THE CARLYLE GROUP takes majority stake in MEOPTA-OPTIKA

In a "sponsor-to-sponsor" transaction, LBO France sells its majority stake in Passman to Siparex ETI. Interestingly, this marks a "return" for Siparex, which was already a shareholder of Passman between 2010 and 2019 before selling to LBO France. Andera Partners (Acto), present since 2014, reinvests alongside the founders. This new LBO aims to support the group's international growth and the deployment of its new energy efficiency solution, "Pass Energy".

Charterhouse successfully structured a massive continuation vehicle to acquire absolute majority control of Sagemcom from its tenth flagship fund, marking one of the largest single-asset GP-led transactions in Europe for 2023. Following an intensive competitive price-discovery process managed by Lazard, Charterhouse secured exclusivity to lead this new cycle alongside a powerhouse syndicate led by AlpInvest. To adequately capitalize this new phase, the transaction incorporates a sophisticated €775M "corporate hybrid" debt package (refinanced in 2022) provided by a consortium of 16 banks. This strategic structure is engineered to provide Sagemcom with a dedicated €100M M&A envelope to accelerate internal innovation and execute targeted bolt-on acquisitions, such as the recent purchase of AI-specialist Odit-e.

The successful acquisition of Peak Sensors by SDI Group signals a definitive tactical expansion of the group's presence within the industrial thermal monitoring market. This transaction facilitates the integration of Peak Sensors’ specialized high-temperature hardware into SDI Group’s broader Sensors & Controls division, creating a more diversified portfolio of industrial sensing solutions. The strategic rationale for the move centers on the industrial synergy between Peak Sensors’ expertise in custom thermocouple engineering and SDI Group’s established international distribution network and financial resources.

Nordson Corporation has finalized the acquisition of CyberOptics Corporation, an operation designed to fundamentally strengthen the group's Advanced Technology Solutions segment. The strategic rationale for this transaction centers on a "technology-differentiation" play, merging the target's industry-leading 3D optical sensing and wireless measurement sensors with Nordson's existing global sales and service infrastructure. This fusion effectively creates a specialized powerhouse in the semiconductor metrology arena, providing the group with the necessary technical operational depth to address the increasing complexity of wafer fabrication and electronic packaging.

Spectris plc has finalized the acquisition of Dytran Instruments, an operation designed to fundamentally strengthen the group’s HBK business unit. The strategic rationale for this transaction centers on a "technology-reinforcement" play, merging the target's industry-leading piezo-electric and MEMS-based sensor technology with the group’s vast global commercial and service infrastructure. This fusion effectively creates a specialized powerhouse in the dynamic sensing arena, providing the organization with the high-precision hardware required to address the increasing complexity of aerospace and defense testing in North America. This operation allows the group to execute a definitive structural expansion of its sensor offering, specifically targeting the fast-growing space and defense markets. By incorporating the target's innovative sensor platform into the HBK ecosystem, the organization can now provide a more robust and integrated solution set for accelerated product development and vibration monitoring.

Tikehau Ace Capital, in partnership with Bpifrance and Société Générale Capital Partenaires, entered into exclusive negotiations with LBO France to acquire 100% of the capital of Crouzet. This operation marks a new stage in the development of the industrial player, following a period under LBO France characterized by the integration of the Garos activity and a rationalization of the industrial tool. The transaction is structured as a secondary LBO, with the acquisition debt provided by Barings via a unitranche facility. The management team, led by David Arragon, reinvested in the operation to maintain a minority stake. The post-acquisition strategy focuses on accelerating external growth in a still highly fragmented market for electrical and electronic components. The group also plans to strengthen its positions on next-generation aerospace programs and diversify into electrification markets. The new shareholders provide financial power to support operational deployment in key geographic areas while securing the strategic nature of this supplier for the defense and transport industries.

SECO S.p.A. has executed a definitive agreement to acquire the entire share capital of Garz & Fricke Holding GmbH from Afinum and minority shareholders. The transaction is structured with a total consideration funded through a mix of new medium-long term debt facilities, cash on balance, and newly issued equity subject to staggered lock-up periods. From a strategic perspective, this combination represents a highly synergistic platform investment designed to establish the largest listed pan-European champion in the edge computing industry. The strategic rationale is underpinned by a unique geographic and product fit, enabling the acquirer to significantly reinforce its presence in the highly attractive DACH region while diversifying its end-market exposure across resilient verticals such as professional kitchen equipment and MedTech. Furthermore, the transaction unlocks substantial cross-selling opportunities, primarily through the accelerated deployment of proprietary IoT-AI platforms across the target's extensive annual production of over 200,000 edge devices.

MKS Instruments has finalized the acquisition of Photon Control, a strategic move that fundamentally bolsters the group's "Surround the Chamber®" industrial strategy. The strategic rationale for this transaction centers on the integration of the target's high-precision optical temperature sensors into the group's broader process control portfolio. This fusion effectively creates a more comprehensive technology stack for key semiconductor customers, specifically addressing the critical needs of etch and deposition applications where traditional electronic sensing is insufficient. This operation allows MKS Instruments to execute a definitive expansion of its technological footprint within the semiconductor wafer fabrication market. By incorporating an asset with a high-growth profile and a culture centered on technical precision, the organization can now provide a more robust and integrated solution set for the fabrication of advanced logic and memory chips. The maneuver optimizes the group's competitive positioning in a highly specialized niche, sharpening its focus on mission-critical parameters that drive manufacturing productivity. Ultimately, the partnership solidifies the combined entity’s standing as a primary enabler of advanced micro-fabrication processes, bridging the gap between sophisticated optical diagnostics and industrialized semiconductor production.

Quilvest Capital Partners acquired a majority stake in Solem from MBO & Co and Altur Investissement. This "LBO ter" allowed the CEO to increase his stake in the company and secure a long-term partner for the next growth phase. The strategic rationale focuses on expanding the product lines across the three core verticals and increasing recurring service revenue through software integration. The transaction was supported by a bank leverage of less than 4x EBITDA, providing the group with significant "dry powder" for targeted external growth (M&A).

Vishay Precision Group has finalized the acquisition of Diversified Technical Systems (DTS) in an all-cash transaction. The strategic rationale for this move centers on a "systems integration" play, merging the target's technical operational depth in miniaturized data recorders with the group's market-leading expertise in foil strain gages. This fusion effectively creates a unified platform capable of offering end-to-end data acquisition solutions for critical safety testing, moving the organization beyond component manufacturing into high-value systems engineering.