Morning all, Craig McGlashan here with the Europe Wire from the London newsroom.
Accountancy may not have a reputation as the most exciting industry in the world but try telling that to private equity. The sector’s stable and recurring revenues are just what GPs like, and that’s been reflected in the number of deals we’ve seen in the sector lately.
We’ve got another deal to report this morning, as Cinven agrees to buy a majority stake in Grant Thornton UK, which gives us the chance to round-up some of the other recent activity in the sector.
Speaking of busy sectors, Ontario Teachers’ Pension Plan and Nordic Capital have agreed a co-control ownership for financial advisor Max Matthiessen. We’ve got the valuation on that one for you.
Cybersecurity is another industry enjoying heavy private equity interest. CD&R and Permira are nearing the end of their take-private of Exclusive Networks. That deal is also an example of a company going private again after a short stay on the public markets – a phenomenon we investigated a little while back.
Finally, the packaging sector has been enjoying robust demand, something that sources tell us will continue into the new year. BWK has made an exit in the sector after a long hold period.
Counting up
Private equity accountancy deals are coming thick and fast, thanks to the industry’s stable and recurring revenue streams, while GPs are also finding growth in the technology side of the business, Andrew Wingfield, private equity M&A partner in the London office of international law firm Proskauer, told PE Hub in our round-up last month of some of the latest accountancy deals.
The deals keep coming. Cinven this morning agreed to buy a majority stake in Grant Thornton UK, a diversified professional services company providing audit, tax and advisory services in the UK.
Find out more in the premium version of the Wire, including some of the other recent accountancy deals made by private equity.
Advice
Elsewhere in financial services, Ontario Teachers’ Pension Plan and Nordic Capital have agreed a co-control ownership for Max Matthiessen, a financial advisor for pensions, insurance and investments in the Nordics.
Read the full version of the Wire for details including the valuation.
Final hurdle
CD&R and Permira last night announced that they had secured the last regulatory clearance required to close their acquisition of French cybersecurity company Exclusive Networks.
Find out more in the premium version of the Wire.
Long hold
BWK has agreed to sell Rixius, a rigid packaging supplier for the chemical, pharmaceutical, cosmetics, and food and beverage markets across the DACH and Benelux regions, to Berlin Packaging.
That’s all from me today. Michael Schoeck is on holiday so Obey Martin Manayiti will bring you the US Wire later today, while Irien Joseph will be on Europe duty tomorrow.
Cheers,
Craig
Read the full Wire commentary on PE Hub ...
