Acquisitions in Luxembourg

ITC Secure and IronNet combined to form Collective Defence, a new cybersecurity and national security company focused on protecting critical infrastructure from state-sponsored and hybrid threats. The combined company is headquartered in Luxembourg and operates across the United States, the United Kingdom, and Singapore, bringing together ITC Secure’s managed security services and advisory capabilities with IronNet’s collective defence and network detection technology.

Matrix One, a life sciences software provider backed by Lauxera Capital Partners, acquired Simploud, a cloud-based provider of Quality Management System (QMS) and Laboratory Information Management System (LIMS) software. Following the acquisition, Simploud’s products will be integrated into Matrix One’s portfolio and rebranded as Matrix QMS and Matrix LIMS to expand Matrix One’s offering for regulated life sciences and MedTech organizations.

XTEL, a Luxembourg-based AI-first revenue management SaaS company backed by Bain Capital and SilverTree Equity, has acquired Perfect Category. Perfect Category (formerly part of Kantar Group) will have its intellectual property integrated into XTEL’s Revenue Management Platform to add category management and AI-powered assortment analytics capabilities for global CPG and retail-focused customers.

SES completed its acquisition of Intelsat, combining the two satellite operators into a global multi-orbit connectivity company with an expanded GEO and MEO fleet and access to LEO constellations. Following the closing, SES is integrating operations, including combining both companies’ government and defense divisions into a single SES Space & Defense organization.

Sweco signed agreements to acquire Luxembourg-based consultancies PROgroup and +ImpaKT. The acquisitions add around 40 specialists and strengthen Sweco’s capabilities in circular economy project management and data-driven sustainability solutions in the Benelux region; the companies are being consolidated into Sweco immediately.

Waystone announced it will acquire BIL Manage Invest, a Luxembourg-based management company (ManCo), from Banque Internationale à Luxembourg (BIL) Group, subject to regulatory approval. The deal is expected to increase Waystone’s assets under management in Luxembourg by approximately 15% and strengthen its fund governance, administration, and compliance services presence across Continental Europe.

Juniper Square completed the acquisition of Forstone (Luxembourg) S.à r.l., creating Juniper Square Luxembourg S.à r.l. The deal expands Juniper Square’s global fund administration capabilities, enabling more integrated administration services and cross-border operations for private markets fund managers, particularly for Luxembourg-domiciled investment funds.

Azurity Pharmaceuticals completed the acquisition of Covis Group S.à r.l. (Covis Pharma) from its existing investors, making Covis a wholly-owned subsidiary of Azurity. The deal expands Azurity’s branded pharmaceutical portfolio and global commercial footprint, strengthening its capabilities across multiple complex dosage forms and therapeutic areas.

Montagu agreed to acquire Multifonds, Temenos AG’s global fund accounting and transfer agency software business, in a carve-out transaction. Following closing, Multifonds will operate as a standalone company led by its existing management team. Multifonds is headquartered in Luxembourg and provides mission-critical investment accounting software used to administer more than $10 trillion of assets.

Funds advised by Triton, alongside co-investors, completed the sale of Blitz LuxCo Sarl, the holding company of Bormioli Pharma Group, to Gerresheimer. Bormioli Pharma Group is a producer of pharmaceutical packaging; Triton had acquired the business in 2017 via a corporate carve-out and scaled it through operational improvements and acquisitions before exiting to Gerresheimer.

Freightos (NASDAQ: CRGO) acquired multimodal freight-tender procurement platform Shipsta to expand beyond spot pricing/quoting/booking into tender management and contract procurement across air, ocean, road, and rail. Shipsta is headquartered in Luxembourg and its team (led by founder Christian Wilhelm and co-founder Stefan Maratzki) will join Freightos and continue to lead product development and go-to-market. The deal is financed with cash and equity, including approximately €4.5 million in cash and the issuance of about 640,000 Freightos shares to a key Shipsta shareholder, subject to customary adjustments.

Teleperformance completed the acquisition of Majorel in November 2023 for approximately €3 billion. The deal broadened Teleperformance’s presence in Europe, particularly in France and Germany, and expanded capabilities in several high-growth verticals and high-value expertise areas.

Private equity funds affiliated with Blackstone have entered into a definitive agreement to acquire SEVES Group S.à r.l., the parent company of SEDIVER Group, from Triton Partners. SEDIVER is a manufacturer of toughened glass electrical insulators used in high-voltage transmission grids; financial terms were not disclosed and closing is expected in the second half of 2024, subject to regulatory approvals.

Cinven reached an agreement to make a majority investment in Alter Domus, a Luxembourg-headquartered provider of tech-enabled fund administration and corporate services for the alternative investment industry. Existing shareholders including Alter Domus’ founders and the Permira funds will sell approximately half of their shares to Cinven while retaining significant ownership; the transaction implies an enterprise value of about €4.9 billion and is subject to regulatory approvals and customary closing conditions.

3E, a provider of intelligent compliance solutions for chemical and workplace safety and sustainable supply chains, has acquired ChemChain. The deal expands 3E’s Supply Chain & Sustainability offering by adding ChemChain’s proprietary blockchain-enabled digital product passport infrastructure and technology to support supply chain transparency and regulatory compliance.

MML Partnership Capital has invested in Arηs Group, a fast-growing European IT services firm headquartered in Belvaux, Luxembourg. The company’s co-founders and key employees will reinvest alongside MML to support Arηs Group’s continued growth and international expansion, including through targeted acquisitions.

Crown Energy AB (publ) entered into a Sales and Purchase Agreement to acquire 85% of SmarTee S.à r.l., a Luxembourg holding company that owns Italy’s AccYouRate Group, for total consideration of EUR 163 million payable in nine instalments over 48 months. The seller is Italian entrepreneur Claudio Fabbri, and the deal includes a potential earn-out of up to 30% of future financial upside subject to milestones. The acquisition marks a significant strategic shift for Crown Energy toward wearable medical technologies.

Hillenbrand, Inc. has completed the acquisition of LINXIS Group from IBERIS INTERNATIONAL S.À R.L. (an affiliate of IK Partners) and additional sellers for total consideration of €596.2 million. The deal expands Hillenbrand’s food processing solutions by adding LINXIS’s dosing, mixing, and related processing technologies and brands into Hillenbrand’s Advanced Process Solutions segment.

Monument Re announced that AME Life Lux S.A. will merge into Monument Assurance Luxembourg S.A. after receiving regulatory approval from Luxembourg’s Commissariat aux Assurances. Following the merger, Monument Assurance Luxembourg S.A. will be the sole Monument Luxembourg entity.

Cinven has agreed to sell Tractel, a working-at-height safety solutions and services provider, to Alimak Group AB for an enterprise value of approximately €500 million. Tractel, founded in 1941 and headquartered in Luxembourg, operates globally across industrial, construction, energy, telecommunications and infrastructure end markets. The transaction is subject to customary regulatory and antitrust approvals.

SoFi Technologies, Inc. announced it has completed the acquisition of Technisys S.à.r.l., a cloud-native, multi-product core banking platform. SoFi expects the combination of Technisys with its Galileo business to create an end-to-end vertically integrated banking technology stack and to drive revenue growth and cost savings through core banking consolidation.

Monument Re, through its Luxembourg subsidiary Monument Assurance Luxembourg S.A., has completed the acquisition of AME Life Lux S.A. (AMELL) from French mutual insurance group Covéa following regulatory approval. AMELL is a Luxembourg-based life insurer with a presence in Luxembourg and Belgium, and the company stated the transaction will not impact policyholders. Financial terms were not disclosed.

Astorg closed a €1.3 billion IQ-EQ Continuation Fund, capitalized by AlpInvest and Goldman Sachs Asset Management Vintage Funds alongside other limited partners. The continuation vehicle was formed to acquire IQ-EQ, the last remaining asset in Astorg V, and provide additional capital to support IQ-EQ’s organic growth initiatives and acquisitions.

Covis Pharma GmbH, part of Covis Pharma Group, completed the acquisition of the COPD respiratory medicines Eklira (Tudorza/Bretaris) and Duaklir (Brimica) from AstraZeneca for $270 million, with additional payments tied to certain ongoing development costs. Separately, Covis entered into an exclusive promotion and distribution agreement with Novartis Pharmaceuticals Canada to promote and distribute Seebri Breezhaler and Ultibro Breezhaler in Canada.

Triton portfolio company Seves Group has sold its PPC Insulators business to PHI Industrial, a specialist industrial investment fund. PPC Insulators manufactures porcelain electrical insulators for transmission and distribution applications. Financial terms of the transaction were not disclosed.

Sandvik Group agreed to acquire and later completed the purchase of 100% of DSI Underground, a global supplier of ground support systems for underground mining and tunnelling. Funds advised by Triton sold DSI Underground to Sandvik for a purchase price of €943 million on a cash- and debt-free basis, with closing occurring after regulatory approvals.

ZEDRA acquired BFCS, the fund and corporate services arm of Banque Internationale à Luxembourg (BIL), after receiving regulatory approval from Luxembourg’s financial regulator (CSSF). The deal expands ZEDRA’s Luxembourg fund administration and corporate services capabilities, with BFCS to be integrated into ZEDRA and rebranded as ZEDRA Fund Services.

Eurazeo sold a portion of its ownership in iM Global Partner to new investors IK Investment Partners and Luxempart, subject to regulatory approvals. Eurazeo remains the controlling shareholder alongside existing shareholder Amundi, while Dassault/La Maison is exiting by selling its stake as part of the transaction.

DMS Governance (DMS) has acquired Azienda Financial Services (Azienda), an independent corporate services provider headquartered in Luxembourg that administers investment structures for private equity, real estate, and structured finance. The deal strengthens DMS’s Luxembourg footprint and expands its structured finance capabilities, representing the fifth transaction completed since MML’s August 2019 investment in DMS.

Mayfair Equity Partners agreed to acquire a majority stake in atHome Group, a Luxembourg-based online classifieds and mortgage broking business focused on property, automotive and related verticals. Oakley Capital (via Oakley Fund III) is selling the majority stake but will retain a minority interest in the company after closing. EQT Credit provided unitranche/senior debt facilities to support Mayfair’s acquisition.

Astorg signed a binding agreement to sell M7 Group to Canal+, a subsidiary of Vivendi, subject to regulatory approvals. M7 Group is a Luxembourg-headquartered pay TV operator offering hybrid satellite/OTT services across Europe, and the transaction was expected to close in September 2019.