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The Wire

Private equity deal news and insights from the London newsroom

Jun 20, 2025

 

EagleTree Capital among PE firms making snack deals; Business services weathers the storm; Hg-backed Cube in another regtech add-on

Morning all, Irien Joseph here with the Europe edition of the Wire from the London newsroom.

 

We’re kicking off today with a snacks deal round-up as PE Hub’s Sophie Rose compiled a list of five recent snack deals across the US and Europe.

 

Next, we’ll turn to business services, with insights from Perry Yam at BCLP and BonelliErede’s Franco Agopyan. The pair explains how tariffs are shaping the sector and what’s driving investor interest.

 

To finish, I will feature a regtech add-on deal: Hg-backed Cube has acquired a London-based AI-driven risk and compliance platform. We’ll also revisit PE Hub’s previous interview with Hg’s Christopher Fielding and Thomas Martin on its acquisition of Cube.

 

Munching time

The food and beverage industry has drawn much private equity investment in recent years, with the snack and confectionery sector at the forefront, writes PE Hub’s Sophie Rose.

 

Subscribe to the premium version of the Wire to discover what’s driving PE’s interest in the snack sector and see which PE firms are making moves and the companies they’re backing.

 

You can also check out this sector round-up from November.

 

‘Eye watering’ multiples

While snacks may be satisfying investors’ cravings, the business services sector is proving equally irresistible, thanks to its resilience to tariffs. 

 

Find out insights from BCLP and BonelliErede onhow shifting global trade dynamics are creating M&A opportunities in the business services sector in the premium version of the Wire.

 

Below are this week’s business services deals:

  • Gemspring Capital-backed ROR Partners snaps up Incline Marketing
  • BHMS Investments backs merger of Exscape Designs and Green Impressions
  • Renovus Capital-backed SolomonEdwards picks up Pencek Advisors
  • LLCP-backed Expert Institute acquires ExpertConnect Litigation Support
  • Clearview Capital exits vineyard management biz Result Partners
  • Littlejohn-backed Ardurra Group snaps up Janus Research

Regtech add-on 

Over in regtech, private equity continues to ramp up its bets on AI-driven compliance. Hg-backed Cube has acquired Acin, a London-based regtech and global operational risk AI and technology provider for the financial services sector. 

 

That’s all from me for now. Stay tuned as John R Fischer brings you the US edition in the New York morning and Nina Lindholm returns Monday with the Europe edition.

 

Warmly,

 

Irien

 

Read the full Wire commentary on PE Hub ...

Today's must reads

> Snacks and confectionery attract PE investment: 5 deals More...
> Lone Star Funds expected to test market for SPX Flow later in 2025, sources say More...
> Permira’s Ryan Lanpher: ‘This is the right time to be a tech-first investor’ More...
> How Warburg Pincus grew Sundyne before $2.16bn sale to Honeywell More...
> Why Bain Capital, KKR and other PE firms are investing in Japanese companies More...

Also of note (may require subscriptions)

 

Keensight eyes at least €4bn across multiple fundraises this year: The tech and healthcare investor is understood to have already raised more capital for its sophomore Spark II vehicle than its predecessor's final amount. (Private Equity International)

 

‘Intellectual attention’ diverted elsewhere behind APAC’s sluggish secondaries growth – Jefferies. The utilisation of SPACs and manager consolidation had detracted the region’s attention away from the secondaries market, Jefferies’s head of Asia financial sponsors Lars Aagaard argues. (Secondaries)

 

Fibre network consolidation hits connection troubles: With the US fibre landscape so fragmented, there is significant scope for consolidation. But it will be far from straightforward. (Infrastructure Investor)

 

UK pension carves out £400m for climate: London Pensions Fund Authority has announced plans to invest 5% of its portfolio in climate solutions by 2030. (New Private Markets)

 

Brookfield sells €1.2bn Spanish PBSA platform: CPP Investments-backed vehicle Nido Living snaps up Livensa Living in the biggest Spanish student housing transaction of the year. (PERE Deals)

Deals

> Keensight-backed Inherent adds on Everlink More...
> Mutares to buy Germany's InTime Group More...
> Snacks and confectionery attract PE investment: 5 deals More...
> Hg-backed Cube picks up Acin More...
> Ontario Teachers’ to sell stakes in three UK airports to Macquarie More...
> Main Capital picks up CarWise and AutoDisk More...
People
> Alantra bolsters French team with three senior M&A hires More...
> Aquiline appoints four partners More...
> Federated Hermes’ Elias Korosis named chair of Invest Europe More...

They said it

“Ironically, with a wall of institutional money chasing too few opportunities, the business services sector in particular has been the beneficiary of premium pricing and in many cases, eye watering multiples.”

— Perry Yam, partner at BCLP, on the business services sector 

 

Today's letter was prepared by Irien Joseph

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