SIGMA TRE acquired by PHENNA GROUP

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

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

Peninsula Capital has acquired a majority stake in EQA (European Quality Assurance), a leading player in Spain's certification, inspection, and verification services sector. The transaction takes place in a market characterized by significant fragmentation and favorable structural trends, driven by increasing regulatory requirements, growing ESG considerations, and the digitalization of compliance processes. Against this backdrop, Peninsula Capital is targeting robust platforms that can serve as a foundation for European-wide consolidation strategies

Emagine has completed the 100% acquisition of the Dutch consultancy Waada The Movement, following a preliminary agreement reached in January 2026. The transaction fully integrates Waada’s specialized brands, Prowareness and DevOn, into emagine’s unified global operating model. The strategic rationale for the deal is to strengthen emagine's ability to execute complex digital transformation programs by combining strategic advisory with deep engineering capacity. Notably, the acquisition triples emagine’s engineering presence in India, providing the scale required for global enterprise programs

Vulcain Engineering Group has acquired a majority stake in Incico. The current CEO and key management have reinvested to retain a minority stake and will continue to lead the company. Historical shareholder Giovanni Monini sold his stake but remains as VP of Business Development. Ten other managers also entered the capital structure. This acquisition serves as Vulcain's strategic entry point into the Italian market, with plans to double Incico's Italian revenue to EUR50m within three years.

DXP Enterprises, Inc. has completed the acquisition of Pump Solutions, Inc., a specialized entity focused on marketing pumps, control systems, and associated maintenance services, primarily catering to the water and wastewater treatment sector. This equity-financed transaction provides DXP with a strategic presence in Texas, enabling the company to enhance its capacity to meet client needs in the water and wastewater domain through an expanded range of services and products. The deal also allows DXP to consolidate its distribution network and strengthen ties with local clients by offering a broader array of technical solutions and repair services

Parquest has acquired a minority stake in Betem Groupe to support its next phase of expansion. The group's management team, led by Chairman & CEO Philippe Mercier, remains the majority shareholder, ensuring operational continuity and strategic independence. This transaction was structured to provide the group with a strong financial partner to fuel an ambitious growth trajectory, combining organic development in core engineering businesses with the selective acquisition of specialized firms to broaden technical capabilities

H.I.G. Capital has completed the acquisition of a 73.78% majority stake in ALA from AIP Italia (the vehicle of founders Fulvio Scannapieco and Vittorio Genna). In a secondary transaction finalized in June 2025, H.I.G. also secured an additional 4.54% stake from Smart Capital and Smart ALA, bringing its total control close to 80% prior to the mandatory tender offer. The strategic rationale is to delist the company from the Borsa Italiana (Euronext Growth Milan) to facilitate an ambitious international development plan

Bufab AB has entered into a definitive agreement to acquire approximately 99% of Novia Group from the German investment company Family Trust. To ensure long-term performance alignment, the deal includes a performance-based earn-out of up to €10 million, payable between 2026 and 2028. Following the closing, Managing Director Markus Bauer will retain a 1% minority stake and continue to lead the company as a separate business unit within Bufab’s "Europe West" region. The strategic rationale for this platform acquisition is to add specialized global sourcing and "cost-down" engineering capabilities to Bufab’s portfolio

SYSTRA has announced the 100% acquisition of the Australian engineering firm BG&E. This strategic transaction significantly strengthens SYSTRA’s presence in Australia and New Zealand, where the combined entity will now employ over 1,000 staff. The rationale for the deal is twofold: first, to capture growth in one of the world's most active infrastructure markets; second, to create a new global business unit dedicated to "Complex Buildings". By integrating BG&E’s 800 employees and its international offices in Singapore, the UAE, and the UK, SYSTRA is scaling its multidisciplinary engineering services