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The Wire

Private equity deal news and insights from the London newsroom

Jan 3, 2025

 

MiddleGround gears up for 'robust' exit year in 2025; Permira to take Westbridge from Genui

Hello Hubsters,

 

It’s Irien Joseph bringing you the Europe edition of the Wire from the London newsroom.

 

Let’s kick things off with a positive outlook for 2025 as MiddleGround’s Justin Steil is anticipating a renewed focus on exits.  

 

The real estate industry's shift towards sustainability is gaining momentum, driven by the sector's contribution to carbon emissions. Permira is the latest private equity investor to make a move in the segment, as the firm is set to acquire an energy and sustainability advisor in real estate. 

 

Exits ahead

There will be a rebalancing and a renewed focus on exits in 2025, Justin Steil, partner and head of the transaction team at MiddleGround Capital, told PE Hub in the latest of our 2025 Outlook pieces.

 

Check out the premium version of the Wire to find out more.

 

Immense growth potential

Lastly, let’s look at a services deal where Permira has agreed to acquire a majority stake in Westbridge Advisory, an energy and sustainability advisor in real estate.

 

Find out more in the premium version of the Wire.

 

For more insights, take a look at this look-back piece on the European services sector to see how it performed in 2024.

 

Schedule note

Before I sign off, here's a reminder on the Europe Wire author schedule from next week.

 

Nina Lindholm will write to you on Mondays and Thursdays, while Craig McGlashan be in the chair on Tuesdays and Wednesdays. I will remain on Friday Wire duty. 

 

That’s it from me. John R Fischer will be with you in the New York morning with the US edition and Nina Lindholm will bring you the Europe edition of the Wire on Monday.

 

Warmly,

 

Irien

 

Read the full Wire commentary on PE Hub ...

Today's must reads

> MiddleGround’s Justin Steil: Renewed focus on exits in 2025 More...
> Demand for solar, storage and onshore wind expected to continue More...
> Pharma M&A boost from expanded drug and service access, plus outsourcing trends More...
> Hg's Alan Cline: Around 250 AI projects underway across portfolio More...
> Private equity buys into European services with a global outlook More...

Also of note (may require subscriptions)

 

Vote of confidence: Why GPs are (mostly) hopeful about 2025. Optimistic fund managers believe pick-ups in dealflow and fundraising could frame market activity this year. (Private Equity International)

 

Mantra targets up to €270m for fourth secondaries flagship: The Paris-headquartered firm aims to hold the final close for the fund in 2025. (Secondaries)

 

Anxiety over defaults persists, but overall mood is positive: As 2025 is ushered in, investors are reasonably confident about private debt’s prospects – but concerned that some problems have been masked. (Private Debt Investor)

 

Year in review, 2024: Natural capital remains in vogue. Governments have pressed ahead with the establishment of regulated nature markets while LPs and GPs continue to build out the space. (Agri Investor)

 

Top five secondaries deals of 2024: The secondaries market anticipates 2024 will be a record year for volume, with first-half figures coming in at between $68bn and $72bn. (Buyouts)

Deals

> Banner Capital-backed Vision Graphics acquires graphics provider Queen of Wraps More...
> Turning Rock Partners exits Next Level Aviation More...
> Olympus Partners acquires data center manufacturer Accelevation More...
> Truelink Capital completes $535m carve-out buyout of event management firm GES More...
> OEP closes investment in energy equipment service provider EthosEnergy More...
> OEP completes acquisition of energy equipment service provider EthosEnergy More...
People
> O2-backed Azureon taps Todd as chief integration and development officer and Ordonez as HR director More...
> Health Enterprise Partners promotes Rauber to VP More...
> David von Rosen builds firm’s presence from gambling to real estate More...

They said it

“Now it may not be growing as fast as it was or relative to expectations, but we are electrifying with each day that comes, and there is fast and dramatic change with respect to how cars are designed, how cars are built, consumer features – it’s all changing faster than it ever has, and change tends to drive opportunity.”

— Justin Steil, partner and head of the transaction team, MiddleGround

 

Today's letter was prepared by Irien Joseph

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