Extracts from our daily coverage

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July 29, 2025
VINCI Energies acquires VR Equitypartner's stake in HVAC services provider Zimmer & Hälbig
Press Release
July 3, 2025

Update: the DC Advisory-guided sales process for VR Equitypartners’ technical building equipment and HVAC services provider Zimmer & Hälbig, marketed off 2025E revenues of EUR 99m and adj. EBITDA of EUR 13m, saw NBOs due end of last week, with management presentations scheduled to kick off next week, acc. to sources (NKP | M&A Insights Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
February 19, 2025

VR Equitypartner and the management of Zimmer & Hälbig, an HVAC service provider, are reportedly exploring a potential majority sale, expected to be marketed off 2025 EBITDA of EUR ~11m, acc. to sources (NKP | M&A Insights Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
July 29, 2025
Bridgepoint acquires majority stake in Hanseatic Broking Center (HBC) from Preservation Capital Partners
Press Release
July 1, 2025

FAZ confirms early coverage of NKP | M&A Insights on the upcoming sales of insurance brokerages Hanseatic Broking Center (HBC) with Macquarie as advisor and Global Gruppe with Morgan Stanley and Houlihan Lokey advising

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
June 2, 2025

Macquarie is overseeing the sale of Preservation Capital Partners’ buy-and-build insurance brokerage platform Hanseatic Broking Center (HBC), with NBOs due later this month - 2025E revenues and EBITDA of EUR 50-60m and EUR 15-20m respectively, acc. to multiple sources (NKP | M&A Insights Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
July 28, 2025
Orange Cyberdefense acquires Swiss cybersecurity firm ensec
Press Release
March 24, 2025

UBS is guiding the sale of Swiss Ensec, a managed IT (security) services provider, with IMs out and NBOs due first half of April, acc. to several sources (NKP | M&A Insights Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights

Headline from pre-deal coverage in M&A Insights
July 25, 2025
Egeria to acquire majority stake in Junge Die Bäckerei
Press Release
April 8, 2025

The family-run bakery chain Junge Die Bäckerei is reportedly exploring ownership options guided by local boutique advisor Peter May, amid further expansion throughout North Germany, could be a logical combination with Danish Ole & Steen Lagkagehuset - achieving 2024 EBITDA of EUR 35m, acc. to sources (NKP | M&A Insights Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights

Headline from pre-deal coverage in M&A Insights
July 23, 2025
AB Karl Hedin completes divestment of Swedish sawmills to Vida, concluding restructuring of its Industrial division
Dagens Industri - website
May 26, 2025

Update: Following the sale of its Estonian sawmills, the Swedish sawmills are expected to be divested next in AB Karl Hedin’s restructuring of its Industrials businesses advised by Handelsbanken, acc. to sources (NKP | M&A Insights Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
February 10, 2025

The owners of AB Karl Hedin have mandated Handelsbanken Corporate Finance to explore ownership options for the company’s Industrial Businesses acc. to sources - IMs have been distributed and NBOs are soon to be collected (NKP | M&A Insights Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
July 22, 2025
French PE firm Adagia Partners acquires a majority stake in agn, a provider of architecture- and integrated general planning services, from German PE firm Armira
Finanz Nachrichten
June 30, 2025

Update: the Houlihan Lokey-guided sales process for Armira’s architectural and integrated general planning services firm agn Niederberghaus & Partner, has reportedly entered the due diligence phase, as non-binding bids were collected at the beginning of June, with 2025E revenue and adj. EBITDA of EUR 100m and EUR 30m respectively, acc. to sources (NKP | M&A Insights Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
June 3, 2025

Armira is reportedly working with Houlihan Lokey on a sale of agn Niederberghaus & Partner, an architectural and integrated general planning services firm, with some sell-side materials out and 2025E projected revenue and EBITDA of EUR 100m and EUR 30m respectively, acc. to multiple sources (NKP | M&A Insights Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
July 21, 2025
Main Capital Partners acquires Norwegian software firm Xait from Viking Growth
Press Release
June 23, 2025

NBOs have been collected in the ABG Sundal Collier-advised process for Xait, a tender and document collaboration software provider, acc. to sources (NKP | M&A Insights Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
March 13, 2025

Viking Venture resumes exit plans for Xait, a tender and documentation collaboration software provider, advised by ABG Sundal Collier acc. to several sources (NKP | M&A Insights Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
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)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights

Headline from pre-deal coverage in M&A Insights
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)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
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)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
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)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights

Headline from pre-deal coverage in M&A Insights
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)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights

Headline from pre-deal coverage in M&A Insights
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)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights

Headline from pre-deal coverage in M&A Insights
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)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights

Headline from pre-deal coverage in M&A Insights
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)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights

Headline from pre-deal coverage in M&A Insights
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)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights

Headline from pre-deal coverage in M&A Insights
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)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
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)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
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)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
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)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
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)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights

Headline from pre-deal coverage in M&A Insights
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)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights

Headline from pre-deal coverage in M&A Insights
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)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
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)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
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

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
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)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
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)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights

Headline from pre-deal coverage in M&A Insights
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)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
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)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
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)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights

Headline from pre-deal coverage in M&A Insights
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)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights

Headline from pre-deal coverage in M&A Insights

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