Good morning Eurohubsters, Craig McGlashan here with Monday’s Dealflow.
Opening the week, we speak to DUBAG about its acquisition of Eurovision Services from the European Broadcasting Union, and find out a little bit about the interconnectedness of the broadcasting services industry.
Elsewhere, we have an investment by PSG Equity in an expense management software provider, the completion of EIG Partners’ Breakwater Energy taking a stake in Repsol Upstream and a Herkules Capital portfolio firm selling its share of a meal kit provider.
Tuning in. Kicking off today, PE Hub Europe’s Nina Lindholm spoke to DUBAG partner Emanuel Cattanei about the firm’s carve-out of Eurovision Services from the European Broadcasting Union.
Eurovision Services provides services for media organisations and sports federations and has offices in North America, Europe, the Middle East and Asia. Among its biggest customers are sports federations and right holders, such as UEFA, Formula 1 and the NBA.
The article touches on DUBAG’s plans for Eurovision Services, but I was particularly interested in how Cattanei described the broadcasting services industry – something that its previous ownership of German TV and film studio company MMC had informed.
“After a while, you see where each player lays,” said Cattanei. “I think they’re all really interconnected. Some of Eurovision’s customers are also their competitors, and service providers.”
You can read the full interview here.
Recruitment. PSG Equity has announced a €24 million strategic growth investment in N2F, a provider of expense management software products.
N2F is headquartered in Lyon, France. Its software products offer native integrations with accounting software, banks, travel agencies or fleet management services.
PSG’s investment will assist N2F in executing its plan to recruit 200 employees over the next five years while continuing to innovate and invest in R&D, according to a release.
Check out more on the deal here.
Completion. Breakwater Energy, a wholly owned subsidiary of EIG Partners, has completed the acquisition of a 25 percent interest in Repsol Upstream, a newly formed gas-weighted exploration and production company, for a total value of around $4.8 billion.
Repsol Upstream owns and operates Repsol’s portfolio of upstream assets.
EIG will nominate two members to Repsol Upstream’s eight-member board of directors, four will be nominated by Repsol and the remaining two will be independent, the release said.
EIG agreed to acquire a minority stake in Repsol Upstream in September 2022.
“The transaction sets Repsol Upstream on a path toward an accelerated decarbonisation future, strong cash flow generation and potential market liquidity,” said R Blair Thomas, EIG’s chairman and CEO.
Read more about the completion of the deal and EIG’s plans for the firms here.
Eating up. Linas Matkasse Holding, backed by Herkules Capital, has divested its remaining shares in LMK Group, a supplier of meal kits in the Nordic region. The transaction was priced at SKr7.50 ($0.72; €0.67) per share.
LMK is headquartered in Stockholm, Sweden.
Herkules Private Equity Fund IV sold 1,528,125 existing shares in LMK, corresponding to around 12.1 percent of the outstanding shares, according to a release.
Herkules will no longer hold any shares in LMK.
That’s it from me – I’ll be back with you again tomorrow.