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Latest issue — Issue #12
Private equity's quiet comeback — and five deals you should know about

After a muted cycle, buyout activity is accelerating. This week: a €2.1bn European take-private, a fintech Series C signalling renewed VC appetite, and three M&A moves pointing to sector consolidation.

Advent Int'l / Nordic Industrial PE €2.1bn
Monevo — Series C VC $85m
Brookfield / EU Data Centres Infra $1.4bn
Bupa / Primary Health Network M&A £340m
KKR / European Credit Platform Credit €800m
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Issue #12 · 24 March 2025 · Private equity

Private equity's quiet comeback — and five deals you should know about

After an unusually muted 18 months for buyout activity, deal flow is accelerating into Q2. The catalyst is familiar: rate expectations have shifted, dry powder has built to record levels, and sellers are beginning to accept that 2021 multiples are not coming back. This week we cover a €2.1bn take-private in European industrials, a fintech Series C that signals renewed VC appetite for embedded finance, and three M&A moves that collectively tell a bigger story about sector consolidation in healthcare, infrastructure, and private credit.

Private equity Venture capital M&A Infrastructure Healthcare
This week's deals
Private equity
Advent International / Nordic Industrial Group

Take-private of listed Swedish industrial conglomerate. Signals continued appetite for European manufacturing at compressed multiples after three years of valuation correction.

€2.1bn Take-private · Europe
Venture / Fintech
Monevo — Series C

Credit marketplace raises growth round led by General Atlantic. Embedded finance thesis continues attracting late-stage capital as consumer credit demand remains elevated.

$85m Series C · Fintech
M&A · Healthcare
Bupa / Primary Health Network

Strategic acquisition consolidating UK primary care assets. Insurance-to-delivery vertical integration accelerating as large payors seek to control more of the care pathway.

£340m Vertical integration · UK
Infrastructure
Brookfield / European Data Centres

Infrastructure play on AI compute demand. Third acquisition in 12 months — Brookfield building a pan-European hyperscale platform as demand from hyperscalers accelerates.

$1.4bn Platform build · Data infra
This week's signal

The return of take-private activity in European industrials is less about opportunism and more about a structural repricing. Sellers who held out for 2021 valuations are now accepting a new reality — which means the next 12 months may see deal volumes that surprise to the upside.

— Deal Flow Weekly Analysis · Issue #12

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