Once again, we have some take-private news to open with. This time it is the biggest deal in the UK of the year so far, as EQT is one step closer to buying Dechra Pharmaceuticals.
Elsewhere, Carlyle agrees to acquire Meopta Optika, a manufacturer of optical, opto-mechanical, and opto-electronic products; Nordic Capital’s portfolio company Conscia picks up a Swedish consulting company and LDC-backed Independent Governance Group snaps up Like Minds.
Lastly, to get you into a good summer mood, we have a round-up of leisure and travel deals.
Let’s kick off with the big one. Private equity firm EQT and Dechra Pharmaceuticals, a Norwich, England-based veterinary pharmaceuticals business, have agreed on terms of a £4.46 billion (€5.19 billion; $5.56 billion) take-private deal.
The deal has an enterprise value of £4.88 billion, and a multiple of approximately 25.9 times Dechra’s EBITDA for the 12 months ended 31 December, which was £188 million.
Dechra shareholders will receive £38.75 per share in cash, which represents a premium of approximately 44 percent to the closing price before the start of the offer period. In April, when the talks were made public, Stockholm-headquartered EQT had proposed £40.70 per share.
Shares in Dechra closed at £33.74 yesterday and opened this morning at £36.80.
“Dechra is a high-quality, innovative business founded in the UK with an impressive global footprint,” said Anthony Santospirito, partner in the EQT Private Equity advisory team, in a statement. “With medical innovation accelerating and pet ownership increasing, the animal health sector is expected to benefit from long-term growth and we believe Dechra is well positioned to participate in this significant opportunity.”
Santospirito added that EQT will provide additional investment where needed, and that private ownership will enable Dechra’s management team to take a longer-term view as the company focuses on growth.
If you want to catch up on the Dechra takeover talks, take a look here.
Carlyle has agreed to acquire Meopta Optika, a manufacturer of optical, opto-mechanical, and opto-electronic products. Carlyle Europe Partners platform and Carlyle Europe Technology Partners platform will provide equity for the investment.
Headquartered in Prerov, Czech Republic, Meopta develops, manufactures and assembles optical products for the industrial, military and consumer markets.
Carlyle will support Meopta’s growth by capturing the opportunity in more advanced built-to-spec use cases via an increased focus on R&D, expanding its international presence through the creation of a direct sales network, and improving its operations, according to a release.
Washington DC-based Carlyle isn’t new to the sector. In December 2022, the firm acquired TESCAN, a Brno, Czech Republic-headquartered manufacturer of electron microscopes and other scientific instruments.
Let’s take a look at a deal further north next. Nordic Capital-backed Conscia has acquired Miradot, a Swedish consulting company that designs, implements, and automates infrastructure in data centres, networks, security, and service providers.
Miradot, based in Stockholm, is expected to generate €7.1 million in revenue this year. The company accelerates digital transformation for its customers by automating infrastructure in cloud, data centre, network, security, and service providers.
Miradot’s addition will support the expansion of Conscia’s automation services both nationally and internationally, according to a release.
Nordic Capital acquired Brøndby, Denmark-headquartered Conscia in 2019.
Independent Governance Group (IGG), backed by LDC, has acquired Like Minds, a creative communications agency.
London-based Like Minds will continue to operate independently in the wider IGG portfolio. Judith Groves, Like Minds’ MD, will lead the company and join the IGG team as a director.
Like Minds’ addition will widen IGG’s offering to include the provision of similar services for both schemes and employers, according to a release.
“Adding like minds to the group will enable IGG to further expand its services at a critical time for the industry,” said Phil Hinson, investment director at LDC. “Pension schemes are contending with complex economic conditions, making clear, accessible communications with employees and scheme members more important than ever.”
What better way to start June than think about a holiday? I rounded up some recent deals in the leisure and travel sector, ranging from campsites to luxury travel.
PAI Partners, Triton and Inflexion are among the PE-firms making deals in the segment as international tourism recovers from the hit it took during the pandemic. You can read my full round-up here.