The Bolt-Ons Digest – 17 October 2022

Business support services

Equistone’s Ligentia, a UK supply chain solutions provider, has acquired VGL Solid Group, a Polish freight and logistics provider. The combined group will have a turnover of EUR 1bn. Equistone acquired the group in January 2021 via Equistone Partners Europe Fund VI.

Limerston Capital’s Empowering People, a UK-based HR business, has acquired Learning Nexus, a peer working in compliance solutions. The deal is Empowering’s fifth bolt-on after the group was formed from the platform investment of AdviserPlus. Limerston acquired the company in November 2016 via Limerston Capital Partners I.

Endless’ Realise Learning & Employment, a British vocational trainer, has acquired Training Plus Merseyside and FW Solutions, apprenticeship providers based in Liverpool and Leeds. Endless acquired Realise in October 2020 in a carveout from strategic player Interserve via Enact II.

Horizon Capital’s Dains Accountants, a British audit and tax adviser, has acquired William Duncan, a Scottish accountancy firm. The deal is Horizon’s third bolt-on since it acquired the company in December 2021.

Technology

Bridgepoint’s Infinigate, a Swiss cybersecurity group, has acquired Starlink, a Dubai-based secure cloud provider. The deal is the group's third bolt-on and brings its total turnover to EUR 2.2bn for 2023. Bridgepoint acquired Infinigate in March 2021 via Bridgepoint Europe VI from HIG.

Ambienta’s Namirial, an Italian certification software company, has acquired Agenzia Trotta, which provides admin services for law firms. The group now has EUR 110m in turnover. Ambienta acquired Namirial in April 2020 via Ambienta III for EUR 140m. Advisors have recently began pitching for a sale, Mergermarket reports.

EQT’s Freepik, a Spanish supplier of digital pictures and illustrations, has acquired Iconfinder and Original Mockups, Danish and Colombian peers. EQT acquired the company in May 2020 via EQT Mid Market Europe, with Atwater joining as a minority shareholder in October of that year.

QPE’s Sagacity, a British data management business, has acquired ReaD Group, a local digital marketing agency. QPE acquired Sagacity in May 2021 via QPE Partners I.

Equistone’s TimeToAct, a German IT services group, has acquired OpenAdvice, a German provider of business monitoring systems. Equistone acquired TimeToAct in May 2021 via Equistone Partners Europe Fund VI.

Industrials

Triton’s Leadec, a German service provider for factories, has acquired Elmleigh Electrical Systems, a UK automation specialist. Leadec had sales of EUR 940m in 2021. Triton acquired the asset in August 2016 via Triton Fund IV.

Astorg’s Solina, a French savoury ingredients producer, has acquired Saratoga Food Specialist, a US-based peer with USD 280m turnover. The bolt-on is Solina’s fourth this year. Astorg acquired Solina for EUR 1.7bn in May 2021 from Ardian via Astorg VII.

Cairngorm Capital’s National Timber Group, a UK-based timber processor and distributor, has acquired SV Timber, a local timber merchant. Cairngorm formed the group in November 2018 via Cairngorm Capital II.

Healthcare

CVC’s FutureLife, a Czech IVF provider, has acquired Institut Marquès, a Spanish peer. The deal is FutureLife’s second bolt-on following UK-based CRGH. CVC acquired FutureLife in December 2021 via CVC Capital Partners VIII.

Triton’s Unident, a Swedish dental equipment supplier, has acquired American Dental Trading and Hofmeester Dental, two Dutch wholesalers of dental products to create a group with EUR 160m revenue. Triton acquired Unident in June 2018 via Triton Smaller Mid-Cap Fund. 

Financial services

Corsair’s Zedra, a British wealth manager, has acquired Clear Pen Solutions, a local provider of trustee services to pension schemes. The deal is Zedra’s seventh bolt-on this year after BCI made a minority investment in March 2022. Corsair acquired the group in November 2018 via Corsair V.

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• Topics
• UK / Ireland
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• GPs
• Expansion
• Healthcare
• Industrials
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• Support services
• Equistone Partners Europe
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• Horizon Capital (formerly Lyceum Capital)
• Bridgepoint
• Ambienta
• EQT
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• Astorg Partners
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• CVC Capital Partners