Hello Hubsters,

It’s Irien Joseph bringing you the Europe edition of the Wire from the London newsroom.

We’re kicking off with a listicle on private equity’s latest moves in aviation, with PE Hub reporting seven deals so far in 2025.

Let’s then zip over to Poland, where the investment fund administration market is booming, fueled by the rise of back-office outsourcing and long-term economic megatrends. Innova Capital is the latest to make a move in the sector with the acquisition of a majority stake in Proservice Finteco from two private equity firms, along with a 50 percent stake in Investment Funds Depositary Services.

Our last stop is in the Netherlands, where M&A activity looks strong for 2025. A PwC report outlines the country's key growth drivers, and we’ve got additional insights from Main Capital Partners’ Sjoerd Aarts on where the biggest opportunities lie.

PE takes flight

Entering spring for many coincides with booking summer breaks, and that sentiment has filtered into dealmaking, with a number of PE firms backing companies in the aerospace sector, writes PE Hub’s Sophie Rose.

Dive into our story for the full roster of PE firms and their target acquisitions.

Polish growth

Poland’s funds administration market is dynamically growing, driven by outsourcing trends within asset managers and strong underlying megatrends underpinning expected end-market growth, Katarzyna Marchlewska-Sieczek, managing director at Innova Capital, told PE Hub.

Check out the premium version of the Wire to find out what’s driving growth in Poland’s funds administration market and Innova Capital’s latest sector moves.

Below are a few other financial services deals PE Hub covered this week in Europe:

CVC to sell Ethniki Insurance to Piraeus Bankin €600m deal
IK makes first investment in UK insurance market with Seventeen Group

Strong start

The Dutch M&A market is looking positive for 2025, according to a PwC report. While the start of the year may be challenging, momentum is expected to build, especially in the mid-market, with larger deals gaining traction in the second half of 2025.

Upgrade to the premium subscription of the Wire to know what’s on the horizon for Dutch M&A in 2025 and additional comments from Main Capital Partners.

Below are the Dutch deals PE Hub covered so far in 2025:

Equistone-backed Buko adds on Road Rental Scandinavia
Ardian sells 35% stake in LBC Tank Terminals
Main-backed Xitres snaps up real estate software biz Hartje Wonen
Oaktree Capital-backed TSG adds on NLIST
Macquarie and BCI to take Renewi private for £707m
Gilde Healthcare sells healthtech biz Performation
Main-backed Pro4all in fourth add-on deal with VeiligWerk
Inflexion makes strategic minority investment in Baker Tilly Netherlands
Main-backed Pro4all in third add-on deal with STA Software

That’s all from me. John R Fischer will be with you in the New York morning with the US edition and Craig McGlashan will bring you the Europe edition of the Wire on Monday as Nina Lindholm takes some time off.

Warmly,

Irien

Read the full Wire commentary on PE Hub ...