Five Top Deals
of the Month

The management of Biffa, a UK-listed waste management company, agreed to Energy Capital Partners’ (ECP) £1.3bn offer, despite the takeover bid falling short of the figures first discussed in June 2022. With its focus upon environmental infrastructure², ECP was attracted by Biffa’s prominent position in the UK waste management sector, along with the business’ long-term growth potential stemming from the sustainability objectives of the UK Government³. This is the second time that Biffa will be acquired by a private equity fund, with its first delisting taking place in 2008 and subsequent relisting in 2016⁴.

Cordis Corporation, a Florida headquartered medical devices company bought by Hellman & Friedman last year for $1bn, entered into an agreement to acquire MedAlliance for a total consideration of $1.135bn, including $900mn in regulatory and commercial achievement milestones. MedAlliance is a Swiss medical technological company which specializes in medical devices for coronary and peripheral artery conditions. Its innovations, including SELUTION SLR™ (Sustained Limus Release) drug-eluting balloon, naturally complement Cordis’ global manufacture of interventional cardiovascular and endovascular technologies⁵. For MedAlliance, Cordis signifies an effective gateway to distribute its products, with SELUTION estimated to have a potential market of two million patients worldwide by 2027⁶.

Alternus Energy Group Plc and Clean Earth Acquisitions Corporation entered into a definitive business combination agreement under which Alternus will acquire a 64% stake in Clean Earth upon transferring to the latter Alternus’ subsidiaries. Clean Earth is a special purpose acquisition company focused on climate technology, while Alternus is an independent power producer headquartered in Ireland which develops, operates, and owns utility-scale solar parks. The value of the combined business is estimated at $863mn, with the underlying shares of Alternus and Clean Earth expected to continue trading on Olso’s Euronext Growth and Nasdaq respectively. The merger enables Alternus to continue its expansion in Europe – solar PV capacity is expected to grow by some 40% by 2025 – while also providing it access to the U.S. renewable energy market.

DCC Plc, a listed Irish sales, marketing and technology group, agreed to acquire Medi-Globe Technologies, a German-based medical devices company making surgical and diagnostic products that are primarily used for urological and gastroenterological procedures. Medi-Globe places emphasis upon the minimal invasiveness of its devices and currently supplies hospitals and procurement organisations in over 120 countries. The company will fit within DCC’s Healthcare business and is expected to unlock synergies while extending the company’s reach in the sector. Duke Street invested in Medi-Globe in 2016 and helped the management team execute its strategy of launching new products and expanding internationally.

Investindustrial agreed to buy a 52% stake in Eataly from two U.S. investors, the Saper and Bastianich families, for €200mn. Eataly specializes in the sale of gourmet Italian food and wine and has established more than 40 stores across the U.S., Europe, Asia and the Middle East over the past 15 years. The food sector is an area of particular focus for Investindustrial, with the Italian private equity group having recently invested over €2.5bn across the industry⁷, primarily to help Italian companies distribute their produce globally. Among the firm’s other holdings are Italcanditi, an Italian ingredients producer, Dispensa Emilia, an Italian restaurant chain, and La Doria, an Italian-based producer of processed and manufactured food⁸.