| Morning all, Craig McGlashan here with the Europe Wire from the London newsroom. Why are UK businesses so ripe for private equity takeovers? It’s a question we focus on this morning. First, with the latest of our Outlook 2025 pieces, as Foresight Group’s James Livingston explains why upcoming changes to UK inheritance tax could potentially lead to more family-owned businesses coming up for sale. Second, we’ve got the latest in a series of listed UK companies attracting private equity, this time a hospitality company agreeing to an offer from Fortress Investment Group. We’ve then got figures from Lincoln International showing that PE-owned consumer companies are rebounding from their covid-19 slump, before we feature a consumer exit, with Consilium and Progressio exiting their 100 percent stake in Gelit, a producer of frozen ready meals and crepes. We also take a brief look at a deal that isn’t going ahead: Brookfield’s take-private of Grifols, a global healthcare company and manufacturer of plasma-derived medicines. Finally, a happy Thanksgiving to our US readers. We’ll end with a short scheduling note as the New York newsroom is closed today and tomorrow. Budgeting Foresight Group expects UK family-owned businesses to present dealmaking opportunities following inheritance tax relief changes in the UK autumn budget, partner and co-head of private equity James Livingston told PE Hub’s Nina Lindholm in the latest of our 2025 outlook pieces. Read more in the premium version of the Wire. Editor’s note: PE Hub is running 2025 Outlook pieces with senior private equity dealmakers through to the end of the year. Illiquidity Another factor leading UK businesses to accept private equity takeovers is the lack of liquidity for listed small-cap stocks, something we’ve covered at length here on PE Hub. That was again one of the reasons given by the directors of Loungers, a hospitality company, for agreeing on a take-private by US GP Fortress Investment Group this morning. Find out details, including the offer price, premiums and revenue growth, in the full version of the Wire. Consumer comeback Some of the recent challenges for the consumer sector might be coming to an end, according to new figures from investment bank Lincoln International, whichthis morningreleased itsThird Quarter European Valuation Insights, based on reviewing over 575 private equity-backed UK and European companies. Read more in the premium version of the Wire. Ready meal exit Elsewhere in consumer deals, Consilium and Progressio have exited their 100 percent stake in Gelit, alongside MMM. The buyer is Sicar, a wealth venture fund. No-go Brookfield’s potential take-private of Grifols, a global healthcare company and manufacturer of plasma-derived medicines, is over after the Spanish company terminated discussions. Find out more in the premium version of the Wire. Combination As the New York newsroom is closed today and tomorrow due to Thanksgiving and Native American Heritage Day, there will be no US Wire today. Tomorrow, I’ll bring you a special combined US/Europe edition of the Wire. Speak then. Craig Read the full Wire commentary on PE Hub ... | 