Argos Index® mid-market
Evolution of Euro Zone Mid-Market Private Company Prices – Quarterly Index carried out by Epsilon Research
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Argos Mid Market Index - List of Underlying Transactions
H2 2025
| Date | Acquirer | Target | Country | Industries | Valuation Multiples | See Details |
|---|---|---|---|---|---|---|
| 11/07/2025 | Ferrara Candy | CPK (Carambar & Co) | France | Confectionery | * |
|
| 01/07/2025 | Ingersoll Rand | Termomeccanica Industrial Compressors (TMIC) | Italy | Pumps & PVF | ** |
|
| 18/07/2025 | Private Group backed by Capza | DI Environnement (Dauphiné Isolation Environnement) | France | Industrial Cleaning | * |
|
| 16/07/2025 | Private Group led by Ouest Croissance | EasyCash | France | Specialised R&W | * |
|
| 28/07/2025 | Private group led by Siparex, BNP Paribas Développement, Caisse d’Épargne Rhône Alpes | Groupe Dreyer | France | Construction Finishings|Industrial Refrigeration Equipment & Machinery | * |
|
| 10/07/2025 | Dexelance | Mohd (Mollura Home Design) | Italy | e-commerce B2B|Home Improvement Product Retailers|Home Decoration & Furniture Retailers|Office Furniture (retail) | *** |
|
| 09/07/2025 | NewPrinces | Plasmon Dietetici Alimentari | Italy | Bakery Products | *** |
|
| 08/07/2025 | AlfaParf (Beauty & Business) | Xanitalia | Italy | Personal Products | ** |
|
| 29/07/2025 | Magellan Partners | Worldline Mobility & E-Transactional Services (MetS) | France | Banking software / payment system|System Integration | ** |
|
| 02/07/2025 | Private group led by Vivalto Partners | Société Façonnage de Normandie (SFAN) | France | Food Complements | ** |
|
| 17/07/2025 | Graco | Color Service | Italy | Industrial Machinery | *** |
|
| 23/07/2025 | Private group led by Evolem | Investronic | France | Industrial Machinery | * |
|
| 30/07/2025 | Sprout Social | NewsWhip Media | Ireland | Software as a Service (SAAS)|e-media|Marketing Software | ** |
|
| 17/07/2025 | Private group led by Activa Capital, Celda Capital Développement | Groupe Desegur | France | Testing, Inspection and Certification services (TIC) | * |
|
| 04/08/2025 | Theon International | Kappa Optronics | Germany | Aerospace & Defence|Electronic Equipment|Optoelectronics | *** |
|
| 12/08/2025 | Wilmington | Professional Group Conversia | Spain | Human Resource Management (HRM)|Enterprise Content Management (ECM) | *** |
|
| 09/07/2025 | NIIT Learning Systems | MST Group | Germany | Training | *** |
|
| 01/08/2025 | Legrand | Cogelec | France | Electronic Security Systems|Electronic Security Systems | *** |
|
| 01/07/2025 | Private Group led by Geneo Capital Entrepreneur, Socadif and C2AD | Pastacorp (Lustucru Rivoire & Carret) | France | Pasta Manufacturers | ** |
|
| 29/08/2025 | Private Group led by Waterland | Cruinn Diagnostics | Ireland | Specialised R&W|Diagnostic Medical Equipment | * |
|
| 04/07/2025 | Gofore Oyj | Huld Oy | Finland | IT Consulting & Services|Engineering and Technology Consulting | *** |
|
| 04/08/2025 | Private Group led by A&M Capital Europe | Isla Délice (Amalric) | France | Meat processing|Canned, Frozen and Cooked Food | * |
|
| 03/09/2025 | Private group led by Andera Partners, Bpifrance | HMS (Groupe Numans) | France | Audit & Accounting | * |
|
| 07/07/2025 | Private Group led by Archimed | Rivadis | France | Personal Products | * |
|
| 08/09/2025 | Private group led by Société Générale Capital Partenaires, BRED Banque Populaire, Bpifrance, Qualium Investissement | Parella | France | Architectural and Design Services | * |
|
| 26/08/2025 | Halma | Brownline | Netherlands | Industrial Machinery|Measurement & Test Equipment|Equipement for Test & Measuring | *** |
|
| 13/07/2025 | Scanfil | MB Elettronica | Italy | Electronic Equipment (for corporates)|Electronic Contract Manufacturing | ** |
|
| 11/09/2025 | Private Group led by Andera Partners | Sagitta Pharma | France | Drugs Retailers | ** |
|
| 17/07/2025 | Hanza | Milectria Oy, Kiinteistö Oy Kanungin Karhu, Milectria OÜ | Finland | Aerospace & Defence|Electronics / Electricity / Wiring|Cables & Wires Manufacturers | *** |
|
| 01/07/2025 | VBG Group | M.A.T. Malmedie Antriebstechnik | Germany | Industrial Components | ** |
|
| 15/08/2025 | Lantmännen ek för | Leipurin | Finland | Food R&W | *** |
|
| 16/09/2025 | Esprinet | Vamat | Netherlands | Electrical Components & Equipments|Electrical Product (retail) | ** |
|
| 28/07/2025 | Ushio | Entertainment & Industry Lamps business (ENI) of ams-OSRAM | Austria | Electrical Components & Equipments|Optoelectronics | ** |
|
| 28/07/2025 | Semapa - Sociedade de Investimento e Gestao SGPS | Industrias Mecanicas de Extremadura (Imedexa) | Spain | Building Materials & Fixtures|Steel | ** |
|
| 21/07/2025 | Private group led by Nazca Capital SGEIC | Teltronic | Spain | Telecommunications equipment | ** |
|
| 31/07/2025 | Private group led by EMZ Partners | Implid | France | Audit & Accounting | * |
|
| 03/10/2025 | Private group led by Edmond de Rothschild Private Equity | M-Energies | France | Heating, Ventilation and Air-Conditioning (HVAC) | * |
|
| 20/10/2025 | Private group led by InnovaFonds, Jadel, Financière Sophia | Groupe Isore | France | Finishes and Fittings (F&F)|Insulation Work | * |
|
| 31/07/2025 | Solutys | Nedap France | France | Electronic Equipment (for corporates)|Electronic Security Systems | * |
|
| 04/09/2025 | Solutys Group | Rayonnance | France | IT Supply Chain Services|Customer Relationship Management (CRM)|Retail Software|Transport Management System (TMS) | * |
|
| 24/09/2025 | Private group led by Raise | UBI Solutions | France | Integrated software|Electronic Equipment (for corporates)|Electronic Security Systems | * |
|
| 31/07/2025 | Private group led by Montefiore Investment, Ceres Industries Capital and CFJ (Compagnie Financière Jousset) | Karavel Group | France | Travel & Tourism|Travel & Tourism|Online Travel Agencies | * |
|
| 09/12/2025 | Private group led by Capza, Amundi Private Equity Funds | Myrium (ex. Rougnon) | France | Construction Finishings | * |
|
| 06/10/2025 | Private group led by Inner, Entrepreneur Invest | Armor Navigation | France | Marine Transportation|Travel & Tourism|Travel & Tourism | * |
|
| 08/07/2025 | Private group led by Trajan Capital | Groupe Aiglon Santé et Beauté | France | Personal Products | * |
|
| 08/12/2025 | Private group led by NCI, Unexo, NSH | Metalu Plast | France | Sporting Goods | * |
|
| 24/11/2025 | Private group led by AfricInvest Europe, Bpifrance Investissement, and Garibaldi Participations | Tecofi Group | France | Pumps & PVF | *** |
|
| 08/12/2025 | Private group led by B & Capital | Groupe Partir-Visiteurs (GPV) | France | Travel & Tourism|Travel & Tourism | * |
|
| 13/10/2025 | Private group led by Eurazeo | Excelya Group | France | Biomedical Research Laboratory | ** |
|
| 30/07/2025 | Private group led by FrenchFood Capital, Bpifrance Investissement | Sabre | France | Kitchen Equipment | * |
|
| 15/10/2025 | Private group led by Capital Croissance | Renobat PACA | France | Finishes and Fittings (F&F)|Property Damage Restoration Services | *** |
|
| 09/12/2025 | Private group led by Sparring Capital | Elec44 | France | e-commerce B2B|Electrical Product (retail) | * |
|
| 16/11/2025 | Private Group led by Metric Capital Partners | Excellence Imagerie | France | Medical Diagnostic Laboratory | * |
|
| 17/12/2025 | Private group led by B & Capital | Decor World Services - DWS | France | Industrial Machinery | * |
|
| 17/12/2025 | Baker Tilly Strego | Cofigex | France | Audit & Accounting | * |
|
Previous Underlying Transactions (Since H1 2004)
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