Extracts from our daily coverage

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August 11, 2025
Private equity investor Levine Leichtman Capital Partners is set to acquire ENTRO Service, a privately owned buy-and-build platform in building access, fire protection, and security services
Finanznachrichten
June 10, 2025

Update: the Lincoln-led sales process for ENTRO Service, a privately-owned buy-and-build platform within building security installation services, kicks off with IMs distributed last week, marketed off 2025E revenues and adj. EBITDA of EUR 40m and EUR 6m respectively, acc. to sources (NKP | M&A Insights Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
April 14, 2025

The owners of ENTRO Service, a buy-and-build platform in building access, fire protection, and security services, are reportedly exploring ownership options and have engaged Lincoln Int. to lead the search for a potential investor, likely marketed off 2025E revenues of EUR 40m and EBITDA of 6m, acc. to sources (NKP | M&A Insights Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
August 11, 2025
Update: investment firm Apollo Global Management reportedly nears acquisition of German cooling equipment maker Kelvion from Triton
Bloomberg Deals
January 30, 2025

Update: fireside chats have been held in Morgan Stanley guided sale of Kelvion, a portfolio of Triton and a global manufacturer of industrial heat exchangers with adjusted EBITDA of EUR 175m in 2024, acc. to several sources (NKP | M&A Insights Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
December 3, 2024

Swedish PE firm Triton has reportedly appointed Morgan Stanley to prepare the sale of Kelvion, a global manufacturer of industrial heat exchangers, in an H1-2025 process, expected to generate 2024E EBITDA of around EUR 175m, acc. to sources (NKP | M&A Insights Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
August 6, 2025
NorgesGruppen acquires Norsk Medisinaldepot, including the pharmacy chains Vitusapotek and Ditt Apotek, from McKesson Corporation
Press Release
June 26, 2025

Update: The second round is commencing in the SEB Corporate Finance-advised sale process for Vitusapotek, a Norwegian pharmacy retail chain, following the collection of NBOs in late May, acc. to sources (NKP | M&A Insights Proprietary)

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

Update: IMs are on the doorstep in the SEB Corporate Finance-advised sale process for pharmacy retail chain Vitusapotek, acc. to several sources (NKP | M&A Insights Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
August 6, 2025
Theon International acquires German defense technology firm Kappa optronics from Afinum for EUR 75m - EV/EBITDA (2024E) of 12.5x
Press Release
May 22, 2025

Update: teasers have been circulated last week (May 14th) in the Carlsquare-led sales process for Kappa Optronics, a manufacturer of rugged speciality cameras for use in complex defence and aviation applications, with 2024E revenues of EUR 33m and 2024E EBITDA of EUR 6m, acc. to sources (NKP | M&A Insights Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
November 22, 2023

Company to watch: Afinum expected to weigh a 2024 sale of Kappa Optronics - acquired in 2016 through its 2013 vintage Fund V - as the extreme environments camera maker eyes more than 60% growth in 2023 and EBITDA of more than EUR 5m amid increasing defense expenditure in core markets, according to sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
August 6, 2025
APALT acquires aluminium components manufacturer Alunited from German PE firm Fidelium Partners
Press Release
December 4, 2024

The MP Corporate Finance-advised sale process of Fidelium Partners’ portfolio company ALUnited Denmark, a manufacturer of aluminum components for the automotive industry, is “live” 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
August 5, 2025
Carlyle acquires HR and workflow SaaS provider Ingentis Group from Maguar Capital
Press Release
March 26, 2025

Update: R.W. Baird is mandated for, and currently preparing, the planned sale of Maguar Capital-owned Ingentis, an HR and workflow mgmt. SaaS firm, acc. to sources (NKP | M&A Insights Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
January 30, 2025

Company to watch: Maguar Capital, the owner of HR tech and workflow management SaaS firm Ingentis since 2021, is reportedly mulling a sale of the company later this year, with 2024 ARR of EUR ~25m (estimate, not verified), acc. to sources (NKP | M&A Insights Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
August 5, 2025
Verso Capital and Armada Credit Partners acquire majority stake in Suomen Avustajapalvelut, a provider of personal assistance services for the disabled, from CapMan Growth
Press Release
March 2, 2025

Update: Teasers have recently been shared in the Carnegie-advised sale process for CapMan Growth-backed Suomen Avustajapalvelut (SAP), a Finnish provider of personal assistance services for the disabled, acc. to sources (NKP | M&A Insights Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
November 19, 2024

Company to watch: CapMan Growth-backed Suomen Avustajapalvelut (SAP) emerges as a likely 2025 exit candidate amid strong financial growth and significant M&A activity in Finland's care services sector, according to NKP’s sources - sales of EUR 18m and EBITDA of EUR 1m in 2023 (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
August 1, 2025
Katjes International acquires 60% majority stake in fashion brand Bogner
Press Release
April 22, 2024

Update: Moelis-advised sale of Bogner, the family-owned apparel and sportswear maker, has entered due diligence phase following NBOs submitted last week of February, with final bids projected for end of May, acc. to sources (NKP | M&A Insights Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
January 31, 2025

Update: the founding family of German luxury fashion brand Bogner is reportedly working with international investment bank Moelis to find suitable investors for fresh capital, with 2024E revenues of EUR 188m and EBITDA of EUR 28m, 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
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

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