FTL SEALS TECHNOLOGY acquired by IDEX CORPORATION

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.

Manali Petrochemicals Limited has completed the acquisition of Notedome Limited, a UK-based manufacturer specializing in cast polyurethane elastomers for high-stress industrial and automotive applications. The transaction was executed through its Singaporean subsidiary, AMCHEM Speciality Chemicals. This acquisition aligns with the Indian group’s internationalization strategy, aiming to strengthen its exposure to European markets and accelerate its growth in specialty polymer materials. It also solidifies Manali Petrochemicals’ industrial footprint outside India, leveraging a dedicated holding structure for overseas growth initiatives. Beyond geographic expansion, the deal seeks to enhance the group’s technological capabilities in polyurethane formulations and foster synergies between its upstream polyol production and downstream specialty applications.

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.

Conventya has been acquired by Silverfleet Capital, marking the end of a successful expansion cycle under Equistone Partners Europe. The strategic rationale for this transaction centers on a "global-scaling" play, merging Coventya’s industry-leading technical operational depth in specialty surface chemicals with the sponsor’s extensive expertise in executing high-velocity buy-to-build strategies. This structural alignment provides the organization with the scientific talent and logistical hardware required to address the increasing demand for specialized coatings in the United States and emerging markets.

Following the integration of NS Etiquettes, Alliance Etiquettes has finalized its second build-up operation with the acquisition of Maumy. Ideally situated in the Bordeaux region, this transaction reinforces the group's dominance in its core historical territory. Xavier Sinsou, the company's manager, will continue to lead operations at the La Reole site and is expected to acquire a minority stake in the Alliance Etiquettes platform in the near future.

Alliance Etiquettes has completed its first external growth operation since its formation with the acquisition of 100% of NS Etiquettes. This transaction expands the group's geographical footprint into Brittany, a key region for the French food industry, and diversifies its end-markets beyond wine into general agri-food and spirits. Under the terms of the deal, Bruno Quaesaet, the owner and manager of NS Etiquettes, has sold his entire stake to the platform. Simultaneously, he has reinvested a portion of the proceeds to become a minority shareholder in the wider Alliance Etiquettes group, ensuring management continuity and alignment of interests.

Saint-Gobain finalized the sale of its glass packaging subsidiary, Verallia, to a consortium led by Apollo Global Management and Bpifrance. The strategic rationale for Saint-Gobain was to complete its refocusing on high-performance habitat and industrial materials. For the acquirers, the deal represented a massive industrial carve-out of a profitable, market-leading business. Apollo won a highly competitive auction process against several private equity rivals (Blackstone, CVC, Bain/Ardian) and strategic bidders (Ba Vidro) by submitting a superior bid and partnering with Bpifrance to provide social and governmental guarantees regarding French employment. The transaction resulted in a significant reduction of Saint-Gobain's net debt and established Verallia as an independent player ready for a new cycle of industrial investment.

Schweitzer-Mauduit International (SWM), a U.S.-listed industrial group committed to diversifying its operations into specialty materials, has finalized the acquisition of Argotec, a U.S.-based specialist in thermoplastic polyurethane (TPU) technical films, from private equity firm Wind Point Partners. Prior to the transaction, Argotec was owned by Wind Point Partners, which oversaw a growth phase marked by product portfolio expansion and geographic diversification into new markets, particularly in the medical and industrial sectors. This trajectory strengthened Argotec’s position in high-value technical film segments. For SWM, this acquisition is part of a broader transformation strategy aimed at reducing the group’s historical dependence on technical paper and tobacco-related activities in favor of advanced polymer materials. Argotec complements SWM’s existing capabilities in resin extrusion and processing, further enhancing its exposure to high-performance technical films for demanding industrial applications.

The acquisition of Great Lakes Foam Technologies by Unique Fabricating is a strategic move to consolidate the industry and expand the group's technological offerings into polyurethane molding, while diversifying its sectoral reach beyond its historical exposure to the mass automotive market. This transaction enables the transfer of the target's customer base to the acquirer's broader sales force, leveraging the alignment of the two companies' profitability and growth profiles to generate immediate scale benefits. Under the leadership of its founders, the target had established itself as a niche leader in reaction injection molding technology, with a strong presence in high-value-added sectors such as medical and defense. However, it faced commercial capacity constraints that hindered its ability to reach the next level of national growth. The operational integration led by Unique Fabricating will focus on deploying cross-selling initiatives to the group's existing major automotive accounts, which are increasingly demanding complex polyurethane molded components, and on pooling polymer purchasing capabilities. The continued operational management at the Concord site ensures the preservation of technical expertise, while the acquisition is fully financed through the acquirer's existing credit line, securing rapid execution without altering its capital structure.

Activa Capital has officially launched "Alliance Etiquettes," a strategic build-up platform designed to consolidate the fragmented French market for premium wine and spirits labels. The initiative began with the control acquisition of Imprimerie Laulan in July 2015, followed by the acquisition of Groupe Enes in December 2015. By combining these regional specialists, Activa Capital aims to build a leading national player capable of leveraging industrial synergies and digital printing technologies. The group is led by Olivier Laulan, the former head of the founding entity, and has an aggressive roadmap to acquire further independent competitors to rapidly scale its revenue base.