Recent transactions were announced in the PPE sector, which illustrate the resilience and attractiveness of this segment, particularly for investment funds, in a rather sluggish M&A market:
- First, the announcement on July 1st, 2025, of the majority investment by the WARBURG PINCUS fund in the UVEX group, German leading manufacturer of personal protective equipment for the professional segment as well as for sports and leisure. The founding families will keep a minority stake in the group. UVEX, which generated revenue of €666m in 2023/2024, was reportedly valued at approximately €800m (enterprise value), according to press releases.
- The announcement on the same day of GROUPE RG's acquisition of COTRAL LAB, leading manufacturer of custom hearing protection and a key player in adapted visual protection, as well as COMU SYSTEMS, a specialist in tactical and critical communication. The terms of the transaction were not disclosed. GROUPE RG, majority-owned by ARDIAN and LATOUR CAPITAL, should have generated consolidated sales near €600m in 2024, and should increase this revenue by approximately 10% following this acquisition.
- Finally, it is worth noting the announcement in April 2025 of the investment by the INFLEXION and 65 EQUITY PARTNERS funds in the capital of KEE SAFETY (equivalent minority stake acquired by each fund). KEE SAFETY is a leading English-based company specializing in fall protection, systems, and collective protection. The group generated consolidated sales of £226m in 2023 (2024 figures not available), and the transaction would value the group at approximately £1.3bn.
We will provide you with a detailed list of PPE acquisitions in the first half of 2025 in early September.
We wish you an excellent sumer break!
