EVOLIS acquired by HID GLOBAL

Iagona reorganized its capital in a secondary LBO led by IRD Invest. The deal allowed historical investors UI Investissement and IDF Capital to exit. Management, led by Pascal Hermandesse, retains a significant stake (approx. 1/3). The funding aims to support organic growth and strategic acquisitions in Europe to reach EUR100M in revenue.

The successful acquisition of Sentron by Millar signals a pivotal tactical expansion of the group's sensor development and manufacturing capabilities. This transaction facilitates the integration of Sentron’s specialized fabrication facilities in the Netherlands into Millar’s broader global operations, transforming the combined entity into a comprehensive "one-stop-shop" for sensor-enabled medical devices. The strategic rationale for the move centers on the fusion of Sentron’s expertise in pH and conductivity sensing with Millar’s established leadership in pressure sensor technology. By onboarding this technical specialist, Millar reinforces its ability to serve medical device manufacturers and research institutions that require multi-parameter physiological data. The partnership is designed to leverage Sentron’s advanced manufacturing infrastructure to accelerate the time-to-market for next-generation MEMS solutions. This integration facilitates the creation of a more robust technological platform, providing the strategic depth required to navigate the maturing landscape of digital health and precision diagnostics. The move solidifies Millar’s standing as a primary enabler of breakthroughs in medical understanding and commercialized sensor innovation on a global scale.

Charterhouse successfully structured a massive continuation vehicle to acquire absolute majority control of Sagemcom from its tenth flagship fund, marking one of the largest single-asset GP-led transactions in Europe for 2023. Following an intensive competitive price-discovery process managed by Lazard, Charterhouse secured exclusivity to lead this new cycle alongside a powerhouse syndicate led by AlpInvest. To adequately capitalize this new phase, the transaction incorporates a sophisticated €775M "corporate hybrid" debt package (refinanced in 2022) provided by a consortium of 16 banks. This strategic structure is engineered to provide Sagemcom with a dedicated €100M M&A envelope to accelerate internal innovation and execute targeted bolt-on acquisitions, such as the recent purchase of AI-specialist Odit-e.

KKR, through its Global Impact Fund II, has acquired a majority stake in CoolIT Systems, with Mubadala Investment Company joining as a significant co-investor. While the specific financial terms of the 2023 entry were not publicly disclosed at the time, later reports indicated a valuation in the region of $270 million. Steve Walton, CEO of CoolIT, and the existing management team remained in place to lead the company’s expansion. The strategic rationale for the acquisition is to scale CoolIT’s best-in-class liquid cooling technology to meet the exploding demand for energy-efficient data centers driven by AI. KKR aims to leverage its global manufacturing footprint and expertise in decarbonization to help CoolIT better serve hyperscalers and cloud service providers. A key component of the transaction is the implementation of KKR’s broad-based equity ownership program, which made all 300+ employees (at the time) owners of the company. This "ownership mindset" is designed to drive employee engagement and operational performance. The investment directly supports UN SDGs related to Affordable and Clean Energy (SDG 7) and Climate Action (SDG 13), positioning CoolIT as a central player in the global effort to reduce the environmental footprint of digital infrastructure.

In a "sponsor-to-sponsor" transaction, LBO France sells its majority stake in Passman to Siparex ETI. Interestingly, this marks a "return" for Siparex, which was already a shareholder of Passman between 2010 and 2019 before selling to LBO France. Andera Partners (Acto), present since 2014, reinvests alongside the founders. This new LBO aims to support the group's international growth and the deployment of its new energy efficiency solution, "Pass Energy".

The successful acquisition of Peak Sensors by SDI Group signals a definitive tactical expansion of the group's presence within the industrial thermal monitoring market. This transaction facilitates the integration of Peak Sensors’ specialized high-temperature hardware into SDI Group’s broader Sensors & Controls division, creating a more diversified portfolio of industrial sensing solutions. The strategic rationale for the move centers on the industrial synergy between Peak Sensors’ expertise in custom thermocouple engineering and SDI Group’s established international distribution network and financial resources.

Carlyle has entered into a definitive agreement to acquire a majority ownership stake in Meopta Optika. Under the terms of the agreement, the founding Rausnitz family will retain a minority ownership interest in the business. Equity financing for the transaction will be co-invested through the Carlyle Europe Partners and Carlyle Europe Technology Partners platforms. The acquired operational perimeter includes a workforce of over 1,700 employees, including more than 300 specialized engineers, operating out of a centralized 140,000-square-meter manufacturing and cleanroom site located in Prerov, Czech Republic. By backing Meopta's vertically integrated platform, Carlyle intends to position the company as a globally leading provider of optical systems. The post-closing corporate strategy focuses on scaling international distribution channels through the creation of a direct sales network, expanding R&D capabilities in high-precision optoelectronic technologies, and optimizing operational efficiencies across production, cleanroom subsystem assembly, and metrology workflows at its historical Prerov facility.

Nordson Corporation has finalized the acquisition of CyberOptics Corporation, an operation designed to fundamentally strengthen the group's Advanced Technology Solutions segment. The strategic rationale for this transaction centers on a "technology-differentiation" play, merging the target's industry-leading 3D optical sensing and wireless measurement sensors with Nordson's existing global sales and service infrastructure. This fusion effectively creates a specialized powerhouse in the semiconductor metrology arena, providing the group with the necessary technical operational depth to address the increasing complexity of wafer fabrication and electronic packaging.

Spectris plc has finalized the acquisition of Dytran Instruments, an operation designed to fundamentally strengthen the group’s HBK business unit. The strategic rationale for this transaction centers on a "technology-reinforcement" play, merging the target's industry-leading piezo-electric and MEMS-based sensor technology with the group’s vast global commercial and service infrastructure. This fusion effectively creates a specialized powerhouse in the dynamic sensing arena, providing the organization with the high-precision hardware required to address the increasing complexity of aerospace and defense testing in North America. This operation allows the group to execute a definitive structural expansion of its sensor offering, specifically targeting the fast-growing space and defense markets. By incorporating the target's innovative sensor platform into the HBK ecosystem, the organization can now provide a more robust and integrated solution set for accelerated product development and vibration monitoring.

Tikehau Ace Capital, in partnership with Bpifrance and Société Générale Capital Partenaires, entered into exclusive negotiations with LBO France to acquire 100% of the capital of Crouzet. This operation marks a new stage in the development of the industrial player, following a period under LBO France characterized by the integration of the Garos activity and a rationalization of the industrial tool. The transaction is structured as a secondary LBO, with the acquisition debt provided by Barings via a unitranche facility. The management team, led by David Arragon, reinvested in the operation to maintain a minority stake. The post-acquisition strategy focuses on accelerating external growth in a still highly fragmented market for electrical and electronic components. The group also plans to strengthen its positions on next-generation aerospace programs and diversify into electrification markets. The new shareholders provide financial power to support operational deployment in key geographic areas while securing the strategic nature of this supplier for the defense and transport industries.