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July 21, 2025
KKR acquires significant minority stake in Swedish travel tech firm Etraveli Group from CVC at EUR 2.7bn valuation - EV/EBITDA (2024E) of 38.7x
Press Release
March 4, 2024

CVC Capital is preparing to explore alternatives for Etraveli, a global online travel agency service platform, advised by J.P. Morgan and UBS following the European Commission’s decision to block the proposed takeover by Booking Holdings and expected prolonged appeal case (NKP proprietary)

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July 17, 2025
Finnish technology group Wärtsilä divests its Hamburg-based SAM Electronics unit to VINCI Energies
Press Release
May 20, 2025

Update: The SEB Corporate Finance-advised sale process for Finnish Wärtsilä’s (publ.) Hamburg-based SAM Electronics unit is entering the due diligence phase following NBOs in early May, acc. to sources (NKP | M&A Insights Proprietary)

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March 28, 2025

Wärtsilä (publ.), a Finland-based marine and energy technology group, is exploring divestment options for its SAM Electronics unit with SEB Corporate Finance advising and early-stage discussions ongoing, acc. to sources - sales of EUR 80m and an EBITDA margin of 8% (NKP | M&A Insights Proprietary)

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July 17, 2025
Quadsat, a developer of drone technology for satellite testing, secures EUR 5m Series A extension
Press Release
October 10, 2024

With an ambition to accelerate growth and plans for further expansion, Quadsat, a company developing drone technology for testing satellites, is preparing for a new funding round in early 2025 (NKP Proprietary)

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July 17, 2025
Viaplay Group to acquire remaining 50% stake in Allente Group for SEK 1.1bn
Press Release
March 23, 2023

Update: sellside material is out in Morgan Stanley advised sale of Allente which is jointly owned by Telenor and Viaplay Group - opportunity first and exclusively covered by NKP on 14 Sep 2022 and 30 Nov 2022 (NKP Proprietary)

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July 16, 2025
Bain Capital acquires a 25% stake in SDUI, an EDTech provider to educational institutions across Europe, for EUR 95m
Table Media
April 30, 2025

GP Bullhound is reportedly mandated to oversee the ownership explorations of founder- and VC-owned Sdui Group, an EDTech provider to educational institutions across Europe, generating 2024 revenues of EUR 20m, acc. to sources (NKP | M&A Insights Proprietary)

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July 16, 2025
BlackFin Capital Partners acquires HSBC fund administration business INKA
Press Release
February 18, 2025

Following the sale of its wealth management business to BNP Paribas announced in September, a sale of HSBC's German fund administration unit, INKA, is still on the agenda for 2025 with Bank of America holding the mandate, acc. to sources (NKP | M&A Insights Proprietary)

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July 16, 2025
CapMan divests Swedish sports nutrition company MM Sports to The Feelgood Company, part of the Jordanes group
Press Release
January 10, 2025

CapMan has engaged Livingstone Partners to explore a potential sale of sports nutrition and health supplements company MM Sports in 2025 - Revenues of SEK ~350m and EBITDA of SEK ~35m in 2025E (NKP | M&A Insights Proprietary)

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July 16, 2025
Avista-backed Vision Healthcare acquires Svenskt Kosttillskott, a producer and online retailer of nutritional supplements
Press Release
November 18, 2024

Producer and online retailer of nutritional supplements Svenskt Kosttillskott is reportedly exploring ownership options advised by Carlsquare according to sources - EBITDA of SEK 85m in 2024E (NKP Proprietary)

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July 15, 2025
PE-backed Rydoo acquires Semine from Kistefos to form European cost management platform
Press Release
April 14, 2025

Update: The DNB Carnegie-advised process for Kistefos-backed Semine, a developer of an AI-driven APA SaaS platform, has reached the due diligence phase, acc. to sources (NKP | M&A Insights Proprietary)

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December 12, 2024

Kistefos-backed Semine, the developer of an AI-driven Accounts Payable Automation SaaS platform, is set to explore ownership options advised by Carnegie in 2025 amid strong recent growth and turning cash flow positive acc. to sources - expected ARR of NOK ~100m in early 2025 (NKP | M&A Insights Proprietary)

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July 15, 2025
UK-based global supplier of mobile and modular power, temperature control equipment Aggreko Group, backed by TDR Capital and I Squared Capital, acquires Swiss Mobil in Time, a provider of mobile heating and cooling solutions, from Swiss PE Verium
Press Release
March 14, 2025

Update: Lincoln. Int. guided sale of Mobil in Time, a provider of mobile heating and cooling solutions owned by Verium since 2019, has reportedly kicked off with potential buyers being approached since last week (NKP | M&A Insights Proprietary)

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February 27, 2025

Verium has reportedly mandated Lincoln Int. to launch a sales process later this year for its buy-and-build portfolio firm Mobil in Time, a provider of mobile heating and cooling solutions, could be an add-on to UK-based Aggreko (a portfolio firm of TDR and I Squared) which may also come to market, expecting 2024 EBITDA of EUR ~15m, acc. to sources (NKP | M&A Insights Proprietary)

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July 15, 2025
Electrical engineering company E.GRUPPE, backed by Gimv, acquired LET Gruppe, a maker of industrial AC/DC power supply and charging systems
Press Release
February 27, 2025

Oaklins is in the market with privately-owned LET Gruppe, a maker of industrial AC/DC power supply and charging systems, circuit distributors, and related electric equipment, under project name "ACDC", acc. to sources (NKP | M&A Insights Proprietary)

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July 15, 2025
Norwegian investment company Hawk Infinity acquires Sportstiming and FBA Indaga Soft to strengthen sports tech portfolio
Press Release
July 3, 2024

On the back of recent strong growth, Sportstiming, a provider of timing and event registration for sports events is reportedly exploring ownership options advised by Clearwater International acc. to sources - EBITDA of DKK ~10m in FY23 (NKP Proprietary)

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July 15, 2025
Norway-based private equity firm Norvestor transfers portfolio firms PHM Group and Sperre Air Power into EUR 2.5bn continuation vehicle
Press Release
February 29, 2024

Company to watch: PHM Group, a Nordic provider of property maintenance services owned by Norvestor since 2020, is tipped by NKP’s sources as a possible near/mid-term exit candidate on the back of strong growth - sales of EUR 763m (+39% YoY) and pro-forma EBITDA of EUR ~120m in 2023 (NKP Proprietary)

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December 4, 2024

Company to watch: Sperre, a provider of compressed air solutions for maritime- and industrial applications and a portfolio firm of Norvestor since 2018 is tipped as a likely 2025 exit candidate, according to multiple sources - EBITDA of NOK 205m in FY23 (NKP | M&A Insights Proprietary)

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July 14, 2025
IFM Global Infrastructure Fund has acquired Green Group AG and its subsidiaries, ‘Green’, from InfraVia
Press Release
April 1, 2025

Update: Swiss Life Holding AG, Ontario Municipal Employees Retirement System, and KKR & Co. are reportedly among the interested parties in InfraVia Capital's Swiss Green Data Centre, valuation sought at EUR 2-2.5 billion

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January 31, 2025

Update: upcoming sale of Switzerland's Green Data Centre ("Green"), owned by French fund InfraVia since 2018, is ready for kick-off with J.P. Morgan advising, run-rate forward EBITDA of around EUR 100m, valuation of around 20x EBITDA expected (NKP | M&A Insights Proprietary)

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July 14, 2025
Accel-KKR acquires AARO and merges it with Aico and Mercur to form unified CFO SaaS platform
Press Release
October 3, 2024

The owners of financial reporting software provider AARO have engaged EY Corporate Finance to explore ownership options for the company acc. to sources - revenues of SEK 177m in 2023 (NKP Proprietary)

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July 13, 2025
Family-owned baking mix specialist Ruf to acquire German Bakery Giant Mestemacher from the Detmers family
Lebensmittel Zeitung
January 15, 2025

The MCF Corporate Finance advised sales process sees Argos Wityu nearing acquisition of German Bread Manufacturer Mestemacher, expected 2024 revenues and EBITDA of EUR 174m and EUR 20m, respectively, acc. to sources (NKP | M&A Insights Proprietary)

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January 23, 2024

Company to watch: Mestemacher, a bread and baked goods producer and brand owner controlled by the Detmers family since 1984, is reportedly considering ownership options to support its internationalization agenda according to multiple sources - estimated 2023 EBITDA of EUR ~16m (NKP Proprietary)

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July 11, 2025
Spir Group (publ.) sells subsidiary Sikri to U.S.-based PE firm STG Partners - EV of NOK 1bn and EV/EBITDA of 11.5x
Press Release
June 20, 2025

Spir Group (publ.) is, according to some sources, possibly contemplating a carve-out of Sikri, a provider of case processing software to the public sector, reportedly advised by AGB Sundal Collier, some indications that NBOs were collected and DD is currently commencing, acc. to sources (NKP | M&A Insights Proprietary)

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July 11, 2025
US document processing technology company Apryse backed by Thoma Bravo acquires Scanbot SDK, a provider of barcode and document scanning software
Press Release
March 27, 2025

Founder-owned and Evoco-backed Scanbot SDK, a provider of barcode and document scanning software, is reportedly working on a sale advised by Carlsquare, with EUR 7m in 2024 ARR, acc. to sources (NKP | M&A Insights Proprietary)

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July 9, 2025
US-based investor Stonepeak acquires 50% co-controlling stake in IFCO, a maker of reusable fresh food packaging solutions, from ADIA which jointly controlled the asset with Triton - at an implied EV/EBITDA of 14.9x
Press Release
May 21, 2025

Update: IMs are in circulation since last week in BofA guided sale of ADIA's 50% stake in IFCO, a maker of reusable fresh food packaging solutions which it jointly controls with Triton - Triton may roll its stake into continuation vehicle, acc. to multiple sources (NKP | M&A Insights Proprietary)

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February 27, 2025

Update: Morgan Stanley and Bank of America are assisting ADIA, a co-owner with Triton, in preparing for a co-control or minority stake sale in IFCO, a manufacturer of reusable plastic packaging containers ("RPCs"), acc. to sources (NKP | M&A Insights Proprietary)

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July 9, 2025
Swedish investment firm Spiltan Invest acquires a minority stake in Switch Nails, a beauty brand specializing in reusable press-on nails
Press Release
March 28, 2025

The owners of Switch Nails, a beauty brand specializing in reusable press-on nails, explore ownership options advised by Merge Group with teasers in circulation, acc. to sources - revenues of SEK 110m (+96% YoY) in 2025E (NKP | M&A Insights Proprietary)

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July 9, 2025
Dutch investment firm Standard Investment acquires Energii, a Danish pilates centers chain
Børsen
March 25, 2025

Update: NBOs have reportedly been collected in the EY Corporate Finance-advised process for Energii, a Danish pilates centers chain, acc. to multiple sources (NKP | M&A Insights Proprietary)

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November 11, 2024

Correction: EY Corporate Finance is advising the owners of Energii, a Danish pilates centers chain, on a potential sale, acc. to several sources (NKP Proprietary)

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July 8, 2025
Belgian investor Fortino Capital acquires MEHRWERK, an IT service provider specialising in business process optimisation and process mining, from Netgo, backed by Dutch investor Waterland
Press Release
March 26, 2025

Waterland-backed IT systems house netgo has reportedly engaged Carlsquare to oversee the sale of MEHRWERK, an independent IT service provider from Karlsruhe specializing in business process optimization and process mining, which it acquired in 2019, with 2024 ARR of EUR 9m and EBITDA of EUR 1m - acc. to sources (NKP | M&A Insights Proprietary)

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July 8, 2025
Dutch investment firm Nimbus acquires majority stake in C + P Möbelsysteme, a manufacturer of industrial steel furnishing and storage solutions
Press Release
March 13, 2025

Update: bids reportedly due next week in IMAP-guided sale of privately-owned C + P Möbelsysteme, a manufacturer of industrial steel furnishing and storage solutions, marketed as “Project Locker” with 2024 revenue of EUR 80m, acc. to sources (NKP | M&A Insights Proprietary)

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July 7, 2025
US-based Wabtec acquires Frauscher Sensor Technology Group, an Austrian provider of railway safety signal technology, from French Delachaux Group - EV/EBITDA of 12.4x
Press Release
March 14, 2025

Update: Goldman Sachs mandated for the sale of Delachaux's Frauscher Sensor Technology, an Austrian provider of railway safety signal technology with revenues of EUR 82m in 2024m, acc. to sources (NKP | M&A Insights Proprietary)

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February 11, 2025

French-based Delachaux backed by CDPQ since 2018 is exploring a sale of Frauscher Sensor Technology an Austrian-based provider of railway safety signal technology, reporting revenues of EUR 82m in 2024, acc. to sources (NKP | M&A Insights Proprietary)

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July 7, 2025
Verdane acquires Natlink, a hunting tech company, from Nalka-backed Open Air Group
Press Release
October 22, 2024

Following an internal combination of subsidiaries and subsequent separation from Open Air Group to create a new stand-alone business, Nalka is weighing options for Natlink, a hunting tech company, acc. to sources - revenue of EUR +20m (NKP Proprietary)

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