Pinewood take private offer from Ridgeview values group at £545mn

Ridgeview Partners has made a Pinewood take private offer valuing the London-listed automotive software company at about £545 million, according to a company statement cited by PE Hub. The non-binding proposal is for £4.48 in cash per share, representing a 43 percent premium to Pinewood’s share price on July 23 and a 63 percent premium to its three-month volume-weighted average price.

Pinewood Technologies supplies software to car dealerships. Its board said the proposed valuation was attractive relative to listed peers, especially against recent volatility in global software shares, and indicated it would be inclined to recommend the bid to shareholders if Ridgeview makes a firm offer.

Ridgeview has until August 21 to state its intentions on whether it will proceed with an offer, according to the report. Apax Partners had previously pursued Pinewood earlier this year, but dropped its approach in February, citing market conditions.

What is the Pinewood take private offer?

A take-private bid is an attempt to buy a listed company from its public shareholders, usually for cash, so that ownership transfers to the bidder and the company can be delisted if the transaction completes. Ridgeview’s current approach is non-binding, meaning it is not yet a formal, enforceable offer.

The proposal comes as private equity firms reassess software assets in light of market volatility and questions about artificial intelligence’s effect on business models. PE Hub reported that some sponsors have shifted attention toward sectors viewed as less exposed to AI disruption, while others are looking for listed software companies whose share prices may offer more attractive entry points.

Bridgepoint agrees majority deal for Lansweeper

In a separate European technology transaction, Bridgepoint has agreed to acquire a majority stake in Lansweeper, a technology asset intelligence platform headquartered in Ghent, Belgium, according to a company press release.

Lansweeper chief executive Dave Goossens and the wider management team will remain significant shareholders alongside Bridgepoint. Existing investor Dovesco will keep a minority holding, while Insight Partners and Imker Group will sell their stakes as part of the deal. Insight Partners invested in Lansweeper in 2021.

Lansweeper’s platform uses technology, artificial intelligence and software to map connected devices across an organisation’s IT networks, according to the press release. The company says its tools help organisations improve cybersecurity, reduce cyber exposure, strengthen operational resilience and manage complex digital infrastructure.

Bridgepoint partner and technology sector head David Nicault said in the statement that reliable asset intelligence is becoming a more important foundation for enterprise technology, AI and cybersecurity. He said Bridgepoint sees opportunities to expand Lansweeper’s capabilities, accelerate partner-led growth, invest further in innovation and develop adjacent cybersecurity applications.

Providence invests in UK communications provider SCG

Providence Equity Partners has also announced a significant investment in SCG, a UK provider of communications, connectivity and IT services for small and medium-sized businesses. PE Hub reported that Providence will take a significant majority stake in the company.

SCG serves customers in sectors including healthcare, education, professional services, hospitality and construction. The investment is expected to support its acquisition strategy, and the company has expanded through both organic growth and acquisitions.

After completion, Daryl Pile will remain chief executive, while founder Paul Bradford will become president and join the board. SCG’s management team will reinvest alongside Providence. The company’s proprietary platforms include Surgery Connect, used by GP practices, and Evonex, which is aimed at small businesses and schools.

This story draws on original reporting from PE Hub.