Extracts from our daily coverage

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July 1, 2025
Sweden-based Fidelio Capital acquires Alphalyse, a specialist CRO focused on advanced protein analysis for biopharmaceutical drug development
Press Release
May 12, 2024

Update: Sell-side material has been shared in the Deloitte Corporate Finance-advised ownership considerations in Alphalyse, a Danish specialist CRO focused on advanced protein analysis, acc. to sources (NKP | M&A Insights Proprietary)

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January 3, 2025

The owners of Alphalyse, a specialist CRO focused on advanced protein analysis for biopharmaceutical drug development, have engaged Deloitte Corporate Finance to explore options, according to multiple sources (NKP | M&A Insights Proprietary)

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June 30, 2025
Dutch NPM Capital makes its first acquisition in Germany and acquires German Elbfrost from Dutch Bencis Capital Partners
Press Release
June 27, 2025

Update: the Harris Williams-guided sales process for Bencis-backed Elbfrost, a frozen food wholesaler and logistics provider, has entered the final stage as bids were collected recently and one bidder reportedly remains exclusively in the process - with 2024 revenues of EUR 129m and adj. EBITDA of EUR 18m, acc. to sources (NKP | M&A Insights Proprietary)

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April 11, 2025

Dutch private equity fund Bencis has reportedly tapped Harris Williams for an exit of their frozen food wholesaler and logistics provider Elbfrost, their portfolio firm since May 2022, with IMs on the doorstep and with 2024 revenues of EUR 129m and adj. EBITDA of EUR 18m, acc. to sources (NKP | M&A Insights Proprietary)

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June 30, 2025
Norway-based IT company Upheads merges with Evelon, an IT services provider to SMEs
Press Release
June 10, 2025

The owners of Evelon, an IT services provider to SMEs, are exploring ownership options for the company, advised by ABG Sundal Collier amid strong growth and ongoing sector consolidation, acc. to sources (NKP | M&A Insights Proprietary)

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June 30, 2025
Sweden-based infrastructure network company Netel (publ.) divests its Finnish operations to a group of private investors
Press Release
April 30, 2025

Update: Teasers have recently been shared in the MCF Corporate Finance-advised process to divest Netel’s (publ.) Finnish operations specializing in critical infrastructure development and maintenance, acc. to sources (NKP | M&A Insights Proprietary)

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June 30, 2025
Dürr to sell a majority stake in Environmental Technology Business to US-based financial investor Stellex for EUR 250m - at an implied EV/EBITDA of 6.31x
Press Release
July 11, 2024

Update: Greenhill & Co. has been mandated to oversee the sale of Dürr Group's noise abatement and pollution control business units with revenues of EUR 430m in 2023 (NKP Proprietary)

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June 29, 2025
British bank HSBC sells its German Custody Business to French BNP Paribas
Fonds Online
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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Headline from pre-deal coverage in M&A Insights
June 27, 2025
Italian private equity firm Ambienta acquires No Dig Alliance, a Nordic group specializing in trenchless technology, to expand Nordic presence
Majunke
May 13, 2025

Update: NBOs are due in late May in connection with Equip Capital’s exit process for No Dig Alliance, a Nordic group specializing in “no dig” technologies for underground pipeline services, with ABG Sundal Collier advising, acc. to sources (NKP | M&A Insights Proprietary)

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April 28, 2024

Advised by ABGSC, Equip Capital has initiated exit preparations for No Dig Alliance, a well-performing “no-dig” underground pipeline installation and renovation services provider, according to sources (NKP Proprietary)

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June 27, 2025
EQT sells majority stake in Swedish luxury brand Eton to private investor consortium
Press Release
February 28, 2024

EQT plans to (re)launch the exit process for premium men’s shirt brand Eton in 2024 - Carnegie and Citi are (still) advising on the process which is currently in a preparatory stage (NKP Proprietary)

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June 26, 2025
Battery Ventures-backed Forterro acquires TARGIT, a Danish business intelligence software company, from GRO Capital
Press Release
May 10, 2025

Update: The EY Corporate Finance-advised sale process for TARGIT, a Danish provider of business intelligence SaaS solutions backed by GRO, has reached the due diligence phase, acc. to sources (NKP | M&A Insights Proprietary)

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March 4, 2025

Teasers are out in EY Corporate Finance-advised process for GRO-backed TARGIT, an international business intelligence SaaS firm - ARR of EUR 15m and EBITDA of EUR 4m in FY25E (NKP | M&A Insights Proprietary)

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June 26, 2025
Brookfield Asset Management acquires minority stake in Associated Danish Ports
Press Release
November 7, 2024

Update: NBOs are due in early December in the Carnegie-advised process for a minority stake sale/capital raise for Associated Danish Ports (ADP), acc. to several sources (NKP Proprietary)

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September 16, 2024

IMs are on the doorstep in the Carnegie-advised minority stake sale/capital raise process for Associated Danish Ports (ADP), a Danish port infrastructure company, according to several sources (NKP Proprietary)

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June 24, 2025
Industrial investment company Pangea acquires Recover, a Scandinavian property remediation specialist, from EQT
Press Release
March 21, 2025

Update: NBOs are due to be collected in early April in the ABG Sundal Collier-advised exit process for EQT-owned Recover Group, acc. to several sources (NKP | M&A Insights Proprietary)

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September 17, 2024

EQT is entertaining meetings with investment banks and considering a sale of its portfolio company Recover Group (EQT VIII; 2019 Vintage), a Nordic property remediation company, acc. to sources familiar with the situation (NKP Proprietary)

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June 24, 2025
KKR acquires a minority stake in ifm group, a producer of sensors and control systems for industrial automation, to expand influence in SCM Software and Sensors market
Press Release
February 13, 2025

Update: The Deutsche Bank-advised minority stake sale process of family-owned ifm Group, a producer of sensors and control systems for industrial automation, is advancing to the next phase with NBOs collected next week, 21 Feb, acc. to sources (NKP | M&A Insights Proprietary)

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September 2, 2024

Advised by Deutsche Bank, family-owned IFM Group, specialised in production of sensors and control systems for industrial automation, is preparing for a minority stake sale of 20% expected to kick-off in October, acc. to sources (NKP Proprietary)

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June 24, 2025
ALPLA Group acquires majority stake in KM Packaging from investment firm Capiton
Press Release
March 22, 2024

Private equity firm Capiton is preparing a possible sale of its portfolio company since 2021, KM Packaging, a manufacturer of caps and closure solutions, acc. to sources (NKP Proprietary)

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June 20, 2025
Munich-investment fund Mutares (publ.) acquires German transport and logistics service provider inTime Group from South African Super Group
Börse Frankfurt
April 22, 2025

Update: the Lincoln Int. advised sale of inTime, the struggling European logistics activities of South African stock-listed Super Group, is entering due diligence phase following NBOs in the week ending 28 March, acc. to multiple sources (NKP | M&A Insights Proprietary)

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October 29, 2024

South Africa-based Super Group (publ.), an international logistics company, is preparing an exit of its European logistics business inTime, which generated revenues of EUR 230m in FY 2023/24, acc. to sources (NKP Proprietary)

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June 20, 2025
FLSmidth (publ.) divests its Cement business to private equity firm Pacific Avenue Capital Partners for up to DKK 1,100m
Press Release
September 12, 2024

Update: Updated IMs are being circulated in connection with the UBS-advised efforts by FLSmidth (publ.) to divest its Cement business, acc. to several sources (NKP Proprietary)

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February 16, 2024

Update: Denmark-headquartered FLSmidth (publ.) entertained pitches from corporate finance advisors end-January in connection with its exploration of divestment options for its Cement business (NKP Proprietary)

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June 19, 2025
Knowit acquires Insicon, an insurance ERP solutions provider, for SEK 35m
Press Release
May 22, 2024

The owners of Insicon, an ERP software solutions provider to the insurance industry, explore ownership options advised by HDR Partners with teasers currently being distributed - Revenues of SEK 39m with an EBITDA of SEK 5.3m in 2024E, according to sources (NKP Proprietary)

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June 18, 2025
Partnera (publ.) increases stake in foam glass producer Foamit Group to 99% by acquiring Tesi's shares
Press Release
December 13, 2023

Partnera-owned and Tesi-backed Foamit, a Finnish circular economy firm specialised in glass waste, is pursuing a sale advised by Sisu Partners, acc. to sources - sales of EUR 46m (+49% YoY) and EBITDA of EUR 6.5m in FY22 (NKP Proprietary) *ESG FRIENDLY*

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Headline from pre-deal coverage in M&A Insights
June 17, 2025
French PE Naxicap acquires German-based Tomorrow Education Group (TEG), a group various training and education providers for job seekers in the DACH and France
Press Release
April 21, 2025

Update: the Houlihan Lokey advised sales process of founder-owned Tomorrow Education Group, the company behind various training and education providers for job seekers in the DACH and France, expects first round bids beginning of May 2025, marketed off 2024 EBITDA EUR 6m, acc. to sources (NKP | M&A Insights Proprietary)

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February 18, 2025

The private owners of Tomorrow Education Group (TEG), the company behind various training and education providers for job seekers in the DACH and France, are reportedly mulling ownership options advised by Houlihan Lokey with 2024 revenues of around EUR ~55m and EBITDA of EUR ~6m, acc. to sources (NKP | M&A Insights Proprietary)

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June 17, 2025
UK-based software investor Everfield acquires POS and payment solution provider OnlinePOS
Press Release
March 3, 2025

Update: The Clearwater-advised sale process for OnlinePOS, a Denmark-based POS solutions provider backed by Vækst-Invest, is in the due diligence phase following collection of NBOs in February, acc. to sources (NKP | M&A Insights Proprietary)

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Headline from pre-deal coverage in M&A Insights
March 3, 2025

Company to watch: OnlinePOS, a Nordic POS and payment solution provider backed by Vækst-Invest since 2019, continues strong performance with plans to expand further in and beyond Scandinavia in coming years - ARR in 2022E of approximately DKK 30m (NKP Proprietary)

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Headline from pre-deal coverage in M&A Insights
June 17, 2025
US-based Viking Global acquires majority stake in SaaS company Voyado - EV of SEK 3.5bn and EV/Sales (2024) of 4.6x
Breakit
April 25, 2024

Update: IMs have been distributed and NBOs are soon to be collected in the William Blair-guided sale process for Verdane- and Novax-backed Voyado, a Swedish customer experience SaaS platform (NKP Proprietary)

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Headline from pre-deal coverage in M&A Insights
September 7, 2023

Verdane- and Novax-backed Voyado, a Swedish SaaS company offering a customer experience platform for e-commerce players and retailers, is being prepared for an exit with a corporate finance advisor having recently been appointed, acc. to sources - run-rate revenue of approx. SEK 500m (NKP Proprietary)

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June 16, 2025
Bridgepoint acquires a significant controlling stake in Safe Life, a provider of life-saving health equipment, at an EV of SEK 5.5bn
Press Release
May 1, 2025

Company to watch: The owners of Safe Life, a provider of life-saving health equipment, might consider ownership options in the near-mid term following a successful buy-and-build strategy and strong recent growth, acc. to sources - LTM revenue of SEK 2.3bn in March 2025 (NKP | M&A Insights Proprietary)

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Headline from pre-deal coverage in M&A Insights

Headline from pre-deal coverage in M&A Insights
June 15, 2025
Bure and Creades lead consortium to acquire Silex Microsystems, a Swedish pure-play MEMS foundry, for SEK 5.5bn
Press Release
April 16, 2025

The owners of Swedish pure-play MEMS foundry Silex Microsystems explore ownership options advised by ABG Sundal Collier, with NBOs recently collected acc. to sources - estimated EBITDA of SEK ~450m in 2024 (NKP | M&A Insights Proprietary)

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Headline from pre-deal coverage in M&A Insights

Headline from pre-deal coverage in M&A Insights
June 13, 2025
AlpInvest Partners acquires minority stakes in PHM Group and Sperre, two companies owned by Norvestor
Finanz Nachrichten
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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Headline from pre-deal coverage in M&A Insights

Headline from pre-deal coverage in M&A Insights
June 12, 2025
Stirling Square-backed Logent to acquire HUB logistics, a Finnish warehouse logistics company
Press Release
May 30, 2025

The owners of HUB Logistics, a Finnish warehouse logistics company, are exploring ownership options on the back of a robust recovery, with Evli Corporate Finance advising and sell-side material having been shared, acc. to sources - sales of EUR 37m with an EBITDA of EUR 2m in 2024 (NKP | M&A Insights Proprietary)

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Headline from pre-deal coverage in M&A Insights

Headline from pre-deal coverage in M&A Insights
June 12, 2025
Belgian investment firm Fortino Capital acquires management system software Modell Aachen to accelerate AI-driven management software growth
Press Release
March 3, 2025

Update: IMs are out in the Drake Star-advised sales process of Modell Aachen, a process-oriented enterprise knowledge management system, generating ARR of EUR 8m in 2024, acc. to sources (NKP | M&A Insights Proprietary)

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December 17, 2024

Drake Star is advising the owners of Modell Aachen, a process-oriented enterprise knowledge management system, on a potential majority stake sale on the back of 40% growth and 2024 ARR of around EUR 5-10m, process expected to kick off in Q1-2025 as the founders seek a financial partner for expansion, acc. to multiple sources (NKP | M&A Insights Proprietary)

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