CONSTANTIA FLEXIBLES - LABELS DIVISION acquired by MULTI-COLOR CORPORATION (MCC)

Alliance Etiquettes has finalized a transformative transaction by integrating Groupe Etienne, a significant competitor based in the Loire Valley. This deal represents a major milestone in the consolidation of the French label market. By combining Alliance Etiquettes' existing operations with Groupe Etienne's six production sites, the new entity becomes the undisputed French leader in wine labels. Under the terms of the agreement, Activa Capital remains the majority shareholder with 60% of the new entity, while the management teams of both Alliance Etiquettes and Groupe Etienne hold the remaining 40%. The financial investors previously backing Groupe Etienne (LT Capital, Sodero Gestion, Alliance Entreprendre) have fully exited their positions.

Bain Capital acquired a controlling majority stake in Fedrigoni S.p.A. The deal marks the end of a three-year search for a financial partner by the Fedrigoni family, who had previously withdrawn a planned IPO in 2014 and rejected offers from other investors (including Charme, Edizione, and Investindustrial) due to valuation disagreements. The founding family achieved their target price and will reinvest to retain a minority stake, ensuring continuity.

Private equity sponsor Cinven has entered into a definitive agreement to divest CeramTec, a leading German manufacturer of high-performance ceramics, to a bidding consortium led by BC Partners. The acquiring consortium also features significant equity participation from the Public Sector Pension Investment Board (PSP Investments) and the Ontario Teachers’ Pension Plan. The realization perfectly encapsulates the culmination of a highly successful holding period characterized by robust value creation and corporate transformation under Cinven's ownership. Throughout its tenure, the sponsor executed a comprehensive operational restructuring, streamlining the corporate framework from sixteen disparate business units into two core, hyper-focused segments: Medical and Industrial. In partnership with a newly appointed management board, including CEO Henri Steinmetz, Cinven drove aggressive organic momentum by deploying significant capital to expand manufacturing capabilities—notably through a major investment in the Marktredwitz medical plant—and targeting international expansion across the US and China. This organic trajectory was coupled with a highly accretive buy-and-build strategy. Throughout the competitive auction process, the sell-side was exclusively advised by investment banks Morgan Stanley and BAML. The transaction's closing remains strictly subject to customary regulatory clearances and is anticipated to finalize in the first half of 2018.

PPG fully acquires The Crown Group from private equity firms High Road Capital Partners and Charter Oak Equity to strengthen its service capabilities in the North American industrial coatings market. The primary rationale underpinning this acquisition is to significantly broaden the acquirer's downstream service offerings, allowing it to provide highly integrated, end-to-end coating solutions to major industrial and automotive manufacturers.

The transaction involves the sale of Esmalglass by Investcorp to Lone Star Fund X. This deal marks an important step in Investcorp's strategy, which has worked with Esmalglass' management team to solidify the company's position in international markets and extend its product offering. The sale of Esmalglass to Lone Star Fund X allows Investcorp to achieve an excellent return on investment for its shareholders. The company has doubled its revenue and EBITDA under Investcorp's ownership, thanks to strong organic growth and the acquisition of Fritta in 2015. The transaction was advised by Lazard and Jones Day, who acted as financial and legal advisors to Investcorp, respectively.

The strategic acquisition of Tapì Group by Wise Equity Fund marks a significant milestone in the company's history, providing Tapì with the necessary resources to achieve its ambitious growth targets. The deal is expected to enhance Tapì's competitiveness, drive further expansion into international markets, and strengthen its focus on research and development. With Wise Equity Fund's support, Tapì aims to double its turnover over the next five years, building on its existing strengths and leveraging the firm's expertise and network to drive growth. The acquisition is also expected to have a positive impact on the packaging industry, as Tapì continues to innovate and expand its product offerings. The deal is a testament to the attractiveness of the Italian packaging industry and the growth potential of companies like Tapì, which have established themselves as leaders in their niche markets. The partnership between Tapì and Wise Equity Fund is expected to create new opportunities for both parties, driving growth, innovation, and job creation in the industry. As the packaging industry continues to evolve, the acquisition of Tapì by Wise Equity Fund is well-positioned to drive future growth and expansion, both in Italy and internationally.

Imerys has finalized an agreement to acquire Kerneos from Astorg, a maneuver designed to fundamentally expand its specialized materials offering for the building and infrastructure markets. The strategic rationale for this transaction centers on a "technological-integration" play, merging the Kerneos's industry-leading technical operational depth in calcium aluminate binders with the group’s established global distribution and mineral processing infrastructure. This structural alignment provides the organization with the scientific talent and high-performance hardware—specifically the target's nine international production sites—required to address the increasing complexity of modern construction chemistry.

Chequers Capital has acquired a majority stake in Alkern, taking over from Fondations Capital. Chequers secured the deal through a competitive auction process managed by Rothschild & Cie, reportedly outbidding the Irish industrial giant CRH. This secondary LBO is supported by a €75 million unitranche debt facility provided by Hayfin (two-thirds) and Tikehau IM (one-third). The strategic rationale for Chequers is to continue the aggressive "buy-and-build" trajectory established during Fondations Capital's six-year tenure, which saw 14 acquisitions including the major takeover of Duroux (€55M revenue). Chequers intends to use Alkern as a platform to acquire smaller regional competitors, allowing the group to better amortize fixed costs and ensure production sites remain within close proximity to local construction projects. Under this new ownership, Alkern aims to leverage its operational excellence to further dominate the sustainable and low-carbon building materials market in France and Belgium.

The acquisition of Hypred by Ardian represents a major turning point in the target’s trajectory, marking its emancipation from Groupe Roullier to become an independent market consolidator. The strategic rationale for this transaction centers on an "international-acceleration" play, merging the target's industry-leading technical operational depth in specialty hygiene with the sponsor’s extensive expertise in executing global buy-and-build strategies. This structural alignment provides the organization with the institutional capital and strategic autonomy required to address the increasing complexity of global biosecurity regulations. This operation allows the group to execute a definitive structural expansion of its innovation capabilities, specifically through the modernization of its primary research center to maintain leadership in high-stakes detergent and nutritional supplement sectors. By incorporating the sponsor's strategic discipline and global commercial network, the organization is now positioned to leverage its recognized leadership in the dairy and food processing segments to drive deeper market penetration across new geographical zones.

Eurazeo and Mérieux Développement have signed an agreement to acquire a majority stake in Novacap from Ardian, which had held the company since March 2011. Ardian will retain a minority stake to maintain its commitment to the management team led by Pierre Luzeau. During Ardian's five-year ownership, Novacap underwent a massive transformation, executing six external acquisitions (notably in China and Germany) totaling approximately €240 million. This was complemented by an €85 million organic investment program to upgrade production tools. The strategic rationale for the new owners is to capitalize on Novacap’s reinforced position in high-margin target markets (pharmacy, health, and cosmetics), which now represent 68% of the group's activity compared to 44% previously. The transaction highlights Novacap's shift into a truly global player, with a strong footprint in Asia and a diversified revenue stream across essential chemical sectors. The new partnership aims to leverage Eurazeo’s financial strength and Mérieux’s healthcare network to pursue further international growth and solidify the group’s leadership in the specialty ingredients market.