We’ve got a nice selection of deal news this morning. Ardian picked up a majority stake in a supplier of electric chain hoists, while PSG Equity’s portfolio company Nalanda, a provider of risk and compliance management software, acquired an add-on. On the side of industrial tech, Sullivan Street Partners, along with Souter Investments, will acquire a London-based diagnostic services company.
There are some people news to report on too, as The Riverside Company announced a promotion for Riverside Europe.
We’ll also check in on the Lottomatica shares, following Europe’s largest IPO this year.
Heavy lifting
Let’s start off with some movement. Ardian has acquired a majority stake in LIFTKET, a supplier of electric chain hoists and control systems, from Afinum.
Based in Wurzen, Germany, the company employs 300 people across the development, production and sale of its products. LIFTKET’s management team, led by CEO Jürgen Dlugi, will reinvest significantly as part of the transaction.
Afinum, a Munich-based investment firm that first invested in LIFTKET in 2016, will become a minority stakeholder in the company.
“Combined with the company’s strong performance, its broadly diversified customer base, which operates in growing markets such as the stage sector, and the fragmentation of its international markets, has created significant growth opportunities,” said Marc Abadir, managing director at Ardian.
The transaction will help LIFTKET solidify its market position in Europe and North America, and expand its market share in Asia, according to a release.
Compliance
Next up, we have an add-on. PSG Equity’s portfolio company, Nalanda, a supplier of risk and compliance management software for the construction and adjacent industries, announced the acquisition of Dokify.
Madrid-based Dokify is an occupational health and safety (OHS) document management and supplier compliance platform. The company has a strong market position in Spain, according to a release, across sectors such as distribution, industrials, energy, and logistics and transportation.
Nalanda, also headquartered in Madrid, was acquired by PSG in 2021.
The combined group will have more than 70,000 customers across 16 countries, including Spain, Portugal, Poland, Norway, Italy, United Kingdom and France.
Diagnostics
Moving on from software to industrial technology. Sullivan Street Partners, along with Souter Investments, will acquire Tracerco, a diagnostic services company, from Johnson Matthey for around £55 million (€62.38 million; $68.85 million).
London-based Tracerco provides specialised detection, diagnostic and measurement services.
Sullivan Street will support Tracerco’s separation from Johnson Matthey and to establish it as a standalone company, according to a release.
“This transaction reflects Sullivan Street’s focus on primary deals requiring operational insight and carve out experience,” said Zeina Bain, managing partner at Sullivan Street.
Promotion
The Riverside Company has appointed Ali Al Alaf as managing director and head of origination for Riverside Europe, effective immediately.
Al Alaf will report directly to Karsten Langer, managing partner at Riverside Europe.
“Since joining Riverside, Ali has been a key member of our European origination team, initially as part of the research team and more recently as senior originator in the Nordic region, where he was responsible for originating several investments,” said Langer.
Al Alaf will be responsible for sourcing new platform and add-on investments across the continent, and co-ordinating with the North American origination team and other Riverside teams globally, according to a release.
Prior to joining Riverside, Al Alaf worked at Ebury Partners, and Chrystal Capital Partners.
Checking in
We’ve been following Apollo-backed gambling company Lottomatica Group’s Milan IPO here on PE Hub Europe. On its first day of trading on the Milan stock exchange on Wednesday, the shares opened at €8.50 ($9.4; £7.5), down from the IPO price of €9.
If you want to catch up on our Lottomatica coverage, you can take a look here.
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