MET LABS acquired by UL SOLUTIONS

Eiffage, through its subsidiary Eiffage Énergie Systèmes, has entered into a definitive agreement to acquire Hand & Werk, marking a highly strategic inorganic growth transaction engineered to accelerate its footprint across the German data center market. This transaction significantly strengthens the group's positioning within a high-visibility, high-growth segment, which has been established as a core strategic development pillar for the division. The core investment thesis behind this business combination centers on leveraging Hand & Werk's technical expertise and proven track record in the engineering and deployment of mission-critical projects. Subject to customary closing conditions and regulatory approval from the German competition authorities, the transaction is expected to close during the 2026 fiscal year.

Altor, through its investment vehicle Altor Fund VI, acquires a majority stake in Sertion, with entrepreneurs and management reinvesting meaningfully and remaining key owners. The transaction is expected to accelerate Sertion's next phase of growth across existing markets and into new geographies, leveraging Altor's expertise and resources to support the company's expansion. The partnership will enable Sertion to further strengthen its market position, driven by its strong local entrepreneurship and the advantages of scale. With Altor's support, Sertion is well-positioned to continue its above-market growth and strategic expansion, while maintaining its focus on delivering high-quality services to its customers. The transaction is subject to customary regulatory approvals and is expected to close in the near future. The strategic rationale behind the deal is to create a leading Nordic platform for complex pipework services, with a strong focus on technical expertise, customer proximity, and operational performance. The deal has significant market implications, as it is expected to drive growth and consolidation in the Nordic pipework services market, while also creating new opportunities for Sertion to expand into new markets and geographies.

Kiloutou has once again successfully expanded its European footprint through the acquisition of 100% of the shares in KDM Hire, marking its first entry into the Irish market. This strategic move represents the group's tenth acquisition within a fifteen-month window, underscoring an aggressive international consolidation strategy led by Olivier Colleau. Previously owned by its founders and management team, the Irish entity operates across both Northern Ireland and the Republic of Ireland, serving a diverse clientele including construction majors, pharmaceutical companies, and event organizers. The transaction allows the local management team to remain involved by reinvesting at the group level, ensuring operational continuity and the preservation of regional expertise. For Kiloutou’s majority shareholders, HLD and Dentressangle, the integration of this ninth national market is a critical step toward the 2030 objective of generating more than half of total revenue outside of France. By integrating a network of strategically located agencies and a large equipment fleet, the group strengthens its proximity to major industrial hubs in Belfast, Dublin, and Cork. This expansion aligns with the broader goal of achieving a top-three market position in every country of operation while diversifying its sectoral exposure to resilient industries.

The transaction involves the 100% acquisition of Geocomp srl by Siwis, a platform company backed by Bravo Capital Partners II. This deal represents the third strategic acquisition for the platform, following its previous investments in Ekso srl and Drilling Solutions srl. The transaction structure includes an equity component where the founder of Geocomp, Pier Luigi Baldi, reinvests as a partner in the Siwis group, signaling strong alignment with the platform’s long-term value creation strategy. Strategically, this acquisition is designed to enhance the group's technical capabilities in network monitoring, territorial data management, and leakage detection, which are highly complementary to its existing no-dig pipeline remediation services. By integrating Geocomp’s expertise, Siwis effectively expands its service offering across the infrastructure maintenance value chain, enabling the group to provide end-to-end solutions for water and energy operators.

Montyon Capital has finalized the acquisition of a majority stake in Trigo from Ardian, a maneuver designed to fundamentally accelerate the group’s transformation into a multi-sector leader in industrial quality assurance. The strategic rationale for this transaction centers on a "sectoral-diversification" play, merging the target's industry-leading technical operational depth in automotive quality control with a definitive push into the high-growth aerospace and defense verticals. This structural alignment provides the organization with the institutional capital and strategic flexibility required to pursue an innovation-led expansion roadmap. The operation focuses on the industrialization of AI-powered inspection tools, utilizing the target's extensive global database to automate diagnostic workflows and enhance the resolution of complex engineering challenges. By incorporating the sponsor's strategic discipline, the group is now positioned to leverage its international footprint to address the increasing demand for secure, high-performance manufacturing standards.

Bureau Veritas has signed a definitive agreement to acquire 100% of LotusWorks. This transaction marks a major step in the implementation of the Group’s strategy, significantly strengthening its leadership in the fast-growing data center and semiconductor market segments. The strategic rationale centers on creating a new service platform for mission-critical assets, combining Bureau Veritas' global network with LotusWorks' technical "know-how" in commissioning and validation. This platform is expected to represent approximately 15% of the Building & Infrastructure division upon closing. The acquisition is immediately accretive to the Group’s adjusted operating margin and earnings per share from the first year. The transaction will be funded through existing credit lines, maintaining Bureau Veritas’ net leverage within a range of 1.0x to 2.0x EBITDA.

Studsvik AB has finalized the acquisition of Kärnfull Next, a specialized developer of small modular reactor (SMR) projects, to transition from a technical services provider into a full-lifecycle nuclear platform. This strategic move allows the organization to integrate its historical expertise in fuel technology, materials analysis, and radioactive waste management with early-stage project development, site selection, and feasibility studies. The partnership aims to accelerate the deployment of decentralized nuclear energy solutions across Sweden, capitalizing on the increasing demand for energy security and carbon-neutral power. The strategic rationale centers on creating a truly integrated nuclear services platform that can support projects from inception through operation to decommissioning. By utilizing its strategic industrial site near Nyköping and securing land rights for future SMR parks, the group intends to achieve significant economies of scale in technology selection and financing. The integration of this technology-agnostic developer provides the group with a flexible entry point into the next generation of nuclear power, including potential deployments of advanced reactor designs like the GE Hitachi BWRX-300. This move reinforces the group's role as a primary enabler of the Swedish electrification strategy and a leader in the industrial transformation of the nuclear sector.

CERTANIA Holding GmbH has completed the acquisition of ICA Group from CEPS PLC and other shareholders. The acquisition was structured with an upfront payment and a contingent earn,out payment for certain shareholders, though the primary corporate seller received full consideration for its equity ownership upon completion to ensure a fully de-risked exit. This transaction strengthens the acquirer's Buildings and Infrastructure segment in the United Kingdom and Ireland, complementing existing portfolio companies such as BB7 and Clarke Banks. Strategic rationale for the deal includes expanding the group,s capabilities in building safety, gas and electrical auditing, and regulatory assurance across the UK construction sector. A portion of the proceeds from the disposal was utilized by the seller to repay existing external debt and provide additional resources for its remaining strategic business drivers. The target will continue to operate under its established management team and brands within the broader international group structure.

Chequers Capital, in partnership with management, has acquired Groupe Aserti from Parquest Capital in a fourth LBO transaction. Negotiated on a bilateral basis without an auction, the deal ensures continuity under CEO Pierre Brisset, who took over in 2020 after founder Jean-Louis Gaertner retired. Financing includes senior debt from a pool led by CIC Ouest alongside Crédit Agricole du Morbihan, Caisse d’Epargne Bretagne Pays de Loire, and Arkéa, plus mezzanine debt from CIC Private Debt. The transaction transfers a platform of over 380 employees, 28 facilities in France and Germany, and 10,000 active industrial clients. The acquisition backs a European leader in industrial electronic repair and metrology. Under Parquest, Aserti refocused on its core activities and expanded its metrology division via three bolt-ons: Multisys (2022), MI Métrologie (2024), and Precitek (2025). Chequers Capital aims to drive growth across three pillars: accelerating historical electronic repair with reconditioned products, strengthening its top-three metrology position in France, and expanding its network internationally within Germany and broader Europe.

Grafton Group PLC has agreed to acquire the entire share capital of the Spanish Mercaluz Group. This transaction follows Grafton's recent entry into the region via the acquisition of Salvador Escoda, effectively creating an Iberian HVAC powerhouse with combined annualized sales of c. €400 million. The strategic rationale for the deal is the integration of a high-growth, high-margin distributor that utilizes a hub-based delivery model, offering distinct operational synergies with Grafton's traditional branch-based networks. By securing the European rights to the "Johnson" brand through this acquisition, Grafton gains a proprietary product edge in the fast-growing climate control segment. The deal is timed to capitalize on Spain's position as one of Europe's top-performing economies, with the construction sector forecast to grow by 3% to 4% in 2026. The partnership is designed to maintain the existing management team and its 330 employees, ensuring continuity while providing the financial backing of a multinational group to accelerate organic expansion across the Iberian Peninsula and beyond.