The Bolt-Ons Digest - 26 May 2023

Mergermarket’s Likely to Exit (LTE) predictive algorithm assigns a score to each exit opportunity, with a higher score corresponding to a higher likelihood for an imminent transaction. This Digest features all LTEs above 50/100.

Technology
Hellman and Friedman and Silver Lake’s TeamSystem, an Italian software group, has acquired Spanish tax software provider Aplifisa. Silver Lake this week acquired a minority stake in TeamSystem for EUR 600m, following a process led by Evercore. H&F acquired TeamSystem in January 2021 via Hellman and Friedman Capital Partners IX (2018-vintage).

Nordic Capital’s Regnology, a German regtech group, has acquired Metadata Technology, a UK peer working on data exchange for banks. Nordic formed Regnology through the merger of BearingPoint RegTech and Vizor Software in October 2021 via Nordic Capital X (2020-vintage).

PSG Equity’s Nalanda, a Spanish provider of risk tech, has acquired local peer Dokify. PSG acquired Nalanda in April 2021 via Providence Strategic Growth Europe I (2020-vintage).

Verdane’s Papirfly, a Norweigan brand management platform, has acquired Keepeek, a French manager of digital assets. Verdane acquired Papirfly in January 2022 via Verdane Edda II (2020-vintage).

Consumer
3i’s Dutch Bakery, a Netherlands-based bread products group, has acquired German peer coolback, to form European Bakery Group. 3i acquired Dutch Bakery from Egeria in October 2021 and has made two-bolt ons. Dutch Bakery has an LTE score of 54/100.

Aksia’s Valsa Group, an Italian pizza manufacturer, has acquired Menchetti Food, a local vehicle that contains the frozen pizza assets of Panificio Menchetti. Askia acquired Valsa Group (also known as Valpizza) in July 2020 via Aksia Capital V. Valsa has an LTE score of 52/100.

Financial services
Andera-backed Group Patrimmofi, a French wealth management group, has acquired local peer Vendome Investissement Conseil, adding EUR 180m AUM to bring the group total to EUR 1.7bn. This will be the group’s fourth bolt-on. Andera acquired a minority stake in Patrimmofi in August 2021.

Palatine's Suntera, a Jersey-based private wealth services provider, has acquired Guernsey-based peer Carey Commercial Limited. The target is the seventh bolt-on under Palatine's ownership. It first acquired the asset in June 2019 from Buyout Fund III (2015-vintage). Suntera has an LTE score of 55/100.

Apax Partners' PIB Group, a UK-based insurance broker, has made two acquisitions in Poland, Netins Insurance and Ubezpieczaj, as well as UK-based peer St. Giles. The sponsor acquired PIB in January 2021 with Carlyle re-investing for a minority stake.

Healthcare
Naxicap’s Ceres Pharma, a Belgian pharmaceutical company, has acquired Italian peer Amnol Group to add around EUR 7m in revenue to the group’s EUR 63m. Naxicap acquired Ceres in July 2021.

Industrials
Aksia’s Scarabelli, an Italian irrigation group, has made two acquisitions in its local market, Europlast and FGR, plus Samcla in Spain. Scarabelli closed 2022 with more than EUR 50m in revenue. Aksia acquired the group in August 2022 via Aksia Capital V.

Business services
Exponent’s SHL, a UK-based talent assessment provider, has acquired its Japanese partner SHL-Japan via a P2P and joint venture with recruiter Mynavi. Exponent acquired SHL in February 2018 via Exponent Private Equity Partners III (2014-vintage).

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