Newsletter Edition 77
Jul 24, 2025
EQT Acquires Adevinta’s Spanish Marketplaces in €2B Deal Amid Strategic Refocus
Swedish private equity group EQT has struck a deal to acquire the Spanish classifieds business of Adevinta for approximately €2 billion ($2.3 billion), as the Norwegian online marketplace operator moves to sharpen its focus on core European markets, according to Reuters.
The agreement, announced Monday, is part of Adevinta’s broader strategic realignment, following its acquisition by a private equity consortium led by Blackstone and Permira. The transaction includes six of Spain’s most prominent digital marketplaces: job board InfoJobs, real estate platform Fotocasa, and vehicle-focused portals coches.net and motos.net, among others.
Adevinta, which operates across multiple European countries, is aiming to consolidate its presence in Germany, France, and the Benelux region. The sale of its Spanish business is one of several recent moves to streamline its portfolio. The company has also divested its stake in Austria’s Willhaben and is reportedly mulling an IPO of its German automotive platform mobile.de.
This strategic focus is designed to optimise operational efficiency and reinforce growth in high-margin, high-traffic verticals across its priority markets.
For EQT, the deal builds on its prior experience in Spain’s digital marketplace space. The firm previously owned Idealista, the country’s largest property classifieds site, which it sold in 2024 while retaining a minority stake.
The acquisition of Adevinta’s Spanish assets represents a reinvestment into a familiar sector with strong digital traffic and monetisation potential, as EQT continues to deploy capital across scaled consumer platforms with leading market positions.
Pending regulatory approvals, the deal is expected to close later this year.
CapVest in Talks to Acquire Majority Stake in Stada in Potential €10B Deal
Private equity firm CapVest Partners is in advanced negotiations to acquire a majority stake in German pharmaceutical company Stada Arzneimittel in a transaction that could value the business at approximately €10 billion ($11.7 billion) including debt, according to Bloomberg sources familiar with the matter.
The deal would see CapVest buy out a significant portion of Bain Capital and Cinven’s holdings, who jointly acquired Stada in 2017 for €5.3 billion. While no final agreement has been reached, the parties are deep in discussions, and Bain and Cinven could retain minority stakes post-transaction.
Stada is also reportedly evaluating a public listing, and while a private sale appears to be gaining traction, some insiders say an IPO remains the preferred route for current owners. The company recently refinanced its debt with a portability clause, enabling a change in ownership without requiring fresh financing — a move interpreted as paving the way for a smoother sale.
If completed, the transaction would be one of the largest private equity deals of 2025, highlighting renewed momentum in the buyout market as firms look to deploy capital amid mounting pressure to deliver returns. CapVest, which manages roughly €12 billion in assets, is believed to have secured institutional backing to support the deal.
The acquisition would further solidify CapVest’s positioning in the healthcare and essential consumer sectors, where it already holds investments in firms like Curium (nuclear imaging) and NextPharma (pharma services).
Headquartered in Bad Vilbel, Stada develops generic and specialty pharmaceuticals, as well as over-the-counter healthcare products. Its portfolio includes trusted European brands such as Grippostad and Hirudoid, making it an attractive asset in a healthcare market that remains resilient to macroeconomic headwinds.
With both a potential buyout and IPO in play, the future of Stada could mark a significant liquidity event for Bain and Cinven and a strategic win for whichever bidder ultimately prevails.
HPS and Arcmont Inject €25M into Dainese as Debt-for-Equity Talks with Carlyle Deepen
Private credit powerhouses HPS Investment Partners and Arcmont Asset Management have provided €25 million in emergency funding to struggling Italian sportswear brand Dainese, as discussions accelerate over a potential debt-for-equity takeover from current owner The Carlyle Group, according to a report by Bloomberg.
The funding, issued as three-year private notes, is designed to stabilise Dainese’s day-to-day operations while the lenders and Carlyle negotiate a possible ownership handover, potentially marking one of the first consensual private equity-to-creditor restructurings in Italy's buyout market.
HPS and Arcmont already hold €285 million in notes due in 2028, originally issued to help finance Carlyle’s acquisition of Dainese in 2022. The latest cash injection suggests the creditors are increasingly steering the company’s future amid mounting financial distress.
The discussions could culminate in a debt-for-equity swap — a scenario in which Carlyle would relinquish ownership of Dainese in exchange for the forgiveness or restructuring of its debt. While not confirmed, insiders say the talks are now at an advanced stage.
Renowned for its premium protective gear for motorcyclists, skiers, and cyclists, Dainese has been hit hard by softening consumer demand and operational challenges. In 2023, the company’s losses nearly tripled to €120 million, driven in part by an €86 million goodwill impairment related to its acquisition valuation.
Carlyle injected €15 million in equity support at the end of 2024 to help the business stay within the bounds of its loan covenants. However, the continued downturn suggests that more fundamental restructuring is now on the table.
If completed, a Carlyle handover of Dainese would serve as a notable precedent for distressed resolutions in European private equity, where credit funds like HPS and Arcmont are increasingly active players in buyout financing — and now, potentially, in ownership transitions as well.
The development also reflects a broader shift in private credit's role in distressed asset takeovers, as rising interest rates and subdued consumer spending pressure leveraged portfolio companies across Europe.
Neither Carlyle, HPS, nor Arcmont have publicly commented on the ongoing negotiations.