The Bolt-Ons Digest – 20 March 2023

Technology

Cinven’s ETC Group, a French telecoms services group, has acquired Belgian network equipment distributor Amadys from Equistone. Cinven acquired ETC in June 2022 via the Seventh Cinven Fund (2019).

Mayfair Equity’s Nasstar, a UK-based IT services group, has acquired Colibri Digital, a local cloud consultancy group. Mayfair acquired GCI in December 2019 via Mayfair Equity Partners II (2018), later rebranding as Nasstar following a merger.

Main Capital’s Pro4all, a Dutch construction software specialist, has acquired German peer PMG to mark its first international acquisition. Main acquired Pro4all in April 2022.

Main Capital’s TimePlan, a Danish workforce management software provider, has acquired Timegrip, a Norweigan peer. The deal is the first bolt-on since Main Capital acquired the company in November 2022.

Business services

PAI’s Apleona, a German facilities management group, has acquired local peer Gegenbauer Group to form a group with EUR 3.5bn sales. PAI acquired the company for EUR 1.6bn in December 2020 via PAI Europe VII (2017).

Bridgepoint’s Matrix, a UK-based outsourcer for local government hiring, has acquired Security Watchdog, a local background checks provider, from Capita for GBP 14m. The deal is Matrix’s first bolt-on. Bridgepoint acquired the company in June 2020 via Bridgepoint Development Capital III (2016).

Consumer

PAI’s European Camping Group, a French campsites operator, has acquired local peer Vacanceselect from Permira for nearly EUR 1bn. The combined group will have a turnover of EUR 600m. PAI acquired the company in December 2021 via PAI Europe VII (2017).

Capvis’ Gotha Cosmetics, an Italian makeup manufacturer, has acquired local packaging services group Beauty Rain to insource its production. Capvis acquired the company in September 2016 via Capvis Equity IV. Mergermarket reported earlier this month that the sponsor launched a sale process for Gotha Cosmetics advised by William Blair.

Waterland’s All Things Live, a Danish live events group, has acquired Ostend Beach Festival, its first festival in Belgium. Waterland acquired the company in December 2018 via Waterland Private Equity Fund VII (2017).

Vitruvian’s Travel Counsellors, a British marketplace for self-employed travel agents, has acquired peer Holidaysplease, its first bolt-on in its 30-year history. Vitruvian acquired the company in June 2018 via Vitruvian Investment Partnership III (2017).

Financial services

TA Associate’s Fairstone, a UK-based wealth management business, has acquired MT Financial Management. The sponsor has made at least 15 bolt-ons since it acquired the company in February 2021 via TA XIII (2019).

Industrials

Wendel’s Constantia Flexibles, an Austrian packaging group, has acquired Polish peer Drukpol.flexo. Wendel acquired the company in January 2015 for EUR 2.3bn. Other sponsors are circling a potential break-up of the group via an upcoming sale, as reported.

Waterland’s Janssen, a Dutch logistics group, has acquired Norman Global Logistics, a UK and Asia-based air and ocean freight forwarding company. Waterland acquired Janssen in June 2022.

Ambienta’s Collingwood, a UK-based light specialist, has acquired Indigo, a Belgian designer of LED luminaires. The deal is the second bolt-on since Ambienta acquired the company in February 2021, via Ambienta III (2018).

Media

Waterland’s LionsHome, a German product comparison publisher, has acquired Franke Media, a Dutch deals and coupons website. Waterland acquired LionsHome in February 2022.

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• Topics
• Expansion
• GPs
• Buyouts
• Technology
• Consumer
• Media
• Financials
• Industrials
• Cinven
• Mayfair Equity Partners
• Main Capital
• PAI Partners
• Capvis AG
• Waterland Private Equity
• Vitruvian Partners
• Bridgepoint
• TA Associates
• Wendel
• Ambienta