Regional highlights 

Benelux

  • The first half of 2021 saw a 30% uplift in Benelux M&A activity as compared to H1 2020, with a 62% increase in Q2 2021 deal volume when compared to that of Q2 2020[1]. This is likely due to the success of the Covid-19 vaccine roll outs, lower interest rates and the market continuing to recover more broadly[2]
  • Most notably there was a material increase in the consumer, leisure & retail sector which saw a 40% increase in deal volume in H1 2021, by contrast to the whole of 2020[3]. Unsurprisingly, both the business & tech-enabled services and TMT sectors have remained at the top of the tables as investors continue to seek out businesses with resilient business models post lockdown
  • Q2 2021 data shows that deal activity in the industrials sector improved against figures experienced in Q1 by 28%, where subdued Q1 deal volume can be attributed to the widespread closure of many manufacturing sites as a consequence of restrictive lockdown measures in the region[4]
  • Whilst the Benelux market did see a decrease in deal activity when Covid-19 hit[5], it was neither as severe or as prolonged as was likely expected. Looking ahead, this trend is expected to continue with the Benelux market likely  to improve further with the easing of Covid-19 restrictions and increased international activity in Benelux - both of which help to boost confidence across the economy and further improve M&A activity[6]
  • Increasingly, we are seeing UK mid-market sponsors who have raised larger funds, actively looking for M&A opportunities in the Benelux region. The driver for this is larger funds looking for increased deal flow, and we’re seeing some sponsors go so far as to set up offices in the region

Key deals

Benelux deals sourced from: Q2 2021 European mid-market deal report, Mergermarket, 03 September 2021 (criteria available on request)

Business & Tech-Enabled Services

  • Bridgepoint has agreed to acquire a minority stake in ACT Commodities, a Netherlands-based company that trades biofuels, feedstock, and environmental energy certificates for corporate customers, for an undisclosed consideration
  • Pollen street has agreed to acquire a minority stake in bunq, a Netherlands-based challenger bank, for a consideration of €193m
  • NPM Capital has agreed to acquire Infinitas Learning, a Netherlands-based provider of teaching and learning resources, for an undisclosed consideration
  • Gilde Buy Out Partners has agreed to acquire a majority stake in Edco Eindhoven, a Netherlands-based non-food FMCG products distributor and wholesaler, for an undisclosed consideration

Consumer, Leisure & Retail

  • H.I.G. Capital has agreed to acquire Burger King France, a France-based master Burger King franchisee, for a consideration of €240m
  • Waterland Private Equity has agreed to acquire a stake in The Cookware Company, a Belgium-based manufacturer and distributor of ceramic cookware products, specialised in ceramic coated cookware products, for an undisclosed consideration
  • BNP Paribas Fortis has agreed to acquire a minority stake in Konings NV, a Belgium-based company engaged in providing beverage packaging solutions and producing alcoholic and non-alcoholic beverages, for an undisclosed consideration
  • H2 Equity Partners has agreed to acquire a majority stake in Plutosport, a Netherlands-based online retailer of sports and athleisure footwear, apparel, and accessories, for an undisclosed consideration

Healthcare

  • Nordic Capital has agreed to acquire Equipe Zorgbedrijven Holding, a Netherlands-based operator of clinics for specialised surgery, for an undisclosed consideration
  • Gilde Healthcare Partners has agreed to acquire a majority stake in Tandarts Today, a Netherlands-based dental clinic chain, for an undisclosed consideration

Industrials

  • Sun European Partners has agreed to acquire Sports & Leisure Group, a Belgium-based artificial turf business, for an estimated consideration of €300m
  • Intermediate Capital Group has agreed to acquire a majority stake in Verbraeken Infra, a Belgium-based company engaged in laying, connecting and carrying controlled drilling for water, gas, electricity, sewerage, industrial piping, telecoms and cable television, for an undisclosed consideration
  • Gilde Equity has agreed to acquire a majority stake in Bruynzeel Storage Systems, a Netherlands-based company engaged in manufacturing and supplying storage solutions for offices, archives and repositories, for an undisclosed consideration

TMT

  • Silver Lake Partners has agreed to acquire a minority stake in Exact Holding, a Netherlands-based software company supplying e-business and Enterprise Resource Planning solutions, for an undisclosed consideration

 

2014 - 2021 YTD total deals in the Benelux, by sector

Source: Q2 2021 European mid-market deal report, Mergermarket, 03 September 2021 (criteria available on request)

CEE

  • Strong economic recovery fuelled by the government’s stimulus package continues in Poland, with GDP already reaching pre-Covid levels[7]. The European Commission expects Polish unemployment to be the lowest in the EU[8], and recently increased its GDP forecast for Poland[9]
  • Public markets have responded very positively to strong macroeconomic momentum with Warsaw-based indices at all-time highs. This will increase financial sponsors activity as public market exit becomes a viable option
  • Q2 2021 saw a 60% increase in deal volumes compared to Q2 2020[10] across all sectors in the CEE region. The most active sector was TMT, with predominantly software development and e-commerce companies growing on the back of the increasing digitalisation of society and internet penetration
  • Poland is preparing for a shift of energy mix from coal towards more sustainable sources[11], encouraging foreign investments fuelled by attractive yields[12], locally available financing[13], and a generous subsidy pool both from local and EU authorities – evidenced by strong activity in the renewables space[14]
  • We observed strong activity from local private equity / VC firms[15] – given the supportive macro environment, we expect M&A and private equity investment levels in Poland to continue to grow in Q3, both from international and local investors[16]

Key deals

CEE deals sourced from: Q2 2021 European mid-market deal report, Mergermarket, 03 September 2021 (criteria available on request)

Business & Tech-Enabled Services

  • Optima Investments has agreed to acquire Budapest Metropolitan University, a Hungary-based higher education university, for an undisclosed consideration

Consumer, Leisure & Retail

  • Oriens private equity has agreed to acquire FLOSMAN, a Czech Republic-based operator of food-retail chain and wholesale food and drug stores, for an undisclosed consideration
  • Enterprise Investors has agreed to acquire a stake in Snap Outdoor, a Poland-based distributor of mountaineering and climbing equipment, for an undisclosed consideration

Industrials

  • Enterprise Investors has agreed to acquire a minority stake in Modular System, a Poland-based manufacturer of multi-function turnkey container and modular systems, for an undisclosed consideration
  • Resource Partners has agreed to acquire a majority stake in Buglo Play, a Poland-based designer and manufacturer of modern playgrounds, for an undisclosed consideration

TMT

  • Resource Partners has agreed to acquire Deeper UAB, a Lithuania-based manufacturer of smart devices for outdoor and sports activities, for an undisclosed consideration

 

2014 - 2021 YTD total deals in CEE, by sector 

Source: Q2 2021 European mid-market deal report, Mergermarket, 03 September 2021 (criteria available on request)

DACH

  • Despite ongoing lockdown measures in Spring, the private equity space showed a firm recovery from the pandemic, closing the first half of 2021 with a record breaking 156 deals[17]. This marks a c. 65% increase to H1 2020 numbers[18], driven predominantly by increased sponsor confidence and appetite for new deals
  • Due to increasing fund volumes and high levels of dry powder, private equity operators have been able to swiftly execute transactions, benefiting from a less dynamic recovery on the strategic investor side[19]
  • The value of private equity-led deals in Q2 remained at more than €12bn, driven by several smaller scale transactions (ie the €3.8bn acquisition of Birkenstock by L Catterton or the €1.5bn acquisition Rodenstock by Apax), instead of single megadeals as seen in the first half of 2020 with the €17bn TKE sale[20]
  • Searching for alternative exit opportunities, private equity funds have also rediscovered the German stock market. The first half of 2021 alone has seen 7 IPOs of private equity portfolio companies[21]. Notable transactions include the IPOs of Synlab, Bike24, Cherry and Friedrich Vorwerk
  • From a sector perspective, technology dominated private equity-led transactions as the rush for investors to acquire pandemic resilient assets continued. This was followed by the ever strong industrials sector in Germany. However, looking at transaction values, the consumer sector dominated Q2 at €5.1bn, mainly driven by the Birkenstock acquisition[22]
  • Overall, we expect to see more of the same from private equity for the second half of 2021, with a strong focus on creating value through digitalisation, sustainability and ESG. However, many newly stabilized strategic investors are expected to actively re-join the M&A market, creating a more competitive dealmaking environment

Key deals

DACH deals sourced from: Q2 2021 European mid-market deal report, Mergermarket, 03 September 2021 (criteria available on request)
Business & Tech-Enabled Services

  • GENUI has agreed to acquire a stake in Argentus GmbH, a Germany-based consulting firm for innovative sustainability, energy and operating cost management in the real estate sector, for an undisclosed consideration
    Chequers Capital has agreed to acquire Corning Services, a Germany-based life sciences company, for an undisclosed consideration

Consumer, Leisure & Retail

  • Ardian, along with the founders and management of YT Industries, have agreed to acquire YT Industries, a Germany-based mountain biking retailer, for an undisclosed consideration
  • Altor Equity Partners has agreed to acquire Rise Up Fashion GmbH, a Germany-based active wear apparel company, for an undisclosed consideration
  • Telemos Capital has agreed to acquire Mammut Sports Group, a Switzerland-based company that develops, manufactures, and sells mountaineering, outdoor pursuits, and snow sports products, for an undisclosed consideration

Healthcare

  • Trilantic Europe has agreed to acquire Augenklinik Airport, a Germany-based operator of ophthalmology clinic chain providing eye laser and lens surgery, and treatment for conditions including cataracts, retinal diseases, and glaucoma, as well as aesthetic corrections, for an undisclosed consideration
  • Naxicap Partners, alongside the founder, have agreed to acquire a majority stake in Groupe 3R, a France-based operator of radiology centers across France, for an undisclosed consideration

Industrials

  • Carlyle has agreed to acquire Agilox, an Austria-based company that develops intelligent autonomous mobile robots for use in intralogistics and materials handling, for an undisclosed consideration
  • Gimv NV has agreed to acquire Klotter Elektrotechnik, a Germany-based electrical engineering company, for an undisclosed consideration
  • DPE Deutsche Private Equity has agreed to acquire a majority stake in Engelmann Sensor, a Germany-based manufacturer of heat measuring meters for residential applications, for an undisclosed consideration

TMT

  • Hg Capital has agreed to acquire Serrala Group, a Germany-based financial automation and B2B payments software company, for an undisclosed consideration
  • Corten Capital, has agreed to acquire Matrix42, a Germany-based provider of software for workspace management, for an undisclosed consideration
  • Equistone Partners has agreed to acquire a majority stake in TimeToAct, a Germany-based IT consultancy, for an undisclosed consideration
  • Triton has agreed to acquire a majority stake in Ufenau, a Swiss-based IT Security company, for a consideration of €450m

2014 - 2021 YTD total deals in DACH, by sector

 

Source: Q2 2021 European mid-market deal report, Mergermarket, 03 September 2021 (criteria available on request)

France

  • Q2 2021 fundraising in France brought H1 raises to record levels, with several mid-cap and large-cap firms closing new funds. All eyes were on Ardian Buy-Out, as they announced a record €7.5bn fundraise for their seventh generation fund[23]
  • Unsurprisingly, the deal frenzy driven by pent up sponsor demand for acquisitions did not stop until the Summer break, with 170 leveraged buy-out deals announced in France by the end of July - almost as many as the whole of 2020 (182)[24]
  • Around 75% of these LBOs are worth between €100m and €500m[25], but the upper end of the market was on the rise as well, with 12 deals above the €1bn valuation mark
  • The majority of these deals were in the technology, healthcare, infrastructure and education sectors, due to their pandemic-proof nature
  • While deal activity in September started more slowly than last year, the sentiment overall, in our view, is that the private equity industry is preparing for what should be a very busy end-of-year period as a strong pipeline of deals are expected to hit the market

Key deals

France deals sourced from: Q2 2021 European mid-market deal report, Mergermarket, 03 September 2021 (criteria available on request)

Business & Tech-Enabled Services

  • Naxicap Partners has agreed to acquire a majority stake in Sante Formapro, a France-based vocational training provider for the medical sector, for an undisclosed consideration
  • Bpifrance and Amundi Private Equity along with management have agreed to acquire a stake in Club auto, CAMEF, SAS and Leaseway SAS (Carizona Group), a France-based car leasing company, for an undisclosed consideration
  • Charterhouse Capital Partners, along with the management of Labelium SARL, has agreed to acquire Labelium SARL, a France-based B2B digital marketing performance consulting agency, for an estimated consideration of €300m
  • Ardian has agreed to acquire a majority stake in Artefact SA, a France-based company engaged in providing digital marketing services, for an undisclosed consideration

Consumer, Leisure & Retail

  • TowerBrook Capital Partners has agreed to acquire Bruneau, a France-based online office supplies retailer, for an undisclosed consideration
  • Credit Mutuel Equity has agreed to acquire a stake in Charles & Alice, a UK-based producer of a range of fruit compotes and plant-based desserts, including no added sugar, dairy-free, gluten-free, organic and vegan products, for an undisclosed sum

Healthcare

  • Montagu Private Equity has agreed to acquire a majority stake in In Tech Medical, a France-based company engaged in the development and manufacturing of instruments and implants for orthopedics companies, for an undisclosed consideration
  • Bpifrance SA along with the management of Skyepharma Production, has agreed to acquire Skyepharma, a France-based pharmaceutical company that develops drug delivery technologies for oral, inhalation products and new formulations of known molecules, for an undisclosed consideration

Industrials

  • Kartesia Advisor, along with the management of Babcock Wanson and advised by DC Advisory, has agreed to acquire Babcock Wanson, a France-based designer and manufacturer of industrial boilers and associated services, for an undisclosed consideration
  • Ardian, alongside the management of NetCo have agreed to acquire NetCo Group, a France-based designer and manufacturer of conveyor systems, for an undisclosed consideration
  • MML Capital has agreed to acquire a majority stake in Groupe GDI, a France-based provider of insulation and anti-fire solutions, for an undisclosed consideration
  • Equistone Partners has agreed to acquire a majority stake in GSCM Group, a France-based modular construction specialist, for an undisclosed consideration
  • Quilvest Capital Partners has agreed to acquire a majority stake in Solem, a France-based designer and assembler of connected devices focused on tele-care, irrigation, and pools, for an undisclosed consideration

TMT

  • TA Associates has agreed to acquire a majority stake in DL Software, a France-based provider of enterprise resource planning (ERP) software, for an undisclosed consideration
  • Carlyle has agreed to acquire a minority investment in Inova Software, a France-based SaaS partnering platform for a consideration of €60m

2014 - 2021 YTD total deals in France, by sector

Source: Q2 2021 European mid-market deal report, Mergermarket, 03 September 2021 (criteria available on request)

Italy

  • Overall, deal activity in Italy has shown significant recovery in the first half of 2021, with a 19% increase in deal volume compared to the previous year, mainly driven by government stimulus packages and an effective vaccination campaign against Covid-19[26]
  • 79 deals were closed by private equity firms, compared to 48 of the previous year, reflecting greater confidence from major operators in a robust post-pandemic recovery. In addition, c.78% of total acquisition volume were majority stake deals, with a high number of resumed processes[27]
  • Conversely, overall deal value has decreased (-5%) compared to 2020, but this is due to a higher number of large deals that started in 2019 before the pandemic[28]
  • During H1 2021, the number of cross-border deals had reached its peak (at 55% of total deals), which is much higher than the average level recorded during the last 4 years (37%). There were also a lower number of transactions that were interrupted compared to the previous year[29]
  • The highest deal volume has been registered in the industrial and consumer sectors (with 188 and 180 deals respectively in H1 2021, showing growth between Q1 and Q2)[30]. However, the number of deals in the technology sector is expected to increase in H2 2021, as companies now have little choice but to digitalise their businesses to reach customers and increase sales, prompting investments from both strategics and PE firms in tech firms[31]
  • The growth of transaction volumes during H1 2021 has also been driven by the re-emergence of divestment activities by private equity firms[32], resulting in higher market multiples and valuations as better quality assets become available
  • According to the PWC Observatory[33], the rest of 2021 will be characterised by an overall increase in deal volume due to higher liquidity and fundraising activities. We believe every sector will see a higher number of restructuring deals and turnaround transactions, especially in sectors that were most impacted by the pandemic, such as retail and tourism[33] 

Key deals

Italy deals sourced from: Q2 2021 European mid-market deal report, Mergermarket, 03 September 2021 (criteria available on request)

Business & Tech-Enabled Services

Consumer, Leisure & Retail

  • L Catterton has agreed to acquire a majority stake in Etro SpA, an Italy-based fashion company, for a consideration of €500m
  • Oaktree Capital Management has agreed to acquire a minority stake in FC Internazionale Milano, a Italy-based football club operator, for a consideration of €275m

Healthcare

  • Astorg has agreed to acquire Demetra Holding, an Italy-based biomedical company active in the bone cement and biomaterials sector, for an undisclosed consideration
  • Alto Partners SGR, has agreed to acquire a minority stake in Diatech Pharmacogenetics, an Italy-based producer of reagents and customised genomic testing for molecular diagnostics and pharmacogenetics, for an undisclosed consideration

Industrials

  • PAI Partners has agreed to acquire Scrigno, an Italy-based door and window frames producer, for an undisclosed consideration
  • Bravo Capital Partners has agreed to acquire a majority stake in Lorenzi, an Italy-based supplier of microfibres for shoes and accessories, for an undisclosed consideration

TMT

  • Investcorp, along with the management of CloudCare S.p.A., has agreed to acquire CloudCare, a France-based operator of a tech-enabled platform active in the energy, telecommunications and insurance markets, for an undisclosed consideration

2014 - 2021 YTD total deals in Italy, by sector

Source: Q2 2021 European mid-market deal report, Mergermarket, 03 September 2021 (criteria available on request)

Spain

  • Spanish private equity activity started to recover with a dynamic H1 2021 after a complex 2020, with many transactions put on hold as a result of Covid. Total private equity activity was worth over €2.4bn of investment - a 41% increase compared to the same period in 2020, but still 34% down from H1 2019 figures[34] - driven by the easing of lockdown restrictions, consumer spending and vaccination programmes
  • The increase in value has been led by several megadeals driven by strong liquidity – this includes 71 above €100M equity deals, compared with 2 in 2020, and 6 in 2019. These include, the investment of Oakley Capital and Apax Partners in Idealista (owned by EQT), the acquisitions of Angulas Aguinaga by PAI Partners, and of Alvinesa by ICG[35]
  • Market sentiment in Spain remains positive. The current optimism of investors is based on continued economic recovery and the current favourable M&A environment. This optimism has already accelerated investments and exits, and fundraisers that were previously suspended and /or postponed in 2020 are now being resumed, which is helping to intensify private equity activity
  • Additionally, the entry of new international players in the Spanish market is driving growth - during 2021, c.75% of total investment volume was led by international investors, proving that Spain continues to attract foreign private capital[36]. We believe this is a result of lower local valuations
  • The reactivation of fundraising has been slow. Fundraising in the first half reached €693m, 34% below the first semester of 2020[37]. However, the favourable market conditions, such as high liquidity, low interest rates, profitability and attractiveness of private capital compared to other assets, and the commitment of public funds (ICO), should help boost fundraising in the near future[38]
  • In terms of investment trends, the pandemic has shifted the focus of private equity firms to sectors that are more resilient, less impacted by and even strengthened under the current economic conditions in Spain. As a result, sectors such as technology, healthcare, and non-discretionary consumer goods are attracting interest, leading to higher deal volumes in these sectors. Sectors that are more sensitive to and affected by economic changes have remained in the background, and turned instead to restructuring and strategic M&A transactions

Key deals

Spain deals sourced from: Q2 2021 European mid-market deal report, Mergermarket, 03 September 2021 (criteria available on request)

Business & Tech-Enabled Services

Consumer, Leisure & Retail

Healthcare

  • Caixa Capital Risc and Centro Para el Desarrollo Technologico Industrial have agreed to acquire AlgaEnergy, a Spain-based company specialised in the production of microalgae-based biostimulants and other agrobiological inputs for use in the agricultural sector, for an undisclosed consideration
  • Arcline Investment Management has agreed to acquire Polypeptide Therapeutic Solutions, a Spain-based company engaged in designing and manufacturing polypeptide-based materials for drug delivery, for an undisclosed consideration

Industrials

  • DIF Capital Partners has agreed to acquire Grupo Itevelesa, a Spain-based provider of vehicle inspection services, for an undisclosed consideration
  • ProA Capital de Inversiones SGEIC has agreed to acquire a majority stake in Amara, a Spain-based company engaged in the distribution of electrical equipment and the management of logistics services, for an undisclosed consideration

TMT

  • Suma Capital has agreed to acquire a minority stake in A Contracorriente Films, a Spain-based motion picture and film company, for an undisclosed consideration

2014 - 2021 YTD total deals in Spain, by sector 

Source: Q2 2021 European mid-market deal report, Mergermarket, 03 September 2021 (criteria available on request)

UK

  • Private equity-backed M&A activity in the UK in H1 2021, driven by pent up sponsor demand for deals, continued to build on the positive momentum experienced towards the end of 2020, with transaction volumes accounting for 30% of Europe’s total deal count for the first half of the year[39]
  • However, whilst the number of UK M&A transactions reached their highest Q2 level in 2021 since 2015, the rate of deal making slowed in comparison to Q1 2021[40]. This decrease in deal activity can likely be attributed to the fact that many businesses touted to come to market in Q2 did not, with private owners and sponsor-backers opting to delay sale processes until Autumn
  • Delayed exit activity is attributed to sponsors wanting to allow more time post-lockdown for portfolio assets to gain better visibility on earnings, and to establish a post-lockdown trading window of sufficient length. Additionally, private owners and sponsors delayed exits to ensure their own sale processes would not become ‘lost’ in a congested M&A market of the type seen in Q1 2021
  • The technology and business & tech-enabled services sectors again accounted for the vast majority of the UK’s total deal activity in Q2 2021 (57%)[41]. High levels of dry powder and tense competition for quality tech-enabled assets continues, drawing record valuations with an increase in the number of deals being completed on a pre-emptive basis[42]. In many instances, however, the price expectations held by the sellers of tech-enabled assets are deemed unrealistic, and we are instead seeing more processes fall over as a consequence[43]
  • As the UK’s single biggest foreign investor, US sponsors are increasingly looking to deploy capital in the UK to take advantage of lower valuations and cultural similarities. US sponsors now account for a larger share of UK-based PE-backed deals, increasing from 18% in 2020 to 21% in 2021[44]. Meanwhile, the UK sponsor share of UK-based deals has fallen from 72% to 67% across the same period[45]. We expect this positive trend to continue into H2 2021 and believe it to be an encouraging sign for the domestic M&A market as well as the UK economy, which continues to grow in confidence following the successful roll-out of the Covid-19 vaccine[46]
  • It is clear that the UK M&A market has shaken off the uncertainty of the past year and is open for business. High levels of dry powder, favourable debt conditions, continued uncertainly around Capital Gains Tax changes, as well as a sizeable deal pipeline, makes the outlook for UK-based H2 2021 deal activity a positive one. Still, expectations should be held with cautious optimism as the prevalence of Covid-19 could yet stifle dealmakers’ plans as the UK moves into the winter months

Key deals

UK deals sourced from: Q2 2021 European mid-market deal report, Mergermarket, 03 September 2021 (criteria available on request)


Business & Tech-Enabled Services

  • ABRY Partners and Castik Capital agreed to acquire Reward Gateway, a UK-based developer of enterprise employee engagement software, for an undisclosed consideration
  • Lightyear Capital agreed to acquire a majority stake in Wren Sterling, a UK-based financial advice and financial planning firm, for an undisclosed consideration
  • Elysian Capital has agreed to acquire a stake in Eton Bridge Partners, a UK-based executive search, interim management, and consulting firm, for an undisclosed consideration
  • Growth Capital Partners has agreed to acquire a minority stake in Hippo Digital, a UK-based service design and delivery consultancy for public and private sector clients, for an undisclosed consideration

Consumer, Leisure & Retail

  • Epiris has agreed to acquire Sharps Bedrooms, a UK-based producer of fitted bedroom furniture, for an undisclosed consideration
  • Bridges Ventures has agreed to acquire Wholebake, a UK-based gluten-free snack business, for an undisclosed consideration
  • Mayfair Private Equity has agreed to acquire Tangle Teezer, a UK-based hairbrush brand, for a consideration of £200m
  • Bridgepoint has agreed to acquire an interest in Itsu, a UK-based Asian restaurant chain, for an undisclosed consideration
  • Exponent Private Equity has agreed to acquire Rensow, a UK-based producer of chilled desserts including cheesecakes and mousses, as well as puddings that consumers can heat at home, for an undisclosed consideration

Healthcare

  • Levine Leichtman Capital Partners, along with the management of Prime Global Medical Communications, has agreed to acquire Prime Global, a provider of professional communications, including healthcare strategy and consultancy, scientific and medical communications, consumer health, patient-integrated science and related services to the biotech, pharmaceutical and healthcare businesses, for an undisclosed consideration
  • Palamon Capital Partners, along with the management of IDH Group, has agreed to acquire IDH Group, a UK-based provider of dental services, for an undisclosed consideration
  • Livingbridge has agreed to acquire AJM Healthcare, a UK-based provider of NHS wheelchair services throughout the UK, for an undisclosed consideration
  • LDC has agreed to acquire a stake in People Asset Management Group, a UK-based company engaged in providing occupational health and wellbeing services, for an undisclosed consideration

Industrials

  • Intermediate Capital Group has agreed to acquire a stake in Kee Safety, a UK-based provider of products and systems designed to ensure the safety of people working at height, such as barriers and guardrails, as well as fall prevention equipment, for an undisclosed consideration
  • First Reserve Sustainable Growth has agreed to acquire Juuce Limited (EO Charging), a UK-based company that designs and manufactures EV charging stations and hardware-agnostic cloud-based charge-point management software for fleets, for a consideration of $589m
  • Synova has agreed to acquire Orbis Protect, a UK-based property security service company, for an undisclosed consideration

TMT

  • Livingbridge, advised by DC Advisory, has agreed to acquire a stake in Semafone, a UK-based developer of data security and compliance software, for an undisclosed sum
  • Inflexion has agreed to acquire ANS Group, a UK-based provider of digital transformation and cloud managed services, for an undisclosed consideration
  • Beech Tree Private Equity has agreed to acquire Ancoris, a UK-based Google cloud specialist, for an undisclosed consideration

2014 - 2021 YTD total deals in the UK, by sector 

 

Source: Q2 2021 European mid-market deal report, Mergermarket, 03 September 2021 (criteria available on request)