Good morning Eurohubsters, Craig McGlashan here with the Dealflow.
We’ve been seeing a bountiful supply of deals over the last couple of days, across a variety of sectors. We open today with a couple of deals with a financial services angle, involving Inflexion, PSG Equity, Verdane and Canson Capital Partners.
Next we have a brief update on Bain and Triton’s bids for Finnish construction firm Caverion, then we have deals in the lighting sector by Ambienta, in advertising by Bridgepoint and finally medical devices by Afinum 9.
Cash management. Inflexion Private Equity Partners will acquire a majority stake in Nomentia from PSG Equity and Verdane.
Nomentia, headquartered in Helsinki, is a European treasury and cash management software provider. The firm processes over €1.2 trillion of payments through its bank connections annually.
Inflexion will make the investment via its Inflexion Buyout Fund VI.
ESG. Canson Capital Partners, via its affiliate Canson Capital Partners Growth Holdings, will invest in Novata.
Novata, with offices in New York and London, is a technology platform designed to simplify ESG data collection and analysis for private equity firms and their portfolio companies.
Extension. Moving a way from financial services, a quick update now on the competing take-private bids from Bain Capital and Triton Partners for Finnish construction firm Caverion.
The Bain consortium has extended the deadline on its tender offer to 16 March. For the story so far on this bidding battle, check out our previous coverage here.
IPO chatter. Sticking with public markets, the CEO of European stock exchange group Euronext said that the IPO pipeline is healthy despite limited activity, according to a Bloomberg report.
Stéphane Boujnah said that the main reason for the lack of IPOs is that companies are struggling to time listings given background market volatility.
That chimes with what we’ve been hearing from sources about IPOs, although some, such as Roberto Quagliuolo, head of private equity Italy and co-head of Italy at Tikehau Capital, reckon there is a “binary market” when it comes to listings. You can read his thoughts on that, as well as the details and returns made by Tikehau on its recent IPO of EuroGroup Laminations, in this PE Hub Europe interview.
Lighting up. Ambienta platform company Collingwood Lighting Group has completed the acquisition of Indigo, a designer, manufacturer and distributor of LED luminaires with wholesale business in France and Belgium and a presence in other markets including Switzerland and Germany.
UK firm Collingwood also purchased Nobile in July 2022, as it seeks to become a pan-European firm with a large presence in the UK, France and Italy.
“Indigo joining our group represents another significant step towards our strategic ambition to create a market leading pan-European player in the lighting sector,” said Matthew Norrington, private equity partner at Ambienta, in a statement. “We look forward to working closely with the entire Indigo team who will bring a wealth of lighting experience, knowledge and expertise to the project.”
Advertising. Bridgepoint Development Capital (BDC) has secured a majority stake in Equativ, an independent ad platform, from Capital Croissance. No financial details of the transaction were disclosed.
Equativ is an independent adtech platform built to serve the interests of both advertisers and publishers. The firm is headquartered in Paris and New York, and employs over 550 staff in 20 offices.
BDC’s investment will enable Equativ to extend its financial capabilities to accelerate its growth across core markets, according to a release.
Equativ hit net recurring revenues of $100 million in 2022 and had year-on-year organic growth of 30 percent and tripled its revenues over the past three years, the release added.
Note: Bridgepoint owns PEI Group, the publisher of PE Hub Europe.
Medical devices. Afinum 9 has acquired a majority stake in mymediset, a technology provider for SAP-integrated medical device management in the healthcare industry.
mymediset provides fully SAP-integrated software and cloud-based apps for more efficient, responsible, and reliable medical device management.
The firm currently operates international subsidiaries in Boston, US, and Singapore. It is based in Freiburg, Germany and is in the process of opening two new offices in Cape Town, South Africa, and São Paulo, Brazil.
For a more in-depth look at the European medical device market and private equity activity in it, check out my recent interview with Alexis Saada, head of growth and managing director at Ardian, about his firm’s taking a stake in France’s Théradial.
That’s it from me – I’ll be back with you again tomorrow.