Ardian, a private investment house, today announces that it has acquired from Bregal Investments its LP interest in Bregal Freshstream LP (now known as Freshstream I LP), a fund established in 2015 with €600M ($825M) of commitments.

Freshstream is a mid-market private equity firm focused on investments in the Netherlands, the UK and Belgium. The transaction completes Freshstream’s transition from the Bregal Investments platform to an independent firm owned by its partners.

Bregal supports this transition and both Bregal and Ardian have made commitments to Freshstream’s second fund.

The fund – which is fully deployed across 10 investments, one of which was sold in 2019 – will now be managed by Freshstream. Any future Freshstream funds will be raised by Freshstream as a stand-alone entity. 

The team has taken advantage of opportunities created by the global pandemic to support the portfolio’s growth, with five bolt-on deals signed or completed over the last six months and a further two in exclusivity, including transformational acquisitions by Away Resorts (a UK holiday park operator) and Avicenna (a group of community pharmacies in the UK).