M&A Deal Summary

Fremman Capital and Apax Acquire Palex

On October 20, 2021, private equity firms Fremman Capital and Apax acquired distribution company Palex from Ergon Capital Partners, Corpfin Capital and Ardian

Acquisition Highlights
  • This is Fremman Capital’s 1st and Apax’s 5th transaction in the Distribution sector.
  • This is Fremman Capital’s 2nd and Apax’s 7th transaction in Spain.

M&A Deal Summary

Date 2021-10-20
Target Palex
Sector Distribution
Buyer(s) Fremman Capital
Apax
Sellers(s) Ergon Capital Partners
Corpfin Capital
Ardian
Deal Type Secondary Buyout

Target

Palex

Barcelona, Spain
website
Palex is a distributor of sanitary equipment and advanced hospital solutions. It has a wide portfolio of specific hospital equipment and equipment for more than 40 medical specialties, from fungible material to sophisticated diagnostic, treatment, and laboratory equipment. Palex was founded in 1955 and is based in Barcelona, Spain.

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Buyer(S) 2

DESCRIPTION

Fremman Capital is a private equity firm focused on partnering with management teams in successful companies throughout Europe. The Firm invests in a variety of industries including business and tech services, healthcare, consumer products and services, and industrials. Fremman will consider a variety of investment situaitons including typically capital for growth as well as consolidation opportunities. Fremman Capital was established in 2020 and is based in London, England.


DEAL STATS #
Overall 3 of 7
Sector (Distribution) 1 of 1
Type (Secondary Buyout) 2 of 3
Country (Spain) 2 of 3
Year (2021) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-01 Natural Fruit

Murcia, Spain

Natural Fruit is dedicated to the processing and distribution of citric fruit. TNFC controls c. 900 hectares of plantations located across Spain (Valencia, Alicante, Almería, Murcia, Málaga and Huelva) and has a total production capacity of c. 400k tonnes of fruit per annum. Natural Fruit is based in Murcia, Spain.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-12 Kids Planet

Cheshire, United Kingdom

Kids Planet is a family entertainment center that provides nursery care and education to children through a network of UK sites. The nurseries all have the same look and feel - with a welcoming environment, attention to detail, and first-class support for parents and families. Kids Planet was established in 2008 and is based in Cheshire, England.

Buy -
Buyer

Apax

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1981
PE ASSETS 60.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apax Partners is a mega-sized private equity investment group, operating across the United States, Europe, Israel and Asia. Broad industry sectors of interest include tech & telecom, media, retail & consumer, healthcare, financial services, and business services. Apax will consider both minority and majority investment positions and prefers companies with strong market positions and growth potential. The Firm generally pursues platform acquisitions valued from €1 to €5 billion. Apax Partners was formed in 1981 and is based in London.


DEAL STATS #
Overall 236 of 246
Sector (Distribution) 5 of 5
Type (Secondary Buyout) 58 of 61
Country (Spain) 7 of 7
Year (2021) 14 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-13 ClassPass

New York, New York, United States

ClassPass connects members to a variety of fitness experiences, including yoga, cycling, pilates, barre, running, strength training, dance, sports, videos, and more with over 10,000 partners in 50 cities worldwide. ClassPass was formed in 2013 and is based in New York City.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-29 American Water Works - Homeowner Services Group

Camden, New Jersey, United States

American Water Works Co.'s Homeowner Services Group provides various warranty protection programs and other home services to residential customers across the country. The company's customer-facing brands include American Water Resources and Pivotal Home Solutions. It currently has nearly 3 million customer contracts across 43 states and Washington, D.C.

Buy -

Seller(S) 3

SELLER

Ergon Capital Partners

Brussels, Belgium

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2005
PE ASSETS 1.9B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Ergon Capital Partners is a generalist private equity firm that invests in middle-market companies throughout the Benelux, Italy, Iberia, France, and Switzerland. Ergon looks to invest €25 to €75 million in businesses with sustainable competitive advantages and operating in 'attractive' niche markets. The Firm was formed in 2005 and is based in Luxembourg.


DEAL STATS #
Overall 14 of 15
Sector (Distribution) 1 of 1
Type (Secondary Buyout) 11 of 12
Country (Spain) 1 of 1
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-07 Summa

Gistel, Belgium

Summa is a manufacturer of innovative cutting equipment that helps companies and people to finish their applications to the highest standards. Companies from all over the world use cutting solutions for products in the printing, signage, display, apparel, and packaging industries. Summa is based in Gistel, Belgium.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-04 Satlink

Madrid, Spain

Satlink is involved in the development of technological solutions for the maritime sector. The company's solutions are designed to optimize the decision-making process of the maritime industry and its regulators, allowing for more efficient and sustainable management of ocean resources. It offers a wide range of end-to-end solutions including, among others, devices for sustainable tuna fishing, electronic monitoring, Vessel Monitoring Systems, satellite connectivity, and oceanography software. Satlink was formed in 1992 and is based in Madrid, Spain.

Buy -
SELLER

Corpfin Capital

Madrid, Spain

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1990
PE ASSETS 1.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Corpfin Capital is an independent Spanish private equity firm focused on local opportunities. Corpfin will consider both majority and minority positions, looking to commit €15 to €45 million per transaction and EBITDA of €5 to €25 million. The Firm will invest in a variety of industry sectors. Corpfin was formed in 1990 and is based in Madrid.


DEAL STATS #
Overall 23 of 25
Sector (Distribution) 2 of 2
Type (Secondary Buyout) 9 of 10
Country (Spain) 23 of 25
Year (2021) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-28 JR Sabater

Murcia, Spain

JR Sabater is a manufacturer of vinegars, syrups and dressings under its own brand and for third parties. JR Sabater was founded in 1976 and is based in Murcia, Spain.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-28 Kids&Us

Manresa, Spain

Kids&Us provides English language teaching to over 170,000 students via more than 550 centers located mainly in Spain, Italy, Belgium, France, Mexico and Japan. Kids&Us was founded in 2003 and is based in Manresa, Spain.

Sell -
SELLER

Ardian

Paris, France

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.


DEAL STATS #
Overall 201 of 218
Sector (Distribution) 3 of 3
Type (Secondary Buyout) 74 of 85
Country (Spain) 6 of 7
Year (2021) 11 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-11 Mirion

Atlanta, Georgia, United States

Mirion is a provider of radiation detection, measurement, analysis, and monitoring products and services to the nuclear power, medical, military, and homeland security markets. Mirion Technologies was founded in 2005 and is based in Atlanta, Georgia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-25 Míla

Reykjavík, Iceland

Míla is the largest telecom infrastructure company in Iceland providing comprehensive end-to-end services in all areas of digital infrastructure. Míla was established in 2007 and is based in Reykjavík, Iceland.

Buy -