Private equity deal news and insights from the London newsroom

Kharis Capital sees ‘strong opportunities’ in supplements; Ambienta-backed Phoenix in two bolt-ons

Happy Friday! It's Sophie Rose here with the Europe Wire from the London newsroom.

Activity in the supplement sector looks to “remain strong,” Eric Melloul, managing partner at Kharis Capital, told PE Hub. The sector is becoming a fertile ground for private equity, with two deals in the sector already announced in 2025. We’ll kick things off with my listicle on supplements, containing 11 deals in the segment.

We’ll then look at Argos Wituy’s mid-market index, which tracks the valuation of unlisted eurozone SMEs. For the fourth quarter of 2024, the index indicates a sharp decrease in French volumes, in contrast with the rebound in the rest of the Eurozone.

To finish, we’ll look at two bolt-on acquisitions made byPhoenix International, which is backed by Ambienta. The purchases show the company’s push into MENA and Europe.

No trading down

“Investment interest in the vitamins, minerals and supplements (VMS) sector is tied to consumers’ desire for health and wellness, an enduring trend set to generate long-term growth across sectors,” Eric Melloul, managing partner at Brussels-based investment firm Kharis Capital, told PE Hub.

Premium subscribers can learn more here.

Check out the full listicle to read about 11 deals in the sector.

Continued recovery

The Argos Index confirmed its rebound to 9.8x EBITDA in the fourth quarter, up 3 percent from the previous quarter, according to a report by Argos Wituy. The index was pulled up by the lower mid-market after four quarters of stability, and by both investment funds and strategic buyers.

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

Better together

Let’s finish with a couple of industrials deals. Phoenix International, backed by Ambienta, has made two bolt-on acquisitions making a push in MENA and Europe.

To learn more, check out the premium Wire coverage here.

That’s all from me this morning. Irien Joseph will be back with you next Friday. John R Fischer is on US Wire Duty later today and Nina Lindholm will be back with you on Monday with the Europe edition.

Best wishes,

Sophie

Read the full Wire commentary on PE Hub ...

Today's must reads

Also of note (may require subscriptions)

Meaningful DE&I progress requires everyone to be on board: The challenge for diversity advocates is getting their message to new audiences. (Private Equity International)

New Mountain to build continuation fund strategy: The strategy will include raising a separate fund from New Mountain’s flagship vehicle, sources tell Buyouts.

Antares hires Apollo’s Kosters to expand its credit secondaries reach: Kosters is a prominent name in credit secondaries, an asset class that has shown strong growth and no signs of slowing down. (Secondaries)

Denmark’s EIFO sees ‘enhanced role’ for export credit agencies in the transition: The Danish Export and Investment Fund (EIFO) is ready to step up and expand financing capacity for global infrastructure project, including in the US. (Infrastructure Investor)

Five areas of focus for H1: Exits, regulation and the relationship between sustainability and performance are among our priority areas for the months ahead. (New Private Markets)

“Activity in the sector will remain strong, with an increased focus on backing disruptive brands that can challenge large incumbents to deliver against the emerging need for personalization, sports performance and longevity.”

— Eric Melloul, managing partner, Kharis Capital

Today's letter was prepared by Sophie Rose

Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article.

London | New York | Hong Kong | Tokyo | Sydney

PEI Group Ltd is registered in England no.6135779

Registered office: 5th Floor, 100 Wood Street, EC2V 7AN

To update your PE Hub email preferences, or to unsubscribe, click here.