Deals in Europe

16 – 29 November 2020

Table of Contents

. Overview 2

. Deals (detailed description) 10

MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Private Equity Deals in Europe

16 Nov – 29 Nov 2020

Target Region Buyer/Seller Sector

Weifu High-Technology Group / Borit Belgium others Finindus, PMV

FTTH network Joint Belgium EQT Infrastructure V fund, Proximus telecommunication Venture

UPTHRUST, The House of Marketing, Grava Belgium Down2Earth Capital, Quanteus advertising/marketing Group

MEDIAGENIX Belgium Sofindev, Deparco media

Stardekk Belgium Maxxton / Fortino Capital software & it

Waterland Private Equity / VIA EnviDan Denmark wastewater equity

TeamVikaren/PersonaleBø rsen, Protemp and Denmark Axcel hr services Moment

Drops Estonia Kahoot! / Northzone education

Kamrock Oy Finland Juuri Partners others

Musti Group Plc Finland EQT Mid Market GP B.V. others

Volpi Capital LLP / Via equity Fond II Profit Holding Oy Finland K/S , Finnish Industry Investment Ltd software & it (TESI)

ProMart Oy Finland Folmer Equity Fund II Ky trade

Spectral Imaging Oy Ltd Konica Minolta, Inc. / Nordic Option, Finland high-tech (Specim) Bocap

Eurazeo PME / Motion Equity Altaïr Group France others Partners

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Private Equity Deals in Europe

16 Nov – 29 Nov 2020

Target Region Buyer/Seller Sector

Cafeyn France Bregal Milestone media

APRIL / CVC Capital Partners / Comparadise France insurance BlackFin Capital Partners

DIAPASON France Apax Partners Development software & it

FairConnect / Palamon Capital DriveQuant France insurance Partners

FairConnect SA / Palamon Capital DriveQuant SAS France financial Partners

Euro Ethnic Foods France PAI Partners food

Inovie / Labosud France Ardian healthcare

Charterhouse Capital Partners LLP / Novetude Santé France education BIM (Robert Zolade)

The Septeo Group France Hg legaltech

Zeplug France LBO France energy

Chequers Capital, Paragon Partners / 7days jobwear GmbH Germany fashion Silverfleet Capital

Apeiron Investment Group, Peter Thiel, Catalio Capital Management, ATAI Life Sciences AG Germany Future Ventures, Galaxy Investment pharma/life sciences Partners, Falcon Edge Capital, Pura Vida Pro, LLC

valantic GmbH / DPE Deutsche Circle Unlimited GmbH Germany software & it Private Equity Management III GmbH

Marlin Equity Partners / Pride Capital COYO GmbH Germany software & it Partners

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Private Equity Deals in Europe

16 Nov – 29 Nov 2020

Target Region Buyer/Seller Sector

Stella Group / BPE DuoTherm Rolladen GmbH Germany Unternehmensbeteiligungen construction G.m.b.H., André Barth

Inspecs Group plc / Equistone Eschenbach Holding GmbH Germany others Partners Europe

International Security Germany AddSecure AB / Castik Capital others Group GmbH

iPoint-systems GmbH Germany GRO Capital software & it

Circet Deutschland GmbH / Advent K & R Eilers GmbH Germany construction International

LP Solutions GmbH & Co. Germany Asolvi / Volpi Capital, Viking Venture software & it KG

McMakler GmbH Germany Warburg Pincus LLC real estate

SCIO Automation GmbH /Quadriga MFI GmbH Germany industry Capital

Mirabelle Care GmbH Germany AUCTUS Capital Partners AG healthcare

N3K Network Systems Germany Invision / VR Equitypartner software & it

thinkproject Deutschland EQT / TA Associates, Thomas Germany construction GmbH Bachmaier

Zentrum in Köln-Ehrenfeld, Athera-Unternehmensgruppe / Therapie-Zentrum Gert Waterland Private Equity / Gert Germany healthcare Ehlers, Physiotherapie- Ehlers, Martina Heim und Alex Praxen Heim & Hendrixen Hendrixen, Albrecht Grell

Arkphire Ireland Presidio / Bregal Milestone software & it

SynOx Therapeutics Ireland Gimv, HealthCap, Medicxi, Forbion pharma/life sciences

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Private Equity Deals in Europe

16 Nov – 29 Nov 2020

Target Region Buyer/Seller Sector

Aksìa Capital V / Aksìa Group SGR Centro Medico I Mulini Italy healthcare S.p.A.

CMC Machinery Italy KKR industry

De Nora Italy Snam S.p.A. / Blackstone industry

illycaffè S.p.A. Italy Rhône Capital food

Megic Pizza Italy Aksìa Capital V / Valpizza food

Aksia Group SGR S.p.A. / Aksìa Nappi 1911 Italy food Capital V

Poste Italiane S.p.A. / Mutares SE & Nexive Group S.r.l. Italy services Co. KGaA

Wireless Logic / Montagu Private datamobile AG Liechtenstein telecommunication Equity

Flight Simulation Company Netherlands CAE Inc. / HAL Holding N.V. aviation B.V.

Integrated Works Netherlands Unified / H2 Equity Partners software & it

BC Partners / Ergon Capital, Keesing Media Group Netherlands braintainment Mediahuis

Kind Technologies / Gimv / Martin Martin Stolze B.V. Netherlands industry Stolze

Objective Platform Netherlands Newion, The Hatch Firm software & it

hallo / Vortex Capital Partners / UNET Groningen Netherlands telecommunication Eurofiber

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Private Equity Deals in Europe

16 Nov – 29 Nov 2020

Target Region Buyer/Seller Sector

Autodesk, Inc. / Northzone, Atomico, Spacemaker Norway NREP, OBOS, Round Hill Ventures, software & it Construct Venture

Herkules Capital, Salsa Bergen AS / Sumo AS Norway food Sinco AS

Eight Roads Ventures, Balderton Tibber AS Norway energy Capital, Founders Fund

Nu-Med Group Poland Kartesia healthcare

Enterprise Fund VIII (PEF VIII) / PragmaGO Poland financial Enterprise Investors / Pragma Inkaso

Abris CEE Mid-Market III LP fund / Scanmed S.A. Poland Abris Capital Partners / Life healthcare Healthcare Group

Iberchem Spain Croda / Eurazeo Capital chemicals

Bregal Milestone, Unbound, RPS transportation and Paack Spain Ventures, Rider Global, Fuse logistics Ventures

Pastas Gallo Spain Flexstone Partners, ProA Capital food

Knight Capital, Swanlaab Venture Factory, Nauta Capital, JME Smart Protection Spain others Ventures, Bankinter, Big Sur Ventures, Telefónica

Diaverum AB Sweden Bridgepoint healthcare

CKH Networks / Patricia Industries / Three Scandinavia Sweden telecommunication Investor AB

ASSEPRO Gruppe Switzerland EMZ Partners financial

forteq Nidau AG / forteq Switzerland Liberta Partners / forteq Group pharma/life sciences Healthcare

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Private Equity Deals in Europe

16 Nov – 29 Nov 2020

Target Region Buyer/Seller Sector

Altia-ABM UK NorthEdge software & it

BIMM UK ICG plc / Sovereign Capital Partners education

Convex Group Limited UK GIC, Onex Corporation insurance

Crowd DANN UK STRAT7 / Horizon Capital consultancy

Datum360 UK BGF software & it

DefiniGEN UK BGF pharma/life sciences

Dohop UK Scottish Equity Partners (SEP) travel

Envisage Dental UK Kartesia healthcare

Fine Sounds UK Kartesia, LBO France electronics

Force24 UK YFM Equity Partners advertising/marketing

Digital Wholesale Solutions / Giacom UK software & it Livingbridge, LDC

EQT Ventures, Seedcamp, Tribe Griffin UK financial Capital

Dawn Capital, Tiger Global Harbr UK Management, Boldstart Ventures, big data Crane Venture Partners, Seedcamp

ISI Emerging Markets Montagu Private Equity / CITIC UK financial Group Ltd Capital, Caixin Global

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Private Equity Deals in Europe

16 Nov – 29 Nov 2020

Target Region Buyer/Seller Sector

JM Glendinning Group UK Synova Capital insurance Limited

Lights4Fun UK NorthEdge Capital e-commerce

Santander UK, Scottish National M Squared UK photonics Investment Bank / BGF

Mango Solutions UK Ascent / Horizon Capital consulting

Miller Insurance Holdings UK Cinven, GIC / Willis Towers Watson financial Ltd

Byggfakta Group / Stirling Square Capital Partners, TA Associates / NBS UK construction LDC, Royal Institute of British Architects (RIBA)

Nurse Plus UK CVC Credit Partners healthcare

Optegra UK H2 Equity Partners healthcare

FTV Capital, Kindred Capital, Notion Paddle UK software & it Capital, 83North

transportation and Panther Logistics UK AIT Worldwide Logistics / LDC logistics

Gresham House Ventures, Maven RevLifter UK e-commerce Capital Partners

Ross Trustees UK LDC financial

Apollo Global Management, Inc. / SAZKA Group a.s. UK others KKCG Group /

Serac / Xperi UK Mentha Capital software & it

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Private Equity Deals in Europe

16 Nov – 29 Nov 2020

Target Region Buyer/Seller Sector

SISRA Limited UK Juniper Education / Horizon Capital software & it

Octopus Investments / Octopus Sova Assessment Limited UK hr tech Group

UK Flooring Direct UK BGF e-commerce

SLS group / AUCTUS Capital Partners transportation and Associated Couriers Inc. USA AG logistics

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Belgium Borit

Deal-Date: Nov 2020

Region: Belgium

Sector: others

Business: fuel cell metal bipolar plates

Employees: 40 Turnover Mio. €: €10m

The Deal: The shareholders of Borit NV (Borit), a leading manufacturer of fuel cell metal bipolar plates, sold the company to Weifu High-Technology Group (Weifu), a Chinese state-owned and stock-listed automotive components manufacturer, for an enterprise value of €42.7m. Borit’s shareholders were represented by Finindus and PMV, two Belgium-based investment companies. Weifu is a leading automotive component manufacturer and one of China’s Top 500 enterprises. Headquartered in Wuxi, Jiangsu, Weifu has 10 wholly or mostly majority-owned subsidiaries and two joint ventures. The company is listed on the Chinese stock exchange and is partially state-owned. Since its foundation in 1958, Weifu has successfully upgraded and enlarged its original product series from fuel injection products to fuel injection systems, after treatment systems and air management systems, and built a competitive supply chain for automotive core components in China. In 2019, Weifu generated sales of approx. €1.1bn and employed more than 7,000 people worldwide. With the acquisition of Borit, Weifu is able to quickly enter the metal bipolar plate fuel cell market which is in line with Weifu’s e-mobility strategy. Further, Borit shares a number of synergies with Weifu’s Denmark-based subsidiary IRD, a leading specialist in fuel cell membrane and graphite bi- polar plate products. The combination of Borit, IRD and Weifu’s fuel cell activities, will create the world’s leading independent player of single cell components, covering all relevant fuel cell and electrolyser technologies (metal, graphite etc.). In addition, Borit will benefit from Weifu’s footprint in China to serve its customers on a local for local basis in the future, as well as from Weifu’s industrial expertise in large volume production of automotive components.

Buyer/Investor: Weifu High-Technology Group

Seller: Finindus, PMV

Profile Target: Borit, headquartered in Geel, Belgium, was founded in 2010 and is the world's largest independent one-stop-shop supplier of metal bipolar plates and assemblies used in fuel cells and electrolysers. The company operates a highly automated production facility, with production technology backed by own IP and know-how, providing a state-of- the-art manufacturing platform for the efficient production and development of metal bipolar plates. Borit has a strong and diverse international customer portfolio consisting of OEMs, Tier 1 suppliers, fuel cell and electrolyser technology companies active in automotive as well as in non-automotive segments. The company is managed by a highly experienced management team with in-depth market, manufacturing and technology knowledge, who hold strong relationships with customers. Borit generates revenues of approximately €10m and employs around 40 people.

Advisors: Clearwater International has advised the shareholders of Borit NV (Borit) on the sale of the company to Weifu High- Technology Group (Weifu).

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Belgium FTTH network Joint Venture

Deal-Date: Nov 2020

Region: Belgium

Sector: telecommunication

Business: FTTH network

Employees: - Turnover Mio. €: -

The Deal: The EQT Infrastructure V fund and Proximus, Belgium’s largest telecom operator, are pleased to announce the signing of a partnership agreement. As part of this agreement, the two parties will form a new joint venture (JV) that will design, build and maintain a fiber-to-the-home (FTTH) network in Flanders. EQT Infrastructure will initially own 50.1 percent of the JV and Proximus will hold 49.9 percent. The closing of the transaction is expected in Q1 2021, subject to customary regulatory approvals. With this transaction, EQT Infrastructure V is expected to be 15-20 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on its target fund size, and subject to customary regulatory approvals. EQT is a purpose-driven global investment organization with more than EUR 75 billion in raised capital and over EUR 46 billion in assets under management across 16 active funds. EQT funds have portfolio companies in Europe, Asia- Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership. Proximus Group (Euronext Brussels: PROX) is a provider of digital services and communication solutions operating in the Belgian and international markets. Delivering communication and entertainment experiences for residential consumers and enabling digital transformation for enterprises, we open up a world of digital opportunities so people live better and work smarter. Thanks to advanced interconnected fixed and mobile networks, Proximus provides access anywhere and anytime to digital services and data, as well as to a broad offering of multimedia content. Proximus is a pioneer in ICT innovation, with integrated solutions based on IoT, Data analytics, cloud and security. With 12,931 employees, all engaged to offer customers a superior experience, the Group realized an underlying Group revenue of EUR 5,686 million end-2019.

Buyer/Investor: EQT Infrastructure V fund, Proximus

Seller: -

Profile Target: EQT Infrastructure and Proximus have identified large opportunities in accelerating the build-out pace of the FTTH network in the Flemish Region of Belgium. FTTH is the fastest and most reliable broadband solution available and is instrumental in managing the increasingly growing internet bandwidth demands of the future. EQT and Proximus are committed to invest significantly into the JV over the coming years with the ambition to bring the required fiber connectivity to Flanders so that its residents and businesses can actively participate in the Gigabit Society. The JV will benefit from the combination of EQT Infrastructure’s vast experience from developing strong fiber companies in Europe and North America, and Proximus’ unrivalled expertise in the Belgian telecom market and long-standing relationships with municipalities and housing associations. Together, the parties will create an efficient rollout machine to build a fiber network, which will be open and accessible to all operators. The JV intends to connect its first customers during 2021 and the overall goal is to bring fiber connectivity to at least 1.5 million households and businesses over the coming years. The JV will be supported by a strong board of directors with hands-on experience from fiber deployment in Belgium and other European markets.

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Belgium Grava

Deal-Date: Nov 2020

Region: Belgium

Sector: advertising/marketing

Business: digital performance marketing agency

Employees: 18 Turnover Mio. €: -

The Deal: Digital acceleration agency UPTHRUST, sister company of The House of Marketing, is joining forces with digital performance marketing agency Grava. This sees UPTHRUST further expand its growth and performance marketing offering on the European market. This new partnership will enable UPTHRUST and Grava to jointly offer a broader range of digital performance marketing services to customers to achieve profitable growth. UPTHRUST took over digital product studio Gafas in June. Today, the company announces a new partnership: digital performance marketing agency Grava is joining UPTHRUST and The House of Marketing in order to further accelerate the group’s growth. This growth is also made possible by strong main shareholders Down2Earth Capital and Quanteus Group, which came on board at The House of Marketing in 2014. Down2Earth Capital is an independent private equity fund, set up in 2013, focusing on small and medium-sized transactions in Belgium. Down2Earth Capital combines years of successful private equity experience with top-level industrial expertise. Quanteus Group was created in 2004 and has been growing its scope ever since with the creation and acquisition of different companies. With a positioning to further bridge the gap between strategy and implementation, Quanteus Group ensures a full coverage of the business transformation spectrum and beyond. The group consists of The House of Marketing, Upthrust, BrightWolves, HighMind, QuantIM and RSQ Investors. With those 6 focused, complementary entities, which combine business sense and generalist knowledge with specific expertise and solutions building capabilities, the Quanteus Group helps companies to have more impact and to transform themselves into industry leaders.

Buyer/Investor: UPTHRUST, The House of Marketing, Down2Earth Capital, Quanteus Group

Seller: -

Profile Target: Grava is a digital performance marketing agency that puts brands, businesses and products on the digital rails to deliver more leads, more turnover and more business. Including Grava’s 18 staff members, the group now consists of a strong team of +150 exclusive digital marketing & sales professionals. Grava brings in a strong customer network, a series of awards and unique partnerships on the Belgian market, which include Google, Facebook and Adform to name just a few. For now, the three entities will continue to exist alongside one another, with each company retaining its own DNA. Together however, the players very much make up one squad: for each customer and project, the best tailored team will be put together, made up of the best experts.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Belgium MEDIAGENIX

Deal-Date: Nov 2020

Region: Belgium

Sector: media

Business: platform for managing and programming radio, TV and online content channels

Employees: 250 Turnover Mio. €: -

The Deal: MEDIAGENIX brings private equity firm Sofindev on board as a strategic partner. The aim is to further implement their strategy of strong global growth as a leading player in the field of innovative Content Supply Chain Management solutions for media companies. Sofindev will join majority shareholder Deparco as a new partner. With the entry of Sofindev, MEDIAGENIX takes the next step in further expanding and staying at the forefront of innovation amid accelerating change in the global media landscape. This follows the appointment earlier this year of Fabrice Maquignon as the new CEO who is to lead the company to its breakthrough as a mature global player. This new step will also further strengthen MEDIAGENIX in their efforts to continue to develop their product, WHATS’ON, and their services at the level where they anticipate the media companies’ need for greater flexibility, scalability and efficiency. Sofindev is a leading independent private equity firm, specialized in buyout and growth capital for small and mid-sized companies in the Benelux region. Sofindev was founded in 1991 by Sofina and Colruyt, two prominent family-controlled publicly listed groups. Throughout the years, Sofindev has evolved into a fully independent investment team supported by a large number of respected family offices and international institutional investors. The Sofindev funds have made equity investments of more than 280 MEUR in more than 50 companies. Currently, the Sofindev Management team manages the Sofindev IV fund with committed capital of 107 MEUR and the recently raised Sofindev V fund , with total commitments of 170 MEUR. Just like Sofindev IV, Sofindev V realizes equity investments in successful Benelux-based SMEs, in partnership with the entrepreneurs and management teams of these companies, to support their further growth. Deparco is the investment company of Bruno Denys and his family. Since 2000 Bruno Denys has been active as founder of consulting companies (AE NV, Resilient NV,…) and business application companies in welldefined niches (MEDIAGENIX, C-Quilibrium,…). As a people oriented investor with an entrepreneurial mindset, Deparco supports its existing participations as a long term investor and invests in new opportunities as coinvestor with founders, managers, private investors and private equity funds.

Buyer/Investor: Sofindev, Deparco

Seller: -

Profile Target: MEDIAGENIX develops and implements WHATS’ON, the most advanced platform for managing and programming radio, TV and online content channels, and orchestrating the content supply chain. On premise or in the cloud, our modular and scalable solution sits at the centre of future-proof media operation ecosystems. With more than 250 employees working from offices in Europe, America and Asia, we enable customers on all continents to strategically run a mix of OTT, VoD and Linear business, supporting their content workflow and helping them drive efficiencies from acquisition, rights management, planning and scheduling to publication and beyond. Our platform WHATS’ON also integrates with best-of-breed niche applications to drive content/rights/media/EPG/finance workflows as a central system. More than 120 media networks with thousands of channels and services worldwide work in co- creation with us as we constantly improve our software and innovate. This has put us among the top of tech vendors in the international media industry.

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Belgium Stardekk

Deal-Date: Nov 2020

Region: Belgium

Sector: software & it

Business: SaaS products for the hospitality industry

Employees: - Turnover Mio. €: -

The Deal: Maxxton and Stardekk, both established leaders in hospitality software solutions for years, joined forces to create a leading European player. The new group will cover all main segments: holiday parks, vacation rentals, serviced apartments, restaurants, B&B’s and hotels. Majority shareholder Fortino Capital and the management team consider this as an important step in the further international expansion. The new group will cover all main segments (holiday parks, vacation rentals, serviced apartments, restaurants, B&B’s and hotels). It employs more than 200 people in The Benelux and around the world. Fortino Capital will keep supporting the Management in their buy & build strategy. The fragmented hospitality software market offers significant consolidation opportunities, and the enlarged group has the ambition to act as a consolidator. Maxxton is part of the Maxxton Group and has become the premier property management software for the broader hospitality and accommodation rental sector. Originally a Dutch company, since its formation in 1998, Maxxton has grown into a multinational organization with clients spread across the globe in the vacation rental, serviced apartment and holiday park & campsite businesses. Maxxton’s software-as-a-service solutions are built to simplify the reservation processes for large vacation & short- term rental managers. Fortino Capital Partners is a European enterprise software investor, managing a €240m growth private equity fund and two venture capital funds for earlier stage software opportunities. The firm has offices in Antwerp and Amsterdam. Fortino Capital’s investment portfolio includes MobileXpense, Efficy CRM, Odin Groep, Tenzinger, Maxxton,Teamleader, BuyBay, Oqton and iObeya among others.

Buyer/Investor: Maxxton / Fortino Capital

Seller: -

Profile Target: Stardekk, a Belgian company, offers a complementary set of award winning in-house cloud based SaaS products for the hospitality industry (hotel software, channel manager, booking engine, internet strategy). Over 3,500 hotel accommodations in 50 countries manage their bookings via the Stardekk software suite. Stardekk is preferred IT Partner for major industry players like Booking.com, Expedia, Google, and AirBnB.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Denmark EnviDan

Deal-Date: Nov 2020

Region: Denmark

Sector: wastewater

Business: consultancy and solutions to the water and wastewater sector

Employees: 266 Turnover Mio. €: DKK 271 m

The Deal: VIA equity announces that they have sold EnviDan to Waterland Private Equity. EnviDan is a leading company within consultancy and solutions to the water and wastewater sector, with a strong position and unique competences within the water cycle - also in a European perspective. EnviDan has created high growth and revenue, and the company has, with its more than 260 specialised employees in Denmark, Norway and Sweden, established a strong Nordic platform and a solid basis for further growth. The employees and management at EnviDan are now continuing their growth journey together with Waterland Private Equity. The parties have agreed not to announce the sales price. Waterland is an independent private equity investment group that supports entrepreneurs in realising their growth ambitions. With substantial financial resources and committed industry expertise, Waterland enables its portfolio companies to achieve accelerated growth both organically and through acquisitions. To date, Waterland has made investments in over 600 companies. Waterland currently manages EUR 6 bn of investor commitments and has offices in Denmark, the Netherlands, Belgium, Germany, the UK, France, Ireland, Switzerland and Poland. VIA equity is a leading northern European multi-stage private equity firm with a successful history of building and transforming companies into leading national and international actors. VIA equity invests in companies of all sizes, with its primary focus being on companies with a turnover of DKK 75 m to DKK 750 m. VIA equity A/S manages four funds, where the most recent one alone will have EUR 175 m in allocated capital from established international investors. VIA equity invests in successful companies within software, IT, internet, technology, clean tech and services.

Buyer/Investor: Waterland Private Equity

Seller: VIA equity

Profile Target: EnviDan delivers holistic solutions within water, wastewater, energy and environment, as well as financial consultancy combined with a broad palette of software solutions for the Danish, Norwegian and Swedish utilities sector. EnviDan has 266 employees at offices in Silkeborg (HQ), Aarhus, Aalborg, Kastrup, Lyngby, Oslo, Åndalsnes, Gothenburg, Helsingborg and Malmö. In 2019/20 the company had a net turnover of DKK 271 m with an EBITDA of DKK 39.8 m.

Advisors: Nordic M&A advised the sellers in connection with the transaction.

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Denmark TeamVikaren/PersonaleBørsen, Protemp and Moment

Deal-Date: Nov 2020

Region: Denmark

Sector: hr services

Business: temporary staffing agency

Employees: 150 Turnover Mio. €: -

The Deal: Axcel creates a Danish market leader in the temporary staffing industry. In partnership with the owners of TeamVikaren/PersonaleBørsen, Protemp and Moment, Axcel is creating a market-leading temporary staffing agency with DKK 850 million in revenue and 150 expert employees spread across 11 offices in Denmark. The new platform will enable further acquisitions in Denmark and an ambitious Nordic consolidation. Axcel is investing in TeamVikaren/PersonaleBørsen, Protemp and Moment and thereby creating a leading Danish company in the temporary staffing industry. Axcel has placed great emphasis on the fact that these are three well-run companies with strong customer focus that together will be able to deliver even greater value for customers. Very important for the investment has also been the strength of Moment’s IT system, which Axcel believes will be of crucially positive importance for the new group in terms of increased temp and customer satisfaction. Founded in 1994, Axcel is a Nordic private equity firm focusing on mid-market companies and has a broad base of both Nordic and international investors. Axcel has raised six funds with total committed capital of just over EUR 2.5 billion. These funds have made 58 platform investments, with more than 100 add-on investments and 43 exits and Axcel currently owns 15 companies.

Buyer/Investor: Axcel

Seller: -

Profile Target: The three agencies complement each other in terms of segment and geography and will therefore supplement and strengthen each other’s businesses and will together further invest in what is today the strongest IT platform in the sector. The agencies see the creation of this new platform as a clear enhancement of their own businesses and of their offerings to customers. While TeamVikaren/PersonaleBørsen mainly supplies temps to the Jutland business community, Moment is the biggest player in Zealand. Both agencies have a broad orientation in respect of the sectors they service. Protemp’s business has its headquarters in Fredericia and is particularly known for its expertise in the construction sector. At Moment, co-founder and CEO Morten T. Højberg sees the merging of the three agencies as a perfect marriage that also goes to the heart of some of Moment’s core values.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Estonia Drops

Deal-Date: Nov 2020

Region: Estonia

Sector: education

Business: language platform

Employees: - Turnover Mio. €: EUR 6.3m

The Deal: Northzone portfolio company Kahoot!, the global learning platform company, announced the acquisition of Drops, one of the fastest growing language platforms in the world. Through this acquisition, Kahoot! plans to further expand its platform and make language learning awesome for millions of Kahoot! users worldwide as well as bring the magic of Kahoot! to Drops users. Kahoot! is acquiring 100% of the shares in Drops for a total consideration reflecting an enterprise value of USD 31 million on a cash and debt-free basis, in addition to a performance-based element up to USD 19 million depending on Drops performance in 2020-2022. The consideration will be settled in a combination of cash and Kahoot! shares. Completion of the transaction is subject to customary conditions and the transaction is expected to be completed in November 2020. Kahoot! is on a mission to make learning awesome by empowering all educators, teachers, students, and employees to unlock their full learning potential through its learning platform. In the last 12 months, more than one billion participating players in over 200 countries attended over 200 million Kahoot! sessions. The acquisition of Drops is part of Kahoot!'s strategy to expand into new areas of learning and make Kahoot! a trusted destination for all learners, whether at school, work or home.

Buyer/Investor: Kahoot! / Northzone

Seller: -

Profile Target: Drops teaches the essentials of language - alphabets and vocabulary - by combining engaging word puzzles with visual association. With 42 languages and 25M users since launch and counting, Drops is one of the fastest-growing language platforms in the world. The app's 5-minute sessions of swipe-based word games are fast, fun, and effective and quickly become as second nature as an Instagram scroll. Drops' companion apps Scripts teaches learners how to read and write (and in the case of ASL, sign) 4 alphabets and 4 character-based writing systems, and Droplets is designed specifically to teach foreign languages to kids aged 8-17. In 2018, Google named Drops the best app of the year, and in 2019 Fast Company named Drops as one of the top 10 most innovative education companies in the world. The Drops suite of apps - Drops, Scripts and Droplets are available for free on iOS and Android. For 2019, Drops reported gross revenue of EUR 6.3m with approx. 40% cash conversion.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Finland Kamrock Oy

Deal-Date: Nov 2020

Region: Finland

Sector: others

Business: crushing and processing of rock aggregates

Employees: 70 Turnover Mio. €: EUR 16.9 million

The Deal: Juuri Partners becomes a minority owner in Kamrock Oy, a Finnish company specializing in industrial rock crushing. Providing crushing services for e.g. mining, construction and infrastructure companies, Kamrock has grown strongly driven by its customer-orientation and efficient crushing process. Kamrock Oy was founded in 2016 and has since been crushing the industry’s growth trajectories, growing net sales from zero to around 20 million for the current year. The company known for its high quality and reliable service has a wide portfolio of customers including, for example, construction companies, infrastructure players and mine operators. After the investment, Juuri Partners owns a 35% minority stake and the founders remain as significant owners of the company. The growth story of the relatively young company has been enabled by deep know-how of the crushing process and in-depth understanding of customer needs.

Buyer/Investor: Juuri Partners

Seller: -

Profile Target: Kamrock Oy is a company specialized in crushing and processing of rock aggregates, whose main customer industries include building construction, infrastructure construction and mining. The company was established in 2016 and had net sales of EUR 16.9 million in 2019. Kamrock’s roots lie deep in the bedrock of North Ostrobothnia and the company employs directly over 70 people and approx. 20 more through subcontractors. The company operates seven crushing machineries at sites located around Finland.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Finland Musti Group Plc

Deal-Date: Nov 2020

Region: Finland

Sector: others

Business: pet care company

Employees: - Turnover Mio. €: EUR 284 million

The Deal: Musti Group plc has today received a notification in accordance with the Chapter 9, Section 10 of the Finnish Securities Market Act from EQT Mid Market GP B.V. (EQT”, according to which Millan Holding S.à.r.l., a company ultimately owned by EQT and its co-investors, has sold a total number of 1,878,862 Company’s shares. In connection with the Share Sale, EQT’s indirect holding of the shares and votes of the Company has decreased below 5 percent. As a result of the Share Sale, EQT’s indirect holding in the Company totals to 0 shares and votes (amounting to 0 percent of all the shares and votes in the Company).

Buyer/Investor: -

Seller: EQT Mid Market GP B.V.

Profile Target: Musti makes the life of pets and their owners easier, safer and more fun. We are the leading Nordic pet care company and we operate an omnichannel business model to cater for the needs of pets and their owners across Finland, Sweden and Norway. We offer a wide, curated assortment of pet products. We also provide pet care services such as grooming, training and veterinary services in selected locations. Musti Group’s net sales were EUR 284 million in the financial year 2020. At the end of the financial year 2020, the company had 1,162 employees, over one million loyal customers and 293 stores.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Finland Profit Holding Oy

Deal-Date: Nov 2020

Region: Finland

Sector: software & it

Business: software and consultancy services vendor focusing on banks and insurance companies

Employees: - Turnover Mio. €: -

The Deal: Via equity Fond II K/S and Finnish Industry Investment Ltd (TESI), have signed an agreement to divest Profit Holding Oy. The buyer of the company is a newly formed vehicle controlled by funds managed by Volpi Capital LLP. As part of the transaction, the Company’s management team will re-invest alongside Volpi to continue executing the pan- Nordic expansion strategy. VIA equity is a leading Northern European multi-stage private equity firm with an excellent track record of building and transforming its investments into national and international industry leaders. VIA primarily invest in companies with revenue from EUR 10 million to EUR 100 million. In October 2020, VIA completed the first close of its fund IV with target commitments of EUR175m. Volpi Capital is a specialist European lower mid-market private equity firm. Volpi has a thesis-driven approach targeting ambitious businesses using enabling technologies to disrupt traditional B2B value chains. Volpi typically invests €25-75 million of equity in businesses with enterprise values between €50 million and €200 million, and seeks to drive transformative growth through international expansion and consolidation. The firm was founded in 2016 by Crevan O’Grady and Marco Sodi.

Buyer/Investor: Volpi Capital LLP

Seller: Via equity Fond II K/S , Finnish Industry Investment Ltd (TESI)

Profile Target: Profit Software is an independent software and consultancy services vendor focusing on banks and insurance companies, also offering a wide range of expertise and services within business analytics and data management across multiple industries. The company operates out of six offices across Finland, Sweden and Estonia. With Profit’s unique positioning as the digital transformation and insurtech leader in the Nordics, the company is expecting to continue its double-digit growth and profitability as the financial services and insurance sectors rapidly digitalizes.

Advisors: Profit and VIA equity were advised by Stifel Global Technology Group and Krogerus. Volpi was advised by Roschier.

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Finland ProMart Oy

Deal-Date: Nov 2020

Region: Finland

Sector: trade

Business: technical wholesale and distribution

Employees: 69 Turnover Mio. €: 22 MEUR

The Deal: Folmer Equity Fund II Ky, a fund managed by Folmer Management Oy, makes an investment in ProMart Oy and becomes its majority owner. The previous owners of ProMart will stay with the company as shareholders and employees. The shared goal is to continue strong growth of ProMart, enabling the company to become the leading visionary of its industry. Folmer Management Oy is a Finnish private equity company investing in Finnish SMEs. Folmer creates value through active development work. Folmer provides companies with support and professional experience - a requirement for success.

Buyer/Investor: Folmer Equity Fund II Ky

Seller: -

Profile Target: ProMart Oy, founded in 2009, is specialized in technical wholesale and distribution. ProMart provides a comprehensive product range of tools and supplies, fasteners, protective equipment and chemicals to demanding professionals in industrial and construction sectors. The company utilizes a multichannel service model. ProMart's headquarters and central warehouse are located in Pirkkala, and it also has stores in Vantaa and Jyväskylä. In addition, the company has operations in Turku, Kuopio, Oulu and Rauma. In the future, the company targets to gain an even more significant position in the market. ProMart is already known in the industry as a dynamic and innovative company. ProMart's goal is to further expand its product range and continuously develop its customer experience with a service concept that stands out from the competition. The estimated revenue of the company for the current fiscal year is ca. 22 MEUR, and it currently employs 69 people.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Finland Spectral Imaging Oy Ltd (Specim)

Deal-Date: Nov 2020

Region: Finland

Sector: high-tech

Business: hyperspectral imaging instruments and systems

Employees: - Turnover Mio. €: -

The Deal: Konica Minolta, Inc. announced that Konica Minolta Sensing Europe B.V., its wholly-owned subsidiary for the sensing business, based in the Netherlands, has entered into a definitive agreement to acquire Specim, Spectral Imaging Oy Ltd. Specim is the leading global supplier of hyperspectral imaging solutions, offering the broadest range of hyperspectral cameras, imaging spectrographs, systems, and accessories. Specim is a recognised leader and forerunner created by pioneers in the commercialisation of hyperspectral imaging and has assembled a team of the world’s leading engineers in optics, electronics, software, and machine vision. Specim’s vision of ‘Spectral imaging made easy’ means that its customers can rely on the scalability of its technology and on increasing ease of implementation through ‘out of the box’ solutions. Specim’s remarkable technological achievements and its global commercial success have so far been supported by its two Finnish investors, Nordic Option (since 2015) and Bocap (since 2017). Both investors welcome Konica Minolta as an acquirer, as this step forms part of a continuum of evolution for Specim. In the spring of 2020, Specim’s investors and founders felt the company had reached a suitable point of maturity and opportunity, complemented by external interest, and initiated a competitive trade sale process resulting in offers from several global players. Of these, the Board determined Konica Minolta to be the perfect home for Specim’s technology, customers and employees. This transaction will fuel Specim’s growth through deployment of its technology and capabilities to global industrial markets under the trusted brand and experienced leadership of Konica Minolta. Upon acquisition, Specim will maintain its existing offices and facilities in Oulu. The transaction is subject to customary closing conditions.

Buyer/Investor: Konica Minolta, Inc.

Seller: Nordic Option, Bocap

Profile Target: Specim, Spectral Imaging Oy Ltd. is the world’s leading manufacturer of hyperspectral imaging instruments and systems. Specim’s international team with expertise in optics, electronics, software, machine vision and remote sensing, serves the market with the broadest range of hyperspectral cameras, imaging spectrographs, systems, and accessories. Specim products and solutions are being used in an increasing range of demanding industrial and science applications such as colour measurement, recycling, food sorting and quality assessment, pharmaceutics production quality, geological core logging and mineral mapping, environment monitoring, agriculture and vegetation, process analytical technology (PAT), life sciences, and many other chemical imaging applications. As a true pioneer and forerunner in the field of hyperspectral imaging, Specim celebrates its 25th anniversary in 2020.

Advisors: Specim was advised on this transaction by Bryan, Garnier and Co.

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

France Altaïr Group

Deal-Date: Nov 2020

Region: France

Sector: others

Business: home care and cleaning products

Employees: - Turnover Mio. €: -

The Deal: Motion Equity Partners announces the signing of an exclusivity agreement with Eurazeo PME for the disposal of its shareholding in Altaïr Group. Funds advised by Motion Equity Partners acquired Altaïr in 2016 alongside its Management team, with the project to accelerate its international expansion (by then, sales outside of France represented only 10% of the Group’s activity). Since then, Motion Equity Partners’ team has actively supported the Group in the implementation of an ambitious growth project, through both organic and external growth. Under Motion Equity Partners’ ownership, Altaïr completed three cross-border acquisitions: Enteco (2016) in Belgium, Oro (2017) and Mistol (2020) in Spain. Oro’s transforming acquisition in Spain allowed Altaïr to make a major step-up, becoming a true European leader in household care products while benefitting from significative commercial and industrial synergies. This acquisition was an opportunity to strengthen the Group’s governance, with the recruitment of Etienne Sacilotto as Group General Manager. The acquisition of Mistol in 2020 allowed Altaïr to reinforce its presence in Spain and strengthened its M&A track-record. Since 2016, Altaïr has proven to be a unique consolidation platform on a still highly fragmented European market. Motion Equity Partners has also supported Altaïr in its organic growth initiatives, with the penetration of the French retailer Monoprix, the development of e-commerce (including its owned website Mamawax.fr) as well as the launch of ecological product ranges such as Starwax Respect or more recently the deployment of a Bulk offer. The Group is now a diversified player, generating almost 50% of its revenue outside of France and is ideally positioned to keep growing on its markets. Finally, Motion Equity Partners is proud of having contributed to the deployment of an ambitious CSR strategy, aiming at reducing the Group’s environmental footprint, promoting more eco-friendly products as well as promoting workplace well-being.

Buyer/Investor: Eurazeo PME

Seller: Motion Equity Partners

Profile Target: Founded in 1946 by the Brunel brothers and located in Wasquehal near Lille, Altaïr is a leading European manufacturer and marketer of specialty home care and cleaning products with revenues of €105m (2019) and 400 employees. The Group owns a portfolio of 5 iconic brands, leader on their respective segments, benefiting from a high degree of customer awareness and loyalty: Starwax: specialty cleaning and home care products - Oro: laundry care, insecticides and home cleaning - Kapo: home insecticides - Sinto: restorative DIY products - Mistol: hand dish washing products. In France and in Spain, the Group’s two main geographies, these brands are distributed in DIY stores, hyper and supermarkets and in traditional/independent stores, as well as through different online channels (e-commerce platforms and the Group’s website Mamawax.fr). Altaïr also distributes its products in more than 50 countries (mostly North Africa and Eastern Europe), total Exports representing more than 25% of the Group’s revenue. The Group relies on 400 employees and 3 production sites based in Noyelles-lès-Seclin near Lille, in Aubagne and in Valencia (Spain).

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

France Cafeyn

Deal-Date: Nov 2020

Region: France

Sector: media

Business: digital media streaming platform

Employees: 170 Turnover Mio. €: -

The Deal: Cafeyn announces it has secured funding from Bregal Milestone, a European growth capital fund. The funding will support Cafeyn’s mission to create the best information streaming product and will bring additional resources to accelerate its international expansion and external growth strategy. The company, which was founded by Ari Assuied, continues to grow 40% year-on-year and has expanded its team significantly from 50 in 2018 to an overall headcount of 170 by the end of the year, including the recent acquisitions of miLibris and Blendle. The investment will drive forward product innovation and enable the company to pursue its growth strategy in Europe and globally. The investment comes at an exciting time for Cafeyn since it has seen an unprecedented rise in usage over the last 12 months, with a reach now exceeding 2 million users. The global press and magazines industry is worth around £110bn and experienced a huge growth in digital adoption as a result of a structural change in media consumption habits, which has been accelerated by the current pandemic.

Buyer/Investor: Bregal Milestone

Seller: -

Profile Target: Since its creation in 2006, Cafeyn’s ambition, driven by a deep passion for the media, has been to reconnect readers to the content that is relevant to them through an ultra high-performance platform. Under Ari Assuied’s leadership, Cafeyn has assembled an international management team combining talent in publishing, digital media, e- commerce, data and technology. Drawing on its accumulated expertise and a network of 500+ publishers and strategic distribution partners (telecom operators, pay-TV, e-commerce platforms, etc.), the platform today offers more than 2,500 titles accessible on all digital devices. Cafeyn is available in France, the United Kingdom, Canada, Ireland, Belgium, the Netherlands, Germany, Austria, Switzerland, Italy, Spain and French-speaking African countries, and aims to accelerate its international expansion. Since its inception 14 years ago, Cafeyn has continued to rapidly innovate the way it promotes information streaming at a time when the industry is reinventing itself and the way the general public consumes information is changing.

Advisors: Advisors: Cafeyn: M&A: Cambon Partners (Laurent Azout, Alexandre Aymard) - Legal: Argos Avocats (Julien Sanciet) - VDD Finance / Tax : KPMG (Philippe Blanadet, Benoit Luscan / Jérôme Talleux, Edouard Mouveaux) - Management & Tax : Jeausserand Audouard (Elodie Cavazza), DWF (Vincent Lazimi) - Bregal Milestone: Legal : Gowling WLG (Patrick Mousset) - Finance & Tax : PwC (Nicolas Veillepeau, Xavier Etienne) - Commercial : EY-Parthenon (Pierre Bosquet)

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

France Comparadise

Deal-Date: Nov 2020

Region: France

Sector: insurance

Business: digital insurance platform

Employees: - Turnover Mio. €: -

The Deal: Comparadise, a portfolio company of BlackFin Capital Partners, has been sold to APRIL. APRIL group will enable Comparadise to accelerate its development, increase its audience and enrich the experience offered to its insurance and broker partners.

Buyer/Investor: APRIL / CVC Capital Partners

Seller: BlackFin Capital Partners

Profile Target: Headquartered in Marseille, France, and backed by BlackFin Capital Partners, Comparadise is a leading digital insurance platform that compares insurance quotes across 11 product verticals and connects 150+ insurance companies and brokers with over one million online end-users.

Advisors: Lincoln International acted as the exclusive sell-side advisor to BlackFin Capital Patrners throughout the sale process, providing mergers and acquisitions advisory expertise and supporting the negotiation of the transaction.

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

France DIAPASON

Deal-Date: Nov 2020

Region: France

Sector: software & it

Business: financial software

Employees: 60 Turnover Mio. €: €10 million

The Deal: Apax Partners Development has become the principal shareholder in DIAPASON, a software company providing solutions for cash, payment and risk management. Apax Partners Development signed an agreement for a majority stake in DIAPASON. The company’s founder, Pascal Kravitzch, and its management team have also invested significantly in the deal. Working closely with Apax Partners Development, the company aims to grow market share among large companies, and to expand business in the mid-market. The group also intends to pursue international growth and make acquisitions in order to enlarge its customer base and gain access to new geographic areas. Apax Partners is a leading European private equity firm based in Paris. With over 45 years of experience, Apax Partners provides long-term equity financing to build and strengthen world-class companies. Funds managed and advised by Apax Partners exceed €4 billion. These funds invest in fastgrowing middle-market companies across four sectors of specialisation: Tech & Telecom, Consumer, Healthcare and Services.

Buyer/Investor: Apax Partners Development

Seller: -

Profile Target: Founded in 1990, DIAPASON (formerly MCC) has provided financial software for more than 30 years. When the company began focusing on corporate treasury in 2009, the Diapason solution was born. DIAPASON provides a software solution that meets the digital needs of financial management. The solution optimises cash management, automates and secures payments, and manages risk related to securities portfolios. Diapason is the result of the innovative approach and values of the men and women who comprise the company: intellectual rigour and reliability, curiosity and customer service. The software is used in more than 60 groups of all sizes, by more than 10,000 finance professionals in 50 countries. Launched in 2009, DIAPASON soon became an industry leader, first with large groups both in France and internationally, then with companies of all sizes. Today DIAPASON has sales of just under €10 million with more than 60 employees.

Advisors: Apax Partners Development: Isabelle Hermetet, Bérenger Mistral, Antoine Desjeux, Paul Carrincazeaux - Buyer advisors: Corporate lawyer: SVZ (Franck Sekri, Antoine Haï, Paul Tecklenburg) - Finance lawyer: SVZ (Emmanuelle Vicidomini, Anne-Lise Derouet) - Tax lawyer: SVZ (Thomas Verdeil, Sophie de Carne-Carnavalet) - Financial due diligence: Odéris (Aurélien Vion, Nicolas Boucher, Noëlline Lemois, Sarah Foessel) - Commercial due diligence: CMI (Simon Colboc, Nicolas Kandel, Mathilde Mailhé, Louis de Sallmard) - Technological due diligence: CTO as a service (Frédéric Thomas) - Other advisors: Exelmans (Richard Dahan) - M&A advisors: Clairfield (Thierry Chetrit, Bertrand Hermez, Amaury de Cassan) - Bryan Garnier (Thibaut de Smedt, Stanislas de Gmeline, Marc-Antoine Janny, Xavier de Fontaines) - Seller advisors: Legal advisor: Iteanu (Myriam Ibghy) - Debt: BPRI (Cécile Milliotte, Pierre Bonnet, Muriel Ho-Shui-Ling, Fanny Chen) - CIC (Rémi Bruyelle, Fanny Chousterman, Marie-Cécile Tourtault) - Crédit du Nord (Damien Demeslay, Kim Doll Nguyen)

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

France DriveQuant

Deal-Date: Nov 2020

Region: France

Sector: insurance

Business: automotive and research company

Employees: - Turnover Mio. €: -

The Deal: Leading connected insurance services provider FairConnect and European mobile telematics pioneer DriveQuant have joined forces to accelerate the development and roll-out of best-in-class white-label connected insurance solutions to the European insurance market. The new combination brings together the expertise and financial support of Palamon Capital Partners, a leading private equity firm that invested in FairConnect in 2018, and R&D resources of French research institute IFP Energies nouvelles (IFPEN), which launched DriveQuant in 2017. The new partnership will be supported by an investment of up to €5 million over the next three years, which will enable the DriveQuant and FairConnect teams to deliver on their common vision of developing connected insurance solutions to European insurance carriers through their customers’ smartphones. Motor insurers partnering with FairConnect and DriveQuant will benefit from access to comprehensive support, IT infrastructure and technology to create unique connected insurance products with a significant positive impact in terms of underwriting performance, claims management efficiency, customer retention and overall business growth. FairConnect’s Chairman and CEO, Carmine Carella will lead the operations, which will be maintained in existing offices in Switzerland, France and Italy, and DriveQuant’s senior management team will be integrated into FairConnect’s global leadership group. Mr Carella has a strong track record in the successful adoption of telematics in the insurance industry from his role as CEO of Cobra Telematics, which was founded in 2002 and acquired by the Vodafone Group in 2014. Palamon Capital Partners is a private equity partnership that invests growth capital of between €30 million and €100 million in European lower mid-market companies. The firm manages €1.4 billion of funds on behalf of some of the world’s largest investment institutions and has one of the longest and most consistent track records in private equity.

Buyer/Investor: FairConnect / Palamon Capital Partners

Seller: -

Profile Target: DriveQuant is an automotive and research company that develops driving data analysis services based on physical models and mathematical optimisation tools to measure fuel consumption, the environmental impact of driving, driving safety, and tyre and brake wear. These services are designed for actors in the automotive and mobility industry such as: insurers, fleet managers, distribution and maintenance networks, manufacturers, rental companies and mobility service providers.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

France DriveQuant SAS

Deal-Date: Nov 2020

Region: France

Sector: financial

Business: connected insurance solutions

Employees: - Turnover Mio. €: -

The Deal: Leading connected insurance services provider FairConnect and European mobile telematics pioneer DriveQuant have joined forces to accelerate the development and roll-out of best-in-class white-label connected insurance solutions to the European insurance market. The new combination brings together the expertise and financial support of Palamon Capital Partners, a leading private equity firm that invested in FairConnect in 2018, and R&D resources of French research institute IFP Energies nouvelles (IFPEN), which launched DriveQuant in 2017. The new partnership will be supported by an investment of up to €5 million over the next three years, which will enable the DriveQuant and FairConnect teams to deliver on their common vision of developing connected insurance solutions to European insurance carriers through their customers’ smartphones.

Buyer/Investor: FairConnect SA / Palamon Capital Partners

Seller: -

Profile Target: DriveQuant is an automotive and research company that develops driving data analysis services based on physical models and mathematical optimisation tools to measure fuel consumption, the environmental impact of driving, driving safety, and tyre and brake wear. These services are designed for actors in the automotive and mobility industry such as: insurers, fleet managers, distribution and maintenance networks, manufacturers, rental companies and mobility service providers.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

France Euro Ethnic Foods

Deal-Date: Nov 2020

Region: France

Sector: food

Business: food retailer

Employees: - Turnover Mio. €: -

The Deal: PAI Partners, a leading European private equity firm, announces the acquisition of a majority stake in Euro Ethnic Foods (EEF), the company which owns and operates the grocery section of leading food retailer Grand Frais. PAI will hold a 60% stake in EEF with the company’s founders Léo & Patrick Bahadourian continuing to own the remaining 40% of the business. Having helped to oversee the strong growth to date, the founders will remain closely involved in the strategy and the development of EEF. The acquisition of a majority stake by PAI will enable EEF to accelerate its growth plans, both organically and externally. PAI will provide support to the company as it further expands through the opening of new Grand Frais stores and continues to develop its B2B operations, both in France and internationally. PAI will also back the company’s objective of implementing selective vertical integration, which will allow EEF to cover its entire value chain, from production to sales in store, as well as the ability to transform its most strategic products. PAI Partners is a leading European private equity firm with offices in Paris, London, Luxembourg, Madrid, Milan, Munich, New York and Stockholm. It manages €13.9 billion of dedicated buyout funds and, since 1994, has completed 75 transactions in 11 countries, representing over €50 billion in transaction value. PAI Partners is characterised by its industrial approach to ownership combined with its sector-based organisation. It provides the companies it owns with the financial, operational and strategic support required to pursue their development and enhance value creation.

Buyer/Investor: PAI Partners

Seller: -

Profile Target: Founded by the Bahadourian family, EEF operates primarily the grocery section of the Grand Frais stores (in France, Belgium and Luxembourg). In addition, EEF supplies grocery products to independent shops as well as networks of organic and bulk-purchase stores, using its sizeable distribution platform. This strategy has led to a fivefold increase in revenues in the last 10 years to reach €450m in 2020. The business model has proven particularly resilient in the current environment. The company will continue to be led by the current management team composed of CEO Christelle Le Hir and Managing Director Arnaud Pascal, both of whom have been at the helm of EEF for more than 10 years. They have helped the company deliver strong and sustainable long-term growth and have successfully managed the challenges brought on by the COVID-19 pandemic. PAI and EEF’s founders are very supportive and trusting of the management team’s ability to continue to lead the business through the next stages of its development.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

France Inovie / Labosud

Deal-Date: Nov 2020

Region: France

Sector: healthcare

Business: medical diagnostic provider

Employees: 4500 Turnover Mio. €: -

The Deal: Inovie, the leading independent medical diagnostic provider in France, and Ardian, a world-leading private investment house, announce that they have entered into exclusive negotiations for the acquisition of a minority stake by Ardian in Labosud, Inovie group’s lead company. The entry was approved by a very large majority of the group’s shareholding biologists (93% of votes in favor), and who will reinvest significant capital as part of the transaction, during a General Assembly dated November 19th, 2020. The transaction remains subject to the consultation processes of the relevant Labosud employee representative bodies in accordance with applicable law. As part of the partnership with Ardian, Inovie will maintain independence and further develop its renowned model. The management team will remain in charge of business operations, and the biologists will retain a majority stake in Labosud’s as well as and voting rights, whilst continuing to be the cornerstone of Inovie’s operating excellence. Ardian’s investment aims to make Inovie a leader in an increasingly competitive market, and one of the best- positioned companies to face current and future public health challenges. With Ardian as a shareholder, Inovie will be able to pursue an ambitious external growth and diversification strategy based on the development of its specialties, an acceleration of its digital strategy, and international expansion.

Buyer/Investor: Ardian

Seller: -

Profile Target: Founded in 2010, Inovie has undergone significant external growth to become the leading independent medical diagnostic provider in France and a key player across Southern and Central France specifically. With a strong local footprint of 19 multi-site laboratories spread over five key regions (Occitanie, Provence-Alpes-Côte-d’Azur, Nouvelle Aquitaine Auvergne Rhône Alpes and Centre Val de Loire), Inovie’s biologists and 4,500 employees deliver high- standard clinical pathology testing to more than 46,000 patients daily. Inovie has also played a leading role in innovation, notably through their work in four areas of specialty: fertility (Inovie Fertilité), genomics (Imagenome), anatomopathology (Inopath) and veterinary services (Inovie Vet).

Advisors: Advisors: Ardian-Team: Nicolas Darnaud, Edouard Level, Edmond Delamalle, Pierre Casas - Buyer M&A advisors: Rothschild & Co. (Laurent Baril, Robert Rozemulder, Youssef Bouallou, Pierre-Yves Lebot), Edmond de Rothschild Corporate Finance (Pierre Boscher, Arnaud Petit, Aurélien Bouvier, Victor Auguin-Rougier) - Buyer legal advisors : Latham & Watkins (Gaëtan Giannasso, Michael Colle (corporate), Xavier Farde, Carla-Sophie Imperadeiro (financing), Xavier Renard, Thomas Claudel (structuring)) - Buyer strategic DD: Bain & Company (Jérôme Brunet, Agnès Houdaille, Ghofrane Maaroufi) - Buyer financial DD: EY (Hervé Jauffret, Elsa Abou Mrad, Vincent Magaud) - Buyer operational DD: EY (Olivier Sibenaler, Olivier Nicolle, Paul-Louis Royer) - Buyer legal, tax, labor DD: EY (Virginie Lefebvre-Dutilleul, Christine Salès (legal), Lionel Benant, Nevenna Teodorova (tax), Sophie Muyard, Taïna Celestin (labor)) - Buyer ESG DD: Indefi (Emmanuel Parmentier, Charlotte Salmon) - Buyer insurance DD: Siaci Saint Honoré

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

(Pierre de Rochebouët, Anne Rougerie) - Inovie-Team: Inovie’s Executive Committee: Georges Ruiz, Sébastien Floret, Dominique Forte, Thomas Hottier, Xavier Huc, Benoît Ponseillé - Vendor M&A advisor: BNP Paribas (Marc Walbaum, Alexandre Greco, Xavier Caron, Hui Zhao) - Vendor legal advisor: Weil Gotshal & Manges (Jean Beauchataud, Romain Letard, Michaël Koubi) - Vendor financial DD: PwC (Philip Dykstra, Frédéric Spielrein, Pierre-Mikhaël Voyer) - Vendor legal DD: Weil, Gotshal & Manges (Jean Beauchataud, Romain Letard, Michaël Koubi) - Vendor tax, labor DD: PwC (Jean-Philippe Brillet, Mathieu Echallier, Jihanne Flegeau-Kihal (fiscal), Bernard Borrely, Pauline d’Humières (social)) - Management financial advisor: Callisto Finance (Vincent Aymé, Tancrède Caulliez)

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

France Novetude Santé

Deal-Date: Nov 2020

Region: France

Sector: education

Business: osteopathy education

Employees: - Turnover Mio. €: -

The Deal: Charterhouse Capital Partners LLP, one of the longest established private equity firms operating in Europe, announces that it has made an investment in Novetude Santé, a specialist provider of higher education to healthcare professionals in France. Charterhouse acquired its controlling stake from BIM, the France-based investment company headed by Robert Zolade, investing alongside the company’s management team, who are retaining their shareholding in the company.

Buyer/Investor: Charterhouse Capital Partners LLP

Seller: BIM (Robert Zolade)

Profile Target: Headquartered in Paris, Novetude Santé has 17 schools with 6,000 students across France, and is the market leader in osteopathy education, with complementary activities in healthcare training, continuing professional development for healthcare professionals such as nurses, dentist assistants and pharmacists, and preparatory classes for university medical exams. Novetude Santé is an attractive platform in the fragmented healthcare education space, and Charterhouse will support the management team in its plans to continue to grow the company, utilising its expertise in internationalising businesses, developing buy-and-build strategies, and successfully integrating add-on acquisitions.

Advisors: Charterhouse was advised by EY-Parthenon (commercial due diligence advisors), Eight Advisory and Mayer Brown (financial and tax advisors), and HPML (legal advisors).

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

France The Septeo Group

Deal-Date: Nov 2020

Region: France

Sector: legaltech

Business: LegalTech

Employees: 1400 Turnover Mio. €: -

The Deal: Hg, Europe’s leading software investor, announced an investment in The Septeo Group, a European leader in LegalTech. Hg will invest alongside founders Philippe Rivière, Jean-Luc Boixel, Hugues Galambrun and the management team, which will continue to be led by Hugues Galambrun. The terms of the transaction are not disclosed and closing of the transaction is conditional on customary anti-trust approvals. The investment reinforces Hg’s focus on legal and regulatory compliance tech, representing the 11th investment in this sector across Europe and North America, with over €1.5bn invested in the sector to date.

Buyer/Investor: Hg

Seller: -

Profile Target: Septeo is a leading LegalTech provider supporting professions including notaries, law firms, corporate legal departments and real estate property managers in France, Belgium, Canada and the US. Founded in 1988, Septeo now has over 12,000 clients and more than 120,000 users, served by over 1,400 employees.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

France Zeplug

Deal-Date: Nov 2020

Region: France

Sector: energy

Business: electric and hybrid vehicle charging equipment for co-owned buildings and companies

Employees: - Turnover Mio. €: -

The Deal: LBO France announces the first investment of its NewStone fund in the French startup Zeplug (Series B). Since its first fundraising in 2018, Zeplug has introduced a financing solution for recharging infrastructure. This latest €5 million round should allow ZEPLUG to continue its expansion in co-owned buildings and bolster its position in the corporate market. LBO France, operating in the real estate sector since 2003, has decided to also focus on 'PropTech' - the startups that are revolutionising the sector with their innovative products and value-added business models. NewStone will invest in a portfolio of around fifteenn startups in France, operating in the various market verticals of such universe. The FPCI NewStone will integrate a strong environmental and societal approach including the monitoring of pre-identified sustainable development objectives alongside with a specific methodology consistent with the ESG policy of LBO France.

Buyer/Investor: LBO France

Seller: -

Profile Target: Zeplug was founded in 2014 by Frédéric Renaudeau, who used a cable-operator model to provide a range of electric and hybrid vehicle charging equipment for co-owned buildings and companies. Zeplug’s solution, leader in its market, provides charging points in residential buildings at no charge to the building’s co-owners and with no management burden on the managing agent. It is done by running a power supply, separate from that for the common areas, solely dedicated to recharging e-vehicles. The final user only pays for the installation of a charging point in its parking space, plus a flat-rate all-inclusive monthly fee (covering access, electricity consumption, maintenance). The Zeplug solution includes a 100%-renewable energy supply and the energy management of recharging. Zeplug also offers a tailor-made solution for companies, which provides on-site or at-home recharging for employees to meet the aims of 'greening' auto fleets. Zeplug, with around 50 employees, is a key player in the condominium recharging sector. It has nearly 1,000 active points in its installed base of more than 500 co-owned buildings. The solution has also been approved by more than 2,000 co-owned buildings with another 3,000 still seeking approval. Development has been greatly helped by close partnerships with 17 automotive manufacturers, an expert network of recharging infrastructure installers, top-name suppliers and an experienced management team.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Germany 7days jobwear GmbH

Deal-Date: Nov 2020

Region: Germany

Sector: fashion

Business: medical workwear for the healthcare industry

Employees: 240 Turnover Mio. €: 40

The Deal: Silverfleet Capital, the leading Pan-European private equity firm, has agreed the sale of 7days, a leading supplier of modern and innovative medical workwear for the healthcare industry, to a consortium of private equity firms, Chequers Capital and Paragon Partners, generating a 3.1x gross money multiple. Completion of the transaction is subject to regulatory approval and is expected by January 2021. Silverfleet’s mid-market fund invested in 7days in January 2018, having identified the potential to consolidate a highly fragmented medical workwear market, and achieve long-term growth and expansion through a successful buy & build strategy. Supported by the macro dynamic of ageing populations, one of five ‘megatrends’ that drive our investment theses, the projected increase in global healthcare expenditure and medical workforce numbers underpinned Silverfleet’s conviction in the sustained growth of the medical workwear market. Since then, Silverfleet has supported 7days’ acquisition of Denmark-based Praxis Herning, expanding its geographic reach significantly, and helped the company grow its online sales capabilities across all regions, whilst implementing internationally recognised ethical supplier and production standards. 7days is now a certified member of the amfori BSCI (Business Social Compliance Initiative), which focuses on improving social standards in global value creation chains and adheres to the BSCI Code of Conduct for fair and social production.

Buyer/Investor: Chequers Capital, Paragon Partners

Seller: Silverfleet Capital

Profile Target: Founded in 1999 in Lotte, Germany, 7days provides a wide range of high-quality products to more than 300,000 medical professional customers across 12 countries, including Germany, Austria, Switzerland, France, Belgium, the Netherlands and Scandinavia. 7days is now a certified member of the amfori BSCI (Business Social Compliance Initiative), which focuses on improving social standards in global value creation chains and adheres to the BSCI Code of Conduct for fair and social production. With its fully integrated multi-channel sales platform, 7days has experienced stable and anti-cyclical growth, both domestically and internationally. Throughout Silverfleet’s ownership of just under three years, 7days has proved not only to be resilient during the current COVID-19 pandemic, but also to successfully enter and grow in new markets. Today, the company employs 240 staff across four locations, and is forecast to generate revenues of over EUR 40 million in 2020, a CAGR of 19% under Silverfleet’s ownership.

Advisors: The Silverfleet team working on the transaction included Joachim Braun, Partner, and Benjamin Hubner, Principal, both based in Silverfleet’s Munich office. Silverfleet was advised by William Blair (M&A), PwC (Financial, Tax, ESG), Latham & Watkins (Tax), McDermott (Corporate Legal), Shearman & Sterling (Banking Legal), and goetzpartners (Commercial).

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Germany ATAI Life Sciences AG

Deal-Date: Nov 2020

Region: Germany

Sector: pharma/life sciences

Business: psychedelic and non-psychedelic compounds for various mental health indications

Employees: - Turnover Mio. €: -

The Deal: ATAI Life Sciences, a global biotech company developing psychedelic and non-psychedelic compounds for various mental health indications, today announced the successful closing of its $125 million Series C financing round, including $32 million of its 2020 convertible debt that converted in connection with the Series C. The round was co- led by Apeiron Investment Group, the family office of ATAI's founder Christian Angermayer, Peter Thiel, and Catalio Capital Management, joined by other existing investors including Future Ventures and Galaxy Investment Partners, as well as new investors including Falcon Edge Capital and Pura Vida Pro, LLC. Proceeds from the financing will be used primarily to fund pre-clinical and clinical development of ATAI's existing mental health programs, to expand its drug candidate pipeline and further advance ATAI's platform technologies. The Company expects the proceeds to provide the necessary runway to accomplish several key clinical milestones including Phase 2 data readouts for arketamine in treatment resistant depression at Perception Neuroscience and ibogaine in opioid use disorder at DemeRx, as well as the completion of Phase 1 and initiation of Phase 2 trials at four other programs.

Buyer/Investor: Apeiron Investment Group, Peter Thiel, Catalio Capital Management, Future Ventures, Galaxy Investment Partners, Falcon Edge Capital, Pura Vida Pro, LLC

Seller: -

Profile Target: ATAI is a biotechnology company founded in 2018 in response to the clear and growing unmet needs of mental health patients worldwide. ATAI is dedicated to acquiring, incubating and efficiently developing innovative therapeutics to treat depression, anxiety, addiction, and other mental health disorders. ATAI's business model combines funding, technology, scientific and regulatory expertise with a focus on psychedelic therapy and other drugs with differentiated safety profiles and therapeutic potential. By pooling resources and best practices, ATAI aims to responsibly accelerate the development of new medicines across its business entities, seeking to effectively treat and ultimately heal mental health disorders. ATAI's mission is to bridge the gap between what the mental healthcare system currently provides and what patients need. ATAI is headquartered in Berlin, with offices in New York and San Diego.

Advisors: Advsisor ATAI Life Sciences: Dentons (Thomas Schubert)

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Germany Circle Unlimited GmbH

Deal-Date: Nov 2020

Region: Germany

Sector: software & it

Business: document, contract, and license management systems in the SAP environment

Employees: 54 Turnover Mio. €: -

The Deal: The digitalization specialist valantic is expanding its SAP portfolio through a merger with Circle Unlimited, a leading solution provider of document, contract, and license management systems in the SAP environment with 20 years’ experience on the market. Circle Unlimited GmbH of Hamburg specialises in completely integrated software solutions for the paperless office. valantic is a portfolio company of DPE Deutsche Private Equity. valantic is Number 1 for digital transformation and one of the leading digital solutions, consulting, and software companies on the market. valantic combines technological expertise with industry knowledge and the human touch. More than 1,000 customers rely on valantic, including 20 of 30 DAX companies and many leading Swiss and Austrian companies as well. With more than 1,100 specialized solution consultants and developers and sales of more than EUR 160 million, valantic is represented in 21 locations in German-speaking Europe and internationally in 4 locations.

Buyer/Investor: valantic GmbH / DPE Deutsche Private Equity Management III GmbH

Seller: -

Profile Target: Circle Unlimited is a leading solution provider of document, contract, and license management systems in the SAP environment with 20 years’ experience on the market. Circle Unlimited GmbH of Hamburg specialises in completely integrated software solutions for the paperless office. What’s special about this: The solutions work in any industry and can be used to perform specialised functions in the purchasing, HR, sales, and legal departments. Among others, the company’s customers include DAK Gesundheit, BSH Hausgeräte, Engelhard Arzneimittel, Lindt & Sprüngli, Berliner Charité, Volkswagen, and Hamburger Hochbahn AG. Companies in all industries use Circle Unlimited’s solutions. Their requirements are quite varied, however due to the solutions’ flexibility, they can be customised easily. With cuSmarText document management, users manage all documents digitally, clearly, and so they are revision-proof - in all company areas. With cuContract, the contract management solution, users can manage all types of contracts clearly and so they are revision-proof across their whole life cycle - from contract creation to monitoring, on through to archiving and controlled destruction. Furthermore, there are also other possibilities for using the software, such as cuContract Invoicing, which automates invoice processing, from invoice receipt to booking. Another feature is cuContractLeasing: Manage and prepare the balance sheet for leasing contracts across their entire life cycle - always in compliance with IFRS.

Advisors: Carlsquare acted as exclusive sell-side advisor to the shareholders of Circle Unlimited.

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Germany COYO GmbH

Deal-Date: Nov 2020

Region: Germany

Sector: software & it

Business: communication SaaS platform

Employees: 140 Turnover Mio. €: 13

The Deal: Marlin Equity Partners announced a growth equity investment in Coyo GmbH, a social intranet and internal communication SaaS platform. In 2019, COYO decided to work towards a step-change in growth and scale on the basis of great customer success and raised external financing to boost the investment into growth. Pride Capital Partners recognized a great product, management team, and stable recurring revenue platform and supported the growth of the business through its mezzanine fund solution. The completion of the transaction is subject to applicable regulatory clearances and other customary closing conditions. Marlin Equity Partners is a global investment firm with over $7.4 billion of capital under management. The firm is focused on providing corporate parents, shareholders and other stakeholders with tailored solutions that meet their business and liquidity needs. Marlin invests in businesses across multiple industries where its capital base, industry relationships and extensive network of operational resources significantly strengthen a company’s outlook and enhance value.

Buyer/Investor: Marlin Equity Partners

Seller: Pride Capital Partners

Profile Target: COYO is one of the leaders in the modern intranet software market space. The company offers a comprehensive B2B communication and engagement software platform that is delivered via desktop and mobile applications. COYO’s platform allows employers to engage with their employees at any time and place, which provides valuable tools to support connectivity and collaboration in the transforming global working environment. Headquartered in Hamburg, Germany, COYO employs over 140 professionals and provides its software solution to over one million end users.

Advisors: Sellside M&A-Advisor: GCA Altium - Carlsquare acted as exclusive buy-side advisor to Marlin Equity Partners. - Legal Advisor COYO: Taylor Wessing (Dr. Jens Wolf) - goetzpartners advised Marlin Equity Partners with a Commercial Due Diligence

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Germany DuoTherm Rolladen GmbH

Deal-Date: Nov 2020

Region: Germany

Sector: construction

Business: roller shutters and blinds

Employees: 135 Turnover Mio. €: 27

The Deal: DuoTherm Rolladen GmbH joins the Stella group. The buyout remains subject to the approval of the antitrust authorities in Germany. StellaGroup, which achieved a turnover of 460 million euros in 2019, has the ambition to become a European leader in closures and sun protection. The group now achieves more than half of its turnover outside France, in Germany, the Netherlands and Great Britain. In February 2017 DuoTherm Rolladen GmbH was acquired from BPE alongside of André Barth in a Owner Buy-out.

Buyer/Investor: Stella Group

Seller: BPE Unternehmensbeteiligungen G.m.b.H., André Barth

Profile Target: DuoTherm GmbH is a major player in the development, manufacturing and sale of roller shutters and blinds in the German market. In 2020, the Nettersheim-Zingsheim-based company will generate a turnover of around 27 million euros and it employs 135 people.

Advisors: Advisors Stella Group: Willkie Farr & Gallagher LLP (Christophe Garaud, Dr. Axel Wahl)

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Germany Eschenbach Holding GmbH

Deal-Date: Nov 2020

Region: Germany

Sector: others

Business: branded glasses and optical products

Employees: 500 Turnover Mio. €: 143

The Deal: Funds advised by Equistone Partners Europe have agreed to sell their majority stake in Nuremberg-based Eschenbach Holding GmbH. Eschenbach is a German leader in eyewear and low-vision products, offering correction frames and ready-to-wear sunglasses, with further strong positions in Europe and the US. Eschenbach will be an even stronger player together with the British Inspecs Group plc, based in Bath and listed in London. The financial terms of the transaction are undisclosed and the transaction remains subject to approval from the relevant competition authorities and fulfilment of conditions precedent. Equistone (then Barclays Private Equity) acquired Eschenbach from the founding family and a financial investor in July 2007, together with the company’s management team. Since then, Eschenbach’s turnover has increased from an initial EUR 100 million to EUR 143 million in 2019. The strategic sale of its technical optics division in 2014 and the important acquisitions of British eyewear business International Eyewear Limited (2008) and US-based eyewear brand Tura (2009) also fell within this ownership period. Inspecs was founded by Robin Totterman (CEO) in 1988 and is a designer, manufacturer and distributor of eyewear frames and lenses. The group produces a broad range of frames, covering optical, sunglasses and safety, which are either “Branded” (either under licence or under the Group’s own proprietary brands) or OEM (including private label on behalf of retail customers and unbranded). As one of only a few companies that can offer this one-stop-shop solution to global retail chains, Inspecs is well-positioned to continue to take market share in the globally expanding eyewear market. Inspecs customers include global optical and non-optical retailers, global distributors and independent opticians, with its distribution network covering over 80 countries and reaching approximately 30,000 points of sale.

Buyer/Investor: Inspecs Group plc

Seller: Equistone Partners Europe

Profile Target: Founded in 1913, Eschenbach has developed into a global market leader for optical vision aids and one of the globally leading designers of branded glasses and optical products. Eschenbach combines award-winning design with reliable quality, whether with distinctive eyewear brands, magnifying vision aids or binoculars. This commitment to quality and design is also demonstrated by the multiple Red Dot Awards that Eschenbach has received for its eyewear collections in the past three years alone. According to Gesellschaft für Konsumforschung (GfK), the largest German market research institute, since the end of 2019, Eschenbach has become a leader in the German market for frames across all price segments.

Advisors: Michael H. Bork, Dr Marc Arens and Julia Lucà led the transaction on behalf of Equistone. Equistone and Eschenbach were advised by Lincoln International (M&A), Ashurst (Legal), E&Y Parthenon (Strategy) and E&Y (Financial & Tax). Inspecs was advised by Livingstone (M&A), Gleiss Lutz (Legal) and KPMG (Financial & Tax).

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Germany International Security Group GmbH

Deal-Date: Nov 2020

Region: Germany

Sector: others

Business: video surveillance-as-a-service

Employees: - Turnover Mio. €: -

The Deal: AddSecure, a leading European provider of premium IoT solutions with a focus on secure critical communications and data, has acquired the International Security Group GmbH, a leading German innovator in technology-driven video surveillance-as-a-service. ISG offers a comprehensive portfolio of mobile video surveillance solutions marketed as VIDEO GUARD to customers within industries such as construction, logistics and infrastructure. With the acquisition, AddSecure enters the attractive video surveillance market, a growth market with vast potential. The mobile video surveillance market in Germany, ISG’s core market, is expected to grow at over 30% p.a. with similar growth rates possible in other European geographies given the markets are relatively nascent. AddSecure is a leading European provider of premium IoT solutions with a focus on secure critical communications and data. More than 100,000 customers within the security and safety industry, rescue services, building security and automation, digital care, transport and logistics, utilities, smart cities, and more, safeguard their life and business-critical applications with solutions from AddSecure. The joint mission is to enhance the safety and security across industries such as construction, utilities, transportation and more, with the objective to become a leading European provider of video surveillance-as-a-service. AddSecure is majority-owned by Funds managed by Castik Capital, a European private equity fund with a long-term approach to value creation, founded in 2014.

Buyer/Investor: AddSecure AB / Castik Capital

Seller: -

Profile Target: The International Security Group is a leading German innovator in technology-driven video surveillance-as-a-service. The company offers its customers, in Germany and abroad, a comprehensive portfolio of mobile video surveillance solutions. The offering, marketed as VIDEO GUARD, helps customers to keep their assets and areas safe in industries such as construction, logistics and infrastructure. The focus is on self-developed security solutions that meet the highest quality standards. Technical know-how, and a high degree of innovative strength form the basis for this. Among other things, the portfolio includes national and international security services with security technology. The company employs 49, and is based in Hesel in Lower Saxony, Germany, and has a Danish subsidiary in Copenhagen.

Advisors: Carlsquare acted as the exclusive sell-side advisor to the International Security Group. - Advisor AddSecure: Willkie Farr & Gallagher LLP (Dr. Axel Wahl) - KNPZ Rechtsanwälte

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Germany iPoint-systems GmbH

Deal-Date: Nov 2020

Region: Germany

Sector: software & it

Business: product compliance and sustainability solutions

Employees: 130 Turnover Mio. €: -

The Deal: iPoint-systems gmbh is excited to announce that GRO Capital A/S will become a shareholder, adding capital and experience to further strengthen product innovation and accelerate growth globally. GRO Capital will partner with iPoint to further accelerate product innovation, enhance sales and marketing efforts, as well as continue expanding its strong position in Europe and build greater depth in the North American and Asian markets. GRO Capital is a leading North European private equity fund with an exclusive focus on mature B2B software and tech companies with strong growth prospects. GRO Capital serves as active owners, developing portfolio companies with a view to creating long-term value. The partners behind GRO Capital have been investors in more than 20 technology and software related companies. iPoint is the fourth investment in GRO Fund II, a fund with a strategy to accelerate Northern European software companies.

Buyer/Investor: GRO Capital

Seller: -

Profile Target: As a pioneer in product compliance and sustainability solutions, iPoint helps global manufacturers in their transition to safer and more sustainable products. iPoint is built on the holistic vision of continuous product lifecycle management that supports both compliance with specific regulations and end-to-end sustainability incl. carbon footprint analysis of products and value chains. Demand for iPoint’s offering is increasing globally, driven by the importance of sustainability, the growing amount of product regulations and the rising complexity and uncertainty of global supply chains.

Advisors: Advisors: McKinsey, Freshfields Bruckhaus Deringer (Dr. Ralph Kogge, Judit Gajdics), EY and Crosslake (Technical DD).

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Germany K & R Eilers GmbH

Deal-Date: Nov 2020

Region: Germany

Sector: construction

Business: supply lines (digital infrastructure, FTTH, electricity, gas and water)

Employees: 240 Turnover Mio. €: -

The Deal: The private shareholder of K & R Eilers GmbH has sold the company to Groupe Circet S.A., backed by Advent International. The seller will continue to manage the company and reinvest in the new parent company. This transaction will provide K & R Eilers better access to financing and to enable faster growth and more market opportunities. Groupe Circet is the number one telecom network service provider in Europe with operations in France, Germany, Ireland and the United Kingdom, Spain and Morocco. While the telecom industry and stakeholders are investing massively in the deployment of very high-speed fixed and mobile networks, Circet delivers state-of-the- art, end-to-end solutions that span from infrastructure and network engineering, build-out, activation, operations and maintenance services to subscription management. As a recognized market leader for its agility and flexibility, the company serves telecom service providers and manufacturers, network infrastructure owners and operators, as well as state and local government bodies. In 2019, the group had revenues of US$1.6 billion and 6,300 employees.

Buyer/Investor: Circet Deutschland GmbH / Advent International

Seller: -

Profile Target: K & R Eilers is a medium-sized construction company with 240 employees based in Lower Saxony, Germany. As a service provider for regional and supraregional customers, the company acts as a partner for all types of work related to supply lines (digital infrastructure, FTTH, electricity, gas and water) and in the civil engineering field. The company also undertakes repair and installation work. Its main customers are municipal utilities and power suppliers.

Advisors: Advisors Circet/Advent International: M&A: Rautenberg Moritz & Co. (Gero Steinröder) - Legal: Fried Frank (Jérôme Friedrich, Dr. Peter Breschendorf) - Advisors Sellside: M&A: Oaklins Germany (Dr. Florian von Alten, Christopher Rahn, Alex Choy von) - Legal: Esche Schümann Commichau (Dr. Klaus Kamlah)

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Germany LP Solutions GmbH & Co. KG

Deal-Date: Nov 2020

Region: Germany

Sector: software & it

Business: fire protection and security technology software

Employees: - Turnover Mio. €: -

The Deal: Asolvi, Europe’s leading provider of field service and contract management software, announced that it has acquired TIVAPP, a successful German field service solution for the fire protection and security sector. The company was founded in 1991 in Trondheim, Norway, and has grown organically and through recent acquisitions to reach 1,600+ customers in 35+ countries. It is headquartered in Trondheim, Norway, and is a private company owned by Volpi Capital, Viking Venture and the Management. The deal will see the TIVAPPs team of Fire and Security experts joining Asolvi. This team, in combination with TIVAPP’s market-leading software, will strengthen Asolvi’s position across the DACH market and enhance its native-language customer support. It will also expand existing sales functions across the region, positioning Asolvi for further sustainable growth. The acquisition demonstrates the strategic importance of the DACH region to Asolvi, as well as the strong growth potential Asolvi sees for the German Fire and Security sector. This is the sixth acquisition since 2016 and forms part of Asolvi's broader strategy to expand organically, and where appropriate, through acquisitions across Benelux, DACH, the Nordics and the UK. Financial terms of the deal were not disclosed.

Buyer/Investor: Asolvi / Volpi Capital, Viking Venture

Seller: -

Profile Target: TIVAPP is specifically designed for service providers in the field of fire protection and security technology. The solution enables users to digitally map and manage all their key processes, ranging from complete inventory management to fire safety inspections and training. In addition, TIVAPP provides extensive manufacturer product data, approvals information and links to accounting systems.

Advisors: Financial terms of the deal were not disclosed, Mayer Brown and Deloitte acted as advisors to Asolvi.

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Germany McMakler GmbH

Deal-Date: Nov 2020

Region: Germany

Sector: real estate

Business: real estate agency

Employees: 600 Turnover Mio. €: -

The Deal: McMakler, the fastest growing real estate agency and the best-known brokerage company in Germany, has attracted new investment from leading global growth investor Warburg Pincus, alongside existing shareholders. The next phase of growth will be focused on expanding McMakler’s proprietary technology and digital tools to expedite a more transparent and faster marketing process for customers. The company is also planning to expand its more than two dozen existing locations in Germany and abroad. Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $56 billion in private equity assets under management. The firm’s active portfolio of more than 190 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 19 private equity funds, which have invested more than $86 billion in over 910 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore.

Buyer/Investor: Warburg Pincus LLC

Seller: -

Profile Target: McMakler (www.mcmakler.de) is a full-service real estate company, active in Germany, Austria and France. The company employs more than 300 of its own real estate agents at over 20 locations who are extremely familiar with the regional conditions. They are supported by almost 300 employees at the headquarters in Berlin, where, among other things, McMakler's analysis and marketing technology is developed. McMakler is the best-known real estate broker in Germany and the fastest-growing hybrid broker in Germany. The company is characterized by high professionalism, extensive technology and fast, secure sales. Felix Jahn started the hybrid real estate company as a founding investor and executive chairman and took over the CEO function in 2018.

Advisors: Advisor Warburg Pincus: Osborne Clarke (Robin Eyben)

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Germany MFI GmbH

Deal-Date: Nov 2020

Region: Germany

Sector: industry

Business: electrical engineering and software development

Employees: 100 Turnover Mio. €: -

The Deal: SCIO Automation GmbH, based in Frankenthal and majority owned by Quadriga Capital, strengthens its industrial automation competence by acquiring MFI GmbH. As a medium-sized platform in the field of industrial automation technology and related engineering services, SCIO comprises niche suppliers with decades of experience in their respective fields of activity. Customers come from the automotive, intralogistics, chemical, food, clean room and electronic, life science and medical technology industry as well as energy supply and the environmental technology sector. The transaction is subject to approval by the antitrust authorities and expected to be completed in December.

Buyer/Investor: SCIO Automation GmbH /Quadriga Capital

Seller: -

Profile Target: MFI, headquartered in Benningen am Neckar, was founded in 1994 with a focus on electrical engineering and software development. Today, the company offers tailor-made intralogistics and robotics solutions as well as 24/7 support services. With its over 100 employees in Germany, the company operates as a system integrator for complex intralogistics and robotics solutions. Its automated storage and material handling solutions are tailored to customers in the food industry. With this acquisition, SCIO expands its portfolio in the field of intralogistics and adds specialized expertise in the food industry as well as a proprietary warehouse management software.

Advisors: M&A-Advisor SCIO Automation: IMAP M&A Consultants AG

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Germany Mirabelle Care GmbH

Deal-Date: Nov 2020

Region: Germany

Sector: healthcare

Business: nursing home group

Employees: 200 Turnover Mio. €: -

The Deal: Private equity investor AUCTUS takes over a majority stake in Berlin-based Mirabelle Holding GmbH. AUCTUS has founded Mirabelle Holding GmbH jointly with two co-investors with sector experience to establish a supra-regional nursing home group. In the course of the investment, Mirabelle Holding GmbH concluded contracts for six new nursing homes in Magdeburg, Bad Harzburg, Meiningen, Kassel, Eisenach, and Leuna. The newly built nursing homes are scheduled to open in the next two and a half years, with the first one in Magdeburg at the beginning of 2021. AUCTUS Capital Partners AG is an investment company based in Munich. With a managed fund capital of more than EUR 500 million and in total of over 200 company investments since 2001, AUCTUS is one of Germany’s leading investors in the small and mid-cap sector. AUCTUS currently holds 30 platform investments in various industries. In the past, AUCTUS has already implemented several highly successful buy-and-build concepts in the healthcare sector, one of its main focus segments. In 2007, AUCTUS already invested in PROCON Seniorenzentren, a group of nursing homes with a regional focus on Central Germany, in the inpatient care segment. Via new openings and additional acquisitions, its number of initially 900 beds grew to about 2,500 beds during the investment period.

Buyer/Investor: AUCTUS Capital Partners AG

Seller: -

Profile Target: Mirabelle Holding is an operator of nursing homes with currently six signed lease agreements with well-known real estate investors (Magdeburg, Bad Harzburg, Meiningen, Kassel, Eisenach and Leuna). These nursing homes - all new buildings - will open in the next two and a half years, the first house in Magdeburg at the beginning of 2021. Further houses are currently in the negotiation phase. The managing directors of Mirabelle Holding, Philipp Keck and Robert Hille, can look back on successful, long-standing careers with various large carriers in inpatient care. You have been active as managing director and partner with Mirabelle Care GmbH since 2017 and have since taken over and successfully realigned three nursing homes. A total of 200 highly qualified and committed employees ensure optimal care for all residents.

Advisors: Advisor AUCTUS Capital Partners AG: Heuking Kühn Lüer Wojtek (Boris Dürr)

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Germany N3K Network Systems

Deal-Date: Nov 2020

Region: Germany

Sector: software & it

Business: IT solutions provider

Employees: 60 Turnover Mio. €: -

The Deal: Invision, a leading investor focused on mid-sized companies headquartered in German speaking regions, acquires a majority stake in N3K Network Systems. Previous shareholder VR Equitypartner will re-invest in the company together with management. The original founder and current Co-CEO of N3K, Rainer Maurer, will become an advisory board member of the company. Alexander Häcker, currently Co-CEO and leading sales & distribution, becomes new CEO. Christian Ehrenthal, founder of N3K subsidiary Cygna Labs, re-assumes his CEO role at Cygna Labs and will lead business development in the US. Both Alexander Häcker and Christian Ehrenthal will re-invest in the company. Invision will acquire a majority stake in N3K, while VR Equitypartner re-invests in the company. The success story will be continued both via strategic acquisitions and investments in new and innovative products, which have provided added value to customers for decades. The transaction is still subject to the approval of the antitrust authorities. Since its foundation in 1997, Invision has become one of the leading investment companies for succession situations and growth financing in Europe. Over this period, INVISION has invested in more than 60 companies, achieving sustainable value creation. Invision is a dedicated and entrepreneurial partner to founders, entrepreneurs and management teams. For all its investments, Invision places emphasis on thoroughly understanding the specific needs of the company as well as its founders, developing individual and tailor-made solutions. INVISION invests into established midsized companies while focusing on succession cases.

Buyer/Investor: Invision

Seller: VR Equitypartner

Profile Target: The company, with headquarters in Heilbronn, Germany, was founded in 2000. N3K is a specialised IT solutions provider for mission critical IT infrastructure software solutions in the DDI, Active Directory & Cloud Auditing as well as Privileged Access Management space. N3K is a “One-Stop-Shop” for proprietary software such as runIP and runIP Radar as well as a reseller for third party solutions. Recently, N3K substantially enhanced its own proprietary product portfolio, as it further developed its existing solutions runIP and runIP Radar as well as through the acquisition of Cygna Labs in the US. The company focuses on establishing long-term sustainable customer relationships as it has built a broad and loyal customer base, including 14 DAX-30 companies. Currently, the company has c. 60 employees.

Advisors: Advisors VR Equitypartner: M&A: Cowen Germany AG (Jozsef Bugovics, Dr. Jens Schmidt-Sceery) - Legal: CMS Deutschland (Dr. Jörg Lips, Dr. Christoph Löffler) - Northon Rose (Dr. Christoph Ritzer, Markus Müller) - Financial: Ebner Stolz (Joachim Hau, Daniel Bertram) - Advisor Invision: SKYE PARTNERS (Christoph O. Breithaupt) - M&A: goetzpartners Corporate Finance (Ivo Polten) - Commercial: BARC (Dr. Martin Böhn) - Financial/Tax: Warth & Klein Grant Thornton (Harald Weiss) - Advisor Management: Latham & Watkins (Dr. Stefan Widder, Susanne Decker)

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Germany thinkproject Deutschland GmbH

Deal-Date: Nov 2020

Region: Germany

Sector: construction

Business: construction intelligence

Employees: 450 Turnover Mio. €: -

The Deal: EQT is pleased to announce that the EQT IX fund has acquired a majority stake in thinkproject from TA Associates and thinkproject’s founder Thomas Bachmaier. TA, Thomas Bachmaier and the management team will re-invest significantly into the Company in the context of this transaction. thinkproject’s management team, led by CEO Gareth Burton and CFO Ralf Gruesshaber, will continue to lead the Company and build on its strong track record of growth and innovation. The transaction is subject to customary closing conditions and regulatory approvals. It is expected to close by year end. With this transaction, EQT IX is expected to be 15-20 percent invested, based on its target fund. EQT is a purpose-driven global investment organization with more than EUR 75 billion in raised capital and over EUR 46 billion in assets under management across 16 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership. TA Associates is a leading global growth private equity firm. TA has raised $33.5 billion in capital since its founding in 1968 and is committing to new investments at the pace of over $3 billion per year. The firm’s more than 100 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong.

Buyer/Investor: EQT

Seller: TA Associates, Thomas Bachmaier

Profile Target: Founded in 2000 and headquartered in Munich, thinkproject serves more than 250,000 users in over 60 countries. Its cloud-delivered, integrated digital solutions help customers be more efficient, cost-effective and simplify their digital transformation across the construction lifecycle. The Company employs around 450 people and its software is used by 2,750 customers across international private and public asset owners, project developers, and general contractors. thinkproject’s underlying end market, the construction industry, is one of the largest and least digitized industries globally. In recent years, the AECO industry has seen an accelerated digitization momentum and widespread technological adoption. This shift is driven by multiple secular trends, including stagnant productivity, growing cost pressure, increasing regulation, a demographic move towards a new generation with greater IT affinity and focus on sustainability. By improving delivery times and reducing waste and energy consumption, thinkproject helps cut emissions in one of the key carbon emitting industries globally. The Company’s efforts in this field are contributing to the United Nations Sustainable Development Goal #12, Responsible Consumption and Production.

Advisors: Milbank acted as legal advisors to EQT. Arma Partners acted as financial advisors to thinkproject, and Hengeler Mueller (Dr. Emanuel Strehle) and Travers Smith served as legal counsel. - POELLATH advised thinkproject’s management on all legal and tax matters with the following team: Dr. Benedikt Hohaus (partner, lead, private equity, management advice, Munich), Dr. Marco Ottenwälder (counsel, tax, Frankfurt) - Johanna Scherk (associate, private equity, Munich)

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Germany Zentrum in Köln-Ehrenfeld, Therapie-Zentrum Gert Ehlers, Physiotherapie-Praxen Heim & Hendrixen

Deal-Date: Nov 2020

Region: Germany

Sector: healthcare

Business: physiotherapy service provider

Employees: 78 Turnover Mio. €: -

The Deal: Physiotherapy service provider ATHERA (formerly Rehacon), has recently acquired Das Zentrum, Therapie-Zentrum Gert Ehlers and the physiotherapy practices Heim & Hendrixen. The group currently operates more than 120 physiotherapy institutions throughout Germany, with its central headquarters in Gelsenkirchen. ATHERA, along with majority shareholder Waterland Private Equity, will further strengthen its practice network in Cologne, Wolfsburg and Oberhausen, demonstrating a clear growth trajectory for a group brand established only earlier this year. The current owners and managing directors of the three new additions will stay on board, providing operational support for the upcoming integration. The acquisition of Cologne-based Das Zentrum was already completed in September while the remaining two were signed in November and will prospectively be completed in Spring 2021. By integrating the aforementioned three companies into the group, ATHERA aims to further expand its service network and leverage synergies through measures such as centralized accounting and purchasing as well as more focused recruiting. This helps ATHERA, formerly known as Rehacon, to further establish itself as one of the leading providers of physiotherapy and rehabilitation services in Germany and increase its staff to over 1,000 people. The group is known for its consistent high quality, valued by both patients and employees. Since Waterland acquired a majority share in the group almost two years ago, ATHERA’s growth has been significant. A total of eleven acquisitions mark the start of an ambitious buy-&-build expansion. Waterland has extensive experience in the healthcare market. In addition to MEDIAN, the leading private operator of rehabilitation clinics in Germany at over 120 locations, the ATOS clinic group specializing in orthopedics, elderly care provider Schönes Leben as well as sports and fitness aggregator Hansefit also comprise Waterland’s portfolio in this sector.

Buyer/Investor: Athera-Unternehmensgruppe / Waterland Private Equity

Seller: Gert Ehlers, Martina Heim und Alex Hendrixen, Albrecht Grell

Profile Target: All three acquisition targets are market leaders in their respective regions. Das Zentrum, located centrally in Cologne’s Ehrenfeld district, offers physiotherapy and occupational therapy as well as rehabilitation sports, with its 20 employees. The physiotherapy practices Heim & Hendrixen, employs 25 people in two locations. They are specialized on supporting a number of retirement homes in and around the region of Oberhausen. The two practices offer manual therapy, sports physiotherapy as well as a tailored therapy offering for golf. Heim & Henrixen provides more than one third of its services outside of company facilities, visiting patients wherever it is convenient for them. Therapie-Zentrum Gert Ehlers is the largest physiotherapy and occupational therapy provider in Wolfsburg’s Vorsfelde district. With a team of 33 it offers all common forms of therapy including physiotherapy, manual therapy and massages.

Advisors: Advisor Athera: Sonntag & Partner (Dr. Thomas Rau)

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Ireland Arkphire

Deal-Date: Nov 2020

Region: Ireland

Sector: software & it

Business: IT product procurement and IT services

Employees: - Turnover Mio. €: -

The Deal: Irish headquartered IT solutions and next generation services provider, Arkphire, announced it is to be fully acquired by Presidio, a $3bn North American IT solutions provider. The deal represents a further consolidation of scale in the ICT services market creating a global IT supply and services business. Arkphire will support Presidio as a strategic platform to drive business expansion across both Europe and Asia Pacific. The acquisition will mark another major milestone for Arkphire since Paschal Naylor led a management buyout in 2009. The business has grown to €160m revenue with more than 250 employees and serving customers across more than 90 countries. In 2018, Bregal Milestone, a European growth capital firm, acquired a significant stake in Arkphire and supported management’s growth strategy in domestic and international markets. Since the investment, Arkphire has broadened its offering with the acquisition of leading cyber security services provider, Trilogy Technologies, and expanded in Asia Pacific through the acquisition of Singapore-based Generic Technologies. The deal will see Bregal Milestone exit its interest in Arkphire, the firm’s first exit from its €495m pan-European fund. The change in ownership at Arkphire will have no immediate impact on day-to-day business operations. The senior management, including its co-founder and chief executive, Paschal Naylor, will remain in their roles. Completion of the transaction is now subject to approval from the European and Irish competition authorities.

Buyer/Investor: Presidio

Seller: Bregal Milestone

Profile Target: Arkphire is a leading IT product procurement and IT services company, serving customers internationally across more than 90 countries. Arkphire provides integrated technology solutions that span desktops, networking, cyber security, cloud and data centre, enabling the digital workspace and supporting businesses on their digital transformation journey. Following its acquisition of Trilogy Technologies in 2020, Arkphire is now positioned as the largest and fastest growing Irish headquartered IT procurement and IT managed services business. Arkphire Group has an unrivalled network of partnership accreditations with leading global IT vendors and is a Check Point 4-Star, Cisco Gold, Citrix Platinum, Dell Technologies Titanium, HP Platinum, IBM Gold, Lenovo Platinum and Microsoft Gold Partner. Arkphire is also an Apple Authorised Enterprise Reseller (AAER). Arkphire group employs over 250 people and generates revenues of over €150m.

Advisors: Arkphire and Bregal Milestone were advised on the acquisition by William Blair (corporate finance) and Reed Smith (legal).

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Ireland SynOx Therapeutics

Deal-Date: Nov 2020

Region: Ireland

Sector: pharma/life sciences

Business: therapies for treating unmet orphan indications

Employees: - Turnover Mio. €: -

The Deal: Gimv is investing in newly formed SynOx Therapeutics through a Series A round of EUR 37 million along with HealthCap, Medicxi and Forbion. SynOx will continue the development of emactuzumab after securing world-wide rights for the development, manufacturing and commercialization of emactuzumab under a license agreement with Roche. The SynOx Therapeutics Board will consist of Jacob Gunterberg (HealthCap), Francesco De Rubertis (Medicxi), Dirk Kersten (Forbion), Michaël Vlemmix (Gimv), Declan Doogan (chairman of Celleron Therapeutics) and Nick La Thangue. Gimv is a European investment company, listed on Euronext Brussels, with 40 years' experience in private equity and venture capital. The company currently has a portfolio of EUR 1.2 billion of investments in around 50 portfolio companies, with combined turnover of EUR 2.5 billion and 14,000 employees. HealthCap is one of the largest specialized providers of venture capital within life sciences in Europe. Since the start in 1996, HealthCap has backed and built more than 100 companies. HealthCap’s investment strategy focuses on diseases with high unmet medical needs and breakthrough therapies which have the potential to be transformative and improve the lives of patients suffering from these conditions. Medicxi is a European venture capital firm with the mission to create and invest in companies along the full drug development continuum. Medicxi was established by the former Index Ventures life sciences team, which has been active for over 20 years, and invests in both early and late-stage assets with a product vision that can fulfil a clear unmet need. GSK, Johnson & Johnson Innovation - JJDC, Inc., Novartis and Verily (an Alphabet company) have invested in Medicxi funds. Forbion is a dedicated life sciences venture capital firm with offices in The Netherlands, Germany and Singapore. Forbion manages well over EUR 1.25 billion across multiple fund strategies that cover all stages of (bio)pharmaceutical drug development. Forbion’s current team consists of 20 life sciences investment professionals that have built an impressive performance track record since the late nineties with successful investments in over 69 companies. Its investors include the EIF, through its European Recovery Programme (ERP), LfA, Dutch Venture Initiative (DVI), AMUF and EFSI facilities and KfW Capital through the Programme, ERP - Venture Capital Fondsinvestments.

Buyer/Investor: Gimv, HealthCap, Medicxi, Forbion

Seller: -

Profile Target: SynOx is a clinical stage biopharmaceutical company developing best-in-class therapies for treating unmet orphan indications. It is a spin out from Celleron Therapeutics, an oncology company focussed on the clinical development of new and innovative therapies to treat cancer. SynOx is developing emactuzumab, a best-in-class CSF1R targeted therapeutic antibody designed to target and deplete tumour-associated macrophages in the tumour tissue. SynOx is led by a team of experts that combines biotech and pharma experience with a successful track record of developing and bringing products to market. It is backed by a strong investor syndicate - Healthcap, Medicxi with Forbion and Gimv.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Italy Centro Medico I Mulini

Deal-Date: Nov 2020

Region: Italy

Sector: healthcare

Business: dental clinics and policlinics

Employees: - Turnover Mio. €: -

The Deal: Aksìa Capital V, a fund managed by Aksìa Group SGR S.p.A., announces the acquisition - through its portfolio company Primo Group - of dental branch of Centro Medico I Mulini, dental clinics and policlinics operating in Sardinia. The Primo Group’s development project in Sardinia achieved a strong boost in last twelve months with the acquisition of Slam Dental (three clinics in Nuoro, Oristano and Iglesias) combined with the existing one in Cagliari. Current retail footprint of Primo Group in Sardinia includes six clinics and a further development plan of four openings. Primo is a leading Italian Group actives in the Dental Clinics and Polyclinics market, created by the union of Primo Group and Oasi Medica to bring together a wide range of services, a greater territorial presence and complementary competences, along with several synergies. The Group is characterized by high quality standards, clear high-end positioning among the Italian dental chains, high street locations and operational efficiency based on internal laboratory and technology integration. As of December 2019, the Group has more than 90 clinics.

Buyer/Investor: Aksìa Capital V / Aksìa Group SGR S.p.A.

Seller: -

Profile Target: Centro Medico I Mulini, founded by Serra family, is an established chain of dental clinics and policlinics placed in Selargius (Cagliari) and recently expanded in Assemini (Cagliari). Clinics provide client with an extended range of medical services from dental surgery to a wide offering of both dental and medical services. The transaction envisages, in addition to the two clinics, a further expansion plan with four openings over the next years.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Italy CMC Machinery

Deal-Date: Nov 2020

Region: Italy

Sector: industry

Business: automated packaging solutions

Employees: - Turnover Mio. €: -

The Deal: Leading global investment firm KKR announced an investment in CMC Machinery, a manufacturer of automated packaging solutions in Italy. Financial details of the transaction were not disclosed. Following KKR’s investment, CMC Machinery will continue to be led by the Ponti family and headquartered in Città di Castello, with Founder Giuseppe Ponti’s sons, Francesco and Lorenzo Ponti, serving as CEO and COO respectively. The investment in CMC Machinery is the fourth in Europe by the KKR Global Impact Fund, following investments in MasterD, the leading vocational training company in Spain, The Citation Group, a leading provider of subscription-based HR and Employment law and Health & Safety services to SMEs in the UK, and Viridor, the UK’s leading recycling and responsible waste management company. In Italy, KKR has invested over €2.5bn across private equity, infrastructure and other asset classes, with investments including Selecta, MM and Sirti, employing 17,000 people across its portfolio companies. The firm has a long track record of working with entrepreneurial owners and founder-backed businesses across Europe, supporting these companies with the next stage of their growth ambitions by providing financial and operational expertise as well as access to KKR’s global network and resources.

Buyer/Investor: KKR

Seller: -

Profile Target: Based in Città di Castello, Italy, CMC Spa is a privately held company that designs, manufactures and supports the most innovative and disruptive technology for the mailing, graphic arts, ecommerce and logistics industry. Founded in 1980, the company has focused on strategies to retain customers becoming their sole supplier for technology, service, parts and professional technical training. CMC has always been on track to timely respond to the ever- changing market requirements with creative design engineering and bespoke solutions. With the ecommerce surge reshaping the parcel industry, today CMC is helping retailers and logistics company to optimise their fulfilment process and deliver sustainable, strong, highly personalised and safe boxes through the much acclaimed and multi award winning CMC 3D right sizing packaging technology.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Italy De Nora

Deal-Date: Nov 2020

Region: Italy

Sector: industry

Business: sustainable clean energy and water treatment technologies

Employees: 1600 Turnover Mio. €: -

The Deal: Blackstone announced that funds managed by Blackstone Tactical Opportunities have agreed to sell their stake in De Nora, a global innovator of sustainable clean energy and water treatment technologies, to Snam S.p.A., one of the world’s leading energy infrastructure operators. Blackstone invested in De Nora in August 2017. Since then, the Group has performed strongly, achieving organic growth whilst driving innovation in new, sustainable products and patented technologies, and breaking into attractive new end-markets such as hydrogen energy. Completion is subject to customary regulatory approvals. Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $584 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Snam is one of the world’s leading energy infrastructure operators and one of the largest Italian listed companies in terms of market capitalization. Through its international subsidiaries, it also operates in Albania, Austria, China, France, Greece, UAE and UK. The Company has the largest natural gas transmission network and storage capacity among European peers and is also one of the main operators in regasification. As part of a €6.5 billion plan to 2023, Snam invests €1.4 bn in the SnamTec project, focused on innovation and new energy transition businesses such as sustainable mobility, biomethane and energy efficiency. Snam also aims to enable and promote the development of hydrogen to foster decarbonisation in the energy sector and industries. Snam’s business model is based on sustainable growth, transparency, the promotion of talent and diversity and the social development of local areas through the initiatives of Fondazione Snam.

Buyer/Investor: Snam S.p.A.

Seller: Blackstone

Profile Target: De Nora (www.denora.com) is a global supplier of innovative technologies and water treatment solutions and is recognised as a partner of choice for the most important industrial electrochemical processes. Driven by the philosophy of continual improvement, pursued since its foundation in 1923, De Nora develops and manufactures electrodes and electrochemical systems with high performance, and offers advanced disinfection and filtration technologies to solve problems related to public and industrial water treatment. De Nora is committed to the development of unconventional solutions to achieve the energy transition to decarbonisation, hydrogen economy and clean water for everyone. More than 1,600 people work together, with enthusiasm and experience, for a sustainable future.

Advisors: Blackstone was advised by Lazard and Mediobanca. Snam was advised by BofA Securities.

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Italy illycaffè S.p.A.

Deal-Date: Nov 2020

Region: Italy

Sector: food

Business: premium coffee brand

Employees: 1405 Turnover Mio. €: €520,5 million

The Deal: illycaffè S.p.A., a leading global premium coffee brand, based in Trieste, Italy, announced the sale of a minority stake of the Company to affiliates of Rhône Capital, a global private equity firm with a focus on investments in businesses with pan-European, North American or transatlantic presence. illycaffè chose Rhône as its partner to lead the Company into its next phase of international growth after a long and rigorous selection process which took more than a year. Founded in 1933 by Francesco Illy, the Company has built a global premium coffee brand present in more than 140 countries and recognized for the superior quality of its unique blend, as well as for its strong ethical values focused on sustainable business practices and close relationships with the coffee growers’ community. Rhône was chosen for its ability to contribute to illy’s international footprint expansion, particularly in the US, and will serve as a resource to further strengthen the Company’s platform in executing its growth plans. Completion of the transaction is expected to take place by the end of the first quarter of 2021 subject to customary regulatory approvals. Rhône, established in 1996, is a global private equity firm with a focus on investments in businesses with pan-European, North American or transatlantic presence.

Buyer/Investor: Rhône Capital

Seller: -

Profile Target: illycaffè is an Italian family business, founded in Trieste in 1933 and committed to offering the greatest coffee to the world. illy is the world's most global coffee brand, producing the unique illy 100% Arabica blend made of 9 of the world ‘s best selections of Arabica; each day more than 8 million cups are consumed in over 140 countries in the finest cafés, restaurants, hotels and in offices and homes. illy has become the standard forerunner of espresso, and thanks to three critical innovations, is considered the leader in the science and technology of coffee. With the bestowing of the first “Ernesto Illy Award for quality espresso coffee” in 1991 in Brazil, illy also pioneered direct sourcing, sharing know-how and paying a premium price for the best quality, based on partnerships underwritten by the principles of sustainable development. The company also founded its University of Coffee with the aim of fostering and spreading its culture, providing comprehensive academic and hands-on training for coffee growers, baristas and coffee lovers in order to cover every aspect of the product. Everything ‘made in illy’ is enhanced by beauty & art, which represent founding values of the brand, starting from its logo – designed by an artist, James Rosenquist - and including the renowned illy Art Collection, comprised of over 100 cups designed by international artists. In 2019 the company was employing 1,405 people and posted consolidated revenues of €520,5 million. There are 269 stores and mono-brand illy shops in more than 40 countries.

Advisors: illycaffè has been advised in this transaction by Goldman Sachs International, Studio Sabelli Benazzo and by Studio Gattai, Minoli, Agostinelli and Partners. Rhône has been advised by Credit Suisse, Chiomenti Studio Legale and Paolo Montironi.

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Italy Megic Pizza

Deal-Date: Nov 2020

Region: Italy

Sector: food

Business: fresh pizza in modified atmosphere packaging

Employees: - Turnover Mio. €: Euro 10 million

The Deal: Aksìa Capital V, a fund managed by Aksìa Group SGR, announces the acquisition - through its portfolio company Valpizza - of Megic Pizza, leading player in the production and commercialization of fresh pizza in modified atmosphere packaging (ATM) with its own brand and under private label agreements. With the acquisition of Megic Pizza, Valpizza consolidates its positioning in the domestic and international pizza market by expanding its product portfolio. Valpizza S.r.l. is a leading company in the production and commercialization of frozen pizza with a strong market position thanks to its reputation as a highly reliable supplier of frozen pizza base and topped pizza. Since the foundation, the company has grown due to a significant focus on product, process innovation and technology. Valpizza has recently launched a new project for the construction of the second manufacturing facility that will double the current production capacity. In July 2020, Aksìa Capital V acquired Valpizza with the aim of supporting the company in a further growth phase both in Italy and abroad and, together with the new CEO Marco Setti, started a consolidation process aimed at creating a group leader in the frozen and fresh market, offering high-quality products. Aksìa Group is a private equity fund management company that invests mainly in medium-sized Italian companies, promoting their growth, international development and management contribution. Aksìa, whose founding and Managing Partners Marco Rayneri and Nicola Emanuele have been working together since 1997, has carried out more than 40 operations in Italy and abroad, investing over Euro 450 million through five funds.

Buyer/Investor: Aksìa Capital V / Valpizza

Seller: -

Profile Target: Megic Pizza S.r.l., headquartered in Gorizia and led by Gerardo Acampora (who will maintain a stake of 20%), is a company active in the production and commercialization of fresh pizza in ATM that recorded interesting growth rates. Since 2016 the business of Megic Pizza has grown by more than 38% with the turnover moving from approximately Euro 3 million to over Euro 10 million in 2020. With a market share in Italy in excess of 80%, Megic Pizza has a unique competitive positioning in its segment of high-quality fresh pizza production.

Advisors: Advisor: Aksìa Group was advised by the lawyers Francesco Cartolano and Matteo Acerbi from the law firm Giliberti Triscornia e Associati for the legal aspects, by Leo de Rosa and Federica Paiella from the tax law firm Russo De Rosa Associati, by Marco Ginnasi and Enrico Perego from EY for financial and ESG aspects and by Alberto De Luca from De Luca and Partners for labor matters.

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Italy Nappi 1911

Deal-Date: Nov 2020

Region: Italy

Sector: food

Business: ingredients and semi-finished products for artisanal gelato and ice cream, pastry and general sweets industry

Employees: - Turnover Mio. €: 40 Euro millions

The Deal: Aksìa Capital V, a fund managed by Aksìa Group SGR, announces the acquisition of Nappi 1911, a leading Italian company in the production of ingredients and semi-finished products for artisanal gelato and ice cream, pastry and general sweets industry. The company also produces Amarena-cherries, candied and dried fruit. Nappi is the fourth acquisition of Aksìa Capital V, the third in 2020 and follows Primo Group, Valpizza and VOMM Impianti & Processi. Aksìa Capital was launched in July 2019. Aksìa Capital V acquisition of a majority stake in the Company and the Nappy family maintaining an important minority position creates opportunities for further growth through-out management strengthening and enhanced marketing strategies focused both on domestic and export markets. Michele Nappi has been confirmed as CEO and Giancarlo Monetti is appointed as Chairman of the Company. Aksìa Group is a private equity fund management company that invests mainly in medium-sized Italian companies, promoting their growth, international development and management contribution.

Buyer/Investor: Aksia Group SGR S.p.A. / Aksìa Capital V

Seller: -

Profile Target: Nappi 1911 was founded at the beginning of last century in San Gennaro Vesuviano (Naples) by the Nappi family. The Nappy family has maintained the ownership of the business for more than a century. Productions of candied and dried fruits are the historical and traditional businesses that gradually have been joined by the production of ingredients and semi-finished products for artisanal gelato, ice cream and pastry industry. The development of retail and modern trade channels over more than 70 countries completed long lasting relationships with blu-chip industrial clients of sweets industry on a global scale. A state-of-the-art production plant, well invested and constantly updated with the latest technologies grant excellent standard and the full control of production flow from raw materials to the finished product. Consolidated knowledge and know-how enable volumes growth and widespread of product portfolio with a positive impact on business growth. In 2019 the Company recorded more than 40 Euro millions turnover.

Advisors: Advisor: Aksìa Group has been assisted by Stefano Catenacci e Maria Persichetti (Studio Legale Gattai, Minoli, Agostinelli Partners) and Francesco Cartolano and Matteo Acerbi (Studio Legale Giliberti Triscornia e Associati) for legal matters, by Marco Sandoli (Studio Legale e Tributario Di Tanno Associati) for tax purposes, by Marco Ginnasi (EY) with reference to financial and ESG due diligences, by Umberto Zanuso and Francesco Panizza (Fineurop Soditic) for debt advisory and by Boston Consulting Group for business due diligence. Nappi 1911 has been assisted by Legance Avvocati Associati and Deloitte & Touche for legal and financial/tax matters respectively. Nappi family has been assisted by Attilio Simonte (Studio Simonte) and Carmine Spera (Studio Giordano Associazione Professionale Dottori Commercialisti) for financial and tax purposes and by the layer Ruggero Nunziata for legal matters. Houlihan Lokey (Matteo Manfredi e Tommaso Lillo) acted as Sellers’ financial advisor.

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Italy Nexive Group S.r.l.

Deal-Date: Nov 2020

Region: Italy

Sector: services

Business: mail and parcel delivery company

Employees: 7250 Turnover Mio. €: 213

The Deal: Mutares SE & Co KGaA signed a Heads of Agreement to sell its 80% stake in Nexive Group S.r.l., the second largest mail and parcel delivery company in Italy, to Poste Italiane S.p.A., based in Milan. The transaction is expected to have a relevant positive impact on the Mutares Holding Results. The transaction is still subject to approval by the antitrust authorities. Mutares expects the transaction to be successfully completed latest in January 2021.

Buyer/Investor: Poste Italiane S.p.A.

Seller: Mutares SE & Co. KGaA

Profile Target: Nexive is part of the Mutares portfolio since 2020. The company is the second largest player in the Italian postal market providing mail services to 80% of Italian households and parcel services to the entire Italian market. Nexive generated sales of approximately EUR 213 million in FY2019, the majority of which achieved via regular mail, Tax & Notification and Parcel, with the last component experiencing significant growth year on year. Nexive employs approx. 1,250 employees direct and approx..6,000 more through their partners. Territory coverage is achieved through 11 sorting hubs for the Mail business, 11 sorting hubs for the Parcel business, 23 direct branches, approx. 500 indirect branches and 1.500 retail points.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Liechtenstein datamobile AG

Deal-Date: Nov 2020

Region: Liechtenstein

Sector: telecommunication

Business: IoT communication specialist

Employees: 18 Turnover Mio. €: -

The Deal: Wireless Logic, a global leading IoT connectivity platform provider and portfolio company of Montagu Private Equity, is further strengthening its presence in the DACH market with the acquisition of Datamobile AG. The acquisition will further strengthen Wireless Logic's European market leadership as well as helping to build our global capabilities. The acquisition was completed on 19 November 2020 and the core Datamobile AG team will remain in place, led by CEO Gerald Wirtl.

Buyer/Investor: Wireless Logic / Montagu Private Equity

Seller: -

Profile Target: Datamobile AG is an IoT communication specialist that delivers integrated solutions for businesses across a wide range of verticals in EMEA and Asia. With a market heritage in the DACH region spanning over 10 years, Datamobile AG has established itself as an innovative company in the cellular connectivity market and services market leading customers in a number of fast growing sectors including food delivery and e-mobility.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Netherlands Flight Simulation Company B.V.

Deal-Date: Nov 2020

Region: Netherlands

Sector: aviation

Business: training for pilots using flight simulators

Employees: - Turnover Mio. €: -

The Deal: HAL sold Flight Simulation Company B.V. (FSC) to CAE Inc. for a cash consideration for the equity of approximately € 70 million. CAE is a global provider of training solutions for civil aviation, defense and security and healthcare. The sale results in a capital gain of approximately € 55 million.

Buyer/Investor: CAE Inc.

Seller: HAL Holding N.V.

Profile Target: FSC provides training for pilots using flight simulators and was acquired in 2006.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Netherlands Integrated Works

Deal-Date: Nov 2020

Region: Netherlands

Sector: software & it

Business: cybersecurity, enterprise networking, collaboration and internet of things

Employees: - Turnover Mio. €: -

The Deal: H2 Equity Partners congratulates its portfolio company Unified, an IT managed service provider,with the acquisition of cybersecurity and enterprise networking specialist Integrated Works. With this acquisition, Unified further addresses the high-growth market for private and public cloud solutions and networking infrastructures. Unified, founded in 2004, is an IT managed service provider focused on social housing corporations and other semi-public organizations. Through a strong team of IT specialists and multiple owned Tier 3+ datacentres, Unified supports organizations in making a transition to the cloud. Unified offers safe and modern workspace environments, first line support and back-up and recovery services. H2 Equity Partners, founded in 1991, is an independent investment firm. H2 focuses on medium sized companies that are uniquely positioned and provide significant growth potential. H2 offers these businesses a combination of capital and active management support to realize untapped potential. H2 has a robust, multi-sector track record in building stronger companies, with a sustainable competitive advantage and profitable growth. The investments by H2’s Amsterdam team are funded through its most recent fund, which was launched in June 2019.

Buyer/Investor: Unified / H2 Equity Partners

Seller: -

Profile Target: Integrated Works is a certified Premier Partner of Cisco specialised in cybersecurity, enterprise networking, collaboration and internet of things. The company offers its solutions to SMEs and larger enterprises in all industries. This partnership expands the existing capabilities of Unified, enhances its service portfolio and will further deepen the relationship with its customers.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Netherlands Keesing Media Group

Deal-Date: Nov 2020

Region: Netherlands

Sector: braintainment

Business: puzzle content developer

Employees: - Turnover Mio. €: -

The Deal: BC Partners, a leading international investment firm, has announced that it has signed an agreement to acquire the leading European braintainment business, Keesing Media Group from Ergon Capital and Mediahuis. BC Partners is confident that Keesing is well positioned to benefit from the increased focus on brain training and mental wellbeing. This investment will support ambitious growth plans for the Company, which includes digital expansion as well as organic growth initiatives in its existing countries (such as France, the Netherlands, Germany and the UK), as well as ongoing consolidation of the European market and entry into new continents. Terms of the transaction were not disclosed, and it is subject to customary regulatory approvals. BC Partners is a leading international investment firm with over €27 billion of assets under management in private equity, private credit and real estate. Established in 1986, BC Partners has played an active role in developing the European buy-out market for three decades and for over a decade in North America. Today, BC Partners executives operate across markets as an integrated team through the firm's offices in Europe and New York. Ergon is a mid-market investment company with over €1.0 billion of assets under management from select European institutional investors and families. Ergon is a disciplined and discreet value investor, which provides patient and friendly capital to entrepreneurs and managers, who need capital, industrial or technological solutions to accelerate the development of their companies. Ergon makes equity investments in leading companies with a sustainable competitive position in attractive niche markets located in the Benelux, France, Germany, Italy and Iberia. Ergon is advised by Ergon Capital Advisors which has offices in Brussels, Paris, Munich, Milan, and Madrid.

Buyer/Investor: BC Partners

Seller: Ergon Capital, Mediahuis

Profile Target: Keesing Media Group is the biggest braintainment company in Europe, producing more than 100 million puzzle books a year and offering ample online brain games. Since its foundation by Amsterdam journalist Isaac Keesing in 1911, the company has grown into the market leader in print, online and app puzzle formats. The company offers brain game fans all over the world challenging and innovative concepts for the best puzzle experiences. The company is headquartered in Amsterdam and has offices in 15 countries.

Advisors: Quore acted as financial advisor to BC Partners. Kirkland & Ellis served as legal counsel to BC Partners. ING and DC Advisory acted as financial advisors, and Baker McKenzie as legal counsel, to the sellers.

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Netherlands Martin Stolze B.V.

Deal-Date: Nov 2020

Region: Netherlands

Sector: industry

Business: automation of internal transport for the horticultural greenhouse sector

Employees: - Turnover Mio. €: -

The Deal: High-tech scale up Kind Technologies expands its position in the horticulture greenhouse market by acquiring Martin Stolze B.V., an international specialist in the automation of internal transport. Martin Stolze and Kind Technologies see an increasing demand for automation within the agriculture & food market world-wide. Rising labor costs and scarcity, focus on food safety and the use of data for process improvement are important drivers for the growth strategy of the companies. No further details will be disclosed. In 2018, Gimv N.V. joined as shareholder to provide Kind Technologies with capital and support to realize its growth strategy based on organic growth combined with strategic add-on acquisitions. Kind Technologies is as high-tech group specialized in industrial automation with Robotics, Computer Vision and AI. As Original Equipment Manufacturer (OEM) it delivers systems worldwide to the Agriculture & Food and Pharma markets. In these markets, where quality cannot be compromised, its technology warrants patient- and food safety. Kind Technologies is on a mission to contribute to a better world where plant, food and medicines are better distributed over the world and resource scarcity is addressed through advanced automation. With our technology, we want to contribute to a world where the population can grow, without anyone having to suffer from hunger. A world where availability of authentic medicines is a basic provision. Our roadmap around Industrial Automation, Robotics, Computer Vision and AI enable more efficient and scalable production processes where quality is safeguarded and all intermediate steps can be tracked and traced across value chains. Leading brands and members of the group are Beltech, Vimec Applied Vision Technology, Crux Agribotics and KOAT. Kind Technologies is active worldwide and headquartered in Eindhoven, The Netherlands, with another office and production location in Someren, The Netherlands.

Buyer/Investor: Kind Technologies / Gimv

Seller: Martin Stolze

Profile Target: Since 1991 Martin Stolze has developed into a total supplier for the automation of internal transport for the horticultural greenhouse sector. Martin Stolze represents service and quality. As a result, Martin Stolze has already served thousands of satisfied customers all over the world. In its own factory a complete product portfolio is designed, produced and assembled including conveyor belts, buffer belts, potting machines, roller conveyors, watering stations and many other products to make the work in and around greenhouses easier. The modular and scalable product portfolio can be combined in total projects and equipped with full computer control. Martin Stolze also offers value-added services to assist and guide OEMs, partners, resellers and customers in realizing complete automation projects. Martin Stolze also has a rental department in which a large part of the product portfolio can be rented for a defined period.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Netherlands Objective Platform

Deal-Date: Nov 2020

Region: Netherlands

Sector: software & it

Business: marketing measurement and optimization software

Employees: - Turnover Mio. €: -

The Deal: Objective Platform, the European scale-up that provides marketing measurement and optimization software, has received €2M funding in an investment round led by Newion, early stage investor in B2B software companies. Robbert Visser (former CFO Dept) and existing investor The Hatch Firm participated in the round. Newion is a leading Amsterdam-based venture capital firm, focused on early stage investments in European B2B software companies with a global ambition. Newion has been among the best-performing fund managers in its sector since its start in 2000. The company has invested in 70+ companies, among which: Collibra, Reasult, Nallian, Foleon, CustomerGauge, L1NDA, Swipeguide, DataStories, Deliverect, APICBASE and ValueBlue. Newion has exited companies like Oxxio, Mirror42, Q-go and 24iMedia. Newion III is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI), set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to finance.

Buyer/Investor: Newion, The Hatch Firm

Seller: -

Profile Target: Objective Platform is a SaaS solution, allowing companies to track and optimize their omnichannel media investments. By maximizing the use of available data sources, marketing measurement models offer a holistic view across digital and traditional media without sacrificing granular information. As a result, advertisers gain strategic and tactical insights to support budget allocation across time periods, campaigns and channels. Objective Platform also helps advertisers build resilience against data restrictions attributable to cookie and privacy regulations. With Objective Platform, customers like Deutsche Telekom Group and Vattenfall take full control of their media investments. The team works from offices in Amsterdam, London and Singapore.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Netherlands UNET Groningen

Deal-Date: Nov 2020

Region: Netherlands

Sector: telecommunication

Business: connectivity solutions

Employees: - Turnover Mio. €: -

The Deal: Vortex portfolio company hallo, has acquired the customer base of Eurofiber subsidiary UNET Groningen in October 2020.

Buyer/Investor: hallo / Vortex Capital Partners

Seller: Eurofiber

Profile Target: UNET Groningen services SME customers in the northern part of The Netherlands with connectivity solutions on the back of the glass fiber network of Eurofiber.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Norway Spacemaker

Deal-Date: Nov 2020

Region: Norway

Sector: software & it

Business: AI-supported software for urban development

Employees: - Turnover Mio. €: -

The Deal: Autodesk, Inc. announced it has signed a definitive agreement to acquire Spacemaker for $240 million net of cash. The transaction is subject to customary closing conditions and is expected to close during Autodesk's fourth quarter of fiscal 2021, ending January 31, 2021. The acquisition of Spacemaker provides Autodesk with a powerful platform to drive modern, user-centric automation - powered by AI - and accelerate outcome-based design capabilities for architects. With Spacemaker, design professionals can rapidly create and evaluate options for a building or urban development. With AI as a partner to the architect, the Spacemaker platform enables users to quickly generate, optimize, and iterate on design alternatives, all while considering design criteria and data like terrain, maps, wind, lighting, traffic, zoning, etc. Spacemaker quickly returns design alternatives optimized for the full potential of the site. This leads to better outcomes from the start and allows designers to focus on the creative part of their professional work. Spacemaker’s VC backers include European firms Atomico and Northzone, which co-led the company’s $25 million Series A round in 2019. Other investors on the cap table include Nordic real estate innovator NREP, Nordic property developer OBOS, U.K. real estate technology fund Round Hill Ventures and Norway’s Construct Venture.

Buyer/Investor: Autodesk, Inc.

Seller: Northzone, Atomico, NREP, OBOS, Round Hill Ventures, Construct Venture

Profile Target: Based in Oslo, Norway, Spacemaker uses cloud-based, artificial intelligence (AI), and generative design to help architects, urban designers, and real estate developers make more informed early-stage design decisions faster and enables improved opportunities for sustainability from the start. By evaluating the best options from the outset, Spacemaker helps architects maximize their clients' long-term property investments.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Norway Sumo AS

Deal-Date: Nov 2020

Region: Norway

Sector: food

Business: easy-to-like Asian fusion menu based on high quality ingredients

Employees: - Turnover Mio. €: NOK 200 million

The Deal: A company funded by a group of experienced restaurant investors and managed by Fredrik Kongsli and Fredrik T. Bysveen, has entered into an agreement with Sinco AS to acquire Sumo AS, Norway’s largest Asian fusion restaurant chain. With its playful Asian fusion concept, strong brand, and successful restaurants, Sumo represents a strong foundation for further expansion. Simon Simonnæs, the CEO and previous majority owner, will together with other key employees retain 48% ownership after the transaction. Salsa Bergen AS will also be part of the transaction. Salsa is a successful Latin American restaurant located in Bergen that has rollout potential. Closing of the transaction took place 17 November 2020.

Buyer/Investor: Herkules Capital, Salsa Bergen AS

Seller: Sinco AS

Profile Target: Sumo has established 9 successful restaurants in Bergen, Oslo, Stavanger, and Jessheim. The company has created an easy-to-like Asian fusion menu based on high quality ingredients. The company expects to generate a turnover in 2020 of approximately NOK 200 million. Despite the Covid-19 outbreak, Sumo has experienced a solid topline momentum in 2020, proving the strength of the concept and management team.

Advisors: The buyer was advised by DLA Piper and PwC.

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Norway Tibber AS

Deal-Date: Nov 2020

Region: Norway

Sector: energy

Business: digital electricity

Employees: - Turnover Mio. €: -

The Deal: Tibber, a ‘digital electricity’ supplier which uses AI to switch around power for houses based on their predicted levels of consumption - has closed a $65 million Series B round led by Eight Roads Ventures alongside Balderton Capital, with participation from existing investors including San Francisco-based Founders Fund, which invested last year. Alongside equity, Tibber secured working capital funding by Nordea to support the high pace of growth. The funding will support further investments into Tibber’s pioneering technology, scaling up the team, and expanding into new markets, the next one being the Netherlands in 2021.

Buyer/Investor: Eight Roads Ventures, Balderton Capital, Founders Fund

Seller: -

Profile Target: Since Tibber launched in 2016, it has seen organic growth to 100,000 paying households in Norway, Sweden and Germany. The company was founded in 2016 by Norwegian Edgeir Vårdal Aksnes and Swedish Daniel Lindén who were frustrated by the poor customer experience provided by traditional energy companies.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Poland Nu-Med Group

Deal-Date: Nov 2020

Region: Poland

Sector: healthcare

Business: private operator of oncology centres

Employees: - Turnover Mio. €: -

The Deal: Kartesia, the European specialist provider of capital solutions for small and mid-sized companies, is pleased to announce a €32m investment in healthcare company Nu-Med Group. This is Kartesia’s first direct investment in Poland. Kartesia has invested €32m in the Company from its KCO IV & V funds. The proceeds will be used to refinance all existing financial debt and support Nu-Med in its continuing growth efforts.

Buyer/Investor: Kartesia

Seller: -

Profile Target: Headquartered in Elblag, Poland, Nu-Med is the leading private operator of oncology centres in Poland. The company is majority-owned by Enterprise Investors, one of the largest private equity firms in Central and Eastern Europe. Through its 4 hospitals and 8 outpatient clinics located outside major cities of Poland, Nu-Med provides both cancer diagnostics and cancer treatments, including chemotherapy and radiotherapy, to almost 20,000 patients every year.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Poland PragmaGO

Deal-Date: Nov 2020

Region: Poland

Sector: financial

Business: factoring and purchase financing

Employees: - Turnover Mio. €: -

The Deal: Polish Enterprise Fund VIII (PEF VIII), a private equity fund managed by Enterprise Investors (EI), has announced a tender offer for 100% of PragmaGO, a provider of financial services to the SME sector. PEF VIII has secured the right to acquire from the majority shareholder, Pragma Inkaso, a stake that will give the fund 72.07% of votes at the general shareholders’ meeting. The maximum value of the tender offer is EUR 11.9 million. To date, EI-managed funds invested EUR 322 million in 21 companies operating in the financial sector. Enterprise Investors is one of the largest private equity firms in Central and Eastern Europe. Active since 1990, the firm has raised nine funds with total capital exceeding EUR 2.5 billion. These funds have invested EUR 2 billion in 145 companies across a range of sectors. The funds have exited 134 companies with total gross proceeds of EUR 4.1 billion.

Buyer/Investor: Enterprise Fund VIII (PEF VIII) / Enterprise Investors

Seller: Pragma Inkaso

Profile Target: PragmaGO operates in the non-banking financial market, offering customers such products as factoring and purchase financing and providing businesses with both working and investment capital. The company’s offer is tailored to the needs of small and medium-sized enterprises operating in Poland. By focusing its business model on automated online processes and distribution alliances with numerous partners, PragmaGO can offer customers a comprehensive range of solutions for improving their liquidity quickly and efficiently. After three quarters of 2020, PragmaGO held a portfolio worth EUR 21.2 million, had EUR 8.1 million of equity and EUR 0.4 million of net profit.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Poland Scanmed S.A.

Deal-Date: Nov 2020

Region: Poland

Sector: healthcare

Business: healthcare network operator

Employees: - Turnover Mio. €: -

The Deal: Abris CEE Mid-Market III LP fund, managed by Abris Capital Partners, the leading private equity investor in Central Europe, has signed an agreement to acquire 100% of the shares in Scanmed S.A. - a Poland-based healthcare network operator - from Life Healthcare Group Holdings Limited. The transaction is subject to regulatory approvals and is expected to close in the first quarter of 2021. Abris was attracted to the healthcare sector by its strong fundamentals, underpinned by a rapidly ageing population in Poland and increasing healthcare spending aimed at improving the quality of service and the comprehensiveness of care. Abris plans to support Scanmed in the extension of its service offering and geographic coverage, as well as in the continued improvement of its medical facilities and care in key therapeutic areas. The company also plans to increase commercial revenues in orthopedics, ophthalmology, rehabilitation and urogynecology, and to open new labs and surgery units. Abris’ previous investments in the healthcare sector include ITP S.A., a Polish vendor of innovative aesthetic medicine products, and Dentotal Protect, the leading distributor of dental consumables, instruments and equipment in Romania.

Buyer/Investor: Abris CEE Mid-Market III LP fund / Abris Capital Partners

Seller: Life Healthcare Group

Profile Target: For more than a decade, Scanmed has offered its patients access to comprehensive treatment methods, technologically advanced and high-quality medical equipment and experienced specialists to facilitate their recovery. The company operates in 42 locations across Poland, providing primary healthcare and specialist consultations, advanced diagnostics and hospital treatment. At present, Scanmed operates two multi-specialist hospitals, 13 cardiac centers offering comprehensive diagnostics and cardiological treatment, and a variety of clinics and medical centers across Poland. Scanmed also provides outpatient care services in major Polish cities including Warsaw, Kraków, Poznan, Wroclaw, Gdansk and Pabianice.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Spain Iberchem

Deal-Date: Nov 2020

Region: Spain

Sector: chemicals

Business: Fragrances and Flavours

Employees: - Turnover Mio. €: 450

The Deal: Eurazeo Capital is announcing that it has reached an agreement to sell its stake in Iberchem, its Fragrances and Flavours portfolio company based in Murcia (Spain), to Croda, a leading UK Specialty Chemicals player listed on the London Stock Exchange. The transaction is expected to be completed by end of 2020. The closing remains subject to customary closing conditions. Under this agreement, Iberchem is valued € 820m representing 20.5x 2020 EBITDA. This disposal will generate for Eurazeo Capital a Cash-on-Cash multiple of 2.1x and an Internal Rate of Return (IRR) of c.25%. Proceeds will amount to € 565m for Eurazeo Capital, its affiliates and partners (€ 384m for Eurazeo only). Eurazeo is a leading global investment group, with a diversified portfolio of €18.8 billion in Assets Under Management, including €13.3 billion from third parties, invested in over 430 companies. With its considerable private equity, real estate and private debt expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 300 professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.

Buyer/Investor: Croda

Seller: Eurazeo Capital

Profile Target: Over the last three years, Iberchem has significantly reinforced its position as a leading global producer of fragrances and flavours focusing on local and regional brands in high-growth international markets. Thanks to its strategic positioning, the company combined a best-in-class organic growth of +15% per year sales over the last 10 years and targeted M&A, with the support of Eurazeo network, notably in China and Malaysia. Iberchem exemplifies Eurazeo Capital’s strategy to select and support the development of high potential businesses operating in attractive markets fuelled by strong fundamentals and ultimately identify the most strategic buyers for its companies.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Spain Paack

Deal-Date: Nov 2020

Region: Spain

Sector: transportation and logistics

Business: Last-Mile Delivery Platform

Employees: 240 Turnover Mio. €: -

The Deal: European growth capital firm Bregal Milestone has partnered with existing shareholders to lead a $53m Series C investment in Paack, the largest growth capital investment of its kind in Spain this year. The $53m Series C is being led by Bregal Milestone with current investors Unbound, RPS Ventures, Rider Global and Fuse Ventures also participating. Paack will leverage Bregal Milestone’s strategic support, with the investment set to accelerate Paack’s expansion across Spain and Europe. In connection with the investment, Jan Bruennler, Managing Partner of Bregal Milestone, and Rob Hetherington, Head of Milestone Performance Partners, Bregal Milestone’s in-house portfolio value creation team, have joined the Paack Board of Directors. The transaction is the eighth investment made by Bregal Milestone’s €495 million fund and marks its first transaction in Spain.

Buyer/Investor: Bregal Milestone, Unbound, RPS Ventures, Rider Global, Fuse Ventures

Seller: -

Profile Target: Paack was founded on the belief that e-commerce deliveries should be simple and sustainable. Since its creation 5 years ago, Paack’s ambition, driven by a deep passion for customer excellence, has been to provide its clients with the most convenient, speedy, and accurate delivery experience available. Paack set out to deliver an ultra-high- performance offering based on advanced technology, and today enjoys the leading European scheduled delivery market position, backed up by a team of more than 240 employees. Paack provides their clients with a complete eco-system of end-to-end operations and products, offering warehouse management, fulfilment, and delivery applications, as well as retailer systems and checkout integrations. Paack is headquartered in Spain, with regional operations available today in the UK, France, and Portugal. Paack has attracted a top quality investor base in Spain including Kibo Ventures, Big Sur Ventures, Bonsai Venture Capital and Bankinter.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Spain Pastas Gallo

Deal-Date: Nov 2020

Region: Spain

Sector: food

Business: pasta sauces, flours and breadcrumb

Employees: 600 Turnover Mio. €: -

The Deal: Flexstone Partners has demonstrated the strength of its global investment platform by taking equity stakes in companies in Europe and the US. The companies, Pastas Gallo, a food producer based in Spain and Stable Group, a consumer brand agency headquartered in Minneapolis, have both proved themselves resistant to cycles and have weathered the pandemic well. Flexstone, a co-investment specialist, has committed €6.3m and reserved a significant amount of additional capital to support the next phase of growth of Pastas Gallo. The company, which has been family-run since 1946, will transition to a professional management structure, which has been agreed with the lead investor ProA and co-investors such as Flexstone. The founding family will retain a minority shares of the business. Both deals meet Flexstone’s criteria of only investing alongside private equity firms in transactions that firmly represent 'sweetspot' opportunities for these firms. That is, where the investor has a specific proven skillset, thus mitigating the risk of an underperforming or failed deal. With this transaction, ProA Capital strengthens its presence in the food sector, the fund is currently the majority shareholder of Fruselva and Moyca.

Buyer/Investor: Flexstone Partners, ProA Capital

Seller: -

Profile Target: Founded in 1946 by José Espona in Rubí (Barcelona), Gallo is currently the undisputed leader in Spain in the manufacture and marketing of pasta (being present in all categories of pasta), flour and breadcrumbs and also having a strong presence in fresh products and prepared dishes. Gallo has 4 production plants located in El Carpio (Córdoba), Granollers (Barcelona, 2 plants) and Esparreguera (Barcelona), with a total production capacity of 191ktn per year, employing about 600 people and with presence in more than 30 countries. Gallo is also the only producer of gluten-free pasta and fresh pasta in Spain. The Gallo brand is the fifth most recognized brand by consumers in Spain, with a market share in value of 36%, including both dry and fresh pasta under Gallo’s own brand and its distribution brand.

Advisors: CFI Spain acts as financial advisor to ProA Capital in the acquisition of a majority shareholding stake in Pastas Gallo.

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Spain Smart Protection

Deal-Date: Nov 2020

Region: Spain

Sector: others

Business: fighting piracy and online counterfeits

Employees: - Turnover Mio. €: -

The Deal: Smart Protection has closed a Series B funding round worth €10 million, co-led by the Dutch firm Knight Capital, the Spanish-Israeli Swanlaab Venture Factory, specialized in SaaS B2B, alongside CDTI, the Spanish National Innovation Agency. Existing investors Nauta Capital, JME Ventures, Bankinter, Big Sur Ventures and Telefónica, through their new investment vehicle Telefónica Tech Ventures specialized in the field of cybersecurity, have also participated in the investment process. Smart Protection has now received funding totaling more than €20 million to combat piracy and counterfeiting on the internet through its technological platform.

Buyer/Investor: Knight Capital, Swanlaab Venture Factory, Nauta Capital, JME Ventures, Bankinter, Big Sur Ventures, Telefónica

Seller: -

Profile Target: Smart Protection is a technological company dedicated to fighting piracy and online counterfeits. Founded in 2015 and based in Madrid, it protects the content and brands of companies across 25 countries in Europe, the US and LATAM. Smart Protection has received fundings totaling more than €20 million to keep growing globally and developing its technological platform with the latest advances in AI.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Sweden Diaverum AB

Deal-Date: Nov 2020

Region: Sweden

Sector: healthcare

Business: dialysis provider

Employees: - Turnover Mio. €: 805

The Deal: Diaverum AB (publ), a leading global dialysis provider, hereby announces its intention to launch an initial public offering and listing of its shares on Nasdaq Stockholm. As of and for the nine-months ended 30 September 2020, Diaverum operated 421 clinics across 22 markets providing life-critical care to approximately 39,000 patients. Diaverum’s markets are divided into two geographic segments- Europe which makes up 62 percent of revenues and International which makes up 38 percent of revenues for the nine-months ended 30 September 2020. Diaverum’s resilient business model has resulted in consistent year on year growth since 2008, with a revenue CAGR of c.10 percent over the period. Diaverum’s principal owner, Diaverum Holding S.à r.l., which is indirectly controlled by Bridgepoint Advisers Limited, acting as manager for and on behalf of the limited partnerships comprising the Bridgepoint Europe III Fund, and the board of directors of the Company consider the listing of the Company’s shares on Nasdaq Stockholm to be a natural and important step in Diaverum’s development.

Buyer/Investor: -

Seller: Bridgepoint

Profile Target: Diaverum provides life-critical renal care services to patients with Chronic Kidney Disease (CKD) with the aim of enabling them to live fulfilling lives. Treatments provided by Diaverum to CKD patients range from preventative care to transplantation, with a main focus on in-clinic haemodialysis (HD). Diaverum also provides a number of other core services, such as holiday dialysis, home dialysis and peritoneal dialysis (PD), and adjacent services, such as preventative care, aphaeresis, and cardiology and diabetes care, in certain markets. Due to the chronic nature of the disease, a HD patient typically needs to visit a dialysis clinic three times every week, which provides for highly stable, resilient and predictable treatment cycles. Diaverum’s core competencies are high standards and efficiency in care delivery, underpinned by its proprietary clinical governance framework, the Care Delivery Model, supported by an integrated digital infrastructure. The Care Delivery Model is composed of five pillars: clinical standards, medical standards, performance measurement, education and scientific research. Diaverum is developing a spectrum of digital platforms and applications designed to improve treatment effectiveness, efficiency and medical outcomes worldwide, while also empowering patients to contribute to their own care and well-being. Diaverum has a strong heritage and is headquartered in Hyllie outside Malmö, Sweden and is the second largest dialysis provider outside the United States..

Advisors: Carnegie Investment Bank AB, J.P. Morgan Securities plc and Skandinaviska Enskilda Banken AB are acting as Joint Global Coordinators and Joint Bookrunners, BNP PARIBAS, Citigroup Global Markets Europe AG and Danske Bank A/S, Danmark, Sverige Filial are acting as Joint Bookrunners in the contemplated IPO. Moelis & Company UK LLP is acting as financial adviser to Diaverum and the Principal Owner in the contemplated IPO. - White & Case LLP is acting as legal adviser to Diaverum. Cleary Gottlieb Steen & Hamilton LLP and Advokatfirman Hammarskiöld & Co AB are acting as legal advisers to the Joint Global Coordinators and Joint Bookrunners.

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Sweden Three Scandinavia

Deal-Date: Nov 2020

Region: Sweden

Sector: telecommunication

Business: mobile voice and broadband services

Employees: - Turnover Mio. €: -

The Deal: Patricia Industries, a part of Investor AB, has agreed to divest its 40 percent share of Three Scandinavia's tower business and assets by: Transferring its share of Three Scandinavia's passive network infrastructure assets to CKH Networks, an operator of CK Hutchison's European tower business with assets in Austria, Denmark, Ireland, Italy, Sweden and the United Kingdom. Participating in the divestment of CKH Networks for EUR 10bn to Cellnex, the leading European independent operator of wireless telecommunications infrastructure. The consideration attributable to Patricia Industries will be 5 percent of the total consideration. For the 12-month period ending September 30, 2020, Three Scandinavia's reported EBITDA amounted to SEK 4,042m. Following the transaction, the company will establish service contracts with Cellnex for the utilization of the divested passive infrastructure. The transaction is expected to close on a country by country basis, subject to regulatory approval, into 2021. Patricia Industries is a long-term owner that invests in companies and works to develop each company to its full potential. Patricia Industries is a part of the industrial holding company Investor AB, whose main owner is the Wallenberg Foundations.

Buyer/Investor: CKH Networks

Seller: Patricia Industries / Investor AB

Profile Target: Three Scandinavia, founded in 2000, is a provider of mobile voice and broadband services in Sweden and Denmark. CK Hutchison owns 60 percent and Investor AB 40 percent of the company.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Switzerland ASSEPRO Gruppe

Deal-Date: Nov 2020

Region: Switzerland

Sector: financial

Business: insurance broker company

Employees: 220 Turnover Mio. €: -

The Deal: The European Private-Equity company EMZ Partners has entered into a binding contract to acquire the majority in ASSEPRO, headquartered in Pfäffikon, Switzerland. In addition to EMZ, the management team of ASSEPRO as well as further employees become significant shareholders in the Group. The acquisition of ASSEPRO is the 3rd deal of the Munich team of EMZ Partners around Klaus Maurer and Guntram Kieferle that started at the beginning of the year. EMZ is a leading European investment firm with offices in Paris and Munich. The firm focuses on medium-sized companies and offers flexible capital solutions in strong partnership with founders, family shareholders and managers. EMZ is majority-owned by its own employees and has a base of European institutional investors. The current fund has a volume of more than 1.0 billion euros and its investment size ranges from 10 to 150 million euros.

Buyer/Investor: EMZ Partners

Seller: -

Profile Target: ASSEPRO was created in 2016 through the merger of long-established Swissbroke and Fraumünster Insurance Experts. Based on solid organic as well as inorganic growth in recent years, the group developed into the leading independent insurance broker company with a focus on small and medium-sized enterprises (SMEs) in Switzerland covering a broad value chain including brokerage, insurance advisory, risk management, pension schemes, financial/pension planning and employee benefits. ASSEPRO covers its clients through its local presence counting 18 sites in the German-speaking region of Switzerland. Thanks to its long-standing experience in the risk protection of its customers the group currently accounts c. 8,000 SMEs as customers. In recent years, the group developed ASSEPRO.online as the market leading digital solution for its customers.

Advisors: EMZ was advised by Rothschild & Co (M&A), Roland Berger (Commercial), wdp (digital), Latham & Watkins (Legal, Corporate and Structure), Bär & Karrer (Legal, Corporate, Tax and Structure), Ebner Stolz (Financial), Cowen (Debt Advisory) as well as Renzenbrink & Partners and Walder Wyss (Legal, Financial).

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Switzerland forteq Nidau AG / forteq Healthcare

Deal-Date: Nov 2020

Region: Switzerland

Sector: pharma/life sciences

Business: integral partner of the pharmaceutical industry

Employees: 100 Turnover Mio. €: -

The Deal: Liberta Partners, a multi-family holding based in Munich, today announces the acquisition of a majority stake in forteq Nidau AG (forteq Healthcare), a specialist designer and manufacturer of MedTech devices predominantly focused on the pharmaceutical and laboratory industry and headquartered in Nidau, Switzerland. Liberta Partners acquired the shares from Swiss forteq Group, as part of a corporate carve-out program. The current management team will continue to lead forteq Healthcare. To further build on the Company’s strong track record they will be supported by Liberta’s operations team and long-established experts from the pharma industry. This is the fourth investment of Liberta Partners Fund II which closed in October 2019. The fund invests in carve-outs and successions of family-owned businesses with a strong focus on supporting the operational development of its portfolio companies.

Buyer/Investor: Liberta Partners

Seller: forteq Group

Profile Target: forteq Nidau AG (forteq Healthcare) based in Nidau, Switzerland and founded in 1995 is an integral partner of the pharmaceutical industry worldwide. As such forteq provides design, development, manufacturing, assembly and packaging services for custom medical & drug delivery solutions. The team consists of 100 employees in the segments engineering, molding, assembly, logistics and quality.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK Altia-ABM

Deal-Date: Nov 2020

Region: UK

Sector: software & it

Business: investigation and covert operation software business

Employees: - Turnover Mio. €: -

The Deal: NorthEdge invests in investigation software specialist Altia-ABM. The investment backs Altia-ABM’s newly promoted CEO Rob Sinclair, who joined the company in 2017, in leading the buyout. Working in partnership with Rob and the team, NorthEdge will help develop Altia-ABM’s software, including investment to support cloud-based deployments for both new and existing customers. The support will also help the business to expand its target addressable market to an increased range of private sector customers and additional international territories, both organically and through supporting strategic acquisitions of companies with complementary technologies and customers. The deal was funded by NorthEdge’s SME fund, which was launched in 2018. The investment was led by George Potts, Director at NorthEdge; Kevin O’Loughlin, Investment Director; and Phil Frame, Director and Head of North West. Kevin O’Loughlin will join the Altia-ABM Board at completion, with Simon Hook joining as Chair, and Matt Duckhouse as Non-Executive Director.

Buyer/Investor: NorthEdge

Seller: -

Profile Target: Nottingham and Glasgow based Altia-ABM develops specialist investigation software for government departments and law enforcement agencies in the UK, Canada and Australia. The firm, which predominantly works with customers in the public sector, allows police forces and investigation teams to automate processes using technology, which reduces time and money spent on investigations and improves prosecution rates. Altia-ABM’s investigation solutions include digital casefile and business workflow management software, toolkits to analyse data in financial investigations as well as enterprise application software for covert operations.

Advisors: NorthEdge was advised by KPMG (corporate finance & financial due diligence), GRAPH (customer due diligence), Pinsent Masons (legal) and Crosslake (tech due diligence). Altia-ABM was advised by Aequitas (corporate finance) and Vialex (legal). Browne Jacobson advised Management.

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK BIMM

Deal-Date: Nov 2020

Region: UK

Sector: education

Business: creative arts education

Employees: - Turnover Mio. €: -

The Deal: Sovereign Capital Partners, the UK private equity Buy & Build specialist, announces the realisation of its investment in education provider BIMM, the largest and leading provider of creative arts education in Europe through a sale to funds managed by ICG plc, the global alternative asset manager. The exit follows a highly successful ten-year partnership with BIMM. When Sovereign first invested in BIMM the Group had 1,150 contemporary music students in colleges in Brighton and Bristol. Today, the Group has 12 colleges across Europe. These include London, Dublin, Birmingham, Manchester, Berlin and Hamburg, established through five strategic acquisitions and five new campus roll-outs and the Group now has over 8,200 students across the creative arts education areas of music, film and performing arts.

Buyer/Investor: ICG plc

Seller: Sovereign Capital Partners

Profile Target: BIMM is renowned for its expertise in the tuition of contemporary music and as part of its strategic diversification, BIMM moved into the broader creative arts education market to include film and performing arts. This was achieved through the acquisitions of the Institute for Contemporary Theatre, based in Brighton in 2017, Performers College in 2019, and recently the acquisition of the prestigious Northern Ballet School which also became the location for BIMM's Institute of Contemporary Theatre Manchester campus. The high quality and relevance of BIMM's specialist vocational education offering is reflected in the continued increase in student enrolments, its 83% graduate employment rate in Creative Arts, and being granted Taught Degree Awarding Powers in the UK, by Order of the Privy Council in March 2019 which further enhances the Group’s attraction to students. Well known alumni include Ella Mai, George Ezra, Mercy Sotire and James Bay and BIMM’s Patron is The Who’s, Roger Daltrey.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK Convex Group Limited

Deal-Date: Nov 2020

Region: UK

Sector: insurance

Business: specialty insurer and reinsurer

Employees: - Turnover Mio. €: -

The Deal: GIC and Onex Corporation led a consortium of existing and new co-investors in committing to invest $1 billion in Convex Group Limited. This capital raise is subject to customary regulatory approvals. This additional $1 billion in capital commitments brings Convex’s total committed capital raised to more than $2.7 billion. GIC is a leading global investment firm established in 1981 to manage Singapore’s foreign reserves. As a disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including equities, fixed income, private equity, real estate and infrastructure. GIC invests through funds and directly in companies, partnering with its fund managers and management teams to help world-class businesses achieve their objectives. GIC has investments in over 40 countries and has been investing in emerging markets for more than two decades. Headquartered in Singapore, GIC employs over 1,700 people across 10 offices in key financial cities worldwide.

Buyer/Investor: GIC, Onex Corporation

Seller: -

Profile Target: Convex is a specialty insurer and reinsurer focused on complex risks that launched with $1.7 billion of committed capital in April of 2019. Convex underwrites insurance and reinsurance across a diverse range of business lines including aerospace, casualty, energy, marine, property and other lines of business. The company is led by Stephen Catlin, Paul Brand and a team of well-respected insurance industry experts.

Advisors: Deloitte Corporate Finance acted as M&A advisor, Oliver Wyman acted as commercial and operational due diligence advisor and Sidley Austin LLP acted as legal counsel to GIC in this transaction.

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK Crowd DANN

Deal-Date: Nov 2020

Region: UK

Sector: consultancy

Business: cultural insights and strategy consultancy

Employees: - Turnover Mio. €: -

The Deal: STRAT7, a global customer analytics group, today announced that it has acquired Crowd DNA, a specialist cultural insights and strategy consultancy. The acquisition of this award-winning business will further strengthen STRAT7’s ability to accelerate customer-centric growth and transformation for global brands. STRAT7 is a portfolio company of Horizon Capital. Horizon Capital is a private equity investor specialising in technology and service businesses. The firm was established by senior investment professionals who identified a significant market opportunity to invest in businesses in these sectors of up to £50m in value. The partnership prides itself on its approach to helping business owners and managers realise their ambitions. Buy and build is at the heart of every Horizon Capital investment and the firm is a market leader in supporting companies pursuing this strategy. Horizon Capital has a proven track record in generating strong investor returns. The unprecedented growth it delivers in its portfolio companies has been underpinned by deep and long-term investor relationships that span across two decades.

Buyer/Investor: STRAT7 / Horizon Capital

Seller: -

Profile Target: Crowd DNA delivers culturally charged commercial advantage for its clients by understanding people, culture and trends across the world. The team uses this wider cultural context to provide strategic guidance for many of the largest forward-thinking global companies. Crowd DNA launched in London in 2008 and has since grown its footprint to Amsterdam, New York, Singapore and Sydney, supported by a global network of cultural insiders, including industry experts, academics, creators, influencers, trend scouts and journalists. Crowd DNA and STRAT7 have a long- standing relationship, having worked together on multiple global projects over several years. The combined proposition – expertise in cultural insights and trends, with strategies to deliver customer-centric transformation, founded on advanced data analytics, customer insight software and actionable insights - represent a compelling and unique offer in the marketplace.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK Datum360

Deal-Date: Nov 2020

Region: UK

Sector: software & it

Business: Engineering Information Management (EIM) software

Employees: - Turnover Mio. €: -

The Deal: BGF has completed a multi-million pound investment for a minority shareholding in a Teesside-headquartered Engineering Information Management (EIM) software company, Datum360, to accelerate growth and address significant market demand. BGF opened a Newcastle office in 2018 and has invested in a number of innovative fast- growing North East companies, such as Sunderland-based SaleCycle - a behavioural marketing technology company - and Alnwick-headquartered Arcinova, a life sciences business.

Buyer/Investor: BGF

Seller: -

Profile Target: Datum360’s software platform connects disparate systems, providing a trusted data backbone which manages the life cycle of critical engineering and asset management data for a range of blue-chip customers from the fields of energy, mining, utilities, road and rail infrastructure. The fast growth technology company was founded by CEO Steve Wilson, alongside CTO Dave Mitchell and CFO James Michael. The management team have a combined 50 years’ experience working within large engineering and design firms where they cultivated a deep understanding of data management in major capital projects. The pioneering North East company has offices in Australia and plans to open a US base in 2021. It has a global reach and is undertaking projects in North America, Europe, Asia and Australia. Datum360 counts organisations such as BP, Total and BHP among its customers. BGF’s investment will help to unlock its expansion and allow the business to build on the fast growth it has experienced to date.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK DefiniGEN

Deal-Date: Nov 2020

Region: UK

Sector: pharma/life sciences

Business: human cell products and services

Employees: - Turnover Mio. €: -

The Deal: DefiniGEN - a provider of human cell products and services - has closed a £3.25 million funding round to accelerate its next phase of growth. This includes £2 million from BGF, the UK’s most active investor, alongside its existing consortium of investors led by 24Haymarket. This funding will be used to boost DefiniGEN’s presence in the US, where the business has gained strong commercial traction. Investment will also be used to further expand DefiniGEN’s Cambridge facility and broaden its gene-editing capabilities.

Buyer/Investor: BGF

Seller: -

Profile Target: DefiniGEN is a spin-out from the University of Cambridge, creating highly predictive disease cell models for preclinical research and drug development. The process of bringing new drugs to market is arduous, expensive and blighted by a high failure rate. DefiniGEN’s models help the biopharma industry to respond to these challenges, enabling highly relevant information on potential new drug efficacy to be realised in an accelerated manner. The company’s unique technology platform achieves this using induced pluripotent stem cells (iPSCs), applying proprietary techniques to differentiate these into specific cell types and leveraging gene-editing tools to insert disease mutations. DefiniGEN has capabilities across a range of cell types, with particular expertise in the liver disease field. Liver disease is currently ranked as the fifth most common cause of death in the UK and is receiving mounting interest in pharma R&D.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK Dohop

Deal-Date: Nov 2020

Region: UK

Sector: travel

Business: travel technology

Employees: - Turnover Mio. €: -

The Deal: Scottish Equity Partners (SEP) has completed an investment in travel technology company Dohop to accelerate its plans to transform how airlines and other travel providers enable passengers to build complex itineraries as the global travel industry transforms in the wake of the Covid-19 pandemic. SEP’s investment will enable Dohop to ramp up its team in Reykjavik and internationally, and to expand its global sales and support capabilities at a time when airlines need new solutions to increase flight options as their networks and operations begin to recover from the worst disruption in the history of commercial aviation. Dohop’s technology enables airlines to offer their passengers the maximum choice of routes, while maintaining the airline’s direct relationship with the passenger throughout their journey. Funding will also allow Dohop to develop its intermodal solutions, enabling airlines to cross-sell train tickets alongside flights, resulting in increased choice, convenience, cost savings and environmental benefits for travellers.

Buyer/Investor: Scottish Equity Partners (SEP)

Seller: -

Profile Target: Dohop’s virtual interlining technology allows airlines to seamlessly connect with each other, and with other travel providers, without relying on legacy booking systems and complex and inflexible interline agreements. Travellers can then create an itinerary composed of flight segments from multiple airlines. This has cost and convenience benefits over flight availability from individual airlines, airline alliances and online travel agencies. Unlike conventional interline solutions, Dohop can easily combine flights from low-cost carriers, full-service carriers and hybrid airlines into a single itinerary, expanding passengers’ choices on how, when and at what price they wish to travel. The Dohop platform supports IATA’s New Distribution Capability (NDC) standard, which enables improved distribution of airline tickets and ancillaries. Dohop also offers a protected connection (Dohop Connect) which assists passengers with re-booking, accommodation and other travel services in the event of a missed connection, schedule change or cancelled flight. The combination of revolutionary virtual interlining technology and first-rate passenger services has enabled Dohop to establish itself as the technology partner of choice for 35 airlines and airports across five continents including Avianca, easyJet, Eurowings, Gatwick Airport, Jetstar, Transavia and Volotea.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK Envisage Dental

Deal-Date: Nov 2020

Region: UK

Sector: healthcare

Business: dental group operating private pay clinics

Employees: - Turnover Mio. €: -

The Deal: Kartesia, the European specialist provider of capital solutions for small and mid-sized companies, is pleased to announce debt funding to Envisage Dental, a UK dental group operating private pay clinics across the country. Kartesia has provided £32m of Committed Facilities to the Company from its KSO I fund, the third tranasaction for its senior debt strategy in the UK since Nick Holman joined as a Director in February this year. This financing also represents Kartesia’s third in the dental health sector, following previous investments in Vitaldent in Spain (September 2018) and Efficentres in France (December 2019), meaning the deal team brings significant existing sector expertise.

Buyer/Investor: Kartesia

Seller: -

Profile Target: Founded in 2014 by husband and wife team Dr Sandy Dau (Clinical Director and Dentist) and Harry Gill (CEO), the Company focuses on private pay denistry with high clinical quality care and customer service at the heart of its proposition. The proceeds of Kartesia’s debt investment will be used to support the Company’s buy and build strategy.

Advisors: The deal team at Kartesia comprised Jaime Prieto, Nick Holman and Karan Patole.

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK Fine Sounds

Deal-Date: Nov 2020

Region: UK

Sector: electronics

Business: high-end audio equipment

Employees: - Turnover Mio. €: -

The Deal: Kartesia is pleased to announce a follow-on investment in the leading designer of audio equipment Fine Sounds, renewing its support in the Company in a new phase of growth. Following its original investment in 2017, Kartesia has worked with main shareholder LBO France and management to provide a Unitranche financing of over $50m. This allows Fine Sounds to repay the original Kartesia Credit Opportunities financing and to capitalise on its historical market leading position through its legacy brands McIntosh and Sonus Faber. As communicated to the market, the recently launched Kartesia Senior Opportunities investment strategy looks to provide senior financing solutions to small and medium-sized companies with strong credit profiles, a profile that Fine Sounds matches.

Buyer/Investor: Kartesia, LBO France

Seller:

Profile Target: Acquired in 2014 by LBO France, Fine Sounds is a leading international designer, manufacturer and marketer of high- end audio equipment, distributed under two main brands: McIntosh Labs and Sonus Faber. The investment from Kartesia will further strengthen the Company’s capital resources while also enabling additional growth in the car audio market where the Company has recently developed strong partnerships with major US and European OEMs.

Advisors:

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK Force24

Deal-Date: Nov 2020

Region: UK

Sector: advertising/marketing

Business: cloud-based marketing automation platform

Employees: - Turnover Mio. €: £3.5m

The Deal: YFM Equity Partners (YFM) has boosted its growing portfolio of high-growth technology businesses with an investment into award-winning marketing automation platform, Force24. Led by the founders, managing director Adam Oldfield and commercial director Nick Washbourne, Force24 has grown to a 54-strong team with its headquarters in Leeds. YFM has a national portfolio of software and tech businesses, including data transformation software company Matillion in Manchester; Springboard in Milton Keynes which provides footfall data to the retail industry; and global e-learning platform Elucidat, based in Brighton.

Buyer/Investor: YFM Equity Partners

Seller: -

Profile Target: Force24 is a cloud-based marketing automation platform that allows an in-house marketing manager to deliver personalised marketing campaigns with Customer Relationship Management (CRM) integration. The platform is already trusted by a number of household brands including Michelin, Tarmac and BBC Children in Need, to deliver over 900 million marketing emails so far this year, and the business saw turnover leap by 40% from 2018 to 2019, with revenues expected to reach over £3.5m this year despite the economic impact of the global pandemic.

Advisors: The YFM team comprised Mike Clarke, Ian Waterfield and Aaron Lowery. Jim Whittaker, Rob Umpleby and Jonny Haygarth at Grant Thornton in Leeds ran the investment process for management at Force24 and Jonathan Simms and Sarah Harrison of law firm Clarion advised management. James Foster and Sophie Davies of Shoosmiths provided legal support for YFM - Martin Athey of BHP led financial due diligence - James Bagan of Sales Forensics provided sales due diligence - Anna Cornwallis of Stratton HR provided Management due diligence and Phil Snell of James Cowper Kreston provided tax advice.

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK Giacom

Deal-Date: Nov 2020

Region: UK

Sector: software & it

Business: cloud services marketplace

Employees: - Turnover Mio. €: -

The Deal: Livingbridge has agreed the sale of Giacom, a specialist cloud services marketplace which provides cloud services to SMEs via the Information Technology Consultants (ITCs) community. The investment was originally made from the Livingbridge 6 fund. The business has been acquired by Digital Wholesale Solutions. The deal also marks an exit for minority shareholder, LDC which has been invested in Giacom since 2016. Livingbridge first invested in Giacom in 2017, having identified the potential to capitalise on SMEs’ increasing adoption of cloud software, and their need for ITCs to help them navigate the ever-complex digital landscape. Since then, Giacom has become the UK’s largest independent cloud portal, with a highly specialised and large-scale distribution platform. Its cloud platform now services over 70,000 end-user SMEs and over 1 million individual licenses, via its 3,400 ITC clients. Giacom has also seen significant revenue growth over the last four financial periods, growing at a CAGR of 52.1% - primarily driven by the industry shift towards cloud-based solutions.

Buyer/Investor: Digital Wholesale Solutions

Seller: Livingbridge, LDC

Profile Target: Founded in Hull, UK in 1999 as an internet service provider, Giacom now offers a one-stop platform for all the cloud software, infrastructure and IT support services that an ITC might require to transition an SME client into a public or private cloud environment, and then manage them on an ongoing basis. Giacom’s exceptional growth has continued throughout the COVID-19 pandemic, since March, the business has grown both its revenue and SME base, and has continued to win new ITCs in line with previous months. The company has also committed to closing the digital divide and increased its provision of Microsoft 365 licenses to schools across the UK during the crisis by over 50,000, alleviating the strain on the country’s education system. Led by CEO Mike Wardell, and supported by a highly experienced management team, Giacom has created a collaborative workplace culture that has been recognised through numerous awards, cementing its reputation within the industry. Since Livingbridge’s acquisition, Giacom topped the list of Insider’s Fastest Growing Businesses in Yorkshire, 2020, was a finalist in the Amazon Growing Business Awards, was named ‘One to Watch’ in the European Business Awards, and has featured in the Sunday Times Tech Track 100 league table for the fourth consecutive year, to name a few.

Advisors: The principal advisors on this exit for Livingbridge included Alantra (Corporate Finance - James Chapman-Andrews, Oliver Norman, Jamie Dickson and Milan Vashi), Pinsent Masons (Legal), PwC (Commercial due diligence) and KPMG (Financial due diligence).

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK Griffin

Deal-Date: Nov 2020

Region: UK

Sector: financial

Business: API-first bank

Employees: - Turnover Mio. €: -

The Deal: London-based Banking as a Service provider Griffin announces a £6.5m round led by EQT Ventures. This new round follows the company's previous £3m seed round announced earlier this year. Other participants in the round include Seedcamp, Tribe Capital, Paul Forster (co-founder Indeed.com), Matt Robinson (co-founder Go-Cardless/Nested), and Carlos Gonzalez-Cadenas (Partner at Index Ventures, former COO GoCardless).

Buyer/Investor: EQT Ventures, Seedcamp, Tribe Capital

Seller: -

Profile Target: Griffin is building an API-first bank that will dramatically lower the barrier to entry when it comes to launching new financial products and services. The company will use the investment to further product development, hire more people and continue the bank authorisation process with the PRA and FCA. Griffin was founded in 2017 by David Jarvis (CEO) and Allen Rohner (CTO). Both founders have more than a decade of experience working in infrastructure technology companies in Silicon Valley. Prior to founding Griffin, Jarvis was an early engineer at API banking startup Standard Treasury. Rohner is a co-founder of developer tools company CircleCI and has worked with Funding Circle on its ledger technology. Both Jarvis and Rohner have firsthand insight into the obstacles that face companies seeking to launch new financial products and services. Griffin aims to become the banking partner of choice for both new fintech players and established brands seeking to innovate. Its proprietary API platform will let firms open ringfenced accounts for customer funds while its integrated compliance engine and ledger will greatly reduce recordkeeping and reconciliation burdens.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK Harbr

Deal-Date: Nov 2020

Region: UK

Sector: big data

Business: enterprise data exchange company

Employees: - Turnover Mio. €: -

The Deal: Harbr, the enterprise data exchange company, announced a $38.5M Series A investment round co-led by new investors Dawn Capital and Tiger Global Management. Previous investors Mike Chalfen, Boldstart Ventures, Crane Venture Partners, Backed and Seedcamp also participated, as did UiPath founder and CEO, Daniel Dines, and head of strategy, Brandon Deer. This new funding increases Harbr’s total investment to date to more than $50M. Amid the accelerated pace of digital transformation spurred by the effects of COVID-19, Harbr has experienced a rapid increase in demand for its enterprise data exchange platform. This mirrors the growth predicted by Gartner, who expect enterprise adoption of data exchanges to increase by 40% from 2020 to 2022. Dawn is Europe’s leading specialist B2B software investor, with assets under management of $1bn. The firm partners with innovative companies that, through exceptional teams, products, and business models can become category-defining, global titans. Dawn is an early-stage investor, backing companies at Series A and B, and continuing to fund the best- performing from growth rounds through to exit. Its roster of investments includes Mimecast (now NASDAQ-listed with a c.$3.0bn market cap), iZettle (sold to PayPal for $2.2bn cash), Collibra, Showpad, Dataiku, Templafy, Quantexa, and Tink, amongst others. Read more at dawncapital.com and follow us on Twitter and LinkedIn.

Buyer/Investor: Dawn Capital, Tiger Global Management, Boldstart Ventures, Crane Venture Partners, Seedcamp

Seller: -

Profile Target: Harbr empowers organizations to unlock more value from data and to accelerate data-driven outcomes with enterprise data exchanges. The Harbr platform converts data assets into self-service data products that are easy to find, use, customize and manage. The platform provides granular control of sharing and collaborating on data products internally and externally. Harbr delivers the blend of simplicity and control that enterprises demand, while enabling them to generate new insights, improve decision making and create business advantage from data. Harbr is headquartered in London and backed by Dawn Capital, Tiger Global Management, Mike Chalfen, Boldstart, Crane Venture Partners, Backed, Seedcamp and others. Harbr will use this new investment to scale its team so it can onboard new enterprise customers at an accelerated rate. After doubling in size in 2020, the company plans to triple its number of employees in 2021. Customer growth, sales and marketing will be centered in the US, while the UK remains the hub for engineering and R&D investment.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK ISI Emerging Markets Group Ltd

Deal-Date: Nov 2020

Region: UK

Sector: financial

Business: macroeconomic, business and industry intelligence on global emerging markets

Employees: - Turnover Mio. €: -

The Deal: Montagu Private Equity, a leading European private equity firm, announces that it has agreed to acquire ISI Emerging Markets Group Ltd, the number one provider of macroeconomic, business and industry intelligence on global emerging markets, from CITIC Capital and Caixin Global. Completion of the sale is expected next month, subject to customary closing requirements.

Buyer/Investor: Montagu Private Equity

Seller: CITIC Capital, Caixin Global

Profile Target: ISI is renowned globally as the leading provider of data, analysis and research for the world's fastest growing and highest potential countries. It aggregates unstructured, hard-to-obtain information from local and international sources, and validates and curates it into standardised, methodologically consistent and editable content. The products are trusted tools used by a large and diversified customer base made up of blue-chip financial institutions, multinationals, consultants, and researchers worldwide and are available in over 15 languages. ISI operates a subscription model, providing customers with business-critical emerging markets research, leveraging real-time macroeconomic, business and industry intelligence across multiple use cases.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK JM Glendinning Group Limited

Deal-Date: Nov 2020

Region: UK

Sector: insurance

Business: commercial lines brokers

Employees: - Turnover Mio. €: -

The Deal: Growth investor Synova Capital is delighted to announce the buy-out of JM Glendinning Group Limited, a specialist broker operating within the commercial lines insurance market, alongside incumbent CEO, Nick Houghton. As part of the transaction former Stackhouse Poland CEO, Tim Johnson, has joined the Board of JMG as Executive Chairman, while Stackhouse Poland founder, Jeremy Cary, has joined as a Board Advisor. Synova will provide funding and work in partnership with the team to support their ambitious plans, built upon supplementing the strong organic growth with a series of complementary strategic acquisitions to grow the business four-fold over the next five years.

Buyer/Investor: Synova Capital

Seller: -

Profile Target: Established in 1972 by John and Joan Glendinning, and now operating from six offices across the UK, the family appointed Nick Houghton in 2013 to deliver the next chapter of growth. JMG has built its reputation as one of the UK’s leading commercial lines brokers through its high-quality team. Today JMG places c. £45m of premium annually and offers a broad product capability to a well-diversified client base, supported by blue-chip insurers. The Company has benefited from market-leading organic growth of 19% CAGR since 2013, driven by the addition of new offices, new business lines, and the recruitment of experienced executives, typically from larger corporates.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK Lights4Fun

Deal-Date: Nov 2020

Region: UK

Sector: e-commerce

Business: e-commerce retailer (lighting products)

Employees: 40 Turnover Mio. €: £20m

The Deal: NorthEdge invests in e-commerce retailer Lights4fun. NorthEdge have supported the management buyout of Lights4fun, one of Europe’s leading e-commerce retailers of decorative lighting, to further expand the business’ existing market presence internationally. The majority investment from NorthEdge backs Lights4fun’s high quality management team, led by Managing Director Kieran Eblett who joined the business in 2018. The deal will see NorthEdge working with Kieran and the Lights4fun team to further expand the business’ growing product range, accelerate market share growth in the UK, enhance the company’s established international presence in Germany and the US and invest in its marketing and data analytics capability to create long-term, sustainable customer relationships – all whilst keeping its great culture, values and people at the heart of the plan. The investment was funded from our £315m Fund II and was led out of the Leeds office by James Marshall alongside Andy Ball, Tom Rowley and Mani Minhas. James Marshall and Andy Ball will join the board.

Buyer/Investor: NorthEdge Capital

Seller: -

Profile Target: The direct-to-consumer Harrogate-headquartered business has been operating since 2003 and sells more than 700 decorative lighting products online, which include indoor and outdoor fairy lights, festoon lights, and seasonal lighting. The business now employs more than 40 people and generates revenues in excess of £20m. With a highly efficient supply chain and logistics capability, Lights4fun sells its products online internationally across the UK, France, Spain, Italy, Germany and the US into a market worth some £3 billion annually.

Advisors: NorthEdge’s advisors included EY (Mark Clephan) who provided corporate finance advice, Addleshaw Goddard (Rich Hunt, Carly Gulliver, Ben Collins, Caera Loughran, Shannon Hardcastle (Corporate) and Andy Fordham and Jen Hanson (Banking)) who provided legal advice and Dow Schofield Watts Transaction Services (Jonathan Steed) who provided financial due diligence. Clydesdale Yorkshire Bank provided debt facilities to support the deal and was advised by Squire Patton Boggs. The Shareholders and Management team of Lights4fun were advised by Andrew Barlow and John O’Gara of Sentio Partners (corporate finance), Nasim Sharf of Wilkin Chapman (legal) and James Fraser of Mazars (tax).

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK M Squared

Deal-Date: Nov 2020

Region: UK

Sector: photonics

Business: photonics and quantum technology developer

Employees: - Turnover Mio. €: -

The Deal: M Squared, the photonics and quantum technology developer, announces a significant new financing of £32.5m as it expands its backers to support its growth and technology developments. Santander UK will be providing a £20m debt facility, allowing M Squared’s founders and management team, led by Dr Graeme Malcolm OBE, to fund the acquisition of the substantial part of BGF’s current shareholding along with fuelling the next stage in business and technological growth. The newly formed Scottish National Investment Bank will also support M Squared with £12.5m of growth capital. BGF will realise the majority of its existing shareholding in M Squared, but will continue to retain a meaningful stake going forward having first invested in the business in 2012 as a long-term partner. M Squared’s strategic stakeholders including Scottish Enterprise, the University of Strathclyde and the University of St Andrews were highly supportive of this new funding development which represents one of Scotland’s most ambitious funding projects this year and will further help Glasgow gain recognition as a global location for quantum and many other advanced technologies.

Buyer/Investor: Santander UK, Scottish National Investment Bank

Seller: BGF

Profile Target: M Squared’s innovations are addressing global scientific and technology challenges in fields as diverse as climate change, healthcare, quantum computing and virtual reality. Therefore, M Squared’s activities will make a contribution to all three of the Scottish National Investment Bank’s proposed core missions to support Scotland’s transition to net zero, build communities and promote equality, and harness innovation to enable our people to flourish. Earlier this year, M Squared announced it is leading the UK’s largest industry-led commercial quantum computing project as part of an Innovate UK Challenge fund, DISCOVERY. M Squared has also leveraged investment as part of the project Square - meaning that total investment has reached £50m in the year to date despite the Covid-19 pandemic. M Squared is now at the forefront of UK efforts to commercialise revolutionary quantum technology - considered a major component of central government’s commitment to research and development and its future industrial strategy. This transaction provides the financial strength and independence for the business to play a significant role in the next stage of this technology’s commercialisation.

Advisors: Advisors to the transaction: For M Squared - CMS (Legal and Legal Due Diligence), EY (Corporate Finance & Financial and Tax Due Diligence), Deloitte (Tax), Roland Berger (Commercial Due Diligence), Lincoln IP (IP Due Diligence) and Smith Anderson (US Legal) - For Santander UK - Burness Paul (Legal) and Maguire Woods (US Legal) - For the Scottish National Investment Bank - MacRoberts (Legal), Deloitte (Corporate Finance) - For BGF - Addleshaws (Legal)

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK Mango Solutions

Deal-Date: Nov 2020

Region: UK

Sector: consulting

Business: data science consulting firms

Employees: 65 Turnover Mio. €: £5M

The Deal: Horizon Capital announces that its portfolio company Ascent, a UK software strategy and development firm, has acquired Mango Solutions, one of the UK’s largest data science consulting firms. Although financial terms of the deal were not disclosed, the acquisition is expected to add 65 employees and approximately £5M in annual revenues to Ascent. Prior to the acquisition both companies were close business partners and the combined business will employ more than 340 people. Ascent had previously invested £30m less than 12 months ago, which was used for earlier acquisitions. CEO Stewart Smythe confirmed he has access to significant additional funding as required to deliver the Ascent plan. Founded in 2005, Ascent is a European software strategy and development company headquartered in the UK with technology hubs in Malta and Bulgaria. Ascent employs over 275 experts across 14 countries, specialising in software product development, business intelligence, advanced analytics, data science and IoT (Internet of Things) solutions for customers. Ascent helps more than 100 mid-market and enterprise businesses in the UK and Europe connect data, software and purpose to deliver commercial success. Ascent’s key customers include brand leaders in smart home devices, automotive, manufacturing, financial services, ecology, logistics, eGov, health, and food and drink. Horizon Capital is a private equity investor specialising in technology and business services. The firm was established by senior investment professionals who identified a significant market opportunity to invest in businesses in these sectors valued up to £50m. The partnership prides itself on its approach to helping business owners and managers realise their ambitions. Buy and build is at the heart of every Horizon Capital investment and the firm is a market leader in supporting companies pursuing this strategy. Horizon Capital has a proven track record in generating premium returns on investments. The unprecedented growth it delivers in its portfolio companies has been underpinned by deep and long-term investor relationships that span across two decades.

Buyer/Investor: Ascent / Horizon Capital

Seller: -

Profile Target: Mango Solutions use data science to solve real-world business challenges. For more than 17 years, Mango Solutions has enabled leading businesses to revolutionise their data science capabilities, boost productivity and maximise profit margins. The culture of curiosity, continuous learning and embracing challenges provides the perfect environment to nurture and inspire each generation of data scientists and data engineers to keep pushing the boundaries of data-driven transformation.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK Miller Insurance Holdings Ltd

Deal-Date: Nov 2020

Region: UK

Sector: financial

Business: insurance and (re)insurance broker

Employees: 640 Turnover Mio. €: -

The Deal: Cinven, the international private equity firm, and GIC, Singapore’s sovereign wealth fund, announce that they have reached an agreement to acquire leading specialist insurance and (re)insurance broker, Miller, from its partners and corporate member, Willis Towers Watson (WTW). Financial details of the transaction are not disclosed. Cinven Funds’ previous investments in the European insurance sector include Guardian Financial Services in the UK, Eurovita in Italy, and Viridium in Germany. Other UK-headquartered financial services investments by the Cinven Funds include Partnership Assurance, NewDay and Premium Credit. GIC has invested in companies such as Rothesay and RAC in the UK, Mass Mutual Asia in Hong Kong, and China Pacific Insurance group in China. The Miller transaction represents the first investment from Cinven’s new financial services sector-focused strategy, which will be looking at similar long-term opportunities across Europe. The transaction is expected to complete in Q1 2021 and is subject to regulatory approval.

Buyer/Investor: Cinven, GIC

Seller: Willis Towers Watson

Profile Target: Founded in 1902, Miller is a leading specialist insurance and (re)insurance broker operating in the UK, Lloyd’s and internationally. It employs more than 640 people through its offices in London, Ipswich, Brussels, Paris, Singapore and Geneva, covering the world’s major insurance hubs. Miller operates across a number of specialist areas, including marine, energy, credit and political risks, delegated authorities, professional risks, property, casualty, sports and entertainment and (re)insurance. Headquartered in London, it places c. £2 billion worth of premiums annually.

Advisors: Cinven and GIC advisors included: Barclays (M&A) - Clifford Chance (Legal) - Bain (Commercial) - PwC (Financial, Operations, IT) - Deloitte (Tax, Structuring) - Marsh (Insurance) and FTI Consulting (Communications). Advisors to the sellers included: Goldman Sachs International (Financial Advisor to WTW) - Herbert Smith Freehills LLP and Addleshaw Goddard LLP (Legal) and Jamieson Corporate Finance LLP (Financial Advisor to Miller’s Partners).

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK NBS

Deal-Date: Nov 2020

Region: UK

Sector: construction

Business: technology, content and data services to professionals in the architectural, engineering and construction industries

Employees: - Turnover Mio. €: -

The Deal: Leading mid-market private equity firm LDC and the Royal Institute of British Architects (RIBA), have agreed the sale of NBS to Byggfakta Group, a leading data and software provider to the European construction industry headquartered in Sweden and backed by private equity firms Stirling Square Capital Partners and TA Associates. Financial details of the transaction are undisclosed. LDC and the RIBA partnered to support the growth of NBS in June 2018, with LDC investing £31.8m to help drive NBS’s future product development and international expansion plans. The sale follows a period of significant revenue and EBITDA growth for NBS. The completion of the transaction is subject to the customary regulatory approvals. NBS marks Byggfakta Group’s first expansion to the UK and follows the recent acquisitions of Vortal in Portugal and Olmero in Switzerland. The acquisition of NBS will enable Byggfakta Group to broaden its scope both geographically and functionally, and to strengthen its position as a leading data and technology provider to the European construction industry, spanning project information, product information, specification, e-tendering, and e-billing.

Buyer/Investor: Byggfakta Group / Stirling Square Capital Partners, TA Associates

Seller: LDC, Royal Institute of British Architects (RIBA)

Profile Target: Headquartered in Newcastle UK, NBS is a global leading technology platform that combines the best content and connectivity for anyone involved in the design, supply and construction of the built environment. LDC helped the management team to drive an organic and acquisitive growth strategy that saw international revenues increase considerably. NBS established permanent bases in both Canada and Australia, and completed the acquisitions of SCL Schumann and EzySpec in Australia to create Australia’s most comprehensive platform for building product information and architectural specifications, supported by consulting services. The firm also invested significantly in its product suite during the partnership, transitioning legacy on-premise products into two flagship cloud-based software-as-a-service (SaaS) solutions, NBS Chorus and NBS Source. Both products help bring construction specifiers and manufacturers together, improving the quality of decision making and driving product specification.

Advisors: The transaction was led, on behalf of LDC, by Chief Executive Martin Draper and Head of Yorkshire Dan Smith. The shareholders of NBS were advised by BofA Securities and Addleshaw Goddard. Byggfakta Group was advised by Goodwin Procter.

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK Nurse Plus

Deal-Date: Nov 2020

Region: UK

Sector: healthcare

Business: provider of nursing and care personnel

Employees: - Turnover Mio. €: -

The Deal: CVC Credit Partners is pleased to announce that it has provided a £37.5 million first lien credit facility to Nurse Plus, the healthcare services business backed by Sovereign Capital Partners. The new funding has been fully underwritten by CVC Credit and will be used to refinance the company's existing debt facility and to support the business's ongoing growth strategy.

Buyer/Investor: CVC Credit Partners

Seller: -

Profile Target: Founded in 2005, Nurse Plus is a provider of nursing and care personnel to both the UK's health and social care sectors. The business is the second largest provider in the industry with 50+ branches, from which it recruits, develops and manages an extensive and loyal database of more than 2,500 highly trained healthcare workers, who provide over 60,000 hours of care a week to its blue chip client base.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK Optegra

Deal-Date: Nov 2020

Region: UK

Sector: healthcare

Business: eye hospitals

Employees: - Turnover Mio. €: -

The Deal: H2 Equity Partners is pleased to announce it has exchanged contracts to acquire Optegra International Limited. Completion of the acquisition will occur following satisfaction of certain regulatory conditions and is expected to take place early in 2021. Following H2’s investment, management, led by CEO Dr Peter Byloos, will work closely with H2 to deliver Optegra’s ambitious growth strategy and ensure it continues to provide excellent care and service to its patients.

Buyer/Investor: H2 Equity Partners

Seller: -

Profile Target: Optegra is a leading pan-European ophthalmology group with 23 eye hospitals across the United Kingdom, Czech Republic and Poland. Optegra provides a range of critical eye-care services including cataract surgeries and AMD as well as leading innovative vision correction procedures. The business provides leading eye-care to publicly funded national healthcare systems such as the NHS as well as to self-pay patients. The group holds top-3 market positions in each of the countries in which it operates. Optegra has an exceptional management team, leading surgeons and clinical teams, and well invested facilities with ample capacity to support future growth.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK Paddle

Deal-Date: Nov 2020

Region: UK

Sector: software & it

Business: Revenue Delivery Platform

Employees: 140 Turnover Mio. €: -

The Deal: Paddle, the Revenue Delivery Platform for B2B Software-as-a-Service (SaaS) companies, announces it has raised $68 million (£52 million) in Series C funding. The most recent investment was led by FTV Capital, a sector-focused growth equity investor in innovative companies in enterprise technology and services, financial services, payments and transaction processing, with participation from Kindred Capital, Notion Capital and 83North. This brings the total investment raised to date by Paddle to $93 million (£72 million). The funding will be used for continued expansion in the US and globally, as well as further investments in the company’s product, engineering, sales and marketing teams.

Buyer/Investor: FTV Capital, Kindred Capital, Notion Capital, 83North

Seller: -

Profile Target: Paddle was founded in 2012 by British co-founders Christian Owens and Harrison Rose, with a vision of providing a complete solution to help software companies sell their products. The Paddle team has grown to 140 employees, and Paddle’s Revenue Delivery Platform today serves over 2,000 software companies in 245 countries and territories globally, empowering them to respond to every growth opportunity across customer acquisition, renewals and expansion. Powerful market forces are reshaping the software industry, particularly the SaaS market, which is predicted to be worth over $105 billion in 2020. Many SaaS companies have seen demand surge during the Covid-19 pandemic as businesses and consumers became increasingly reliant on digital products and services. In fact, Paddle has seen sales by existing sellers accelerate during the pandemic, with particularly strong demand for software that supports distributed teams and collaboration, from VPNs to video calling. Paddle’s Revenue Delivery Platform makes it easy for SaaS companies to respond faster and more precisely to every growth opportunity for their business. A single unified platform, Paddle integrates checkout, payment, subscription management, and financial compliance; meaning sellers on the platform can activate new business models instantly, enter new markets with ease, turn on new offerings with one-click, and enable friction-free renewals. This modern approach to revenue delivery empowers CEOs to make informed business decisions quickly and confidently, and frees up teams to focus on the core business rather than operational headaches. Ultimately, using Paddle enables businesses to optimise NDR and deliver business impact that outperforms expectations. Paddle has seen incredible demand to date, recording an average annual revenue growth of over 175% over the last four years and doubling in the last year alone.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK Panther Logistics

Deal-Date: Nov 2020

Region: UK

Sector: transportation and logistics

Business: two-man home delivery

Employees: - Turnover Mio. €: £60million

The Deal: Leading mid-market private equity firm LDC has announced the successful exit of Panther Logistics to US-based AIT Worldwide Logistics (AIT). Financial details are undisclosed. LDC’s Midlands team originally invested in 2016 as part of a £17million management buyout, backing Chief Executive Colin McCarthy and his leadership team. The investment enabled the business to expand rapidly over the next four years with new services, locations and customers, whilst investing significantly in its technology platform, workforce and operations. LDC also helped strengthen the firm’s board and management team with the appointments of retail veteran Greg Ball as a non- executive chairman as well as Tony Nicholas as CFO and Gary McKelvey as COO. During this time, the business created over 300 new jobs, doubled sales to more than £60million and tripled profits. Chicago-based AIT is a global transportation management leader, operating from more than 75 locations in Asia, Europe and North America. AIT delivers tailored supply chain solutions for sea, air and ground freight with expertise in almost every industry sector. AIT’s financial partner is Quad-C Management, Inc., a leading middle-market private equity firm in the U.S. The acquisition of Panther will enable AIT to expand its presence in the UK, with Panther’s current management team remaining in the enlarged group to support its continued development.

Buyer/Investor: AIT Worldwide Logistics

Seller: LDC

Profile Target: Northampton-based Panther Logistics is the UK’s largest independent two-man home delivery firm. Specialising in the retail and ecommerce sectors, its customers include Wayfair, Silentnight, Dunelm, Maze, Decathlon and Habitat.

Advisors: The shareholders were advised by Arrowpoint Advisory and Eversheds Sutherland.

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK RevLifter

Deal-Date: Nov 2020

Region: UK

Sector: e-commerce

Business: e-commerce deals personalization platform

Employees: - Turnover Mio. €: -

The Deal: RevLifter has raised a £3.3 million ($4.4 million) Series A round led by a syndicate of new investors who believe its sophisticated e-commerce deals personalization platform - already used by the likes of Harvey Nichols, Very and Currys PC World - is ready to scale its offering globally. RevLifter’s latest funding round is led by Gresham House Ventures and Maven Capital Partners, both of whom believe COVID-19 has catapulted the role of greater personalization for all sectors operating online, particularly retail.

Buyer/Investor: Gresham House Ventures, Maven Capital Partners

Seller: -

Profile Target: RevLifter is on track to almost treble its YoY revenue in 2020, after continuing to serve new and existing customers with an unrivaled depth of personalization across customer deals and promotions. Clients including retailers Harvey Nichols, Very, HP, Currys PC World and The Hut Group, along with telecoms providers AT&T, BT Broadband and EE, use RevLifter to eradicate the wastage associated with blanket promotions and instead offer real-time, hyper- personalized deals that drive up basket value and encourage higher spend per customer. RevLifter is positioning itself to take advantage of a rapid acceleration in the shift to online as a result of the COVID-19 pandemic. According to Validify, the independent platform helping consumer brands to source, evaluate and manage the procurement of technology solutions into their businesses, RevLifter’s addressable market has increased in size by 50% in the past six months. The global e-commerce market is now worth approximately $3 trillion having experienced steady YoY growth of 15–20% in the last decade. But, at the height of the pandemic, online’s share of revenue jumped to 60% and remains at 40% even after stores reopened. According to new data from IBM’s U.S. Retail Index, the pandemic has accelerated the shift away from physical stores to digital shopping by roughly five years.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK Ross Trustees

Deal-Date: Nov 2020

Region: UK

Sector: financial

Business: trustee and pensions support services business

Employees: 45 Turnover Mio. €: £8million

The Deal: Ross Trustees, the independent professional trustee and pensions support services business, has secured investment from LDC, the leading mid-market private equity investor. The investment provides a financial platform for the company’s future growth. Financial details of the investment are undisclosed. The management buyout was led by the existing management team - CEO Nigel Moore, COO Susan Andrews and CBDO Andrew Bradshaw. Nigel, Susan and Andrew are experienced professional trustees and fully accredited members of the Association of Professional Pension Trustees. The investment from LDC will support the management team to develop the company’s service offering for clients and expand its workforce. LDC’s investment was led by Investment Directors Phil Hinson and Matt Newbold, LDC Head of Midlands Richard Whitwell and Investment Manager Josh Wachman. Phil and Richard will join the board as Non-Executive Directors. LDC is committed to backing the ambition of management teams through the economic cycle. In 2020, the private equity house has already completed more than 30 new investments and portfolio company acquisitions across the UK. Banking facilities were provided by HSBC.

Buyer/Investor: LDC

Seller: -

Profile Target: Ross Trustees was founded in 2010 by Steven Ross and provides professional trustee and pensions support services, as well as pensions manager and secretariat services through its Ross Corporate Services division. Ross Trustees has since grown to support more than 100 pension schemes, with asset values from £1million to £6billion. The business employs a team of 45 professionals, with pensions expertise from legal, actuarial, consultancy, investment, project management, administrative and business backgrounds. For the financial year that ended March 2020, Ross Trustees recorded revenues in excess of £8million.

Advisors: LDC was advised by KPMG (corporate finance and tax), BDO (financial due diligence), Armstrong (commercial due diligence), Gateley (legal) and AON (insurance). Ross Trustees was advised by Cooper Parry (corporate finance) and DWF (legal).

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK SAZKA Group a.s.

Deal-Date: Nov 2020

Region: UK

Sector: others

Business: private lottery operators

Employees: - Turnover Mio. €: -

The Deal: KKCG AG and SAZKA Group a.s. announced that funds managed by affiliates of Apollo Global Management, Inc., one of the world’s leading investors in gaming and largest alternative investment managers, have agreed to invest €500 million in the Company in coordination with Karel Komárek’s KKCG Group. The investment will be effected through an investment into SAZKA Entertainment AG, a newly- established 100% wholly-owned subsidiary of KKCG, which upon closing of the investment, will be the 100% owner of SAZKA Group. The majority of Apollo Funds’ €500 million investment will be used to capitalise on acquisition and growth opportunities in Europe and North America, with a focus on lotteries. The transaction implies an equity valuation of €4.2 billion (approximately CZK 111 billion) for SAZKA Entertainment. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to be completed in 2021.

Buyer/Investor: Apollo Global Management, Inc. / KKCG Group

Seller:

Profile Target: SAZKA Group is primarily focused on national lottery games, instant lotteries and online lotteries and has a secondary focus on digital gaming and sports betting. The company is owned by international investment group KKCG. As one of the European lottery leaders, SAZKA Group is also respected on the world lottery market for its iconic and trusted brands and unrivalled distribution networks. Through our 63,000 points of sale and digital platforms, we serve an addressable market of over 79 million adults, bringing in annual sales of over €17bn. SAZKA Group, together with its parent company KKCG, are strongly committed to social responsibility, responsible gaming and employer responsibilities. We act according to the precise rules, regulations and laws while taking proactive steps to securing player protection. We seek to make gaming and betting safer for everyone and to lead by example across the whole world lottery market. To that end, our responsible gaming strategy focuses on three key pillars: create a safe environment for our players, protect minors and other vulnerable groups and educate the general public. All of our operators are members of the World Lottery Association and the European Lottery Association.

Advisors: J.P. Morgan acted as financial advisor to SAZKA Group and Clifford Chance LLP, Prague and London offices, acted as legal advisors to SAZKA Group on this transaction.

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK Serac / Xperi

Deal-Date: Nov 2020

Region: UK

Sector: software & it

Business: ERP software / SAP Solutions

Employees: - Turnover Mio. €: -

The Deal: SAP-partners Serac and Xperi are announcing a merger. The fusion of the companies from Utrecht and Boxtel will create a one-stop-shop for medium-sized organizations that want to work smarter and more efficiently by using SAP solutions. In order to realize their international growth ambitions Serac and Xperi also announce that investment company Mentha Capital will take an interest in the new organization. The merger between the two Gold partners of SAP means that years of experience in various industries and highly specialized knowledge will come together in one organization. Customers of Serac and Xperi and other mid-market companies will have access to the complete portfolio of SAP solutions and can benefit from in-depth expertise. The current CEOs of Serac and Xperi are both part of the board of the new organization.

Buyer/Investor: Mentha Capital

Seller: -

Profile Target: Serac was founded in 1973. Since 2002 it has been fully specialized in ERP software from SAP. It was the first SAP BusinessOne partner in the Netherlands and is also a SAP Gold partner. Serac provides additional solutions to SAP BusinessOne for wholesale, retail and business services. Serac’s customers include Amac, Schaap en Citroen and international wholesaler Keyser & Mackay. - Xperi provides SAP solutions and services to mainly medium-sized organizations. In this market, Xperi has already done more than a hundred SAP implementations. The company helps organizations to work more efficiently, to achieve better performance and to create distinctive character. Xperi is part of the SAP Premium Partner Council and is a SAP Gold partner. Festivaldi, GP Batteries, Woodvision and Vogel’s are part of its client portfolio.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK SISRA Limited

Deal-Date: Nov 2020

Region: UK

Sector: software & it

Business: sophisticated data analytics software

Employees: - Turnover Mio. €: -

The Deal: Horizon Capital announces that its portfolio company Juniper Education a provider of SAAS Software and Subscription services to Schools has acquired SISRA Limited, which provides more than 1,650 secondary schools, academies and trusts with sophisticated data analytics software. The acquisition enables Juniper Education to better support secondary schools through data analytics at and enables schools to benchmark exam results against key education performance measures and the national picture. Juniper will also enhance its School HR software offering by bringing the SISRA Observe into the solution. The software, which was featured in the prestigious EdTech 50 list in 2020, helps schools track staff teaching performance and delivers support tailored to each staff member’s needs in both primary and secondary schools. Sisra is the 7th acquisition made by Juniper since Horizon invested in June 2019 and takes the number of Schools Juniper provides software to over 10,000.

Buyer/Investor: Juniper Education / Horizon Capital

Seller: -

Profile Target: SISRA Ltd offer web-based solutions for student performance tracking and results analysis, as well as teacher observation recording, storage and analysis. SISRA Analytics is the ultimate flexible school data analysis solution for KS3, 4 & 5. Allowing you to track and analyse your achievement data easily, quickly and accurately, Analytics directly enhances the day-to-day working life of you and your colleagues, whilst helping to drive school performance and improvement.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK Sova Assessment Limited

Deal-Date: Nov 2020

Region: UK

Sector: hr tech

Business: assessment and talent management SaaS platform

Employees: - Turnover Mio. €: -

The Deal: Octopus Investments, part of Octopus Group, has announced that its Development Capital team has provided £3.0 million of growth capital to Sova Assessment Limited, a HR Tech digital talent assessment software platform. Sova will use the investment to further penetrate its core territories through an increase in sales, marketing and customer support as well as targeting growth in new geographies. Sova will also continue to invest in its market leading assessment platform, utilising automation and machine learning to further streamline recruitment whilst always enabling an accurate, unbiased and fair assessment of talent. Octopus is a group of innovative, entrepreneurial businesses investing in the people, ideas and industries that will help to change the world.

Buyer/Investor: Octopus Investments / Octopus Group

Seller: -

Profile Target: Based in London, with international offices in Dubai and Melbourne, Sova is an end-to-end candidate assessment and talent management SaaS platform. Its core customer base are large blue-chip organisations operating across a range of sectors who conduct large volumes of hiring or manage large numbers of applications with a need to digitise the experience creating efficiencies. The company’s offering, which combines psychometric science, and a compelling digital user experience, has been well positioned during COVID helping its customers to streamline and reduce the cost of pre and post hire talent assessment processes. Additionally, the platform improves the quality and accuracy of hiring decisions and helps eliminate hiring bias enabling organisations to meet their diversity objectives. Through a fully configurable assessment platform, Sova helps organisations make data-driven decisions that are fair, robust and explainable at every stage of the employee journey from recruitment, internal talent identification programmes, leadership development and beyond. Sova has over 80 enterprise-level customers and has assessed more than 1.5 million candidates across a number of different sectors in over 20 countries. Customers include John Lewis Partnership, Santander, Natwest, National Australia Bank, Northern Trust, Generali, Police Now, Pfizer and Deloitte.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

UK UK Flooring Direct

Deal-Date: Nov 2020

Region: UK

Sector: e-commerce

Business: online retailer supplying quality own-brand wood, laminate, and vinyl flooring

Employees: - Turnover Mio. €: £50 million

The Deal: BGF has invested £8 million into Leicestershire/Midlands-headquartered UK Flooring Direct to support its ongoing growth ambitions. BGF’s investment will be used to scale the brand and support significant range extensions in both existing and new product categories, as well as opening an office in China to support procurement and product development, and ongoing enhancements in customer experience. Keith Pacey is currently Chair at UK Flooring Direct and will continue in this role to support the ongoing growth of the business. The expansion of UK Flooring Direct’s partnerships and connections with the trade sector will also play a significant part in its growth post investment. Trade sales have increased 25 per cent year on year, with significant scope for further expansion. UK Flooring Direct will be looking to capitalise on ongoing demand, underpinned by the sector’s increasing move towards digital supply channels.

Buyer/Investor: BGF

Seller: -

Profile Target: UK Flooring Direct is an online retailer supplying quality own-brand wood, laminate, and vinyl flooring direct to consumers and trade, growing from an early e-commerce pioneer, to now being regarded as a market leader in the home improvement market. The business was set up by CEO Jason Ashby in 2005 with £299 to purchase a website that would form the original platform for the business. UK Flooring Direct went on to generate sales of £750,000 in its first year and now, 15 years later, expects revenue to top £50 million this year, having doubled sales over the last 24 months. On the back of exceptional growth, UK Flooring Direct expanded into a second site in Coventry last month with extended warehouse, office space and has plans to create 50 additional roles, taking its headcount to more than 200. The business offers a virtual showroom and room visualisation, contactless deliveries, and free samples, allowing consumers to purchase online with confidence.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

USA Associated Couriers Inc.

Deal-Date: Nov 2020

Region: USA

Sector: transportation and logistics

Business: courier and delivery service provider specialized in the radiopharmaceutical and e-commerce sector

Employees: 100 Turnover Mio. €: 25

The Deal: SLS group, a portfolio company of AUCTUS Capital Partners acquires Associated Couriers, the leading US supplier for radiopharmaceutical logistics, thus enhancing SLS groups’ outstanding life science logistics position. Associated Couriers Inc. (AC), a courier and delivery service provider originally specialized in the radiopharmaceutical sector, was founded in St. Louis (MO) in 1997 and since then successfully developed into a market leader in life science related logistics services. AC actually owns a distribution network covering large parts of the USA (38 states), operates with more than 100 employees, and reaches a turnover of approx. $ 30 million per year. Based on ACs core skills and given the impressive track record of double digit growth rates over the past years, AC proved to be the perfect match in strengthening the core life science competencies of the SLS group (Germany), which already today is the globally leading provider for stem cell and also laboratory specimen logistics.

Buyer/Investor: SLS group / AUCTUS Capital Partners AG

Seller: -

Profile Target: Associated Couriers Inc., founded in 1997 in St. Louis (MO), is a courier and delivery service provider specialized in the radiopharmaceutical and e-commerce sector, today covering 38 US states with 15 logistic hubs and more than 100 employees. Showing yearly growth rates beyond 20%, AC will shortly pass a turnover of $ 30 million per year.

Advisors: -

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MAJUNKE Consulting DEALS IN EUROPE: 16-29 Nov 2020

Imprint

Issue 1/2020

Editor: MAJUNKE Consulting, Sven Majunke Lilienstrasse 21a, 76571 Gaggenau / Germany Tel.: 07225-987129 E-Mail: [email protected], Internet: www.pevc.info Finanzamt Rastatt : Tax-Nr. : 39292/30523

Liability and information: Articles, recommendations and tables are based on sources that the editors consider to be reliable. However, we cannot guarantee the correctness of the information. The editors reserve the right to shorten or not to reprint any unsolicited contributions. The information contained in the 'Deals in Europe' is for informational purposes only. They are not to be understood as offers or recommendations for specific investment products. This also applies if individual issuers or securities are named.

Reprint: © MAJUNKE Consulting, Gaggenau. All rights reserved, especially those of translation into foreign languages. Without the written approval of MAJUNKE Consulting, it is not permitted to copy this 'Deals in Europe' or parts of it by photomechanical means (photocopy, microcopy). This prohibition also includes the inclusion in electronic databases, the Internet and duplication on CD-ROM.

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