Core Viewpoint - Volkswagen is advancing plans to reduce its stake in Everllence, its unit that manufactures marine engines and heat pumps, with indicative offers received from private equity firms, valuing the unit at approximately €5bn to €6bn ($5.9bn to $7.1bn) [1][2] Group 1: Volkswagen's Strategic Moves - Volkswagen is looking to sell a controlling stake in Everllence while retaining a significant minority shareholding [2] - The sale of Everllence is part of Volkswagen's broader strategy to reshape its business amid declining demand and increased competition from Chinese manufacturers [2][6] Group 2: Financial Performance and Market Context - Volkswagen reported a net cash flow of €6bn from its automotive division in 2025, indicating stronger cash generation than expected [3] - The European automotive industry is facing challenges from competition with China and a slower-than-expected transition to electric vehicles [4] Group 3: Industry Trends and Comparisons - The auction of Everllence coincides with Continental's sale of its ContiTech division, highlighting a trend among European industrial groups to streamline operations amid rising costs and regulatory pressures [6] - Private equity firms are increasingly interested in acquiring non-core assets from large industrial groups, seeing opportunities for performance improvement through further investment [6]

Group 1 - Volkswagen Group plans to sell its energy equipment division Everllence, attracting interest from top private equity firms including Blackstone, EQT, and CVC [1] - Everllence, formerly known as MAN Energy Solutions, primarily produces marine engines and heat pump equipment, with Volkswagen intending to spin off a majority stake while retaining a significant minority stake [1] - The sale of Everllence is seen as a strategy for Volkswagen to restructure its business amid weak demand and increased competition from Chinese automakers [1] Group 2 - Continental Group is also planning to sell its ContiTech division, which focuses on belts and hoses, aiming to refocus on its core tire business [2] - The timing of the sales by both Volkswagen and Continental reflects a broader trend among large European industrial groups to streamline their business structures in response to fluctuating energy costs, import pressures from China, and rising environmental regulatory costs [2] - The interest from private equity firms in such asset sales indicates a belief that further investment can significantly enhance the value of these business units [3] Group 3 - As of early November last year, the scale of private equity spin-off transactions in Europe approached €60 billion, accounting for 13.5% of total private equity deal volume [3]

Group 1 - The core point of the news is that Sealed Air Corporation (SEE.N) has reached a definitive agreement to be acquired by private equity firm CD&R for approximately $6.2 billion, with a purchase price of $42.15 per share in cash. The transaction is expected to close in mid-2026, pending shareholder and regulatory approvals, after which the company will be delisted [1] Group 2 - In the recent stock performance over the last 7 days (as of February 13, 2026), Sealed Air's stock price showed stability, with a cumulative increase of 0.33% and a price range fluctuation of 0.48%. The highest price reached was $42.00 on February 12, while the lowest was $41.80 on February 9. The daily trading volume was approximately $532 million, indicating relatively low market activity. As of the close on February 13, the stock price was $41.96, with a slight increase of 0.02%, and the total market capitalization was about $6.179 billion [2] Group 3 - According to institutional ratings from February 2026, among 12 institutions covering Sealed Air, 17% rated it as "Buy" or "Overweight," 67% recommended "Hold," and 16% suggested "Reduce" or "Sell." The average target price is $45.38, indicating a potential upside of approximately 8.1% from the current stock price. The forecast for earnings per share for Q4 2025 is $0.731, representing a year-over-year growth of 9.60%, while revenue is projected at $1.3422 billion, reflecting a slight year-over-year decline of 1.21% [3]

Core Viewpoint - The acquisition of SEE by private equity firm CD&R for approximately $6.2 billion at a price of $42.15 per share in cash is a significant development in the market [1] Group 1: Acquisition Details - SEE has reached a definitive agreement to be acquired by CD&R for about $6.2 billion [1] - The acquisition price is set at $42.15 per share in cash [1] - The transaction is expected to be completed by mid-2026, pending shareholder and regulatory approvals [1] Group 2: Market Impact - Following the acquisition, SEE will be delisted from the New York Stock Exchange [1]

Core Viewpoint - Columbus McKinnon has completed the acquisition of Kito Crosby, aiming to enhance its market position and deliver significant cost synergies of $70 million annually, while also improving Adjusted EBITDA Margin and shareholder value [1]. Group 1: Acquisition Details - The acquisition of Kito Crosby is expected to scale the business and create a global leader in lifting solutions, enhancing capabilities across diverse markets [1]. - The acquisition was approved after 14 regulatory reviews, including clearance from the U.S. Department of Justice [1]. - Columbus McKinnon anticipates potential revenue synergies in addition to the expected cost synergies [1]. Group 2: Executive Leadership Team - A new Executive Leadership Team has been appointed to lead the combined organization, featuring leaders from both Columbus McKinnon and Kito Crosby [1]. - David J. Wilson will serve as President and CEO, with Gregory Rustowicz as Executive Vice President and CFO [1]. - The leadership team aims to leverage their combined expertise to drive innovation and operational excellence [1]. Group 3: Board of Directors - Columbus McKinnon expanded its Board of Directors from 9 to 12 members, adding three new directors with significant experience in the industrials sector [1]. - The new board members are Michael Lamach, Nate Sleeper, and Andrew Campelli, who will contribute to creating lasting value [1]. Group 4: Company Background - Columbus McKinnon is a leading designer, manufacturer, and marketer of intelligent motion solutions for material handling [2]. - Kito Crosby is recognized as a global leader in the lifting and securement industry, with over 260 years of innovation [2].

Investment Rating - The report indicates a positive outlook for the European private equity (PE) market, with expectations of continued growth in 2026 due to increased capital inflows and a more predictable macroeconomic environment [18]. Core Insights - The European PE market achieved a record year in 2025, with total transaction value increasing by 14.4% year-on-year and transaction volume rising by 12.8%, driven by improved macroeconomic conditions and renewed investor confidence [4][10]. - The share of mega-deals (transactions over €1 billion) rose to 31.9% of total transaction value, reflecting a return of sponsor confidence and risk appetite [19][22]. - The exit environment showed signs of improvement, with exit values increasing by 10% year-on-year, although still below the peak levels of 2021 [66][67]. Summary by Sections Transactions - In 2025, the European PE market recorded a historic year with transaction values reaching €645.3 billion, supported by favorable monetary policies and a stable macroeconomic backdrop [10][19]. - The average transaction size increased by 32.8%, from €238.1 million to €316.2 million, indicating a willingness to underwrite larger deals [20][22]. - The UK and Ireland accounted for 31.6% of total European transaction value, maintaining a significant lead in the PE market [38]. Exits - The total exit value in Europe reached €1,610 billion in 2025, marking a 10% increase from the previous year, although still 27.6% lower than the peak in 2021 [66][67]. - The second half of 2025 saw a notable improvement in exit momentum, with exit values in H2 being double that of H1 [67]. - The median holding period for PE portfolio companies decreased to 5.8 years, indicating improved exit mechanisms within portfolios [70]. Fundraising - Fundraising in the European PE market slowed in 2025, with a total of €80.8 billion raised, reflecting a trend of decreasing fund closures and stricter capital conditions [6][92]. - The concentration of fundraising efforts shifted towards established managers, with experienced firms accounting for 85.6% of the capital raised [6]. - The UK and Ireland remained the primary fundraising hubs, capturing nearly half of the total capital raised in Europe [6].

Core Insights - Sealed Air Corporation (SEE) has entered a "no-shop" period after its 30-day "go-shop" period expired without any competing offers, preventing negotiations with other potential buyers [1][8] - The acquisition deal with CD&R is expected to be completed by mid-2026, pending closing conditions [2] - The acquisition will enhance Sealed Air's Food and Protective businesses while maintaining a customer-first approach [3] Deal Details - The definitive agreement for the acquisition was signed in mid-November, with an enterprise value of $10.3 billion, offering Sealed Air shareholders $42.15 in cash per share, which represents a 41% premium based on the price as of August 14, 2025, and a 24% premium over the company's 90-day volume-weighted average price (VWAP) [4][5] - The deal will provide immediate payouts to shareholders at a substantial premium and allow the company to focus on its long-term strategy, with headquarters remaining in Charlotte, NC, and the company going private and delisting from the New York Stock Exchange [5] Stock Performance - Over the past year, Sealed Air's shares have increased by 23.4%, contrasting with a 26.2% decline in the industry [6]

Core Viewpoint - Sealed Air Corporation has entered into a definitive agreement with CD&R for an acquisition valued at $10.3 billion, with a purchase price of $42.15 per share, and the transaction is expected to close in mid-2026 [1][4]. Group 1: Transaction Details - The "go-shop" period for Sealed Air's acquisition expired on December 16, 2025, during which the company solicited alternative acquisition proposals from 29 parties, resulting in six parties entering confidentiality agreements [2]. - Following the expiration of the "go-shop" period, Sealed Air is now subject to "no-shop" provisions, limiting its ability to negotiate with third parties [3]. - The transaction is contingent upon stockholder approval, regulatory clearances, and other customary closing conditions [4]. Group 2: Company Overview - Sealed Air Corporation is a global leader in packaging solutions, generating $5.4 billion in sales in 2024 and employing approximately 16,400 people across 117 countries [6]. - The company specializes in food and protective packaging solutions, with well-known brands including CRYOVAC®, SEALED AIR®, LIQUIBOX®, AUTOBAG®, and BUBBLE WRAP® [6].

Executive Changes - Sealed Air has appointed Russell Grissett as the new president for its global food business, previously serving as president and CEO at Toppan Packaging Americas [1][2] - This appointment is part of a series of executive changes at Sealed Air, which also includes a new CEO and CFO announced for 2025 [2] Acquisition Details - Sealed Air has agreed to be acquired by funds affiliated with private equity firm CD&R for an estimated $6.2 billion, with the potential for the company to be taken private by mid-next year [4] - The acquisition deal allows Sealed Air to solicit additional offers until December 16 [4] Background of New President - Russell Grissett has nearly 30 years of experience at Sonoco, where he was president of global thermoformed and flexibles packaging until April of this year [3] - Grissett also chairs the board of directors for the Flexible Packaging Association [3] Business Strategy - Sealed Air executives have indicated opportunities to further diversify the food business in retail and food service sectors [4]

Investment Firm Overview - CD&R is considered a stable operator in the investment industry [1] - One of CD&R's portfolio companies experiencing trouble has resulted in increased scrutiny of the firm's other holdings [1]