| 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 ... | 