HYDRADYNE acquired by APPLIED TECHNICAL SERVICES (ATS)

Gimv has partnered with the management team of Tibbloc to accelerate the company's growth within the sustainable temporary energy market. This private equity investment / LBO aligns with Gimv’s core thesis of backing businesses driving the energy transition. As a premier specialist in mobile, temporary heating, cooling, and steam solutions, Tibbloc serves as a mission-critical partner for industrial players, commercial real estate, and municipal district heating networks requiring operational continuity. The strategic partnership with Gimv will fund the expansion of Tibbloc's highly efficient, next-generation rental fleet, accelerate its green product roadmap (including biomass, biogas, and industrial heat pumps), and support a programmatic buy-and-build strategy to expand its geographical market share across Europe.

The acquisition of the target by the group marks a definitive structural expansion into the Florida market. The strategic rationale for this transaction centers on a "geographic-extension" play, merging the target's industry-leading technical operational depth in value-added processing with the group’s extensive North American distribution infrastructure. This fusion effectively creates a specialized powerhouse in the regional metals arena, providing the organization with the scientific talent and high-performance equipment required to address the increasing complexity of industrial and construction supply chains. This operation allows the group to execute a definitive structural transformation of its product mix by integrating specialized non-ferrous offerings. By incorporating the target's innovative processing platform, which has benefited from significant recent investments in advanced hardware, the organization can now provide a more robust and integrated solution set for specialized manufacturing.

Sagard MidCap acquired a majority stake in Venpa to accelerate its development. Between 2021 (entry of QCapital) and 2024, the group underwent a massive scale-up, growing its revenue from EUR40M to approx. EUR100M and its EBITDA from EUR14M to EUR40M (Expected 2024). This deal highlights the successful consolidation of the Italian rental market.

The acquisition of VITAL S.p.A. marks a strategic expansion for the group’s operations in Southern Europe, specifically establishing a premier platform within the Italian C-parts market. This transaction incorporates a highly reputable distributor with a well-diversified industrial client base across the rail, machinery, and electrical sectors. The rationale for the move centers on building a significant regional footprint and increasing the overall service level for existing international customers operating in Italy. The integration of this family-led specialist provides a critical stepping stone for further consolidation in a highly fragmented market. By leveraging the target’s deep regional expertise and long-standing customer relationships, the organization aims to accelerate its growth journey and implement a broader buy-and-build strategy in the region. The partnership is designed to foster knowledge transfer between teams, enhancing the group’s technical presence and operational agility. This strategic move aligns with the long-term goal of market dominance through the acquisition of high-margin entities that complement the existing global supply chain infrastructure.

Riverspan Partners has finalized the acquisition of POLARIS Laboratories to support the organization’s next phase of technical innovation and geographic scaling. This transaction facilitates a strategic partnership with the existing management team, led by CEO Bryan Debshaw, and focuses on accelerating the group's growth trajectory within the predictive maintenance market. The strategic rationale for the acquisition centers on the development of cutting-edge solutions, including the launch of the proprietary HORIZON tools and the integration of advanced automation technologies across the laboratory network. By leveraging Riverspan’s industrial expertise, the organization aims to broaden its product offerings and expand its operational footprint beyond its current locations in North America, Europe, and Latin America. The partnership is designed to capitalize on the increasing demand for AI-enabled technical analysis in high-stakes industries such as mining and energy, where predictive insights are essential for reducing operational risks. This integration reinforces the group’s leadership in fluid analysis while providing the capital necessary to explore new market verticals and enhance its predictive software capabilities. The transaction, whose size is confidential, is reported to have been completed at a valuation of around 15 times EBITDA.

Astorg has established a dedicated continuation vehicle to acquire absolute majority control of Normec from its previous fund, marking a major secondary leveraged buyout. Following a highly competitive process managed by premier investment banks, Astorg successfully secured exclusivity to lead this new phase alongside a syndicate of major global secondary investors—including CVC, Pantheon, Lexington, and Eurazeo—and the deeply reinvested management team led by Joep Bruins. To adequately capitalize this massive operation, the deal structure incorporates a substantial senior debt package (565M€ Term Loan B) syndicated by a consortium of global banking institutions, providing the optimal leverage required to support Normec's ongoing aggressive expansion strategy into North American markets.

IK Partners, through its IK Small Cap III Fund, has signed an agreement to invest in Sansidor alongside existing shareholders HC Partners, the original founders, and the management team. This transaction marks a new phase of growth for the Group, which was originally created in 2018 through a series of acquisitions. The strategic rationale for the investment is to accelerate the Group’s active buy,and,build strategy within the highly fragmented European testing, inspection, and services market. Under the new ownership structure, the Group plans to further develop its internal M&A engine to drive market consolidation and increase cross,selling across its network of companies. A key component of the future strategy includes international expansion, with an initial geographic focus on entering the German market. The partnership seeks to build upon the resilient nature of the Group’s service offering, which benefits from strong regulatory tailwinds and a loyal customer base across more than nine thousand clients.

The global safety science leader has successfully finalized the acquisition of a specialized German hydrogen testing leader, marking a definitive step in the group's decarbonization and alternative fuels strategy. This strategic transaction represents a significant enhancement of the organization’s technical operational depth in the high-growth hydrogen economy, specifically targeting the automotive and industrial energy sectors. The strategic rationale for the move centers on the acquirer's objective to provide integrated, end-to-end safety validation for hydrogen storage systems and refueling infrastructure.

Admiral Acquisition Limited has entered into a definitive agreement to acquire Acuren from American Securities. This transaction marks the inaugural acquisition for the acquirer, effectively serving as its qualifying business combination to transition into an operating company. The deal allows the target to exit a successful period of private equity ownership and enter the public markets with a robust balance sheet and a focus on North American market leadership. The acquisition is strategically timed to capitalize on the increasing demand for asset integrity services driven by aging industrial infrastructure and tightening safety regulations across the United States and Canada. The transaction is subject to customary closing conditions and regulatory approvals, with the final transition expected to occur in the third quarter of 2024. This move provides the target with a permanent capital base to pursue its own buy,and,build strategy within the highly fragmented testing and inspection market.

SOCOTEC, a leading global provider of Testing, Inspection, Certification, and Compliance (TICC) services for the building and infrastructure sectors, has announced a significant expansion of its shareholder base. Bpifrance and Mubadala Investment Company have taken minority stakes in the group to support its new strategic cycle, "Ambitions 2028." They join historical shareholders COBEPA, which remains the majority owner, and CD&R, an investor since 2019.