XTERA acquired by PRYSMIAN & FINCANTIERI

Michelin has announced a definitive agreement to acquire the entire stake of The Flexitallic Group from the private equity firm Bridgepoint. This transaction marks a strategic exit for Bridgepoint, which first partnered with the business in 2013 and guided it through a significant transformation. For Michelin, the acquisition represents another major step in its diversification strategy, adding a complementary "High-Tech Materials" platform with a strong industrial client base. Flexitallic's expertise in sealing technologies and joint integrity aligns perfectly with Michelin's competencies in high-performance materials. The deal is expected to close in the first half of 2026, subject to customary regulatory approvals. The acquisition will allow Flexitallic to leverage Michelin's global R&D and industrial capabilities to accelerate its growth in new markets.

Luxempart has acquired a 26% minority stake in Kestrel Vision for €110M. The transaction follows a competitive process involving funds such as Capza, Towerbrook, and IK Partners. The capital injection serves three purposes: a capital increase to strengthen the balance sheet, a partial cash-out for management, and the refinancing of a bridge loan provided by Caravelle for the acquisition of US-based Filtec in late 2022. Despite a valuation exceeding €500M, the majority shareholder Caravelle opted for a minority opening instead of a full exit due to current debt market constraints. The group remains backed by a €150M unitranche facility from Barings to support its external growth strategy.

The acquisition of the SomaLogic business unit by Illumina marks a significant strategic maneuver designed to consolidate leadership in the emerging multi-omics landscape. The strategic rationale for this transaction centers on the integration of the target’s high-plex proteomics platform with the group’s world-leading sequencing technology. This fusion effectively creates a unified ecosystem capable of correlating genomic sequences with real-time protein expressions, providing researchers with an unprecedented "end-to-end" view of biological systems. For the seller, the operation allows for a definitive structural refocusing on its core microfluidics and mass cytometry divisions, while establishing a formidable capital position for future inorganic growth. The maneuver optimizes the group’s financial profile by offloading the intensive capital requirements of the proteomics services division and retaining a long-term royalty interest in future product developments. For the acquirer, the integration facilitates the scaling of proteomic-informed genomics, sharpening its focus on high-value applications in pharmaceutical R&D and clinical monitoring. Ultimately, the partnership solidifies the combined entity’s standing as a primary provider of multi-omic innovation, bridging the gap between sophisticated laboratory-scale diagnostics and industrialized scientific discovery standards.

NEXTCHEM has signed a binding agreement to acquire 100% of the share capital of Ballestra Group from its current shareholders. The strategic rationale for the transaction is to integrate Ballestra’s world-class proprietary technology portfolio in surfactants and fertilizers, thereby expanding NEXTCHEM’s current nitrogen-based offerings into phosphate, sulfur, and potassium-based solutions. This acquisition allows MAIRE to establish a more robust European technology platform with a global reach, focusing on the decarbonization of energy-intensive industrial processes. Furthermore, the integration of Ballestra provides NEXTCHEM with immediate access to a significant consolidated backlog, which was expected to exceed €315 million by the end of 2025. The deal is expected to create substantial cross-selling opportunities with MAIRE’s sister company, Tecnimont, particularly for large-scale energy transition and material transformation projects worldwide.

The industrial group specializing in safety equipment for electrical environments has been acquired in its entirety by the founding family and employees, offering an exit route for Capza, Bpifrance, BNP Paribas, and Casra Capital. The buy-back is financed through bank debt and family equity. The exit provides a strong return for Capza, as the company doubled its size during their 5-year tenure through organic growth and 10 acquisitions.

VELEC Group acquired COMEA PROCESS to leverage technical and commercial synergies. The deal allows COMEA to benefit from VELEC's strong international presence and US subsidiaries. The transaction includes the retirement of the majority shareholder and the reinvestment of the Managing Director into the VELEC Group.

Interpump Group has acquired 100% of FARMA S.r.l. The sellers are the club deal vehicle F&P4Biz (which held 74% since 2021), the founding Poma family, and management. This acquisition follows Interpump's purchase of Padoan (a tank manufacturer) in July 2025, allowing for complete product integration. The current management team, including CEO Antonio Dolgetta and COO Andrea Poma, will remain in place.

Baglioni S.p.A. has acquired a majority stake in Aeromeccanica Stranich from private equity firm Alcedo SGR (exiting its Fund IV investment) and the owner family. The family will reinvest in the new structure via his holding and continue to support integration and international growth. Alcedo had originally invested in 2016 (acquiring 49% initially) and supported the company's growth from EUR30m to EUR60m in revenue.

The integration of the target marks a significant reinforcement of the parent group’s fire and industrial safety portfolio. This transaction secures a market-leading position in the high-growth hazardous area signaling segment, which is increasingly driven by stringent international safety mandates. The industrial logic centers on the fusion of the target’s explosion-proof engineering with the group’s existing global expertise in gas detection and fire systems. This absorption allows the group to provide a more holistic life-safety solution for complex manufacturing sites and energy infrastructure. The move acts as a technical catalyst, mapping specialized alarm and notification hardware onto a global institutional infrastructure to drive geographic scaling. By internalizing these specialized notification capabilities, the group enhances its technical operational depth in harsh environments, ensuring it can address the full safety lifecycle, from detection to evacuation.

Azzurra Capital and Azimut Libera Impresa acquired a 7.9% minority stake in NEXTCHEM. This transaction was executed via the vehicle Azzurra Next One, which purchased the shares from Maire Investments (the family office of the Di Amato family). The strategic rationale for this transaction is to strengthen NEXTCHEM's shareholder structure and validate its growth trajectory ahead of a planned IPO on the Milan stock exchange. The deal allows MAIRE to maintain majority control (82.1%) while institutionalizing the technology platform to accelerate its global acquisition strategy, as illustrated by the simultaneous purchase of the Ballestra Group.