March saw 18 PE-backed acquisitions across Europe, representing an 18% decline year-over-year and the second year-over-year declining month in a row.
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 March by 18% year-over-year. Despite this, the number of acquisitions increased slightly (by 13%) compared to February, which presented the lowest number of acquisitions of the last twelve months.
39% of the 18 acquisitions were conducted in the UK, followed by Germany (4), France (2), Turkey (1), Italy (1), Ireland (1), Czech Republic (1), Switzerland (1) and Sweden (1).
2 of March’s 18 acquisitions were conducted by accounting and advisory firm Xeinadin Group, presenting their overall 12th acquisition. The PE-backed group acquired both Warren & Partners, and Curtis, Bowden & Thomas Accountants.
This month’s case study: Mediawan
Mediawan is one of Europe’s independent audiovisual content studios. The Group brings together the talents in audiovisual creation by being present across the entire value chain. Founded in 2015 in Paris, France, the company employs over 1,000 FTE.
Since Atwater Capital invested in Mediawan in 2021 as part of a private equity funding round, Mediawan has acquired 7 companies since 2022.
- Mediawan Acquisitions
Mediawan’s most recent acquisition, publicized in March 2025, was the acquisition of See-Saw Films.
Founded in 2008 in London, UK, See-Saw Films is a multi-award-winning film and television production house, known for its Oscar®, Emmy, and BAFTA-winning productions, in-house sales arm Cross City Films, and strategic joint ventures in content creation.
PEs drive consolidation in the European Media & Entertainment (M&E) industry
The case of Mediawan demonstrates that PE firms are actively driving consolidation in the M&E industry, leveraging content ownership, digital transformation, and scalable platforms to maximize long-term value.
Relevant PE-investors and investments into the M&E industry include:
- SURJ Sports Investments’ investment in DAZN (2025)
- EQT’s investment in Keywords Studios (2024)
- Redbird Capital Partners’ investment in All3 Media (2024)
- KKR’s investment in Skydance (2022)
Two PEs, both, Atwater Capital and KKR, are involved with Mediawan, which was merged with LEONINE Studios:
- Atwater Capital focuses exclusively on investments within the M&E sector, leveraging its financial and operational expertise to drive the growth of Atwater’s portfolio companies. In 2021, Atwater invested in Mediawan SA, which has since acquired 7 smaller M&E companies during its PE co-ownership.
- Together with KKR, Atwater also invested in LEONINE Studios, which was formed through the merger of four media companies and has since engaged in several additional acquisitions within the sector. In 2024, as part of a merger, LEONINE Studios was integrated into Mediawan, significantly expanding Mediawan’s footprint in the European M&E industry. Mediawan’s acquisition of See-Saw Film marked its first acquisition since this merger with LEONINE.
- The evolution of Mediawan exemplifies PE’s role in driving consolidation within the M&E industry, as investors actively support the integration of smaller companies to create larger, more competitive entities.
*All data from CrunchBase, as of April 04, 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 – September 2025
September 2025 presented a 4% year-over-year decrease in the number of PE-backed acquisitions. In addition to software, private equity investors are also targeting consulting and health care. Learn all about it in our report and case study, including Bionexo’s acquisition of Overmind.
October 30, 2025
VC Landscape Germany Venture Capital Landscape – Q3 2025
Between an decrease of 44% in invested VC volume and a €134mn funding round in the SaaS space, Germany is closing its venture capital landscape Q3 2025. Learn all about it in our latest analysis.
October 29, 2025
VC Landscape European Venture Capital Landscape – September 2025
September 2025 saw a rebound in VC activity, with 409 investments and $7.4 billion raised across Europe, representing a 409% increase in volume and 118% growth in deal count month over month. The largest round of the month was a $1.99 billion Series C Round by Paris-based AI platform Mistral AI, which offers large language models and AI services tailored to diverse enterprise applications.
October 28, 2025
M&A European Roll-Up Market Report – August 2025
August 2025 presented a 17% year-over-year decrease in the number of PE-backed acquisitions. In addition to software, private equity investors are also targeting marketing and retail. Learn all about it in our report and case study, including Pursuit Aerospace’s acquisition of Aeromet International.
September 9, 2025
VC Landscape European Venture Capital Landscape – August 2025
August 2025 saw a sharper pullback in VC activity, with 188 investments and $1.5 billion raised across Europe, representing a 56% decline in volume and 49% decline in deal count month over month. The largest round of the month was a $175 million Venture Round by Stockholm-based clean energy-tech company Aira, which provides heat pumps and home energy-saving solutions. Explore our full analysis for more.
September 8, 2025
M&A European Roll-Up Market Report – July 2025
July 2025 presented a 17 % year-over-year decrease in the number of PE-backed acquisitions. In addition to software and FinTech, private equity investors are also targeting health care. Learn all about it in our report and case study, including Xeinadin’s acquisition of FCC Chartered Accountants.
August 6, 2025
VC Landscape European Venture Capital Landscape – July 2025
July 2025 saw a pullback in VC activity, with 366 investments and $3.3 billion raised across Europe, a decline from June’s levels (volume fell 24% and deal count fell 9% month over month). The largest round of the month was a $200 million Series A by Stockholm-based AI startup Lovable, which became a unicorn with this investment; the company’s platform lets users build applications without extensive coding. Explore our full analysis for more.
August 4, 2025
VC Landscape Germany Venture Capital Landscape – Q2 2025
Between an increase of 59% in invested VC volume and a €150mn funding round in the clean energy space, Germany is closing its venture capital landscape Q2 2025. Learn all about it in our latest analysis.
July 21, 2025
M&A European Roll-Up Market Report – June 2025
June 2025 presented a 50 % year-over-year increase in the number of PE-backed acquisitions. In addition to software and FinTech, private equity investors are also targeting consulting services. Learn all about it in our report and case study, including ClearCourse’s acquisition of Rezcontrol.
July 16, 2025
VC Landscape European Venture Capital Landscape – June 2025
June 2025 saw a rebound in VC activity, with 401 investments and $4.4bn raised across Europe, marking an increase from May's lows. The largest round of the month came from Helsing, which raised $694 million (€590 million) in a Series D to advance AI-powered defense systems. Explore our full analysis for more.
July 14, 2025