The Bolt-Ons Digest - 3 July 2023

Rachel Lewis
03 July 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 weeks.

*Mergermarket's LTE predictive analytics assign a score to sponsor-backed companies to help track and predict when an exit could occur through M&A, an IPO, a direct listing or a deSPAC transaction. This Digest features all scores above 50/100.

Business services
Palatine-backed Anthesis, a UK-based sustainability consultancy, has made two acquisitions in a month, with Swiss-based Charlescannon, focused on strategic comms, and UK-based Padd Energy, a renewables consultancy. Palatine acquired a significant minority stake in Anthesis in March 2021 via Palatine Private Equity Fund IV (2019-vintage). As of last week, Carlyle is set to acquire a majority stake, with Palatine reinvesting for a minority interest.

Ardian and Latour Capital's Groupe RG, a French supplier of personal protective equipment (PPE), has acquired Belgian peer Groupe Vandeputte. The sponsors acquired Groupe RG in November 2021, via Ardian Expansion Fund V (2020) and Latour Capital III (2019), respectively.

LDC-backed Amberjack, a UK-based recruitment company, has acquired Australian peer Fusion Graduate Consultancy. LDC first backed the group in April 2019.

Technology
Nordic Capital's Regnology, a German regtech company, has acquired Invoke, a French publisher of financial management software. Nordic acquired Regnology, formerly known as Vizor Software, in June 2021. The company has a Likely-to-Exit (LTE)* score of 55/100.

Equistone's TimeToAct, a German IT services group, has acquired Brainbits, a local Atlassian partner. Equistone acquired TimeToAct in May 2021 via Equistone Partners Europe Fund VI (2018-vintage)

FPE Capital-backed Intragen, a UK-based identity and access management (IAM) group, has acquired the Finland-based IAM unit of Telia in a carve-out, tripling the size of Intragen Finland. FPE acquired Intragen in September 2019 via FPE Fund II (2016-vintage).

Industrials
Waterland's Janssen, a Dutch logistics company, has acquired UK-based peer Maltacourt, which specialises in air and ocean forwarding. It marks the company's sixth bolt-on since Waterland acquired the group in June 2022.

Innova Capital's Prime Label, a Polish printing group, has acquired local peer Pegwan marking its fifth bolt-on and bringing the group to EUR 100m in revenue. Innova acquired the group in December 2020 via Innova/6 (2017-vintage).

Sullivan Street's Tivoli, a UK-based grounds maintenance company, has acquired local peer Greenfingers, adding GBP 5m in revenue to the group's GBP 65m and marking its second bolt-on. Sullivan acquired Tivoli in February 2018.

Healthcare
Inflexion's Rosemont Pharmaceuticals, a UK-based liquid medicines manufacturer, has acquired Lucis Pharma to enter the unit dose/sachet market. Inflexion acquired Rosemont in June 2020 via Buyout Fund V (2018) and is in the midst of an exit process for the company, which has an LTE score of 74/100.

Investindustrial's Arterex, an Italian medical device contract manufacturing platform, has acquired Nextphase, a class II and III device manufacturer in North America. The bolt-on doubles the size of the group, with 70% of its revenues now generated in the US. The sponsor acquired Arterex in October 2022.

Main Capital's Oiva Health Group, a Danish remote consultation provider, has acquired Finnish peer Movendos. Main Capital acquired Oiva, formerly known as VideoVisit, in March 2022.

Financial services
AnaCap's Market Pay, a France-based payments platform, has acquired Polish peer Novelpay, which specialises in independent software verticals for payment terminals. The bolt-on is the company's third in two years. AnaCap carved out Market Pay from Carrefour in October 2020 for EUR 300m, via Financial Partners III (2016-vintage). The company has an LTE score of 52/100.

Synova's JMG Group, a UK-based insurance broker, has acquired local peer Blackfriars Group. Synova acquired the company in November 2020 via Synova IV (2019-vintage).

Media
Equistone's ADM Group, a UK-based marketing agency, has acquired Singaporean peer DASS to strengthen its capabilities across shopper marketing. Equistone acquired ADM in October 2021 via Equistone Partners Europe Fund VI (2018-vintage).

Consumer
3i's European Bakery Group, a Dutch bakery company, has acquired Irish peer Panelto Foods. 3i formed the group in September 2021 via the merger of Dutch Bakery and Coolback.