Deals
European PE firms pivoted away from large buyout deals in the first six months of the year, amid a slowdown in debt markets and uncertainty over valuations, to focus on their buy-and-build strategies, according to a report by Private Equity News.
The report cites data from CMBOR, the Centre for Private Equity and MBO Research based at Nottingham University Business School, as revealing that bolt-on activity in terms of number of deals hit its third-highest H1 figure on record in the first sixth months of 2023, with 369 acquisitions made by PE-owned portfolio companies.
The cumulative value of these deals
US private equity investment firm Searchlight Capital has agreed to buy UK specialist asset manager Gresham House in an all-cash deal with an enterprise value of £440.6m, sending shares in the London-listed group up more than 50% on Monday.
Kartesia, a European specialist provider of capital solutions for small and mid-sized companies, has teamed up with Polish private equity investor Cornerstone Investment Management, to acquire Ecowipes Group, a producer of biodegradable wet wipes and other personal hygiene products.
Samos Energy, a newly formed upstream energy investment platform, has made its first acquisition with a deal to acquire 100% of the shares of the PetroFirst Infrastructure companies from Petrofac and funds managed by BlackRock Infrastructure.
HIG Capital, a global alternative investment firm with $57 billion of capital under management, has sold its portfolio company Riveron, a business advisory firm, to affiliates of Kohlberg & Company.
Entrepreneurial Equity Partners, a Chicago-based private equity firm focused on the food and consumer packaged goods industries, has acquired MBC Companies from Encore Consumer Capital, in partnership with the existing management team.
Funds managed by CapVest Partners are to acquire Kerridge Commercial Systems, a global provider of enterprise resource planning software for distribution, servicing and rental businesses, from Accel-KKR, a global technology-focused investment firm.
Gen II Fund Services (Gen II), an independent private capital fund administrator, is to acquire Crestbridge, a European provider of private capital fund administration solutions. Terms of the transaction, which is subject to customary regulatory approvals, have not been disclosed.
Global private equity and venture capital deal value and volume continued their downward trend in June, with total deal value for the month slipping 59.3 per cent year on year to $27bn from $66.4bn in the same period a year ago, according to a report by The Business Times.
The report cites S&P Global Market Intelligence data as also revealing the the number of deals recorded in June fell by 44.9 per cent to 847, from 1,536 in same period last year.
The highest monthly deal value was seen in the US and Canada – $13.4bn across 301 transactions –
Cap10, a pan-European, mid-market private equity firm based in London, has made its first acquisition, acquiring 100% of Sureserve Group, a compliance and energy services business, in a take private deal that values the company at £214m.
Sureserve, an energy and compliance services provider to the social housing sector in the United Kingdom, specialises in the provision of inspection, compliance, maintenance, and installation services in the areas of heating, insulation, and renewable energy. Cap10 says Sureserve is set to play a key role in reducing fuel poverty and achieving UK’s Net Zero targets, supporting the energy transition journey of social
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