GROUPE ETIENNE acquired by ALLIANCE ETIQUETTES

As part of one of the biggest LBO since 2008, a consortium formed by The Carlyle Group and GIC acquired 100% of AkzoNobel Specialty Chemicals in a landmark corporate carve-out transaction. The deal was structured via a competitive bidding process under a definitive share purchase agreement, outnegotiating rival private equity syndicates including Apollo Global Management, Bain Capital, Advent International, and Hal Investments. The transaction was financed via a high-leverage capital structure comprising institutional sponsor equity alongside €6

The acquisition of Fenner marks the transition of a publicly traded independent entity to a fully integrated industrial subsidiary within the Michelin group, enabling the target to alleviate financing constraints and accelerate expansion by leveraging Michelin's established distribution network in Latin America and Asia. This industrial consolidation is based on implementing a comprehensive multi-product offering, combining the acquirer's earthmover tires and the target's conveyor belts to provide mining operators with a complete handling solution covering all material transportation needs, amidst a cyclical upturn in the global mining sector

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The deal marks the end of a three-year search for a financial partner by the Fedrigoni family, who had previously withdrawn a planned IPO in 2014 and rejected offers from other investors (including Charme, Edizione, and Investindustrial) due to valuation disagreements.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

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.

Multi-Color Corporation has successfully completed the acquisition of the Labels Division of Constantia Flexibles in a cash-and-stock transaction. This transformative deal combines two of the world's largest label manufacturers to create a global industry leader with a balanced and diversified portfolio. Under the agreement, Constantia Flexibles divests its labels business to focus exclusively on flexible packaging, using the cash proceeds to deleverage its balance sheet. In return, Constantia becomes the largest single shareholder of Multi-Color Corporation, retaining a 16

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 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

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)