bolt-on after the GP acquired the company in July 2019 via Equistone Partners Europe Fund VI. The company is tipped as an upcoming sale candidate.

Software

Horizon Capital’s STRAT7, a British developer of data analytics, has acquired Jigsaw Research, a local strategic insight agency. The deal is STRAT7’s third bolt-on with the group now generating GBP 60m in revenue. Horizon acquired STRAT7 in April 2019 via Horizon Capital I.

Inflexion’s Infront, a Norweigan software developer for the financial services sector, has acquired Switzerland-based Assetmax, which makes software for independent asset managers. Inflexion acquired Infront in a de-listing in June 2021 via Buyout Fund V.

Marlin’s Linnworks, a British commerce automation platform, has acquired SkuVault, a US-based provider of inventory management software. Marlin acquired Linnworks in September 2021.

HQ Equita’s Ebertlang, a German distributor of IT software, has acquired Swedish managed service provider (MSP) distributor Innosoft to enter the Nordic market. The deal is the third bolt-on for Ebertlang since HQ Equity acquired the company in May 2019 via Equita V.

Consumer

Advent International’s IRCA Group, an Italian food ingredient provider, has acquired local pistachio producer Anatasi for over EUR 100m. Advent acquired Irca in April 2022 via Advent International GPE IX.

EQT’s IVC Evidensia, the UK veterinary group formerly known as Independent Vetcare, has acquired Kleintierzentrum Greven, a German peer with 60 employees. EQT acquired Independent Vetcare in December 2016 via EQT VI but the group now sits in EQT VII following a merger with Evidensia.

Eurazeo’s 2Ride, a French manufacturer of protective equipment for extreme sports, has acquired Casco International, a German maker of helmets and goggles. Eurazeo acquired 2Ride in July 2018.

BaltCap’s Tradehouse, an Estonian importer and distributor of professional beauty products, has acquired Scandinavian Brands, a local peer that represented high-quality beauty brands. Tradehouse had turnover exceeding EUR 20m in 2021. BaltCap acquired the company in December 2020 via BaltCap Growth Fund.

Industrials

PAI Partner’s M Group Services, a British provider of infrastructure services, has acquired Salient Systems, a local provider of services to the metering market. PAI acquired M Group in May 2018 via PAI Europe VI and hired Citi to explore an exit earlier this year.

Financial services

Sovereign Capital’s Skerritts, a British wealth manager, has acquired local independent financial advice firm Bradbury Hamilton. The deal is the seventh bolt-on for the company since Sovereign invested in March 2021.

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• Topics
• DACH
• Nordics
• UK / Ireland
• Southern Europe
• Healthcare
• Consumer
• Financials
• Technology
• Industrials
• GPs
• Buyouts
• Advent International
• EQT
• Sovereign Capital
• PAI Partners
• Baltcap Management Ltd
• Eurazeo
• HQ Capital
• Inflexion Private Equity
• Horizon Capital (formerly Lyceum Capital)
• Equistone Partners Europe
• Argos Wityu
• BC Partners
• Alvarez & Marsal