UK inflation stays high; BlackRock bullish on private equity dry powder; Medtech deal for Nordic Capital

Nordic Capital will acquire a majority share in corpuls, a medical technology company that provides emergency medical services and cardiac resuscitation.

We’re taking a look at the latest inflation figures from the UK and whether or not they could dampen some of the recent private equity interest in London-listed firms.

Next, we have some bullish news on the outlook for private equity dry powder in a report from BlackRock Alternatives.

Deals-wise, we have a rather eclectic mix, with a healthcare deal from Nordic Capital, an investment in funeral services by Latour Capital and Charterhouse Capital Partners and an add-on by a dog food firm with several private equity backers.

Counting the cost

I’m running interviews for an upcoming feature on the flurry of moves by foreign private equity companies to acquire listed UK firms (drop me a note at or via LinkedIn if you’d like to contribute).

One potential driver of these deals, according to one private equity lawyer I spoke to, is that “the sentiment on the UK is looking a little more positive than it was, at least in relative terms, so some of the downside risk is being mitigated”. The source added that the bidders might also be anticipating a recovery in valuations and/or sterling.

If that is the case, then that rosier outlook for the UK was likely a little greyer this morning. The Office for National Statistics reported that inflation was 10.1 percent in March, a drop from 10.4 percent in February but above most analysts’ expectations, which had been for the rate to drop below 10 percent.

Another source I spoke to yesterday was confident we’ll see more UK take-privates – we’ll see whether these latest inflation figures have dampened those expectations.

To catch up on the latest UK take-private news, check out our coverage of Apollo’s move for THG, the same private equity firm’s bid for John Wood Group, Blackstone’s bid for Industrials REIT, EQT’s play for Dechra and Providence Equity and Searchlight’s offer for Hyve Group.


Of course, in many respects the amount of dry powder private equity firms hold will be a key factor in dealflow of any type, and there might be more of that on the way, according to BlackRock Alternatives, which released its first Global Private Markets Survey yesterday.

Among the key takeaways from the report were that investors plan to increase their allocations to most private assets this year.

“While the recent banking turmoil has raised new concerns among investors, the conversations I’ve had suggest that clients are focused on navigating the current cycle with caution and care, albeit with an eye towards capturing opportunities,” said Edwin Conway, global head of BlackRock Alternatives, in the report. “Even amid heightened volatility and uncertainty, investing in areas such as renewable energy, mature private companies and direct lending – venture and middle market debt in particular – can provide a ballast to portfolios.”

Respondents saw infrastructure, real estate debt, niche real estate and mature private companies as among the biggest investment opportunities, although liquidity concerns were the main barrier to investing in private markets.


We don’t have any deals to report in those sectors this morning, but we do have one in healthcare, plus deals in funeral services and pet food.

Nordic Capital will acquire a majority share in corpuls, a medical technology company that provides emergency medical services and cardiac resuscitation, in partnership with the founding family.

corpuls is headquartered in Kaufering, Germany. The company reported revenues of €127 million in 2022 and employs 450 people.

corpuls’ founding family is in a long-term partnership with Nordic Capital and will remain invested in the company and represented on the management board, according to a release.

Nordic’s investment will further expand corpuls’ international footprint, the release added.


Latour Capital and Charterhouse Capital Partners have increased their investment in Funecap Groupe via their respective latest funds and generated partial liquidity for Charterhouse’s existing investors.

Latour and Charterhouse also received additional investment from LP co-investors into the new deal, according to a new release.

Funecap is a European funeral services and crematoria provider. The company is headquartered in Paris, France.

Funecap has completed more than 185 acquisitions since formation, including Altair Funeral and Facultatieve Group in 2022. The company generates a turnover of over €580 million.

Charterhouse acquired Funecap in 2018 alongside its two founders, while Latour invested in the company in 2021.

Pet food

Private equity-backed dog food firm Butternut Box has acquired PsiBufet, a fresh dog food company.

PsiBufet is based in Warsaw, Poland.

Butternut has raised over £100 million ($124.29 million; €113.35 million) in capital which includes investment from L Catterton, White Star Capital, Five Seasons Ventures, Passion Capital, Literacy Capital, Claret Capital and HSBC, according to a release.

This acquisition will help Butternut Box to expand its activities to Central and Eastern Europe, the release said.

L Catterton invested in Butternut in 2019. White Star Capital first invested in Butternut in 2018.