The ECB hiked rates to 2.25 per cent in direct response to the energy shock, with Eurozone inflation at 3.2 per cent. Meanwhile, brand loyalty continues to erode as Europeans increasingly switch brands for price, with private labels gaining further ground.
Looking ahead, the cost of capital stays elevated. If the Hormuz deal holds, the second half of 2026 could unlock deal flow as forward visibility returns. The Hormuz blockade has reshaped supply chain thinking. We expect reshoring to become a more significant deal driver.
Deal activity in May involved 121 deals in total; that is an increase of 23 deals year on year.
A couple of the notable ones are:
- PPHE Hotel Group Ltd being acquired by Fattal Holdings (1998)
- The acquisition of Tuinland by Ranzijn tuin & dier
- TravelSpirit BV being acquired by Vortex Capital Partners
The most active sector (in number of deals) in May was Accommodation with twenty deals, as shown by:
- PPHE Hotel Group Ltd being acquired by Fattal Holdings (1998)
- Park Holidays UK Ltd being acquired by Aermont Capital LLP, and
- Barcelo Ponent Beach, Fergus Style Tobago, Corallium Beach Hotel being acquired by Calena Partners SL
Several potential acquisitions and exits are also being explored. To name a few:
- Ingredion Inc. has made a conditional proposal regarding a possible cash offer for Tate & Lyle
- Bencis Capital Partners has distributed an IM for the sale of Dutch protein bar supplier Prinsen Berning
- Jacobs Capital's sale process for Mammut Sports Group has advanced to the next round
Read more in the June edition of our monthly newsletter.
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