April saw 22 PE-backed acquisitions across Europe, representing an 8% decline year-over-year with 2 acquisitions less in April 2025 than 2024.
Number of announced PE-backed acquisitions over the past 12 months*
- Number of PE-backed Acquisitions
Roll-Up Market Insights
PE-backed acquisitions in Europe declined in April by 8% year-over-year. Despite this year-over-year decline, PE-backed acquisitions in Europe grew back closer to their 12 months-average after the February low-point.
More than 50% of acquisitions were conducted in the UK, followed by 3 acquisitions in Ireland and 2 in France.
2 of April’s 22 acquisitions were conducted by waste and water infrastructure firm Vortex Companies, presenting their overall 11th and 12th acquisitions. The PE-backed company acquired both McAllister Group and Prism Contractors & Engineers.
This month’s case study: Vortex Companies
Founded in 2025 in Houston, Texas, USA, Vortex Companies deliver advanced trenchless technologies and turnkey services to cost effectively renew water, sewer and industrial infrastructure.
Since private equity firm Quad-C invested into Vortex Companies in 2023, Vortex has announced 9 acquisitions, 4 of those in 2025 alone.
- Vortex Companies Acquisitions
Vortex Companies’ most recent acquisitions, publicized in April 2025, were the acquisitions of McAllister Group and Prism Contractors & Engineers. With the former of the two, Vortex also grew its regional presence in Europe.
Founded in 1971 in Newry, UK, McAllister Group provides sustainability-focused residential and corporate drainage services, including maintenance and rehabilitation work, as well as planning and installing state-of-the-art drainage systems.
Founded in 1997 in Williamsburg, USA, Prism Contractors & Engineers provides architectural, inspection, construction, and other structural services.
Ongoing PE interest in the water and sewage infrastructure industry
Vortex Companies’ most recent PE-backed acquisitions present the ongoing PE-backed roll-ups in the water and sewage, as well as in the general infrastructure industry.
Relevant PE investors and their platform companies include:
- ORIX Capital Partners’ platform of National Underground Group (2017)
- New Mountain Capital‘s platform of Azuria Water Solutions (2021)
- Partners Group‘s platform of Resilient Infrastructure Group (2021)
- J.F. Lehman & Company‘s platform of PURIS (2023)
Quad-C invested in Vortex Companies in September 2023, extending the middle market PE’s portfolio to include a global provider of trenchless infrastructure rehabilitation products and services.
PE interest in infrastructure investments, also shown by KKR’s potential future acquisition of Thames Water, is driven by multiple industry factors:
- Infrastructure investments provide essential utilities and services with inelastic demand from both private and public sector clients, resulting in low sensitivity to economic cycles.
- Subsequently, infrastructure assets present low correlation with other asset classes, offering diversification benefits to PE firms.
- The industry lends itself to consolidation following a roll-up strategy, as the market is often highly fragmented.
- Infrastructure assets further generate stable long-term cash-flows, often secured by long-term public sector contracts.
*All data from CrunchBase, as of May 15, 2025.
Partner with us
Unlock the full potential of your financial strategy with Trustventure’s expert guidance. Whether you’re navigating challenges in the financial sector, seeking advice on corporate financing, or enhancing your planning and controlling processes, we’re here to empower your journey and help you create transparency and confidence for you and your investors.
Ready to elevate your financial game? Reach out to us today using our contact form or drop us a direct message at office@trustventure.de. Work with us to achieve your financial success! 🚀
Other articles
M&A European Roll-Up Market Report – August 2026
August 2026 presented a 20% year-over-year decrease in the number of PE-backed acquisitions. In addition to FinTech, private equity investors are also targeting Software and Marketing. Learn all about it in our report and case study, including ETL Systems' acquisition of Amphinicy Technologies.
September 11, 2026
VC Landscape European Venture Capital Landscape – August 2026
With 200 investments and $2.8 billion raised across Europe, August saw a 53% decrease in volume and 38% fall in deal count month over month. The largest round of the month was a $400 million Series C by the Stockholm-based company Lovable a company which provides an AI-driven platform enabling users to generate and deploy web applications and websites from natural language prompts.
September 7, 2026
M&A European Roll-Up Market Report – July 2026
July 2026 presented a 20% year-over-year decrease in the number of PE-backed acquisitions. In addition to FinTech, private equity investors are also targeting Health Care and Consulting. Learn all about it in our report and case study, including Kafeterija’s acquisition of Eddy's.
August 19, 2026
VC Landscape European Venture Capital Landscape – July 2026
With 321 investments and $6.0 billion raised across Europe, July saw a 19% decrease in volume and 24% fall in deal count month over month. The largest round of the month was a $1.2 billion Series D by the Gilching-based company Quantum Systems a company which builds AI-powered eVTOL drones for defense, security, and surveying, specializing in aerial intelligence solutions.
August 11, 2026
VC Landscape Germany Venture Capital Landscape – Q2 2026
Between an increase of 5% in invested VC volume and a €600mn funding round in the DefenseTech space, Germany is closing its venture capital landscape Q2 2026. Learn all about it in our latest analysis.
July 22, 2026
VC Landscape European Venture Capital Landscape – June 2026
With 420 investments and $7.5 billion raised across Europe, June saw a 18% increase in volume and 43% rise in deal count month over month. The largest round of the month was a $1.4 billion Series C by the Metzingen-based company Neura a company which builds AI-powered cognitive robots for industrial and everyday use.
July 21, 2026
M&A European Roll-Up Market Report – June 2026
June 2026 presented a 3% year-over-year decrease in the number of PE-backed acquisitions. In addition to Software, private equity investors are also targeting FinTech, Health Care and Consulting. Learn all about it in our report and case study, including Blend360’s acquisition of In516ht.
July 8, 2026
M&A European Roll-Up Market Report – May 2026
May 2026 presented a 45% year-over-year increase in the number of PE-backed acquisitions. In addition to Marketing, private equity investors are also targeting Software, FinTech and Consulting. Learn all about it in our report and case study, including RSK’s acquisition of HV Energy Systems.
June 15, 2026
VC Landscape European Venture Capital Landscape – May 2026
With 293 investments and $6.3 billion raised across Europe, May saw a 31% increase in volume and 10% decrease in deal count month over month. The largest round of the month was a $2.1 billion Series B by the London-based company Isomorphic Labs an AI-first drug design and develoment company that transforms drug discovery to design and evaluate new medicines.
June 8, 2026
VC Landscape Germany Venture Capital Landscape – Q1 2026
Between an increase of 6.5% in invested VC volume and a €350mn funding round in the AI space, Germany is closing its venture capital landscape Q1 2026. Learn all about it in our latest analysis.
May 20, 2026