CAPITAL EXPORT takes majority stake in REPACK-S

The transaction establishes a phased corporate acquisition framework enabling Marel to secure an initial minority stake in Curio before graduating to majority consolidation, with a final call option structured to absorb the remaining equity within a four-year horizon. This staggered ownership transition effectively de-risks the integration process by preserving management continuity under the target's founding chief executive, thereby maintaining critical technical oversight and stabilizing long-term client relationships in the core Nordic and British markets. The combination executes a clear capital deployment rationale by filling a critical upstream hardware gap in Marel's whitefish processing line, allowing the buyer to market an uninterrupted full-line automated solution to global seafood processors. Post-acquisition execution will prioritize scaling the target's localized hardware through the buyer's institutional sales channels, embedding the proprietary Innova software stack across all active Curio machinery installations to drive data connectivity, and capturing unexploited lifecycle service revenues by channeling the target's installed machinery base into Marel's established global aftermarket support grid.

The acquisition of Gatan marks a definitive technical reinforcement of the group’s presence in the global analytical instrumentation market. The strategic rationale for this transaction centers on a "portfolio-integration" play, merging the target's industry-leading electron microscopy technologies with the group’s extensive Electronic Instruments Group (EIG) infrastructure. This fusion effectively creates a specialized powerhouse in the high-end research sector, providing the organization with the proprietary cameras, energy filters, and software required to support the world’s most sophisticated laboratory workflows.

The acquisition of BTG marks a significant expansion of technical capabilities within the specialized pulp and paper industry, creating a more comprehensive portfolio for global customers. This strategic operation follows a definitive agreement to integrate specialized sensor and automation technologies into a larger industrial technology group. The merger aims to enhance the delivery of high-value solutions that optimize production efficiency and paper quality on a global scale. By combining deep research and development expertise with extensive full-line industrial manufacturing capabilities, the new partnership is well-positioned to drive innovation in process automation. The transaction is a key element of a broader strategy to strengthen technical leadership in the paper manufacturing sector, particularly through the adoption of advanced digital tools. BTG’s integration into the existing organizational structure will leverage technical synergies to provide more integrated solutions for modern production facilities. This consolidation of expertise supports the ongoing transformation toward smarter, more sustainable industrial operations, providing manufacturers with the tools needed to remain competitive in a rapidly evolving market. The finalization of this agreement underscores a shared vision for technological leadership and the continuous improvement of industrial processes. Both organizations are dedicated to ensuring a smooth transition that protects and enhances the specialized value provided to their respective customer bases over the long term.

Agilent has finalized the acquisition of BioTek Instruments in an all-cash transaction, a maneuver designed to fundamentally expand its capabilities in the critical cell analysis technology sector. The strategic rationale for this transaction centers on a "workflow-simplification" play, merging the target's industry-leading expertise in microplate detection and imaging with the group’s established presence in live-cell, real-time analysis. This structural alignment provides the organization with the scientific talent and technological hardware required to address the increasing complexity of immunotherapy and biologics research. This operation allows the group to execute a definitive structural expansion of its biopharma and academic service offerings.

Teledyne Technologies Incorporated has successfully completed the acquisition of the gas and flame detection business of 3M. The transaction represents a significant corporate carve,out from 3M’s Safety and Industrial Division. The acquisition includes several global brands such as Oldham, Simtronics, GMI, and Detcon, as well as select products from the Scott Safety line (though 3M retains the Scott Safety brand name itself). Approximately 500 employees joined Teledyne as part of the transition. The strategic rationale for the deal is the high degree of technological and market overlap with Teledyne’s existing environmental instrumentation businesses. While the products are complementary rather than directly competitive, the integration allows Teledyne to offer a broader suite of safety and measurement tools to its global customer base. The acquisition was completed within two months of the initial announcement, highlighting Teledyne's capability in executing complex carve,outs. Management expects the business to be a long,term core component of the group and accretive to GAAP earnings per share.

Danaher has finalized an agreement to acquire GE Biopharma in a transformational all-cash transaction, an operation designed to fundamentally redefine the landscape of the global bioprocessing market. The strategic rationale for this transaction centers on a "Bioprocessing-Powerhouse" play, merging the target's industry-leading technical operational depth in chromatography and cell culture with the group’s established life sciences platform and the power of the Danaher Business System. This structural alignment provides the organization with the scientific talent and technological hardware—specifically across upstream and downstream workflows—required to address the surging global demand for biologic drug development.

Ardian acquired 100% of Celli from Consilium (70%) and the founding family (30%). The management team reinvested alongside Ardian to hold a minority stake. The deal ended a successful six-year holding by Consilium, during which Celli completed four acquisitions (ADS2, Cosmetal, Angram, FJE Plastic). Ardian's entry is designed to accelerate international expansion and further leverage Celli's digital IT platform for remote dispenser management.

Groupe Atlantic has finalized the 100% corporate acquisition of Belgian thermal comfort specialist ACV, marking a significant cross-border consolidation play within the European HVAC sector. Founded fifty years ago by Pierre Lamoure and Paul Radat, ACV is widely renowned for its high-performance sanitary water heating and space heating solutions tailored for both residential and commercial applications. The transaction perimeter strategically incorporates ACV’s North American operational subsidiary based in New Jersey, where the company successfully commercializes its product pipeline under the Triangle Tube brand. Supported by dedicated financial and legal advisors, this acquisition offers the French family-owned industrial group a transformational opportunity to instantly extend its strategic influence and geographic footprint into the high-growth US market.

Ardian has successfully finalized an agreement with Wise SGR to acquire a majority stake in Corob S.p.A., marking a strategic entry into the specialized automation sector. This transaction is structured as a partnership, with both the existing financial sponsor (Wise SGR) and the senior management team, led by the President and CEO, reinvesting alongside the new majority owner. The strategic rationale for the acquisition centers on consolidating the firm’s global repositioning and maintaining its technology leadership in the highly specialized dosing and dispensing market. The partnership focuses on accelerating the target’s growth trajectory both organically and through a disciplined inorganic strategy, specifically targeting the expansion of the industrial plants and after-market services segments. By leveraging the acquirer’s extensive international network, the group aims to capitalize on the target's strong existing presence in the Americas and Asia, which already account for the majority of its turnover. The integration emphasizes intensifying research and development efforts to introduce next-generation automated systems while ensuring the high-quality maintenance of its existing global installed base. This transaction reinforces the group's standing as a primary enabler of technical innovation in the coatings and chemical industries.

The transaction represents the 100% ownership transition of MAJA into Marel’s corporate architecture, finalizing a strategic succession process for the historical family owners who have managed the asset since its inception in 1955. This transaction executes a clear capital deployment logic by incorporating MAJA’s specialized skinning and portioning hardware into Marel’s broader multi-protein portfolio, effectively filling an upstream technical gap and establishing a comprehensive full-line offering for the global meat industry. The integration risk is structurally minimized by the target’s pre-existing operational commercialization framework in Latin America, where MAJA has spent years working in partnership with Marel’s regional subsidiary, Sulmaq, establishing technical alignment and mutual product familiarity prior to consolidation. Capital allocation priorities post-acquisition will focus on integrating the German manufacturing and engineering site into Marel’s global production footprint, augmenting overall capacity, and driving near-term revenue synergies by deploying the buyer's global sales network to expand hardware penetration in unexploited geographic regions. Commercial execution will focus on embedding the proprietary Innova digital software layer into MAJA’s installed machinery base to capture live operational metrics, while utilizing Marel's scaled field engineering infrastructure to institutionalize the target's aftermarket part replacement cycles and secure long-term service agreements, with management continuity ensuring stable corporate client interfaces throughout the integration period.