Keensight parts with air travel software biz

January exits round up; Abris adds on rehabilitation provider.

Exits have been causing headaches for private equity for some time now, making each exit that does happen all the more interesting. This morning, we take a look at a sale by Keensight Capital, as the firm has exited its investment in a software provider for air travel and border control.

Staying on the topic, we hear from Raymond James’ Sunaina Sinha Haldea, who shares her thoughts on the state of the market. We’ll also round up some of the exits we’ve covered on PE Hub Europe in January, which include Bluegem Capital Partners’ sale of a luxury fragrance business and Equistone parting with a hospitality service provider.

We’ll finish off with a healthcare add-on, with Abris-backed Scanmed picking up a Polish rehabilitation provider.

Outside the box

Starting with a software sale. Keensight Capital has exited its investment in Vision-Box, an end-to-end software provider for air travel, border control and ID management, to Amadeus for an enterprise value of around €320 million.

Lisbon, Portugal-based Vision-Box’s expected 2023 revenues is around €70 million.

Keensight Capital invested in Vision-Box in 2015.

Vision-Box benefited from a growing demand for biometrics and border control services, driven by the travel industry’s increased focus on digitalisation, according to a release.

The acquisition of Vision-Box will bring new capabilities around biometrics hardware and software to Amadeus, adding border control services service to the firm, the release said.

Not a dent

While some dealmakers expect a slight uptick in exit activity in 2024, such as an increase in strategic acquisitions, and others look to secondaries as a solution, there are some who predict the difficulties will persist.

“Where’s the exit activity going to come from?”, Sunaina Sinha Haldea, global head of private capital advisory at Raymond James said to PE Hub Europe. “Private equity has not gone around shopping its companies in M&A processes because they know the market’s down because interest rates are too high. Yes, there’s some continuation vehicle activity and yes, this dynamic bodes very well for continuation vehicles, but it’s not even a dent compared to the size of the overall M&A market.”

Sinha Haldea added that the market volume for secondaries in 2023 was $110 billion, of which about half was GP-led – $50 billion in the context of a $2.7 trillion asset class.

The markets may remain tough, but we saw some exits pop up in January. Bluegem Capital Partners announced the sale of luxury home fragrance company Dr Vranjes Firenze to L’Occitane Group at the start of the month. PE Hub Europe’s Craig McGlashan took a deeper look at the deal in a story that talks about private equity’s reliance on strategic exits. You can find the story here.

Other January exits include Synova’s sale of Vistair, a software provider to the aviation and defence sectors, to Insight Partners and Liberty Hall Capital Partners and Equistone Partners Europe’s announcing an exit from CH&CO, a contract and hospitality service provider.


Let’s finish off with an acquisition. Abris Capital Partners has supported Scanmed in its acquisition of 100 percent stake in Centrum Rehabilitacji, a rehabilitation provider in Poland.

Centrum Rehabilitacji runs its centre in Chorzów, providing services such as manual therapy, physical therapy and rehabilitation programmes.

“This is the second acquisition in recent months and the third since our investment in Scanmed,” said Sylwester Urbanek, investment director at Abris. “Our goal is to build a medical group providing modern and comprehensive patient care.”

The transaction follows Scanmed’s acquisition of Med-Lux in November 2023. The company also completed the acquisition of ARS Medical, a cancer care provider, at the end of 2022.

The acquisition will strengthen the implementation of the Scanmed’s strategy in building the highest standards of cardiology in Poland, according to a release. The programme focuses on supplementing hospitalisation with constant cardiac care and rehabilitation.