On 22 October, Thursday, Financial Times and Reuters reported that CVC Capital Partners is considering a public offer on Stockholm-listed Verisure, a provider of alarm and security systems of which Hellman & Friedman (H&F) has 43.62% and that lunched its IPO on 8 October 2025.
The items quoted sources as saying that CVC interest is at a preliminary stage, and the fund may also decide to drop the deal.
Verisure listed on Nasdaq Stockholm with an initial market capitalization in the region of 13.7 billion euros that since then plummeted to 9.7 billion for a – 33% loss ytd.
In 2011, Hellman & Friedman and Bain Capital acquired Securitas Direct Verisure from EQT Partners with a 2.3 billion euros worth deal. In 2015, Hellman & Friedman purchased Bain Capital’s stake in the asset and said that the acquisition was the largest investment made to date (see here a previous post by BeBeez).
Verisure website says that the company’s further shareholders are Eiffel Investment, a vehicle of Singapore’s sovereign wealth fund GIC, Alba Investments and Alba Europe, two subsidiaries of Corporación Financiera Alba, the Spanish investment group of the March family.
A potential take-private of Verisure would require the raising of substantial financial resources and a negotiated solution that takes into account the role of Hellman & Friedman, which might choose to realise the full value of its investment or, in an alternative scenario that is still entirely hypothetical, to participate in the new shareholding structure.
Verisure continues to post significant operational growth, despite the fall in its market capitalisation. On 30 July, Thursday, the company released its 2Q26 results and said it posted revenues of 2.043 billion euros (+10.6% from 1.848 billion in 2Q25), adjusted ebitda of 939.9 million euros, an adjusted ebit of 545.8 million, annualised recurring revenue (ARR) of 3.62 billion euros (+11.9% at constant exchange rates, partly due to the integration of operations in Mexico), net financial debt of 4.9 billion (down by 72 million from 1Q26), and a net debt to adjusted ebitda ratio of 2.7. In July 2026, the company’s directors announced the payment of the first dividend following the IPO, amounting to 0.1 euros per share for a total payout of approximately 103 million euros paid in September.
The group continues to grow in operational terms and generate cash, whilst the stock market significantly reduced its valuation. The company enterprise value may amount to approximately 14.6 billion euros, before any adjustments relating to minority interests, other financial instruments and debt components. The indicative enterprise value that considers the annualised adjusted EBITDA for 1H26 is of 1.88 billion euros or 7.8X.
Any acquisition of Verisure would be a second, extremely large-scale delisting project.
CVC is reportedly working on a take private offer on Milan-listed pharma Recordati. Groupe Bruxelles Lambert (GBL) is co-investing with the fund through Respighi BidCo (see here a previous post by BeBeez and another previous post by BeBeez). The bidders sweetened their initial 51,29 euros per share proposal to 53 euros (excluding the dividend of 0.71 euros per share already paid out) on the ground of a Recordati’s equity value of above 11 billion euros (see here a previous post by BeBeez).
On 15 October, Thursday, CVC said it acquired a further 0.66% of Recordati at 53 euros per share for a total of 72.75 million with the aim of increasing CVC’s total direct stake to 4.16%, in addition to a long economic position via a total return swap relating to a further 4.90% of the share capital (press release). The fund also purchased a further 2.5% of the asset of which now directly has 6.88% on top of the above TRS position (press release).
On 22 October, Thursday, Respighi attracted tendership applications for 52.71% as a proportion of the total number of securities offered, i.e. all the Recordati’s shares (Teleborsa). CVC has therefore 64.49% of the target aheas of a minimum threshold (that the fund may waived) of 66.67%.
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