The Bolt-Ons Digest – 14 December 2022

Industrials

CVC’s Stark Group, a Danish supplier of heavy construction materials, has acquired Jewson, a carve-out of Saint-Gobain’s UK merchanting brands, for GBP 740m, beating out Apollo, HIG TDR in an auction. CVC acquired Stark Group in January 2021 for EUR 2.5bn via CVC Capital Partners VII (2017).

Triton’s Fertiberia Group, a Spanish agricultural chemical producer, has acquired Belgian fertilizer company Van de Reijt to add EUR 160m to the group’s EUR 934m in 2021. Triton acquired Fertiberia in August 2019 via Triton V (2018).

One Equity’s Walki, a Finnish packaging group, has acquired German-based Folian, focused on flexible food packaging. The sponsor acquired Walki from CapMan in April 2018 via One Equity Partners VII (2018).

Ambienta’s In.Pack Machinery, an Italian bag packaging manufacturer, has acquired Karlville Swiss, a Swiss manufacturer of pouches. The deal is the 12th add-on completed under the sponsor in the past year and the combined group has EUR 140m revenues. Ambienta formed In.Pack in August 2019 via Ambienta III (2018).

Financial services

Bridgepoint’s Kereis, a French insurance broker, has acquired two local peers each specialised in niche verticals: Cegema (personal), Dame Prevoyance (funeral), and Particeep, a fintech that manages online subscriptions for insurers. Bridgepoint acquired Kereis, formerly known as CEP, in May 2020 for EUR 1.3bn via Bridgepoint Europe VI (2017).

Astorg’s IQ-EQ, a Luxembourg-based fund distributor, has carved out Laven Group’s compliance arm Laven Compliance Limited. Astorg acquired IQ-EQ in September 2015 via Astorg V (2010) with the asset placed into a continuation fund in January 2022.

Technology

EQT’s Open Systems, a Swiss provider of managed detection and response (MDR) services, has acquired UK peer Tiberium. EQT acquired Open Systems in May 2017 via EQT Mid Market Europe (2016).

Triton’s Swiss IT Security Group, a Swiss cybersecurity provider, has acquired SecureDevice, a Danish peer. Triton acquired the company from Ufenau in July 2021 via Triton Fund V (2018).

Healthcare

Inflexion’s SteriPack, an Irish CMO, has acquired UK-based medical product design group Kinneir Dufort. The GP acquired SteriPack in July 2022 via Inflexion Buyout Fund VI (2022).

Siparex’s Winncare, a French producer of medicalised mattresses, has acquired Herida Medical, a UK-based peer. The group has doubled its revenues to EUR 140m since Siparex acquired the company in February 2021 via Siparex ETI 5 (2021) for EUR 100m.

Abris’ Scanmed, a group of Polish hospitals, has acquired local cancer specialist Ars Medical. Abris acquired Scanmed in November 2020 in a carve-out from South Africa-listed Life Healthcare via Abris CEE Mid-Market III (2016).

Miura Partners’ Proclinic, a Spain-based dental distributor, has acquired Meditrans, a Poland-based peer for EUR 15m to expand the company’s presence in CEE. Miura acquired Proclinic in March 2021 via Miura Fund III (2017).

Business support services

Tenzing’s PSSG, a UK-based HR software solutions provider, has acquired three local peers: Peopletime, Expense One and the payroll business of Baxter & Co. Tenzing formed PSSG in September 2020 in a roll-up via Tenzing Private Equity I (2017).

Apax Partners’ Lutech, an Italian IT services provider, has acquired the Italian arm of French-listed Atos Group. The UK-based sponsor acquired Lutech in 2021 for around EUR 500m.

Exponent’s Xeinadin, a UK-based accountant, has acquired Welsh peer Graham Paul. The deal is at least the fifth bolt-on since the sponsor acquired a minority stake in Xeinadin in February this year.

Media

LDC’s MSQ Partners, a UK-based marketing agency, has acquired Miri Growth, a local app performance marketing agency. The bolt-on is MSQ’s third since LDC acquired the company in 2019 for GBP 37.5m. The sponsor recently tapped Houlihan Lokey to explore an exit.

Specialised consumer services

Oakley Capital’s Affinitas Education, a UK-based K12 school group, has acquired XaBia International College, a Spanish private international school operator. Oakley backed Affinitas in August 2022 via Oakley Capital Private Equity IV (2019).

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• Topics
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• Industrials
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• Technology
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• Apax Partners
• Tenzing
• Oakley Capital
• Ambienta
• One Equity Partners
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• Miura Private Equity
• Abris Capital Partners
• Siparex
• Inflexion Private Equity
• Exponent Private Equity