MORPHO DETECTION acquired by SMITHS GROUP

Dover Corporation acquired Ravaglioli S.p.A. Group. This acquisition was driven by the strong complementarity between Ravaglioli's product portfolio (particularly in tire and wheel equipment) and Dover's existing Vehicle Service Group (VSG). The deal allows Dover to expand its European footprint and leverage cross-selling opportunities across its global distribution channels. The integration aims to create a comprehensive "best-in-class" suite of products for automotive workshops worldwide.

Ardian acquired 100% of SLV Group from Cinven in an auction process managed by Goldman Sachs, outbidding 3i, Triton, and Pamplona. The deal was financed with a senior debt package of EUR360M. Cinven achieved a 2x return on this sale, following its 2011 entry. During Cinven's tenure, SLV increased its turnover by 40% and completed three bolt-on acquisitions (Unex, Lagotronics, Nordtronic). Ardian aims to continue this growth by leveraging SLV's international distribution network and its established sourcing office in China.

Equistone Partners Europe has increased its stake in Sicame Group from 20% to approximately 60%, becoming the majority shareholder. The transaction involves the full exit of Siparex (which achieved a return of over 2.0x on its 2009 investment) and Etoile ID. Additionally, several members of the founding Lachaud and Brahimi families have exited, though both families retain a substantial minority position. The deal values Sicame at an Enterprise Value between €250 million and €300 million. This leveraged buyout (LBO) is designed to provide the group with a stable long-term financial partner to pursue its aggressive international M&A strategy, particularly in markets with high regulatory barriers and unique technical norms.

Marel has completed the 100% acquisition of MPS meat processing systems. This acquisition serves as a key pillar in Marel’s strategy to become the leading provider of full-line solutions for the global meat industry. By integrating MPS, Marel extends its existing secondary processing expertise with MPS’s leadership in primary processing, slaughtering, and logistics. The combination creates significant synergies by allowing Marel to offer integrated, end-to-end processing lines to its global customer base. The deal also rebalances Marel’s revenue mix, increasing its exposure to the red meat sector and strengthening its footprint in European and emerging markets. MPS shareholders reinvested a portion of the proceeds into Marel shares, signaling strong alignment with the long-term success of the combined group.

Cinven acquired Tractel from LBO France to leverage its leading market position and scalable distribution network. The investment thesis relied on a combination of organic growth, driven by the post-crisis construction recovery in Europe and the US, and a strategic consolidation play. Given the highly fragmented nature of the "working-at-height" sub-sector, Cinven utilized Tractel as a platform to acquire smaller regional specialists in fall protection and maintenance services, ultimately professionalizing the group's global operations and expanding its high-margin service offerings.

The transaction involves the acquisition of Superba by the Belgian group Van de Wiele from its founding family. The strategic rationale is built on vertical integration and technological complementarity within the carpet manufacturing industry. Superba is the global leader in heat-setting machines, a critical process that occurs upstream of the weaving and tufting stages where Van de Wiele is already a market leader. By absorbing this specialist, Van de Wiele can offer its customers a more integrated and optimized production chain, combining yarn treatment expertise with weaving and tufting technology. This "synergy of knowledge" is intended to improve the performance of both the yarn processing lines and the final textile machines. Furthermore, the acquisition allows Van de Wiele to strengthen its international footprint, particularly in France, the USA, and China, while ensuring the industrial continuity of Superba’s manufacturing sites under a stable corporate umbrella.

riton Partners acquired 100% of GEA Heat Exchangers from GEA Group AG in a transformational European industrial technology transaction. The deal was structured via a definitive share and asset purchase agreement that concluded a highly publicized, competitive auction process aimed at major international financial sponsors and trade buyers. The multi-billion euro purchase price was funded through a combination of institutional equity from Triton’s flagship private equity funds alongside a large-scale senior secured acquisition debt facility arranged by a syndicate of European corporate banks. The transaction successfully carved out the standalone segment from GEA Group's institutional perimeter, keeping long-term executive Christoph Michel embedded as CEO to guarantee operational and engineering continuity. This landmark buyout provided the newly independent German manufacturer with deep capital reserves to leverage its global growth potential, subsequently laying the groundwork for its formal global corporate rebranding to Kelvion.

Apem takes a major strategic step by signing its second buy-out, with the exit of its majority sponsor and former parent company, and reorganizes around its former mezzanine lender ICG, which acquires over 95% of the capital, alongside the managers, this transaction enables Apem to strengthen its presence in key markets and to continue its development and expansion in the international market, with an ambition to strengthen its position as a leader in the human-machine interface sector, and to continue to innovate and offer customized solutions to meet the specific needs of its clients, this transaction is also characterized by an alternative financing scheme, with a corporate debt subscribed from a pool of lenders, and a mezzanine provided by ICG, for a total debt of around 2 times Ebitda, compared to a leverage of 5 to 6 in 2006, this transaction testifies to the confidence of investors in Apem and its growth and development potential. Apem is well-positioned to continue its development and expansion in the international market, with a strategy focused on quality, reliability, and performance, and a willingness to strengthen its presence in key markets.

Groupe Atlantic has entered into a definitive agreement to acquire a 40% strategic minority stake in Austria Email AG from the industrial conglomerate Triebacher Industries AG. The transaction, executed as an all-cash corporate investment, was fully funded through Groupe Atlantic’s internal cash reserves. This transaction marks a key secondary share block trade, following Triebacher’s initial acquisition of the asset from private equity sellers two years prior. The investment thesis centers on cross-border market penetration and the capture of localized industrial synergies within the European heating and energy management sector. By securing a significant minority foothold in a prominent peer asset listed on the Vienna Stock Exchange, Groupe Atlantic establishes an immediate commercial and industrial beachhead in Austria and Central Europe.

Triton Fund III has completed the 100% acquisition of Logstor from funds managed by Montagu Private Equity. The transaction involved the transfer of all share capital to the Triton-controlled investment vehicle, following the receipt of all necessary regulatory approvals. This investment aligns with the fund’s strategy to acquire market-leading, mid-sized businesses with strong operational fundamentals. By backing Logstor, Triton aims to leverage its deep operational expertise to support the company’s next phase of growth. The rationale focuses on enhancing Logstor’s market position within the district energy sector, capitalizing on the increasing demand for energy-efficient infrastructure and long-term sustainable utility solutions.