Morning all, Craig McGlashan here on Europe Wire duty.
First up we’re looking at a carve-out, a strategy that is throwing up more and more opportunities, as we recently studied in depth.
This morning, Mutares has agreed to acquire a manufacturing and R&D site from German automotive parts company Continental.
Next, we look at the thriving market of cybersecurity, where Livingbridge has sold TitanHQ, a cloud-based cybersecurity company, to Bregal Milestone portfolio company Redstor.
Car carve-out
A couple of weeks ago I wrote about how there are more and more carve-out opportunities arising for private equity as companies look to focus and sell non-core assets.
This morning, Mutares agreed to acquire a drum brake manufacturing and R&D location in Cairo Montenotte, Italy, from German automotive parts company Continental.
Find out more about the rationale for the deal from both sides in the premium version of the Wire.
This wasn’t the only business for Mutares’ automotive team in the last 24 hours. Yesterday evening Europe time, it announced that Walor North America, part of its FerrAl United Group, had agreed to acquire TSM Corporation from fellow private equity firm HCI Equity Partners.
Read the premium version of the Wire for details like TSM's revenues and adjusted EBITDA margin.
Crossing borders
As PE Hub’s Irien Joseph recently wrote following the sale by PSG Equity, TA Associates and Verdane of Germany’s Hornetsecurity to California’s Proofpoint –which is backed by Thoma Bravo – Europeancybersecurity companies that scale across borders are ‘not only catching the eye of global acquirers but are also commanding premium valuations.’
Other private equity firms are following a similar playbook.
Livingbridge has sold TitanHQ, a cloud-based cybersecurity company, to Bregal Milestone portfolio company Redstor.
Find out more about the planned merger, including the ARR target and increased geographical footprint, in the premium version of the Wire.
OK, that’s all from me. Rafael Canton will bring you the US Wire later on today. Nina Lindholm will write to you tomorrow from London with a special combined Europe and US Wire, as the New York office is closed for Juneteenth.
Cheers,
Craig
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