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Top Highlights
Thermo Fisher, a company specializing in life-science tools and biopharma services, completed the acquisition of Clario, a provider of endpoint data solutions for clinical trials, from private equity firms Astorg, Nordic Capital, Novo and Cinven, for $8.875bn, according to press releases.
Thermo Fisher was advised by Axinn Veltrop & Harkrider (led by John Harkrider), Freshfields, WilmerHale (led by Bruce S. Manheim), FTI Consulting and Joele Frank (led by Joele Frank). Nordic Capital was advised by Brunswick Group. Clario was advised by Bank of America, Evercore (led by Mark Hanson), Goldman Sachs, JP Morgan, Jefferies & Company (led by Michael Gerardi), Morgan Stanley, UBS and Latham & Watkins (led by David Beller and Leah R. Sauter), according to press releases and MergerLinks data.
Abertis, a company specialized in the infrastructure industry in France, agreed to acquire the remaining 48.8% stake in the A63 Road in France, from HICL Infrastructure, a British investment company dedicated to infrastructure investments, CVC DIF, an infrastructure strategy of CVC, and NGE Autoroutes, a dedicated subsidiary of the French construction and civil engineering group NGE, for c. £633m ($847m), according to press releases.
Brookfield Asset Management, an alternative asset management company, and La Caisse, a major Canadian global investment group and institutional investor, agreed to acquire the remaining 85% stake in Boralex, a Canadian energy production company, at an enterprise value of CAD9bn ($6.5bn). La Caisse will increase its ownership to 30% from 15% with Brookfield acquiring the remaining 70%, according to press releases.
Boralex is advised by Desjardins, National Bank Capital Markets, RBC Capital Market, Skadden Arps Slate Meagher & Flom (led by June Dipchand) and Stikeman Elliott. Brookfield Asset Management is advised by BMO Capital Markets and McCarthy Tetrault. La Caisse is advised by CIBC Capital Markets and Davies Ward Phillips & Vineberg, according to press releases.
Deal Round up
AMERICAS
KRR to acquire Nothing Bundt Cakes for over $2bn. ( Reuters)
Activist Elliott takes multibillion-dollar stake in Synopsys. ( Reuters)
Victory Capital rejects reports of client pushback in bid for Janus Henderson. ( WSJ)
Victory Capital fires back at Peltz's Trian as Janus bidding war drags on. ( Reuters)
EMEA
Spire says sale talks are ongoing despite Bridgepoint and Triton pulling out. ( Press Release)
Ubben’s Inclusive Capital sells Bayer stake after 25% price drop. ( Bloomberg)
KKR and GIP among bidders for Patrick Drahi’s multibillion French fibre network. ( FT)
Apollo, Bain among bidders for Continental industrial unit. ( Bloomberg)
VC and Nordic eye €3bn exit from windshield‑repair firm Cary. ( Bloomberg)
APAC
Tata Capital Healthcare Fund in talks to invest in Tenet Diagnostics. ( DealStreetAsia)
Encube Ethicals is said to hire banks for $400m India IPO. ( Bloomberg)
Blackstone raises $12bn for its Asia PE fund as it nears close. ( Bloomberg)
China’s $1.6tn fund rekindles ties with US money managers. ( Bloomberg)
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AMERICAS
Victory Capital withdrew its roughly $8.6bn proposal to acquire Janus Henderson on March 24, stepping out of a prolonged bidding battle just hours after Nelson Peltz’s Trian Fund Management and General Catalyst raised their competing offer for the asset manager.
The bidding battle had intensified in recent weeks, with Victory continuing to promote what it viewed as a superior offer even as Janus Henderson signaled its preference for the rival bid.
Clearlake Capital, a private equity firm, agreed to acquire Qualus, a US-based power engineering and technical services firm, from New Mountain Capital, an American alternative investment firm, according to press releases. Financial terms were not disclosed.
Echo Global Logistics, a transportation and supply chain services provider, completed the acquisition of ITS Logistics, a supply chain and 3PL provider, from GHK Capital Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Echo Global Logistics was advised by Goldman Sachs, UBS and Kirkland & Ellis. ITS Logistics was advised by JP Morgan, Jefferies & Company, Weil Gotshal and Manges (led by Chris Machera) and LeadCoverage (led by Amber Good), according to press releases and MergerLinks data.
Palladium Equity Partners, a private equity firm, agreed to acquire a majority stake in DME Express, a provider of durable medical equipment, from WayPoint Capital Partners, a lower middle market private equity firm, according to press releases. Financial terms are not disclosed.
DME Express is advised by Cain Brothers, and Holland & Knight. Palladium Equity Partners is advised by Edgemont Partners, Morrison Foerster, and Kekst CNC (led by Jeffrey Z. Taufield) , according to MergerLinks data and press releases.
Shield AI, an American aerospace and defense technology company, agreed to acquire Aechelon Technology, a Silicon Valley-based tactical simulation provider, from Sagewind Capital, a private equity firm, according to press releases. Financial terms were not disclosed.
Sagewind Capital and Shield AI are advised by Paul Weiss Rifkind Wharton & Garrison (led by Edward Ackerman and Robert Balis). Aechelon Technology is also advised by JP Morgan and Morrison Foerster. Shield AI is advised by Covington & Burling and Sidley Austin, according to press releases and MergerLinks data.
Advent, a private equity firm, agreed to acquire Salt & Stone, a skincare and body care brand founded by former professional snowboarder Nima Jalal, according to press releases. Financial terms are not disclosed.
Advent is advised by Goldman Sachs and Ropes & Grey. Salt & Stone is advised by Raymond James, Karla Otto and Sidley Austin, according to press releases.
Bansk Group, a consumer-focused private investment firm, agreed to acquire So Good So You, a company that produces organic cold-pressed functional juice shots, according to press releases. Financial terms were not disclosed.
So Good So You is advised by Piper Sandler and Faegre Drinker Biddle & Reath. Bansk Group is advised by Lazard, Kirkland & Ellis and Joele Frank (led by Jonathan Keehner), according to press releases.
Bonaccord Capital Partners, a private equity firm, completed the acquisition of a minority stake in Prime Finance, a commercial real estate lender and investor specializing in tailored financing solutions, according to press releases. Financial terms were not disclosed.
Bonaccord Capital Partners was advised by Sidley Austin and Prosek Partners. Prime Finance was advised by Goldman Sachs, Simpson Thacher & Bartlett and Prosek Partners, according to press releases.
Thompson Street Capital Partners, a private equity firm, completed the investment in Karpel, a provider of managed IT, network administration, cybersecurity, custom software development and criminal case management software for government and legal customers, according to press releases. Financial terms were not disclosed.
Karpel was advised by Raymond James and Lewis Rice. Thompson Street Capital Partners was advised by Sidley Austin and Gregory FCA, according to press releases.
Hull Street Energy, a company that invests in middle market energy companies, agreed to acquire two power plants of Rockland Capital, an investment company that focuses on the acquisition, development, and optimization of companies and projects in the North American and European energy sector, according to press releases. Financial terms were not disclosed.
Hull Street Energy is advised by Troutman Pepper Locke. Rockland Capital is advised by Houlihan Lokey, PEI Global Partners and Bracewell, according to press releases.
TPG and Allianz, a private equity firms, led a $350m investment in Cambridge Mobile Telematics, an AI-powered telematics platform that fuses sensor data to measure driving risk, detect crashes, automate claims handling, and deliver personalized driver feedback and incentives, with participation from State Farm, according to press releases.
Cambridge Mobile Telematics was advised by Citigroup and Connexa Communications (led by Erica Camilo). TPG Capital was advised by Moelis & Co, according to press releases.
AEA Investors, a private investment firm, completed the investment in Trinamix, a technology company, according to press releases. Financial terms were not disclosed.
AEA Investors was advised by Joele Frank (led by Kate Thompson). Trinamix was advised by Greif & Co, according to press releases and MergerLinks data.
Realty Income, a real estate investment trust, and Apollo, an alternative investment manager, agreed to form a joint venture focused on a diversified portfolio of single-tenant retail properties subject to long-term net leases, according to press releases. Financial terms are not disclosed.
Realty Income is advised by Goldman Sachs. Apollo is advised by Wells Fargo Securities, according to press releases.
Bow River Capital, a private investment firm, agreed to acquire Spur Capital Partners, a venture capital fund-of-funds manager, according to press releases. Financial terms are not disclosed.
Bow River Capital is advised by Deutsche Bank, according to press releases.
Bain Capital Ventures and IVP, venture capital firms, led a $100m Series C round in Cape, a privacy-focused cellular network provider, with participation from new investors, 01 Advisors, 137 Ventures, Definition, and Fifth Down Capital, according to press releases.
Cape was advised by Cmand, according to press releases.
General Catalyst and Liberty City Ventures, venture capital firms, led a Series B round in Cloaked, a privacy and security company, with participation from Lux Capital, Human Capital, Marquee Ventures, Fifth Growth Fund, NFL Players Association, LG Technology Ventures, Assurant Ventures, and DuckDuckGo, according to press releases. Financial terms were not disclosed.
Cloaked was advised by Boldco, according to press releases.
KRR to acquire Nothing Bundt Cakes for over $2bn. ( Reuters)
KKR, an investment firm, agreed to acquire Nothing Bundt Cakes, a specialty cake company specializing in high-quality, gluten-free, and personal bakery offerings, from Roark Capital, a private equity firm, in a deal valued at over $2bn, including debt. Roark bought the bakery chain in 2021 and hired North Point and Bank of America to run the sale process.
Nothing Bundt Cakes operates 500+ stores across the US and Canada and is expected to generate about $120m in EBITDA in 2026. The transaction follows Roark’s recent deals, including Dave’s Hot Chicken and Subway.
Activist Elliott takes multibillion-dollar stake in Synopsys. ( Reuters)
Activist investor Elliott Investment Management has built a multibillion-dollar stake in electronic design automation company Synopsys, arguing the software maker has scope to accelerate revenue growth and improve margins.
Sunnyvale, California-based Synopsys, which has a market value of more than $80bn, is a long-standing supplier of software used to design and optimize the placement of tens of billions of transistors in advanced chips produced by companies including Advanced Micro Devices and Nvidia.
Victory Capital rejects reports of client pushback in bid for Janus Henderson. ( WSJ)
Victory’s proposal values Janus Henderson at $40 per share in cash plus a fixed exchange ratio of 0.250 Victory Capital shares for each Janus Henderson share, which the firm said equates to total consideration of $57.05 per share. Victory stated that the proposal represents full value for Janus Henderson shareholders and would result in a 31% ownership stake in the combined business.
Victory Capital fires back at Peltz's Trian as Janus bidding war drags on. ( Reuters)
The San Antonio, Texas‑based firm said reports citing alleged views of Janus Henderson employees and clients were aimed at creating uncertainty in the market about Victory Capital’s ability to complete the proposed transaction.
EMEA
One Equity Partners, a private equity firm, completed the acquisition of Kitwave Group, an independent wholesale business with depots and delivery throughout the UK, for £251m ($337m), according to press releases.
Southfield Capital, a private equity firm, completed the acquisition of a majority stake in Metric Search, a provider of talent solutions and human capital placement services for the high-growth sector, at an enterprise value of $100m, according to press releases.
Southfield Capital was advised by Finn Dixon & Herling, Simmons & Simmons and ASC Advisors (led by Taylor Ingraham and Max Rayden). Debt financing was provided by Tree Line Capital Partners. Metric Search was advised by Houlihan Lokey, according to press releases.
Kyotherm, an investment company, completed the acquisition of a portfolio of infrastructure assets from SDCL Efficiency Income Trust, an investment company dedicated to investments in energy efficiency projects, for £105m ($140m), according to press releases.
SEIT was advised by Jefferies & Company (led by Paul Bundred) and Cardew Group (led by Ed Orlebar), according to MergerLinks data and press releases.
Pioneer Point Partners, a sustainable infrastructure investment firm, completed the acquisition of WCG Wärme Contracting, a German heat contracting business, according to press releases. Financial terms were not disclosed.
Pioneer Point was advised by Nomura Greentech and Gleiss Lutz (led by Cornelia Topf), according to MergerLinks data and press releases.
Deutsche Beteiligungs, a private equity company, agreed to acquire a majority stake in Hipp Technology Group, a development and manufacturing partner in the field of medical technology, from Endura, a private equity company, according to press releases. Financial terms were not disclosed.
Hipp Technology is advised by UBS. Deutsche Beteiligungs is advised by Baker McKenzie (led by Christian Atzler), according to MergerLinks data and press releases.
Apollo, an asset management firm, agreed to acquire a 37% stake in Syntegon, a provider of process and packaging technology worldwide, from CVC, a private equity and investment advisory firm, according to press releases. Financial terms were not disclosed.
Apollo is advised by Barclays. CVC is advised by FGS Global, according to press releases and MergerLinks data.
Advent International, a global private equity investor, and JP Morgan Chase, an American multinational financial services holding company, led a $1.5bn Series G funding round in Shield AI, an American aerospace and defense technology company, with participation from Snowpoint Ventures, Riot Ventures, InnovationX, Disruptive, and Apandion, according to press releases.
Shield AI is advised by Morgan Stanley and Sullivan & Cromwell, according to press releases.
Accel-KKR, a global investment firm, completed the acquisition of a majority stake in Tamigo, a European workforce management software provider, according to press releases. Financial terms were not disclosed.
Tamigo was advised by ABG Sundal Collier, according to MergerLinks data.
Maverick Silicon, a venture capital fund, led a $225m Series A round in Kandou AI, a semiconductor technology company, with participation from SoftBank Group, Synopsys, Cadence Design Systems and Alchip Technologies, according to press releases.
Kandou AI was advised by Homburger (led by Andreas Müller), according to press releases.
APG, a pension investor, agreed to acquire a 37.5% stake in NorthC, an enterprise colocation data center platform, according to press releases. Financial terms were not disclosed.
APG is advised by Jefferies & Company, according to MergerLinks data.
Altor Equity Partners, a Nordic private equity firm, agreed to acquire a majority stake in Eltera Gruppen, a Norwegian provider of electrical installation services, from Valedo Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Spire says sale talks are ongoing despite Bridgepoint and Triton pulling out. ( Press Release)
Spire Healthcare said that buyout talks with private‑equity firms Bridgepoint and Triton have ended.
The company cautioned that there is no certainty an offer will be made or what the terms might be.
Ubben’s Inclusive Capital sells Bayer stake after 25% price drop. ( Bloomberg)
Inclusive Capital Partners has sold its stake in Bayer at a price about 25% below the level at which the firm first disclosed the investment in January 2023.
The investor sold about 8.5m shares at €37.45 ($43.43) per share in a placement arranged by JP Morgan. The stake was valued at about €318m ($368m). Bayer shares fell as much as 3.7% in early trading, below the offer price.
KKR and GIP among bidders for Patrick Drahi’s multibillion French fibre network. ( FT)
KKR, GIP, Ardian, and Vauban Infra Fibre backed by GIC have submitted bids of €6bn–€8bn ($6.9bn-$9.3bn) for XpFibre, as owner Patrick Drahiseeks plans to sell his 50.01% stake. Drahi values the French fibre‑network operator at €9bn ($10.4bn). The remaining shares are held by Omers Infrastructure, Allianz and AXA Investment Managers.
The sale is part of efforts to reduce more than €50bn ($58bn) of debt across the Altice group. Altice France, which also owns SFR, faces pressure to sell assets as its €16bn ($18.5bn) debt load rises, and previous offers stalled over valuation gaps.
Apollo, Bain among bidders for Continental industrial unit. ( Bloomberg)
Apollo Global Management and Bain Capital are among the private‑equity firms bidding for Continental's industrial unit.
Advent and CVC Capital Partners have submitted a joint offer for the ContiTech business. Platinum Equity, KPS Capital Partners and Clearlake Capital have also advanced to the next round of the bidding process.
VC and Nordic eye €3bn exit from windshield‑repair firm Cary. ( Bloomberg)
CVC Capital Partners and Nordic Capital have begun exploring potential exit options for vehicle‑glass repair company Cary Group.
The private‑equity owners have started sounding out potential advisers about a possible sale or stock‑market listing. A transaction could value the company at €3bn ($3.5bn) or more.
APAC
Aditya Birla Group, an Indian multinational conglomerate, The Times of India Group, an Indian media conglomerate, Bolt Ventures, the private investment platform and family office of David Blitzer and Blackstone, an alternative asset management firm, agreed to acquire Royal Challengers Bengaluru, a professional cricket team, from United Spirits, an Indian alcoholic beverages company and a subsidiary of Diageo, a British multinational alcoholic beverage company, for $1.78bn, according to press releases and MergerLinks data.
Aditya Birla Group, The Times of India Group, Bolt Ventures and Blackstone are advised by A&W Capital, Moelis & Co and Khaitan & Co (led by Aashutosh Sampat, Kartikeya Prakash, Shishir Vayttaden and Rohan Shrivastava). United Spirit is advised by Citigroup and AZB & Partners. Diageo is advised by Deutsche Bank, Slaughter & May and Touchstone Partner, according to press releases.
Veolia, a transnational company providing environmental services, completed the acquisition of Enviropacific, an Australian environmental services company specializing in remediation, water treatment, and hazardous waste management, from Next Capital, a private equity firm, for AUD220m, according to press releases.
Founders Fund, a venture capital firm, led a $220m Series E round in Halter, the global agtech company transforming cattle farming, with participation from Blackbird, DCVC, Bond, Bessemer, NewView, Ubiquity, Promus and Icehouse Ventures, according to press releases.
Tata Capital Healthcare Fund in talks to invest in Tenet Diagnostics. ( DealStreetAsia)
Tata Capital Healthcare Fund has agreed to acquire a majority stake in Tenet Diagnostics, an India‑based diagnostics services provider operating a network of laboratories and collection centres.
The transaction is expected to support Tenet’s expansion across India’s diagnostics market, with Tata Capital providing capital and strategic support. Financial terms and the exact size of the stake have not been disclosed.
Encube Ethicals is said to hire banks for $400m India IPO. ( Bloomberg)
Encube Ethicals, backed by private‑equity firm Quadria Capital, is considering an initial public offering in Mumbai that could raise about $400m.
The contract drug manufacturer has appointed JM Financial and JP Morgan as advisers and plans to add more banks to support the proposed share sale.
Blackstone raises $12bn for its Asia PE fund as it nears close. ( Bloomberg)
Blackstone has raised more than $12bn for its newest Asia‑Pacific buyout fund, reflecting the firm’s confidence that markets such as India, Japan and Australia will drive stronger private‑equity returns.
The vehicle, known as Blackstone Capital Partners Asia III, has surpassed its fundraising target and is expected to close in the coming weeks.
China’s $1.6tn fund rekindles ties with US money managers. ( Bloomberg)
China Investment, the country’s $1.57tn sovereign wealth fund, is considering new allocations to US asset managers after recently cutting back its exposure to the US market.
The fund has held discussions in recent weeks with firms including Blackstone and TPG. Some of the talks were paused following US military action against Iran last month, which escalated regional tensions involving one of China’s key trading partners.
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