Morning all, Craig McGlashan here on Thursday Europe Wire duty.
We’ve got a wealth of insight from Thoma Bravo’s Orlando Bravo and Irina Hemmers garnered at the company’s media breakfast in London yesterday. Highlights include that the tech private equity firm sees Europe as its biggest growth area over the next five years and Bravo’s thoughts on some of the challenges private equity could face as it welcomes retail money.
In new deal news we look at Ardian signing an exclusive agreement to acquire a majority stake in MasterGrid.
We then have an update on CVC’s sale of its stake in pharma CDMO Geneticto Renaissance Partners, Aurora Growth Capital and the founding Pavese family. We have fresh details, including the enterprise value and EBITDA projections.
Big on Europe
Thoma Bravo founder and managing partner Orlando Bravo is “fired up about Europe” and expects the region to be its “fastest growing area over the next five years.” Europe’s relative under-digitization and fragmented software markets, along with global trends like automation and liquidity from private credit and retail money, are bolstering the region’s attractiveness as an investment destination.
Miami-based Bravo made the claim at a London media breakfast attended by PE Hub on Wednesday alongside Irina Hemmers, a partner who joined in 2023 to open and lead a London office.
Read the premium version of the Wire to find out why Bravo and Hemmers are so bullish on Europe, their growth plans for UK cybersecurity company Darktrace and the potential impact of the influx of retail money to private equity on portco valuations.
For more, including on the exit environment, and the state of the European and US public markets – areas in which Bravo called for “incredibly overdue” structural reforms – read the full article.
To read more about Hemmers' career in private equity, check out this interview that was part of our series featuring senior women in private equity.
On the grid
From electronics to electrics, where Ardian has signed an exclusive agreement to acquire a majority stake in MasterGrid.
Deal details
Finishing up, we’ve got an update on a deal we covered earlier in the week: CVC selling its entire stake in Genetic, a pharmaceutical CDMO that focuses on the respiratory, ophthalmic and oncology therapeutic areas.
The premium version of the Wire includes details such as the enterprise value and Genetic's EBITDA growth projections.
That’s everything from me today. Stay tuned for Michael Schoeck’s US Wire later today and Irien Joseph’s Europe Wire tomorrow.
Cheers,
Craig
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