Private equity deal news and insights from the London newsroom

PE should rethink strategy amid tariff uncertainty, says Chatham Financial; Oaktree and BPI France to sell SAF

Morning all, it’s Irien Joseph bringing you the Europe edition of the Wire from the London newsroom.

Our opening topic focuses on tariffs. Chatham Financial’s Jackie Bowie tells PE Hub what the latest news means for European private equity portfolio companies and why GPs need to stay sharp on the risks ahead.

Next up is a sale in the works. Oaktree Capital and BPI France have inked a put option agreement to offload a European aerial services operator. We’ve got the enterprise value and details on the buyers further down.

Lastly, we have a roundup of deal activity in the financial services sector, with PE Hub reporting seven deals in Europe and the US this week.

Deglobalized world

As world leaders respond to the latest wave of US tariffs – including 20 percent for the EU and 10 percent for the UK – private equity firms must carefully chart their next moves.

Supply chain exposure will be the first key evaluation, Jackie Bowie, managing partner and head of EMEA at financial risk management advisory company Chatham Financial, told PE Hub.

Read the premium version of the Wire to find out insights from Bowie on how private equity firms should navigate the impact of US tariffs, including supply chain evaluations, pricing power considerations and industry-specific effects.

For more perspectives, check out yesterday’s newsletter where my colleague Nina Lindholm rounded PE Hub interviews with dealmakers on the topic.

Got thoughts on how tariffs will shape European private equity? We’d love to hear from you, drop me a note at [email protected]

Aerial emergency services

Let’s move over to the aerial services sector. Oaktree Capital Management and BPI France have signed a put option agreement to sell SAF Aerogroup.

Check out the premium version of the Wire to find the enterprise value and the buyers.

Financial services play

In this week’s deal roundup, we look at the busy financial services sector.

Below are the deals PE Hub covered in the segment in the US and Europe:

General Atlantic eyes investment in Frazier & Deeter
EQT to become anchor investor in WTS Group
Prague & Company combines with TowerBrook-backed EisnerAmper
Brookfield to acquire majority interest in Angel Oak Companies
AnaCap rebrands Wealthtime as Quanta Group after Craven acquisition
AnaCap-backed MRHT buys Heubeck
AXA IM Prime takes minority stake in Wendel-backed Monroe Capital

That’s all 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 as usual.

Warmly,

Irien

Read the full Wire commentary on PE Hub ...

Today's must reads

Also of note (may require subscriptions)

Investindustrial taps wealth channel for first time in flagship close: The firm gathered roughly 10% of the capital for its €4bn eighth fund from non-institutional investors, founder Andrea Bonomi tells Private Equity International.

Private equity reckons with Trump’s trade war: President Donald Trump’s tariff show is leaving the private equity industry with no choice but to factor the administration’s isolationist tendencies into their models. (Buyouts)

Insurers take on more risk in infra debt as spreads narrow: How investors like Swiss Re and the UK’s Pension Insurance Corporation are adapting to this fast-maturing asset class. (Infrastructure Investor)

‘A very different value proposition’: CIP’s Australian hydrogen bet opens doors for investors. CIP will finance the A$15bn first phase of the project with 50-60% debt and look to bring in additional equity investors down the line. (Infrastructure Investor)

Verdi Capital’s open-end agriculture fund grows to $25m: The evergreen vehicle has amassed a portfolio of 7,800ha of farmland and four biogas plants in the Czech Republic. (Agri Investor)

“All services are exempt so that might lead to multiple expansion for service companies versus manufacturing and industrials where there could be multiple compression during any transition phase.”

— Jackie Bowie, managing partner and head of EMEA, Chatham Financial, on US tariffs

Today's letter was prepared by Irien Joseph

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