BG&E acquired by SYSTRA

DXP Enterprises, Inc. has completed the acquisition of Pump Solutions, Inc., a specialized entity focused on marketing pumps, control systems, and associated maintenance services, primarily catering to the water and wastewater treatment sector. This equity-financed transaction provides DXP with a strategic presence in Texas, enabling the company to enhance its capacity to meet client needs in the water and wastewater domain through an expanded range of services and products. The deal also allows DXP to consolidate its distribution network and strengthen ties with local clients by offering a broader array of technical solutions and repair services. As part of its growth strategy, DXP plans to continue pursuing acquisition efforts, targeting complementary businesses that will enable the company to expand its geographic footprint, entering new regions and increasing its market penetration, with a focus on enhancing its service capabilities and product offerings to drive growth and expansion, specifically by leveraging the acquired entity's expertise to augment its existing operations and increase its client base.

Parquest has acquired a minority stake in Betem Groupe to support its next phase of expansion. The group's management team, led by Chairman & CEO Philippe Mercier, remains the majority shareholder, ensuring operational continuity and strategic independence. This transaction was structured to provide the group with a strong financial partner to fuel an ambitious growth trajectory, combining organic development in core engineering businesses with the selective acquisition of specialized firms to broaden technical capabilities. The partnership also facilitates the extension of equity ownership to a wider circle of the company's managers.

Bufab AB has entered into a definitive agreement to acquire approximately 99% of Novia Group from the German investment company Family Trust. To ensure long-term performance alignment, the deal includes a performance-based earn-out of up to €10 million, payable between 2026 and 2028. Following the closing, Managing Director Markus Bauer will retain a 1% minority stake and continue to lead the company as a separate business unit within Bufab’s "Europe West" region. The strategic rationale for this platform acquisition is to add specialized global sourcing and "cost-down" engineering capabilities to Bufab’s portfolio. Novia Group brings a highly attractive position in the value chain, particularly through its assembly services and its exposure to high-growth sectors like MedTech and Solar. The deal is expected to be immediately accretive, as Novia’s operating margins significantly exceed Bufab’s internal 2026 profitability targets. For Bufab, the acquisition offers a foundation for further add-on acquisitions in the fragmented German sourcing market. For Novia Group, joining Bufab provides access to a global distribution network and industry-leading best practices while allowing the team to scale its specialized sourcing mission across a broader international customer base.

H.I.G. Capital has completed the acquisition of a 73.78% majority stake in ALA from AIP Italia (the vehicle of founders Fulvio Scannapieco and Vittorio Genna). In a secondary transaction finalized in June 2025, H.I.G. also secured an additional 4.54% stake from Smart Capital and Smart ALA, bringing its total control close to 80% prior to the mandatory tender offer. The strategic rationale is to delist the company from the Borsa Italiana (Euronext Growth Milan) to facilitate an ambitious international development plan. As part of the deal structure, the founding families have reinvested to retain a 30% stake in the top holding vehicle (Wing HoldCo), ensuring management continuity. Following the completion of the 73.78% acquisition in October 2025, H.I.G. launched a mandatory takeover bid (OPA) to acquire the remaining floating shares and proceed with the delisting.

Marking a significant milestone in its global expansion journey, AGQ Labs has entered into a definitive agreement for Fremman Capital to acquire the stake previously held by Portobello Capital. This secondary buyout facilitates the successful exit of Portobello’s Structured Partnerships Fund while ensuring a continued partnership with the company’s founders, Estanislao Martinez and Coral Zamora. The strategic shift follows a period of rapid consolidation during which the group successfully integrated eight bolt-on acquisitions and doubled its laboratory network. Joining forces with the founders, Fremman aims to leverage its pan-European network to accelerate the next phase of growth, focusing on deepening presence in core international markets and broadening the specialized service offering. The partnership is designed to capitalize on favorable market dynamics, including the increasing trend toward outsourcing technical testing and the globalization of food safety standards. By reinforcing its leadership in the Testing, Inspection, and Certification (TIC) segment, the organization is positioned to deliver enhanced value across highly regulated industries, including life sciences and sustainable mining.

Loxam acquired Toscana Noleggi to strengthen its position in Central Italy. This acquisition integrates a high-quality fleet and an experienced team into Loxam's existing Italian network. It allows Loxam to provide better coverage in the Tuscany region, complementing its historical presence in the North of the country (following the acquisition of Nove in 2017).

SYSTRA has announced the 100% acquisition of Ardanuy Ingeniería to strengthen its technical capabilities and market presence in Spain, Portugal, and Latin America. This operation follows SYSTRA's successful 2023 integration of Subterra and marks a major step in building a comprehensive engineering hub for the Iberian and Hispanic markets. The strategic rationale for the deal is to create technical synergies in railway systems and infrastructure, while securing a workforce of 350 highly skilled professionals. The combined entity will manage a portfolio of landmark projects, including the metros of Santiago, Bogota, Panama, and Madrid, as well as high-speed rail projects in Portugal and Spain. This alliance positions SYSTRA as the go-to partner for public and private transit authorities seeking to develop high-performance, sustainable transport infrastructures.

Acuren has finalized the acquisition of NV5 Global, creating a market leader in the engineering and technical consulting space by combining Acuren’s strength in inspection with NV5’s expertise in technical consulting. The deal was structured as a mix of cash and stock, with NV5 shareholders receiving 23 dollars per share, consisting of 10 dollars in cash and 13 dollars in Acuren common stock. Following the transaction, Acuren shareholders own approximately 60% of the combined group, while NV5 shareholders hold 40%. The acquisition was supported by an 880 million dollar debt commitment, including an 850 million dollar term loan to fund the cash portion and refinance NV5’s existing bank debt. The combination is expected to generate immediate value through estimated cost synergies of 20 million dollars in the short term, while expanding the combined entity’s global service footprint and technical capabilities.

Transcat has successfully finalized the acquisition of 100% of the share capital of the target, marking the largest transaction in the group’s history. This strategic move establishes the organization as the dominant service provider in the high-density industrial corridor of New England. The strategic rationale for the move centers on the acquirer’s objective to integrate high-end electrical measurement capabilities and specialized technical talent into its existing calibration portfolio. By incorporating this regional market leader, the organization reinforces its technical operational depth in the highly regulated Aerospace, Defense, and Life Science industries. The partnership is designed to leverage significant sales and cost synergies, including the consolidation of regional operations to drive increased efficiency. This integration facilitates additional leverage from industrialized automation and reduces the necessity for outsourced calibration services. The acquisition demonstrates the group’s ability to attract premier technical assets to expand its geographic reach and support mission-critical workflows across North America. This transaction solidifies the group's standing as a primary enabler of technological accuracy in specialized industrial ecosystems.

Activa Capital took a majority stake (by investing a EUR20m ticket) in Groupe Desegur in its first-ever LBO transaction. The deal aims to professionalize the group's structure and accelerate its development through an ambitious buy-and-build strategy in the fragmented French TIC market.