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UNQUOTE
  • Expansion

The Bolt-Ons Digest – 21 February 2023

The Bolt-Ons Digest – 21 February 2023
  • Rachel Lewis
  • 21 February 2023
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The Bolt-ons Digest is a compilation done by Unquote with the main add-on deals announced by PE-backed companies in Europe over the last few days.

Industrials

Investindustrial's CEME, an Italian manufacturer of fluid control solutions, has acquired Procon's North American and European businesses. Investindustrial acquired CEME in December 2017 for EUR 280m via Investindustrial VI (2016) and has reportedly tapped banks for a sale.

Waterland's Alliance Electronics, a French manufacturer of circuit boards, has acquired Edgeflex, a local electronics subcontractor. The sponsor acquired Alliance Electronics in December 2021.

Media

Astorg's Fastmarkets, a UK-based price reporting agency, has acquired Palm Oil Analytics, a Singapore-based publisher of palm oil market prices. The deal is the first bolt-on since the GP carved out and acquired the division from Euromoney in July 2022 via Astorg VIII (2021).

Business services

H&F
's TeamSystem, an Italian provider of accounting software, has acquired the email service arm of Growens for EUR 70m. H&F acquired the asset in 2016, moving it to Hellman and Friedman Capital Partners IX (2018) in January 2021. The asset has been tipped as an IPO candidate, with Evercore advising options including a minority stake sale.

Gimv's Köberl, a German facilities manager, has acquired two local wastewater technology companies Rohrreinigungs-Service (RRS) and THG Abwassertechnik (THG). Gimv acquired the group in February 2020.

DPE's Valantic, a German provider of FIG enterprise software, has acquired Sieger Consulting, a local peer specialising in data management. The GP has backed at least 12 bolt-ons since it first acquired the company in February 2019 and transferred it to a continuation vehicle in September 2022.

Financial services

AnaCap
's Milleis, a French wealth manager, has acquired Cholet Dupont-Oudart, a local private bank, with the new group holding EUR 13bn AUM. AnaCap acquired Milleis, as a carve-out of Barclay's French wealth arm, in December 2016 via AnaCap Financial Partners III (2016). The sponsor has tapped Rothschild to oversee a 2023 exit.

Exponent's Isio, a UK pension and wealth advisor, has acquired Deloitte's pension business (DTRB) with the enlarged group reporting GBP 140m turnover. Exponent formed Isio in March 2020 following a buyout of KPMG's pensions arm via Exponent Private Equity Partners IV (2017).

Star Capital's Hawksford, a Jersey-based fund administrator, has acquired ACT Management Services, a Dutch domiciliation services group. Star Capital acquired Hawksford in August 2020 from now wound-down GP Dunedin, via STAR III (2016).

Healthcare

BC Partners
' VetPartners, a UK-based vet chain, has acquired DierenDokters, a chain of 14 clinics in the Netherlands. BC acquired VetPartners in August 2018 via BC European Capital X (2016) and is soon expected to launch a sale with large-cap sponsors circling.

Triton's Bergman, a Dutch chain of outpatient clinics, has acquired Dermatologikum from Equity Capital Management, following an auction led by Harris Williams. Triton acquired Bergman in March 2021 via Triton Fund V (2018).

Cairngorm Capital's E-zec Medical Transport Services, a UK-based provider of non-emergency patient transport, has acquired local peer ERS Medical. The combined group will generate revenues of over GBP 100m. Cairngorm acquired E-zec in May 2021 via Cairngorm Capital Partners III (2019).

Consumer

Axcel's Voff, a Swedish provider of raw pet food, has acquired Dutch peer Energique. The deal is the first bolt-on since Axcel acquired Voff in July 2022 via Axcel VI (2020).

Technology

Nordwind Capital's trbo, a German online personalisation platform, has acquired Chatchamp, a local provider of guided selling solutions. Nordwind acquired a majority stake in trbo in October 2020.

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  • Expansion
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  • Hellman & Friedman LLC
  • STAR Capital Partners
  • Exponent Private Equity
  • AnaCap Financial Partners
  • Nordwind Capital
  • Deutsche Private Equity
  • Gimv
  • Investindustrial
  • Waterland Private Equity
  • Astorg Partners
  • Axcel
  • BC Partners
  • Triton Partners
  • Cairngorm Capital

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