ACCELL GROUP acquired by KKR

Next plc and Davidson Kempner Capital Management have acquired JoJo Maman Bebe from its founder and existing shareholders. Under the deal structure, the hedge fund holds the majority stake, while Next holds a significant minority and becomes the operational partner. The strategic rationale is to integrate the brand into Next's "Total Platform" ecosystem. By migrating JoJo's online operations, warehousing, and logistics onto Next's highly efficient infrastructure, the acquirers aim to reduce operational costs and accelerate digital growth, preserving the brand's boutique identity while leveraging the scale of a retail giant.

Quilvest Capital Partners has acquired a minority stake in Les Secrets de Loly through an Owner Buy-Out (OBO). The transaction involves both a capital increase to fund growth and a cash-out for the founder, Kelly Massol, who retains the majority stake. Key managers also entered the capital. The deal aims to support the company's hyper-growth (revenue doubling annually) and international expansion, particularly in the Middle East and professional salon channels.

Embracer Group has finalized the acquisition of 100% of the capital of Asmodee from funds managed by PAI Partners and various minority shareholders. This landmark transaction marks a major diversification for Embracer, bringing a global leader in board games into its digital-heavy ecosystem. The transaction was structured with a massive upfront payment consisting of cash and newly issued Embracer B shares. To ensure management continuity, the founders and key minority shareholders retained a small interest subject to specific put and call options exercisable over a six-year period. This day one consideration creates a powerful alignment between the French management team and the Swedish parent company. Strategically, the acquisition transforms Embracer into a cross-media powerhouse, allowing for the cross-pollination of IP between physical board games and digital video game adaptations. Asmodee continues to operate as an independent operative group under its existing leadership, maintaining its organizational structure while gaining access to Embracer’s vast technical and financial resources.

Ardian Growth acquired a minority stake in Kapten & Son to support the company's international expansion and operational scaling. The investment was made through the EUR320 million Ardian Growth Fund II. The founders retained a majority stake to remain incentivized as they collaborate with Ardian on a strategic roadmap. This partnership focuses on further penetrating the German market followed by a targeted entry into the French market and eventually global expansion. The growth strategy includes a potential buy-and-build approach in niche segments and the co-development of new product lines, leveraging Ardian's pan-European network and digital expertise to transition the brand from a regional leader to a global lifestyle player.

HLD acquired a majority stake in Jimmy Fairly, allowing the exit of minority shareholders Experienced Capital (who held >40%) and historical seed investor Odyssee Venture. The founders reinvested significantly alongside HLD. The transaction concludes a competitive process managed by Lazard. HLD's entry aims to accelerate the brand's international expansion (beyond the UK) and scale the network to reach a revenue ambition of EUR500M in the long term.

Eurazeo and its partners invested �410M to acquire a majority stake in Aroma-Zone. The founding family remains significantly involved. Aroma-Zone, a French pioneer in aromatherapy, beauty, natural wellness, and DIY, is built on a digital model of direct-to-consumer sales. Founded in 1999 as an informational website about essential oils, Aroma-Zone is now one of the leading digital commercial platforms.

Permira agreed to acquire a majority stake in Golden Goose from The Carlyle Group, prevailing over rival bidder Advent International after a year-long negotiation process. This transaction represents a classic "Secondary Buyout," where a new private equity owner takes the baton to drive the next phase of growth. Under Carlyle's ownership (since 2017), Golden Goose had already doubled its revenue. Permira's strategic plan focuses on accelerating the brand's global expansion, particularly in the US and Asian markets, and shifting the business model further towards Direct-to-Consumer channels (both physical retail and e-commerce) to capture higher margins and control the brand experience.

3i Group agreed to invest approximately 125 million to acquire a majority stake in MPM alongside the existing management team. The transaction is built on a thesis of international expansion: 3i aims to use its global network and brand building expertise to accelerate MPM's growth in North America, a key strategic priority. The partnership also focuses on supporting product innovation and sustainability initiatives (such as recyclable packaging).

The Carlyle Group sold 100% of Britax Childcare to Nordic Capital following approximately five years of ownership during which revenues approximately doubled and earnings more than doubled. Carlyle had acquired the business from Britax International in October 2005 and focused its value creation strategy on geographic expansion into emerging markets, product range diversification including the launch into wheeled goods and travel systems, enhancement of the company's online presence, and continuous investment in R&D and safety technology innovation.

L Catterton acquired a majority stake in JOTT to transform the family-run SME into a global brand. The Gourdikian family retained a significant minority stake. At the time of the deal, the company was valued based on an EBITDA of ~EUR25M and a turnover of ~EUR70M. The strategy focused on international expansion (Asia/Europe) and e-commerce acceleration.