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AMERICAS
Leonard Green & Partners completes the acquisition of Cumming Group from New Mountain Capital.
Leonard Green & Partners, a private equity firm, completed the acquisition of Cumming Group, a construction project consultancy firm, from New Mountain Capital, a private equity firm, according to press releases. Financial terms were not disclosed.
Leonard Green & Partners was advised by Morgan Stanley, UBS and Latham & Watkins (led by Jason Silvera and Jordan Miller). Cumming Group was advised by Evercore, Jefferies & Company, A&O Shearman (led by Alain Dermarkar, Kyle Park and Jai Garg) and Ropes & Gray. New Mountain Capital was advised by H/Advisors Abernathy (led by Dana Gorman) and Ropes & Gray, according to press releases and MergerLinks data.
Keyera, a Canadian midstream oil and gas operator, completed the acquisition of the remaining 50% stake in the KAPS pipeline from Stonepeak, an alternative investment firm specializing in infrastructure and real assets, for CAD1.21bn, according to press releases.
Keyera was advised by RBC Capital Markets, McCarthy Tetrault and Norton Rose Fulbright. Stonepeak Partners was advised by Scotia Capital, Goodmans, Sidley Austin and Stikeman Elliott, according to press releases.
One Equity Partners-backed MediaKind, a global video technology company, completed the acquisition of the video business of Harmonic, a technology company providing virtualized broadband and video delivery solutions, for $145m, according to press releases.
Blackstone and Viking Global-backed Enstructure to acquire the marine terminal division of Blue Wolf and Stonepeak-backed LOGISTEC.
Blackstone and Viking Global-backed Enstructure, a North American marine terminal and logistics company, agreed to acquire the marine terminal division of Blue Wolf and Stonepeak-backed LOGISTEC, a marine terminal operator and logistics services provider, according to press releases. Financial terms were not disclosed.
Enstructure is advised by Rothschild & Co, Latham & Watkins and Stikeman Elliott. LOGISTEC is advised by TD Securities. Blue Wolf is advised by McCarthy Tetrault and Willkie Farr & Gallagher, according to press releases.
KPS Capital Partners, an American investment company, completed the acquisition of 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 were not disclosed.
Jennmar and FalconPoint were advised by Evercore, Rothschild & Co, Lowenstein Sandler and Joele Frank (led by Ed Trissel and Sarah Salky). KPS Capital Partners was advised by Jefferies & Company and Paul Weiss Rifkind Wharton & Garrison (led by Angelo Bonvino, Cullen Sinclair and Bathiya Sheriffdeen), according to press releases and MergerLinks data.
TPG, a global private equity firm, agreed to acquire Waste Eliminator, a company specializing in sustainable waste solutions for the metro Atlanta area, and Liberty Waste Solutions, a provider of integrated waste and recycling solutions in North Carolina, from Allied Industrial Partners, a lower-middle-market private equity firm, according to press releases. Financial terms were not disclosed.
TPG is advised by Paul Weiss Rifkind Wharton & Garrison (led by Annie
Herdman) and Simpson Thacher & Bartlett (led by Mark Myott and Michael Holick). Allied Industrial Partners is advised by Kirkland & Ellis and Llorente Y Cuenca (led by Jennifer Hurson), Waste Eleminator is advised by Houlihan Lokey. Liberty Waste Solutions is advised by Stifel, according to press releases and MergerLinks data.
Arcline, a growth-oriented private equity firm, agreed to acquire AstroNova, a provider of mission critical identification and marking solutions across the aerospace & defense and labeling & packaging industries, for $272m, according to press releases.
AstroNova is advised by Rockefeller Capital Management, Foley Hoag and Alliance Advisors (led by Deborah K. Pawlowski). Arcline is advised by Mesirow Financial, Bass Berry & Sims and Joele Frank (led by ( Jonathan Keehner), according to press releases.
Thoreau, a healthcare investment platform, agreed to invest in Ensemble, an end-to-end revenue cycle managed services partner for healthcare organizations. Berkshire Partners, Warburg Pincus, and Bon Secours Mercy Health will continue as investors in Ensemble alongside Thoreau, according to press releases. Financial terms were not disclosed.
Ensemble is advised by Goldman Sachs, Guggenheim Partners, JP Morgan and Ropes & Gray. Thoreau is advised by Lazard and Kirkland & Ellis, according to press releases.
Riverspan Partners-backed High Divide Minerals, a mining and materials company, completed the acquisition of Vanderbilt Minerals, a manufacturer and supplier of specialty minerals and chemical products, according to press releases. Financial terms were not disclosed.
Riverspan Partners and High Divide Minerals were advised by Piper Sandler, Kirkland & Ellis and Milbank. Riverspan Partners was advised by FGS Global. Vanderbilt Minerals was advised by Greenhill & Co and Latham & Watkins, according to press releases.
Sixth Street, a global investment firm, completed the acquisition of a 27% stake in Pinnacle Gas Services, a midstream natural gas infrastructure company, from Comstock Resources, an independent energy company, for $600m, according to press releases.
Sixth Street was advised by Wells Fargo Securities, RBC Capital Markets and Latham & Watkins. Comstock Resources was advised by Jefferies & Company and O'Melveny & Myers, according to press releases.
Montagu, a European private equity firm, agreed to acquire a majority stake in BMC Helix, a provider of AI-powered IT service management, from KKR-backed BMC Software, an enterprise IT operations and automation company, according to press releases. Financial terms were not disclosed.
Montagu is advised by Perella Weinberg Partners, Kirkland & Ellis and Greenbrook (led by James Madsen and Cecile Oerting). BMC and Helix are advised by Jefferies & Company and Simpson Thacher & Bartlett, according to press releases.
Avista Healthcare Partners-backed EBI, a medical device manufacturer specializing in bone healing devices, completed the acquisition of Xstim, a medical technology company offering non-invasive bone growth stimulation solutions, from Precision Medical Products, a medical device company, according to press releases. Financial terms were not disclosed.
Avista Healthcare Partners is advised by Kekst CNC (led by Daniel Yunge). EBI is advised by Ropes & Gray. Precision Medical Products is advised by William Blair & Co and Perkins Coie, according to press releases.
Bertram Capital, a private equity firm, completed the acquisition of a minority stake in The Bluebird Group, a full-service omnichannel retail commerce agency, from HIG Capital, a private equity and alternative assets investment firm, according to press releases. Financial terms were not disclosed.
Bertram Capital was advised by BrightTower (led by Juan Mejia). The Bluebird Group and HIG Capital were advised by Paul Hastings and Canaccord Genuity (led by Sanjay Chadda and Lexia Schwartz), according to press releases and MergerLinks data.
BlackRock-owned HPS Investment Partners, an investment firm that offers portfolio management and advisory services, completed a $175m investment in Behavox, a software company that provides an enterprise data operating platform, according to press releases.
Behavox was advised by Ardea Partners and Freshfields (led by Rhys Evans), according to press releases.
Lead Edge Capital, a growth equity firm investing in software, internet and tech-enabled businesses, completed the investment in Elektrik, a technology-enabled distributor of electrical transmission and distribution components, according to press releases. Financial terms were not disclosed.
Elektrik was advised by D.A. Davidson & Co. Lead Edge Capital was advised by Goodwin Procter, according to press releases.
CVC Capital Partners, a private equity and investment advisory firm, agreed to acquire a majority stake in WillowWood, an international manufacturer of prosthetic products for amputees, from Blue Sea Capital, a Florida-based private equity firm. Blue Sea Capital will remain an investor in WillowWood alongside the Arbogast family and the company's management team following their reinvestment in the transaction, according to press releases. Financial terms were not disclosed.
CVC Capital Partners is advised by Weil Gotshal and Manges (led by Gareth Clark). WillowWood is advised by Houlihan Lokey, according to MergerLinks data.
Rubicon Technology Partners, a private equity firm, completed the majority investment in CaseWorthy, a human services software company, according to press releases. Financial terms were not disclosed.
Rubicon Technology Partners was advised by Morrison Foerster (led by Michael P. Santos, Erik G. Knudsen and Patrick Huard). CaseWorthy was advised by Moelis & Co and Paul Hastings, according to press releases and MergerLinks data.
Truelink Capital, a Los Angeles-based private equity firm, agreed to acquire a majority stake in Horwitz, a provider of mechanical, electrical and plumbing services, from Svoboda Capital, a Chicago-based private equity firm, according to press releases. Financial terms were not disclosed.
Horwitz and Svoboda Capital are advised by William Blair & Co and Fredrikson & Byron, according to press releases.
Overmatch Ventures and The New Industrial Corporation, the investment firms, led a $280m funding round in Principal Mineral, a US-based company specializing in the domestic production and processing of strategic metals, with participation from J2 Ventures, Ensemble VC and other existing and new investors, according to press releases.
Principal Mineral was advised by Throughline Global Advisors (led by Garrett Marquis), according to press releases.
Renovus Capital Partners-backed xFact, an IT and consulting firm serving public sector clients with digital transformation, completed the acquisition of Stonewall Solutions, a provider of innovative technology solutions tailored to meet the needs of government, law enforcement, education, and commercial organizations, according to press releases. Financial terms were not disclosed.
Renovus Capital Partners is advised by Gasthalter & Co (led by Mark Semer and Alex Jeffrey), according to press releases.
Holt close to $12bn acquisition of Ensemble Health. ( Bloomberg)
Private‑equity executive Matt Holt’s Thoreau Group is in advanced talks to acquire Ensemble Health Partners in a deal that would value the company at about $12bn.
A signing could come soon. Thoreau, backed by Apollo Global Management, is expected to become Ensemble’s controlling shareholder.
Ravelin Defense completes ArmorWorks and FVMT integration. ( Press Release)
ArmorWorks Enterprises and Fox Valley Metal Tech have completed their integration under the unified Ravelin Defense brand following the 2024 acquisition of FVMT.
The combined business brings together more than six decades of defense manufacturing experience and will operate under a single brand and go-to-market platform. Ravelin Defense is backed by Littlejohn Capital.
Blackstone in discussions to acquire H&R REIT. (Bloomberg)
Blackstone has entered early discussions about a potential deal involving H&R Real Estate Investment Trust, a Canadian landlord with a portfolio that includes apartment buildings and other properties.
H&R said that it is in “preliminary, non‑exclusive discussions with Blackstone regarding a potential sale of certain assets,” confirming an earlier report that sent its shares up more than 8%.
I Squared Capital and DFC launch $3bn Indo-Pacific energy platform. ( Press Release)
I Squared Capital and the US International Development Finance Corporation plan to establish a $3bn investment platform to develop critical energy infrastructure across South and Southeast Asia.
The platform will be funded equally by I Squared and DFC, with each committing $1.5bn to support energy connectivity and expand access to US LNG and related energy exports.
KKR puts $1.4bn into aircraft leasing, targeting airlines plus Boeing and Airbus. ( Reuters)
Private equity firm KKR unveiled a new $1.4bn investment in aircraft leasing with partner Altavair, as ongoing supply shortages at Airbus and Boeing keep aircraft availability tight.
Leasing firms and private equity investors have been taking on a larger role in financing new jets as airlines face higher costs and rising travel demand amid constrained aircraft supply.
Align Capital Partners closes two funds at $1.1bn. ( Press Release)
Align Capital Partners has completed fundraising for two new vehicles, raising $770m for Align Capital Partners Fund IV and $375m for Align Collaborate Fund II.
The funds reached their hard caps and will support the firm's lower-middle-market private equity and independent sponsor investment strategies.
EMEA
EQT, an investment firm, agreed to acquire Intertek, a multinational company that provides testing, inspection, and certification services to a wide range of industries, for £9.3bn, according to press releases.
Global Infrastructure Partners, a part of BlackRock and a global infrastructure investor, completed the acquisition of a 71% stake in TCR Group, a private company that provides ground support equipment rental, maintenance, and management services for airport and aviation operations, from 3i Infrastructure, an investment company focused on infrastructure assets, for €1.13bn, according to press releases.
Global Infrastructure Partners was advised by Credit Agricole, Allens and Weil Gotshal and Manges (led by Murray Cox and Brendan Moylan). TCR Group was advised by Clifford Chance and Travers Smith (led by Adam Orr). 3i Infrastructure was advised by Deutsche Bank and Clifford Chance (led by Charlotte Madden), according to MergerLinks data.
Norwegian, a low-cost European airline, agreed to acquire Nordic Leisure Travel Group, a tour operator in the Nordics, with a portfolio of concept hotels in key sun destinations including Spain and Greece, for SEK7.94bn. Upon completion, Strawberry, Altor and TDR Capital will become significant shareholders in Norwegian, holding approximately 8.9%, 8.9% and 4.4%, respectively, according to press releases.
Nordic Leisure Travel Group, Altor, Strawberry and TDR Capital are advised by White & Case (led by Johan Steen), Thommessen, Ro Sommernes, DNB Carnegie and Arctic Securities. Norwegian is advised by Pareto Securities and Wikborg Rein, according to press releases and MergerLinks data.
Francisco Partners, a private equity firm, completed the acquisition of EfficientIP, a network security and automation company specializing in DNS, DHCP and IP address management technology, for c. €200m, according to press releases and MergerLinks data.
Francisco Partners was advised by GP Bullhound, Paul Hastings, Prosek Partners and Vaultinum (led by Josh Nunn). EfficientIP, Jolt Capital and TempoCap were advised by Arma Partners, IA Global Capital and Jones Day (led by Jean-Gabriel Griboul), according to press releases and MergerLinks data.
LDC, a UK-based private equity firm, completed the investment in Fortus, a full-service firm of accountants and business advisors, according to press releases. Financial terms were not disclosed.
LDC was advised by Alvarez & Marsal, Womble Bond Dickinson, BDO and GCS Insight. Debt financing was provided by Triple Point (led by Paul Dolyniuk). Fortus was advised by Andrew Jackson, according to press releases.
Vertiv, a company that specialises in delivering critical infrastructure technologies and services, completed the acquisition of ThermoKey, a provider of heat rejection and heat-exchange technologies, from IGI Private Equity, a private equity firm, according to press releases. Financial terms were not disclosed.
Equitix, a global investor, developer, and long-term fund manager of core infrastructure assets, agreed to acquire a 17.5% stake in the Beatrice offshore wind farm from TRIG, a London-listed renewable energy investment company, for £155m ($208m), according to press releases.
EQT, an investment firm, agreed to acquire Exolaunch, a German provider of satellite launch mission management, according to press releases. Financial terms were not disclosed.
EQT is advised by Milbank. Exolaunch is advised by Goldman Sachs and DLA Piper, according to press releases.
Nordic Capital-backed Qred, a digital banking services provider, agreed to merge with Liberis, a global embedded finance platform, according to press releases. Financial terms were not disclosed.
Liberis is advised by Blenheim Chalcot (led by Melanie Szalkiewicz). Nordic Capital is advised by Bank of America and Perella Weinberg Partners, according to press releases.
SWI Group, an institutional investment company, agreed to acquire a 38.3% stake in Genesis Digital Assets, one of the largest privately held digital infrastructure platforms, for $500m, according to press releases.
L Catterton said to explore stake purchase in Hyrox. ( Bloomberg)
L Catterton, the LVMH‑backed private equity firm, is in exclusive talks to buy a stake in extreme fitness brand Hyrox.
The firm has been in discussions for some time with the brand’s owner, Swiss‑based Infront Sports & Media.
Elliott considers takeover of The Very Group. ( Reuters)
Elliott Advisors has entered the race for a potential takeover of The Very Group, joining other bidders in a process that could value the UK online retailer at about £2bn ($2.67bn).
Ares and Michele Kang near deal for control of Olympique Lyonnais. ( Bloomberg)
Ares Management and businesswoman Michele Kang are close to reaching an agreement to take control of French football club Olympique Lyonnais.
The parties are finalizing a deal with the administrator of Eagle Football Group Bidco, the holding company previously controlled by investor John Textor, as Lyon seeks to address its financial challenges.
Elliott to take almost 5% stake in UK distributor Bunzl. ( Bloomberg)
Elliott Investment Management has built an almost 5% stake in UK distributor Bunzl, following a period of share price weakness after a prior profit warning. The move signals renewed activist interest in the company.
Elliott is pushing Bunzl to conduct a share buyback of up to 10% of its market capitalisation over the next 12 months, aiming to enhance shareholder returns. Discussions remain private, and the company has not publicly responded to the activist’s proposals.
Bridgepoint weighs $1bn sale of anti-drone group guarding World Cup sites. ( FT)
Bridgepoint is preparing a potential sale of Danish counter‑drone technology company MyDefence, in a transaction that could value the business at around $1bn. The private‑equity firm has reportedly hired an adviser and is considering launching an auction later in 2026.
The asset has attracted interest from buyout firms and defence contractors, driven by rapidly increasing demand for anti‑drone systems amid geopolitical tensions. MyDefence, which supplies detection and jamming technologies used in security operations, including major global events, has seen strong growth and expanding market relevance.
EQT lines up £5bn debt package for potential Intertek buyout. ( Bloomberg)
Banks are competing to provide around £5bn ($6.7bn) of financing to support a potential acquisition of Intertek by private equity firm EQT.
The debt package is expected to include leveraged loans and high-yield bonds denominated in euros and dollars, allowing EQT to access a broader pool of investors.
Lone Star leads bidding for Continental’s ContiTech unit. ( Bloomberg)
Lone Star Funds has emerged as the leading bidder for Continental’s industrial division ContiTech.
A deal for the manufacturer of industrial components, including conveyor belts and air springs, could be reached later this month if negotiations progress successfully.
Schroders Capital appoints Bob Paterson to lead European ABF and SRT. ( Press Release)
Schroders Capital has appointed Bob Paterson as Head of European Asset-based Finance and Significant Risk Transfer Investments within its Private Debt & Credit Alternatives business.
Paterson will lead ABF and SRT transactions across Europe, the UK and Australia, and oversee European and UK asset-backed securities activities.
APAC
Adani Energy Solutions, a transmission company and an energy solutions provider, agreed to acquire IntelliSmart Infrastructure, a smart metering JV between National Investment and Infrastructure Fund and Energy Efficiency Services, for $305m, according to press releases.
Adani Energy Solutions is advised by Cyril Amarchand Mangaldas (led by Subhalakshmi Naskar). NIIF is advised by Deloitte Touche Tohmatsu India and Talwar Thakore & Associates (TT&A) (led by Gautam Saha). Energy Efficiency Services is advised by JSA Advocates & Solicitors (led by Vishnu Sudarsan), according to MergerLinks data and press releases.
Warburg Pincus, a private equity firm, offered to acquire J.S.B., an integrated student housing and services platform, for $1.2bn, according to press releases.
J.S.B. is advised by Mitsubishi UFJ and Morgan Stanley Securities, according to MergerLinks data.
TA Associates, an American private equity firm, agreed to invest in AIRS Medical, a global AI-powered medical imaging and healthcare technology, according to press releases. Financial terms were not disclosed.
HCLTech, a global technology company, led a $234m Series B round in Sarvam, with participation from Bessemer Venture Partners, Khosla Ventures and Peak XV Partners. HCLTech contributed $150m to the round as its largest investor, according to press releases.
Alibaba offers $1.5bn for Chinese grocer in push against Meituan. ( Bloomberg)
Alibaba Group Holding has put forward a $1.5bn offer to acquire Chinese grocery‑delivery platform Pupu, kicking off a bidding contest as it pushes to regain ground from rival Meituan.
The proposed price is more than double an earlier $600m bid from Sun Art Retail. Sun Art — once affiliated with Alibaba and now backed by private equity firm DCP Capital — had submitted its offer before Alibaba entered the fray.
EQT explores sale of stake in Singapore healthcare group for about $600m. ( WSJ)
Swedish private‑equity firm EQT is preparing to sell its minority stake in Singapore‑based healthcare provider HMI Medical for about $600m, as it looks to take advantage of a surge in deal activity driven by rising demand for medical services across Asia.
The sale process is still at an early stage, and there’s no guarantee a transaction will be completed.
Foundation Healthcare said to plan filing IPO prospectus soon. ( Bloomberg)
Foundation Healthcare, backed by SeaTown, is preparing to file its IPO prospectus in Singapore in the coming days. The company is targeting a listing in the third quarter as it advances the process.
The IPO could raise up to SGD500m ($390m) and value the business at more than $1bn. Details remain subject to change, with discussions ongoing and no final terms confirmed.
HomeLane targets India IPO within two years. ( Reuters)
HomeLane plans to pursue an initial public offering within the next 12 to 24 months as the company seeks to expand into new cities and broaden its home furnishing offerings.
The home interiors platform counts Peak XV Partners, Accel and Pidilite Industries among its investors and competes with players including Godrej Interio and Livspace.
Kling AI seeks funding at $18bn valuation ahead of IPO. ( Bloomberg)
Kuaishou Technology is in talks with General Atlantic to lead a financing round for its video-generation AI business Kling AI ahead of a potential public listing.
Kling AI is seeking to raise more than $2bn at an $18bn post-money valuation and has also attracted interest from other Asia-focused investment firms.
Blackstone‑backed AirTrunk seeks $3bn loan for Sydney project. ( Bloomberg)
AirTrunk, the Blackstone‑backed data‑center operator, is seeking a AUD4.3bn ($3bn) loan to support a new Australian project, extending its debt‑driven expansion across Asia Pacific.
The financing would fund construction of the more than 400‑megawatt SYD3 hyperscale facility. Banks have been approached to underwrite the five‑year loan, though terms are still being negotiated and may change.
Blume Ventures is planning to launch a continuation fund targeting INR3.75bn ($40m) with support from a Japanese limited partner and several Indian investors.
The early-stage venture capital firm is also raising its fifth flagship fund, having previously launched four core investment vehicles since its founding in 2010.
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