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AMERICAS
Goldman Sachs Alternatives, an alternative investor, completed the investment in Lightyear Capital-backed Schellman, a cybersecurity compliance and attestation services provider, according to press releases. Financial terms were not disclosed.
Schellman was advised by Robert W Baird and V2 Communications. Goldman Sachs was advised by Morgan Stanley and Weil Gotshal and Manges (led by Chris Machera). Lightyear Capital was advised by Davis Polk & Wardwell (led by Michael Davis), Reed Smith and ThroughCo Communications (led by Elliot Sloane), according to MergerLinks data and press releases.
Greenbelt Capital Partners, a private equity firm that invests in middle-market companies, agreed to acquire Peak Utility Services Group, a company specializing in providing end-to-end infrastructure solutions for communities, particularly focusing on utility services, from ORIX Capital Partners, a private equity firm focused on making direct equity investments in established middle-market companies throughout the United States, according to press releases. Financial terms were not disclosed.
Greenbelt Capital Partners is advised by Harris Williams & Co, Kirkland & Ellis and Llorente Y Cuenca (LLYC) (led by Joanne Lessner). Debt financing is provided by Sound Point Capital Management. ORIX Capital Partners is advised by Stifel, Reed Smith and Prosek Partners, according to press releases.
Blackstone, an American multinational private equity, alternative asset management, and financial services firm, and Blue Owl, an alternative asset management firm, completed the investment in Atlas Holdings, a private investment & equity firm, according to press releases. Financial terms were not disclosed.
Atlas Holdings was advised by Evercore, Kirkland & Ellis, Proskauer Rose and Longacre Square Partners (led by Kate Sylvester). Blackstone was advised by Paul Weiss Rifkind Wharton & Garrison (led by Udi Grofman, Matthew Collin and David Hepp). Blue Owl was advised by Fried Frank Harris Shriver & Jacobson, according to press releases and MergerLinks data.
Monomoy Capital Partners, a private equity firm, agreed to acquire Jiffy Lube International, a provider of automotive preventive maintenance, and Premium Velocity Auto, a Jiffy Lube franchisee and provider of automotive maintenance services, from Shell USA-backed Pennzoil Quaker State, a manufacturer of lubricants, such as motor oil, grease, and transmission fluids, for $1.3bn, according to press releases.
Monomoy is advised by RBC Capital Markets, Kirkland & Ellis (led by Michael J. Sartor and Annie Cataldo) and MiddleM Creative (led by Jan Morris). Debt financing is provided by Golub Capital, Ares Management and MidCap Financial Services, according to press releases.
KPS Capital Partners, an American investment company, agreed to acquire a majority stake in Jennmar, a provider of infrastructure products and specialized services to the civil infrastructure, from FalconPoint Partners, a private equity firm, according to press releases. Financial terms are not disclosed.
KPS Capital Partners is advised by Jefferies & Company and Paul Weiss Rifkind Wharton & Garrison (led by Angelo Bonvino and Cullen Sinclair). Jennmar and FalconPoint Partners are advised by Evercore, Rothschild & Co and Lowenstein Sandler. Jennmar is advised by Joele Frank (led by Sarah Salky), according to press releases and MergerLinks data.
Agilent Technologies, a provider of molecular spectroscopy solutions, agreed to acquire Biocare Medical, a provider of immunohistochemistry instruments and reagents, from Excellere Partners, a middle-market private equity investment firm, and GHO Capital Partners, a healthcare‑focused investment advisor, for $950m, according to press releases.
Agilent Technologies is advised by Barclays, Sullivan & Cromwell and Joele Frank (led by Daniel Katcher). Biocare Medical is advised by Jefferies & Company, Ropes & Gray and ICR Inc (led by Amber Fennell), according to press releases.
Siris, a private equity firm, agreed to acquire a majority stake in TAKKION, a provider of renewable energy services, from Apollo Global Management, an alternative investment manager, according to press releases. Financial terms are not disclosed.
Siris is advised by TD Securities, Wells Fargo Securities, Sidley Austin and H/Advisors Abernathy (led by Dana Gorman). Apollo Global Management is advised by Harris Williams & Co and Vinson & Elkins (led by Danielle Mangrum Patterson), according to press releases.
AFM Capital Partners, a private investment firm, completed the acquisition of a majority stake in Incodema3D Holdings, a contract manufacturer focused on metal additive manufacturing for mission-critical applications, according to press releases. Financial terms were not disclosed.
Incodema3D was advised by Cantor Fitzgerald, Bond Schoeneck & King, and Courtney Wellar Esq. AFM Capital Partners was advised by DLA Piper. Debt financing was provided by Gladstone Capital and JP Morgan, according to press releases.
Aveanna Healthcare, a diversified home care platform, agreed to acquire Family First Homecare, a provider of pediatric home‑care services, from Trivest Partners, a private equity firm, according to press releases. Financial terms are not disclosed.
Aveanna Healthcare is advised by Edge Healthcare Partners and Bass Berry & Sims. Family First Homecare is advised by JP Morgan, Robert W Baird and Greenberg Traurig, according to press releases.
HKW, a middle-market private equity firm, completed the acquisition of Watershield Industries, a manufacturer specializing in firefighting equipment, according to press releases. Financial terms were not disclosed.
HKW was advised by Taft Stettinius & Hollister. Debt financing was provided by Capital For Business, LongWater Opportunities and Siguler Guff & Company. Watershield Industries was advised by Hennepin Partners, according to press releases.
Blackstone Energy Transition Partners, an energy‑focused private equity business investing across the energy value chain, agreed to acquire Advanced Cooling Technologies, a provider of thermal‑management solutions, according to press releases. Financial terms are not disclosed.
Advanced Cooling Technologies is advised by Houlihan Lokey and Reed Smith. Blackstone is advised by UBS and Kirkland & Ellis, according to press releases.
TPG-backed Delinea, a company that provides identity security, completed the acquisition of StrongDM, a cybersecurity company, according to press releases. Financial terms are not disclosed.
Delinea was advised by Piper Sandler, Davis Polk & Wardwell (led by Darren M. Schweiger) and Paul Weiss Rifkind Wharton & Garrison (led by Annie Herdman), according to MergerLinks data and press releases.
ArcLight, an infrastructure investor, agreed to acquire a 50% stake in Invenergy AMPCI Thermal Power from InfraBridge, a global infrastructure manager, according to press releases. Financial terms were not disclosed.
ArcLight is advised by Morgan Stanley and Stanton PRM (led by Charlyn Lusk). InfraBridge is advised by Bank of America, according to press releases.
Kinderhook Industries-backed The Eagle Leasing Company, a provider of portable storage containers, completed the acquisition of the portable storage assets of Graf Bros Leasing, a storage company, according to press releases. Financial terms were not disclosed.
Kinderhook Industries and The Eagle Leasing Company were advised by Alvarez & Marsal and Bernicker Law, according to press releases.
Stonepeak-backed Astound Broadband, a provider of internet, Wi-Fi, mobile, TV services, landline phone and fiber-optic solutions, agreed to merge with GFiber, an internet service provider, according to press releases. Financial terms are not disclosed.
Stonepeak and Astound Broadband are advised by Joele Frank (led by Kate Thompson), according to press releases and MergerLinks data.
Henkel, a multinational chemical and consumer goods company, agreed to acquire Not Your Mother’s, a line of hair care products, from Main Post Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Main Post Partners is advised by Morrison Foerster (led by Patrick Huard), according to MergerLinks data.
AE Industrial Partners-backed AIM MRO, a provider of material‑management and component‑repair solutions for the aerospace maintenance industry, completed the acquisition of Advanced Air West Palm Beach, a manufacturer of custom landing‑gear components for aerospace applications, according to press releases. Financial terms were not disclosed.
AIM MRO was advised by Stanton PRM (led by Matthew Conroy), according to press releases.
Mill Point Capital-backed AeriTek, a manufacturer, designer, and distributor of commercial refrigeration, completed the acquisition of Federal Industries, a provider of fresh‑food merchandising equipment, from Standex International, an industrial products and engineering solutions provider, according to press releases. Financial terms were not disclosed.
Mill Point Capital and AeriTek were advised by McDermott Will & Schulte, according to press releases.
Thompson Street Capital-backed ATIS, a North America’s provider of vertical transportation inspections, consulting, and managed services, completed the acquisition of Soberman Engineering, a Toronto-based consulting firm specializing in elevators and escalators, according to press releases. Financial terms were not disclosed.
Lightspeed Venture Partners, a venture capital firm, led a $500m Series B round in Nexthop AI, a company that develops networking hardware and software for AI infrastructure and partners with large cloud operators to co-develop customized networking solutions optimized for AI workloads, with participation from Andreessen Horowitz and Altimeter, according to press releases.
KKR eyes multibillion-dollar sale of data centre cooling company. ( FT)
KKR is exploring a sale of CoolIT Systems that could exceed $3bn, aiming for a 10× return on the $270m valuation at which it bought the company in 2023. Mubadala holds a minority stake. CoolIT has shifted from cooling gaming PCs to providing liquid‑cooling systems for AI data centres, benefiting from record infrastructure build‑outs.
New Mountain scraps $32bn deal with ex-executive Holt. ( Bloomberg)
New Mountain Capital has ended talks with former executive Matt Holt over a proposed $32bn deal to acquire five portfolio companies from the firm.
The discussions involved multiple proposals and counteroffers between Holt and the private equity group. The firm informed clients that negotiations have now been terminated.
Janus Henderson says Victory bid not superior to Trian deal. ( Reuters)
Janus Henderson stated that its board determined that Victory Capital’s $8.6bn takeover proposal is not superior to the $7.4bn take-private deal agreed with Trian and General Catalyst.
Victory made its offer public last month, increasing pressure on the asset manager as competing proposals emerged for the business.
Qatari-backed Irth Capital offers $47 a share to buy Papa John's. ( WCJ)
Qatari-backed investment fund Irth Capital has offered $47 a share to acquire Papa John’s International, marking its second attempt after a joint bid with Apollo Global Management in 2025.
The offer would value the pizza chain at approximately $1.5bn.
Blackstone and TPG show interest in Whitestone REIT takeover. ( Reuters)
Private equity firms including Blackstone and TPG have expressed interest in acquiring shopping center operator Whitestone REIT. The company has hired Bank of America to oversee the process.
Whitestone owns and operates open-air retail centers across Phoenix and major Texas markets. The review comes amid shareholder disputes and proxy fights.
Buyout shop Charlesbank to buy stake in Canada's Overbay Capital. ( Bloomberg)
Middle-market private equity firm Charlesbank Capital Partners has agreed to acquire a stake in Overbay Capital Partners, valuing the Canadian secondaries firm at CAD200m ($147m).
Boston-based Charlesbank is making a strategic investment from its funds, while Overbay will remain a major long-term shareholder and retain full control over its investment activities.
BRK mulls delaying Brazil IPO amid market uncertainty. ( Bloomberg)
BRK Ambiental is considering delaying its planned initial public offering as market conditions become more challenging.
The sanitation company had been targeting about BRL4bn ($768m) in the offering. BRK is controlled by Brookfield Asset Management and FI-FGTS.
Robinhood Ventures Fund I priced its IPO of 12.6m shares at $25 each, giving the fund a size of $658m. The shares will trade on the New York Stock Exchange under the symbol RVI.
The offering could reach $706m if the underwriters’ option is exercised in full. Trading is scheduled to begin March 6.
Ackman files for IPOs of Pershing Square and new fund. ( Reuters)
Bill Ackman filed for US initial public offerings of Pershing Square and a new investment fund, aiming to join a small group of publicly traded alternative asset managers.
The move marks a milestone for the activist investor, known for campaigns at companies including Chipotle Mexican Grill and Canadian Pacific.
I Squared nears $10bn for flagship infrastructure fund. ( Bloomberg)
I Squared Capital is close to raising more than $10bn for its next infrastructure fund, approaching two-thirds of its $15bn target.
The firm plans to complete the initial fundraising round this month as investors seek exposure to assets such as power grids, transport networks and data centers.
EMEA
AXA IM, an asset manager, completed the acquisition of a 40% stake in FiberPass, a Spanish wholesale fiber-to-the-home company, from Vodafone Spain, a mobile telecommunications operator, and Telefónica, a Spanish multinational telecommunications company, for €500m ($581m), according to press releases.
2PointZero Group, an investment firm, completed the acquisition of a majority stake in ISEM Packaging Group, a European packaging group, from Peninsula Capital, a private equity firm, for AED704m ($192m), according to press releases.
2PointZero Group was advised by Hogan Lovells and Weber Shandwick (led by Rawad Khattar). ISEM Packaging was advised by Gatti Pavesi Bianchi Ludovici, Herbert Smith Freehills Kramer, Legance, and Van Campen Liem, according to press releases.
Axel Springer, a company specializing in digital media and online classifieds, agreed to acquire Telegraph Media Group, a company focused on national newspaper publishing and digital news platforms, from RedBird IMI, an investment firm, for £575m ($771m), according to press releases.
Axel Springer is advised by LionTree Advisors, Freshfields, and FGS Global (led by Rollo Head). Redbird IMI is advised by Gagnier Communications (led by Dan Gagnier), according to press releases.
Waterland, a private equity firm, completed the acquisition of a majority stake in Palletways, a palletised freight network, from DP World, an Emirati multinational logistics company, according to press releases. Financial terms were not disclosed.
Waterland was advised by SEC Newgate (led by Robin Tozer). DP World was advised by Moelis & Co, according to MergerLinks data and press releases.
A consortium of investors including Astra Capital Management, Citadel, Dell, Jane Street, Lenovo, Linden Advisors, Nokia, NVIDIA, and Point72, led a $2bn Series C round in Nscale, an AI infrastructure hyperscaler, according to press releases.
Nscale was advised by Goldman Sachs and JP Morgan, according to press releases.
Lone Star Funds, a private equity firm, agreed to acquire the Capsules & Health Ingredients division of Lonza Group, a global CDMO and nutrition-focused company, according to press releases. Financial terms were not disclosed.
Lonza Group is advised by Centerview Partners, according to press releases and MergerLinks data.
EQT, an investment firm, agreed to acquire a 42% stake in Kelda Group, a provider of water and sewerage services, according to press releases. Financial terms are not disclosed.
EQT is advised by Kekst CNC, according to press releases.
Align Capital Partners-backed ISPN, a managed IT services provider, completed the acquisition of ZCorum, a technology company providing diagnostics, managed services, and support to broadband service providers, according to press releases. Financial terms were not disclosed.
Bertram Capital-backed Cogency Global, a provider of regulatory corporate compliance, statutory representation, secured transactions, and lending due diligence solutions, completed the acquisition of Elemental CoSec, a professional services firm providing secretarial, governance, accounting, and tax advisory services, according to press releases. Financial terms were not disclosed.
Virgin Media O2 owner eyes broadband deals to take on BT Openreach. ( FT)
Telefónica, co‑owner of Virgin Media O2, is pursuing more UK broadband acquisitions to help VMO2 compete with BT Openreach, after backing a £2bn ($2.7bn) takeover of Netomnia through Nexfibre, its joint venture with Liberty Global and InfraVia Capital. The deal expands Nexfibre’s coverage to 8m homes and gives VMO2 access to 20m, versus BT Openreach’s 30m+ footprint.
Consolidation among heavily indebted “altnets” is expected, with VodafoneThree in talks to use VMO2 and Nexfibre’s networks. Telefónica recently booked a €585m ($680m) impairment on VMO2 and is restructuring under chair Marc Murtra, who cut 5k jobs in Spain. He declined to comment on speculation about a potential move for Germany’s 1&1.
Advent explores $4bn sale of Ultra Maritime. ( Bloomberg)
Advent is exploring a sale of its Ultra Maritime naval defense business that could value the company at more than £3bn ($4bn).
The buyout firm has been speaking with banks about a potential sale process that could attract interest from strategic buyers and private equity firms.
Advent reveals rejected $1.52bn bid for Senior. ( Reuters)
Advent disclosed a rejected takeover proposal for UK aerospace engineering group Senior valuing the company at about £1.14bn ($1.52bn). The offer was priced at 270 pence per share in cash.
The proposal also allowed shareholders to retain a final dividend of up to 2 pence for fiscal 2025. Senior previously said it had received several takeover approaches.
Blue Owl leads $750m debt deal for Vista’s Nexthink buyout. ( Bloomberg)
Blue Owl was the largest lender in the financing. The deal highlights continued demand for private credit financing for leveraged buyouts.
CVC eyes Belfius stake ahead of potential IPO. ( Reuters)
CVC is weighing a stake purchase in state-owned Belgian bank Belfius ahead of a potential public listing. The government is planning to sell 20% to 30% of the lender.
The stake sale is part of efforts to raise billions of euros for defence spending. Belfius remains fully owned by the Belgian state.
Flacks ready to bid for Thyssenkrupp steel unit if talks fail. ( Reuters)
Flacks Group is prepared to bid for Thyssenkrupp Steel Europe if current sale discussions do not result in a transaction. The fund signaled interest in the German steel business.
Thyssenkrupp has been negotiating with Jindal Steel International over a potential sale of the division. The talks have not yet produced a firm offer.
Advent calls off Envalior stake deal with Lanxess. ( Reuters)
Advent-backed investors have withdrawn from a deal to acquire Lanxess’ nearly 41% stake in plastics joint venture Envalior. The decision halted a planned sale by the German chemicals group.
Lanxess shares fell sharply following the announcement. The transaction would have involved a minority stake in the joint venture.
ElevenLabs aims to be IPO-ready within three years. ( Bloomberg)
AI voice startup ElevenLabs plans to prepare for an initial public offering within two to three years, according to CEO Mati Staniszewski.
The company recently raised $500m in a funding round led by Sequoia Capital, Andreessen Horowitz and Iconiq, valuing the business at about $11bn.
APAC
Oman Investment Authority, an investment arm of the Sultanate of Oman, led a $130m investment in Uzum, an integrated digital ecosystem centered on an online marketplace combined with proprietary fintech and digital banking, with participation from VR Capital, Tencent, and FinSight Ventures, according to press releases.
Uzum was advised by DLA Piper. The investors were advised by Greenberg Traurig, according to press releases and MergerLinks data.
CP Axtra-backed Lotus's, a retail chain, agreed to acquire The Food Purveyor, a supermarket retail business, from Navis, a private equity firm, for $421m, according to press releases.
Navis is advised by Rothschild & Co (led by Rohit Elhence), according to MergerLinks data.
Foresight, a private equity investment manager, agreed to acquire NZ Clean Energy, a developer and installer of utility-scale renewable energy infrastructure, according to press releases. Financial terms are not disclosed.
Blackstone to work with Citi on revived sale of ShyaHsin Packaging. ( Bloomberg)
Blackstone has hired Citigroup to prepare a revived sale process for ShyaHsin Packaging, the Chinese packaging manufacturer. The private‑equity group is expected to seek a valuation of at least $1bn.
A formal process could begin later in 2026, though discussions remain preliminary. ShyaHsin produces beauty and personal‑care packaging for global consumer brands, and a sale would mark one of the larger regional exits for Blackstone in 2026.
Warburg Pincus explores options for Asian insurer Oona. ( Bloomberg)
Warburg Pincus is exploring strategic options for Oona Insurance that could include a potential sale after receiving interest from insurers and investment firms.
The US private equity firm is working with Citigroup to review opportunities for the Southeast Asian digital general insurer. Deliberations are ongoing and may not result in a transaction.
PAG to explore sale of chicken meat producer Fengxiang. ( Bloomberg)
PAG is exploring a sale of Shandong Fengxiang, the Chinese poultry producer it took private in 2025. The private‑equity firm has begun early talks with potential advisers to evaluate strategic options.
A transaction could value Fengxiang operator of Fovo Foods at $700m–$900m, though discussions remain preliminary and no decision has been made.
GIC-backed Greenko Energies said to weigh $1bn India IPO. ( Bloomberg)
Greenko Energies, backed by GIC, is considering a Mumbai IPO that could raise up to $1bn. The renewable‑energy producer has begun early discussions with banks and may proceed as soon as 2026.
The deal would test investor appetite for Indian clean‑energy listings following a weak debut by a sector peer. Deliberations remain preliminary, and no final decision has been made.
Quest Global invites banks to pitch for $1bn IPO. ( Bloomberg)
Carlyle-backed Quest Global Services has invited banks to pitch for a potential IPO in Mumbai that could raise about $1bn.
The Singapore-based engineering services firm is expected to appoint advisers soon. The offering may include a mix of primary shares and secondary sales by existing investors.
Bain Capital raises $10.5bn for Asia buyout fund. ( Bloomberg)
Bain Capital raised $10.5bn for its sixth Asia buyout fund after strong investor demand pushed the vehicle above its initial $7bn target.
The firm reached its hard cap and returned excess commitments to investors. Senior management committed more than $1bn of their own capital to the fund.
AirTrunk secures $1.2bn loan to fund Japan expansion. ( Bloomberg)
Blackstone-owned data center operator AirTrunk secured a JPY191.6bn ($1.2bn) green loan to refinance debt and expand a Tokyo data center.
The financing was led by Sumitomo Mitsui Banking Corp, Mitsubishi UFJ Financial Group, Credit Agricole CIB and Societe Generale as global coordinators.
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