Morning all, Craig McGlashan here with the Europe Wire from the London newsroom.
To open today’s Wire, we’ve got comment from Verdane’s Pål Malmros as his firm, alongside Novax and eEquity, brings in Viking Global Investors as a majority shareholder in Voyado, a customer experience platform for the retail sector. We’ve also got the valuation on that one for you.
We then look at three of the biggest trends we’re seeing at PE Hub. First, the booming pet market, as Partners Group agrees to acquire premium cat food company MPM Products from 3i (we have the EV on that one too); second,the resurgent European defense sector, where an LP has updated its Principles for Responsible Investment around the industry; and third, the move to have local presences in European countries, via Perwyn’s first Italian investment following the opening of a Milan office last year.
Retail sale
Viking Global Investors has agreed to become a majority stakeholder in Voyado, a customer experience platform for the retail sector.
Read the premium version of the Wire for details including the valuation, Voyado's growth rates, and comments from Pål Malmros, partner at Verdane, which is remaining as a shareholder alongside Novax, eEquity, the H&M Group and the company's founders.
Catching on
Partners Group has agreed to acquire MPM Products, a global pet food business focused on premium cat food, from 3i.
Check out the premium version of the Wire for details including the enterprise value and why Partners sees particular potential in the feline end of the pet food market.
Right, that’s enough on that because my cats have somehow worked out what I’m writing about and are meowing for food…
Defensive LPs
The tailwinds for private equity investment in the European defense sector keep strengthening.
Not long after PE Hub’s Nina Lindholm looked in depth at how PE firms are scouting opportunities as Europe rearms to meet the threat from Russia – including a comment from Tikehau Capital’s deputy CEO and co-CIO Thomas Friedberger that “there won’t be ESG without defense” – LPs appear to be following that lead.
This week, Finnish mutual pension insurance company Varma said it was updating its Principles for Responsible Investment around the defense sector.
Read more about Varma's rationale and plans in the premium version of the Wire.
Recent PE activity in defense includes CataCap, a Danish private equity firm, aiming to raise a fund to back defense and aerospace companies and Tikehau entering exclusive discussions to acquire ScioTeq, a provider of display systems and mission-critical electronics for sectors including defense, from OpenGate Capital.
Local play
Perwyn has acquired a stake in Fortech Group, alongside Scouting Group, in its first investment in Italy since opening a Milan office last year.
Private equity firms opening local offices in European countries and using those as a launchpad for deals in the country was a topic we covered late last year, although the boom in demand for European assets has also led many US GPs to look for deals in the continent, even without boots on the ground.
That’s it from me today. Obey Martin Manayiti will bring you the US Wire later on today and I’ll be back on Europe duty tomorrow.
Cheers,
Craig
Read the full Wire commentary on PE Hub ...
