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The Wire

Private equity deal news and insights from the London newsroom

Jan 29, 2025

 

Aksìa parts ways with Italian spirometry biz; IPO market shows promise

Good morning, Nina Lindholm here with the Europe Wire from the London newsroom.

 

During the pandemic years, many of us became acutely aware of our respiratory health, particularly in relation to how covid-19 could exacerbate pre-existing conditions. This morning, we kick things off with an exit in that very field, with Aksìa’s sale of an Italian spirometry company.

 

The IPO market has remained tepid for quite some time, but there might be some signs of light, based on figures from S&P Global Market Intelligence. We delve into the global fourth-quarter numbers this morning.

 

We’ll round things out with some people news, as AIP Management has promoted four of its team members as partners.

 

Exhale

Aksìa has completed the sale of Medical International Research (MIR), a spirometry business.The company’s shares were acquired by Quadrivio’s Silver Economy Fund, alongside a group of co-investors.

 

For more on the deal, take a look at the premium Wire coverage here.

 

IPO increase

Keeping with the exit theme, let’s look at figures around IPOs. European IPO activity increased in the fourth quarter of 2024, according to S&P Global Market Intelligence.

 

For my takeaways from the report, check out the full Wire coverage here.

 

New year, new role

January is a big month for promotions, and PE Hub has already reported on a slew of them over the past few weeks. We have a fresh one this morning, with AIP Management announcing four promotions.

 

To learn more, take a look at the premium Wire here.

 

That’s all from me. Rafael Canton will be on US Wire duty later today, and I’ll bring you the Europe edition tomorrow as usual.

 

Cheers,

Nina

 

 

Read the full Wire commentary on PE Hub ...

Today's must reads

> Acon's Suma Kulkarni: 'There are a lot of good businesses that are misunderstood' More...
> GP stake strategy represents the best of both worlds, says HPC's Conway Bate More...
> Share of commitments for GP-led secondaries deals to grow in 2025 – Lazard More...
> Treatments for neurological disorders draw PE interest: 5 deals More...
> 7 PE-backed deals: 2025 shaping up as bumper year for education sector  More...

Also of note (may require subscriptions)

 

Single-asset deals skyrocketed in 2024 – Campbell Lutyens. Volume from single asset deals grew by more than 80% year-on-year, accounting for more than half of all GP-led deal volume in 2024, according to Campbell Lutyens' full-year secondaries report. (Secondaries)

 

North America-focused LPs up PE allocations despite pervasive illiquidity: Overall growth in allocations is significant considering that many LPs have been overallocated to private equity during the slowdown. (Buyouts)

 

LP demand for mid-market and manager independence brings Fengate to $1.1bn close: After closing Fengate Infrastructure Fund IV, the manager anticipates launching a new vehicle at the end of this year or beginning of next. (Infrastructure Investor)

 

Corinthia, with $5bn committed, looks to launch first fund by March: The London start-up looks to mid-market leveraged buyouts and receives SMA commitments. (Private Debt Investor)

 

Arena teams with Ridge Financial for commercial timberland JV: RFG president Sage Hirschy says 405 Timber Opportunities will acquire properties well suited to recreation and hunting property development within two hours of major cities in the US Southeast. (Agri Investor)

Deals

> Aksìa exits Rome-based MIR More...
> GenNx360-backed Whitsons Culinary Group picks up Glendale Senior Dining More...
> Balmoral Funds sells industrial group Resco Group to RHI Magnesita for $410m More...
> Fengate Private Equity invests in growth of eMAX Health More...
> Blue Pool Capital becomes minority shareholder of Permira-backed Golden Goose More...
> Private equity-backed TopGum to buy Island Abbey Nutritionals More...
People
> AIP promotes four new partners More...
> Swander Pace Capital promotes Litt to managing director and Kania to portfolio operations director More...
> ICG strengthens German presence with Munich office More...

They said it

“We don’t have that problem, but it is a problem and I don’t think that’s improving. Let’s see if 2025 will be better. To be honest, I doubt it. I think this problem is not going away.”

— Xavier Robert, partner and chief investment officer, Bridgepoint, on the state of the IPO market

 

Today's letter was prepared by Nina Lindholm

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