Byggmästaren announced that its largest portfolio company, Safe Life, completed four acquisitions during Q2’26, adding ~20 MEUR in annual revenue. In our view, the acquisitions show that Safe Life’s buy-and-build engine remains highly active after Bridgepoint became majority owner last year. The additions also fit logically with the group’s ongoing shift toward recurring revenue. The announcement does not trigger immediate estimate changes, as our Safe Life valuation framework already assumes a steady acquisition pace. However, given the 20 MEUR of acquired revenue added in Q2 alone, we will review whether our forecast range for future acquired revenue should be raised.

Broadening the geographical footprint and service offering

The four acquired companies, Iredeem in Italy, Formamed in Switzerland, Neosalus in Spain and Team Life in the US, strengthen Safe Life’s presence across both Europe and North America. We view the additions as complementary to Safe Life’s existing operations. Neosalus is especially relevant, as it adds a meaningful share of subscription-based services through IoT-connected devices for remote monitoring. This fits well with Safe Life’s ongoing strategic shift from one-off hardware sales toward recurring service and rental models, which we see as a key driver of the company’s long-term margin expansion story. The US acquisition also expands the company’s footprint in the important New Jersey and New York metropolitan areas while adding valuable training capabilities.

Acquisition pace supports our M&A scenario

The acquired companies generate combined annual revenue of ~20 MEUR, equal to ~7% of Safe Life’s 2025 pro forma revenue of 270 MEUR. In our valuation framework, M&A remains the main value driver for Safe Life, and our scenario assumes annual acquired revenue of 30-45 MEUR across 2026-30. With 20 MEUR added in Q2 and 15 MEUR already acquired in Q1, Safe Life has added ~35 MEUR of acquired revenue in H1 alone. That already covers ~80-115% of our assumed annual pace, which supports our expectations quite well. Given the strong acquisition pace at the start of the year, we will review whether our forecast range for future acquired revenue needs to be updated. Byggmästaren currently owns ~12% of Safe Life, which remains its largest portfolio holding and represents ~34% of reported NAV.