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AMERICAS
VSE Corporation to acquire Precision Aviation Group from GenNx360 Capital Partners for $2bn.
VSE Corporation, a provider of aftermarket distribution and repair services, agreed to acquire Precision Aviation Group, a provider of maintenance, repair and value-added supply chain services, from GenNx360 Capital Partners, a private equity firm, for $2bn, according to press releases.
VSE Corporation is advised by Perella Weinberg Partners and Jones Day. GenNx360 Capital Partners is advised by JP Morgan, Jefferies & Company and Winston & Strawn, according to press releases.
CVC, a private equity and investment advisory firm, agreed to acquire Marathon Asset Management, a hedge fund focused on opportunistic investing in credit and fixed income markets globally, for $1.2bn, according to press releases.
CVC is advised by Ernst & Young, JP Morgan, Freshfields, and Fried Frank Harris Shriver & Jacobson. Marathon is advised by Sidley Austin, according to press releases.
Siegfried Holding, a pharmaceutical company that offers and manufactures primary and secondary drug substances and products, agreed to acquire Noramco, Extractas Biosciences, and Purisys, pharmaceutical companies, from SK Capital Partners, a private investment firm, according to press releases. Financial terms were not disclosed.
Noramco is advised by Jefferies & Company, RBC Capital Markets and Rothschild & Co. SK Capital Partners is advised by Gregory FCA (led by Jeremy Milner), according to press releases and MergerLinks data.
Resonetics, a provider of advanced engineering and manufacturing solutions, agreed to acquire Resolution Medical, an engineering services and outsourced manufacturing partner, from Arcline Investment Management, a private equity firm, according to press releases. Financial terms were not disclosed.
Resolution Medical is advised by Piper Sandler, Bass Berry & Sims and Fredrikson & Byron. Arcline is advised by Joele Frank (led by Tim Ragones), according to press releases and MergerLinks data.
AEA Investors, a private investment firm, completed the acquisition of a minority stake in 829 Studios, an integrated, technology-enabled digital marketing firm, from CIVC Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
CIVC Partners and 829 Studios were advised by Canaccord Genuity and Ropes & Gray. AEA Investors was advised by Joele Frank (led by Kate Thompson), according to press releases.
JLL Partners, an American private equity firm, completed the acquisition of PowerParts Group, a manufacturer that supplies custom‑engineered replacement parts for gas and steam turbines, according to press releases. Financial terms were not disclosed.
JLL Partners was advised by Arnovia, Harris Williams & Co and Profile Advisors (led by Eli Kapsack) , according to press releases.
Leidos, a systems integrator specializing in information technology, agreed to acquire ENTRUST, a consulting firm specializing in utility engineering, from Kohlberg, a private equity firm, for $2.4bn, according to press releases.
Leidos is advised by PricewaterhouseCoopers, Citigroup and Davis Polk & Wardwell (led by William J. Chudd), according to press releases and MergerLinks data.
Janus Henderson Group, a global asset manager, agreed to acquire Richard Bernstein Advisors, a research-driven, macro multi-asset investment manager, according to press releases. Financial terms are not disclosed.
RBA is advised by Piper Sandler and Vedder Price. Janus Henderson is advised by Sheppard, Mullin, Richter & Hampton, according to press releases.
Storr Group-backed SPS PoolCare, a specialized pool service provider, completed the acquisition of Pool Troopers, a full-service pool cleaning and maintenance company, from Shoreline, a lower middle market private equity firm, according to press releases. Financial terms were not disclosed.
SPS PoolCare was advised by William Blair & Co. Debt financing was provided by Balance Point Capital, according to press releases.
Blackstone Energy Transition, a Blackstone's energy-focused private equity business, agreed to acquire Arlington Industries, a domestic manufacturer of high performance electrical products, according to press releases. Financial terms were not disclosed.
Arlington Industries is advised by UBS and Sullivan & Cromwell, according to press releases and MergerLinks data.
Truelink Capital, a Los Angeles based private equity firm, completed the acquisition of SouthernCarlson, a distributor of brands in construction and packaging machines, tools and supplies, from Kyocera, a Japanese multinational ceramics and electronics manufacturer, according to press releases. Financial terms were not disclosed.
CMA CGM, a French shipping and logistics company, and Stonepeak, an alternative investment firm, agreed to form a joint venture, according to press releases.
CMA CGM is advised by H/Advisors Abernathy (led by Deven Anand), according to press releases.
Arroyo Investors, an independent investment manager, and ONCEnergy, a renewable energy developer and operator, completed the acquisition of Whirlwind energy center, according to press releases. Financial terms were not disclosed.
Arroyo Investors was advised by Petree Partners (led by Jennifer Petree), according to press releases.
Berkshire Partners-backed Specialized Elevator, a provider of a full range of elevator services, completed the merger with Vintage Elevator Services, a company that offers installation, maintenance, repair, and modernization of transportation systems, according to press releases. Financial terms were not disclosed.
Vintage Elevator was advised by Lift Business Advisors (led by Jeff Eaton), according to press releases.
Peak Rock Capital-backed Aegis Software, a provider of manufacturing execution system, completed the acquisition of Simio Software, a company that offers simulation, production planning, and scheduling software, according to press releases. Financial terms were not disclosed.
Aegis Software was advised by Kekst CNC (led by Daniel Yunger), according to press releases.
Michelin, a provider of a wide range of tires, completed the acquisition of Cooley, a global manufacturer specializing in high-performance polymeric solutions, from JH Whitney, a private equity firm, according to press releases. Financial terms were not disclosed.
Cooley was advised by Robert W Baird, according to press releases.
Steel Partners, a diversified global holding company, offered to acquire InMode, a medical device company, for $580m, according to press releases.
IVP, CapitalG, and NVIDIA led a $300m Series E round in Baseten, a provider of infrastructure software for high-scale AI products, with participation from Altimeter and Battery Ventures, according to press releases.
BlackRock, a global investment management corporation, and Eclipse, a venture capital firm, led a $257m series D round in Cellares, an integrated development and manufacturing organization focused on the automated, large-scale manufacture of cell therapies, with participation from T. Rowe Price Investment Management, Baillie Gifford, Duquesne Family Office, Intuitive Ventures, EDBI, Gates Frontier, DC Global Ventures, DFJ Growth, and Willett Advisors, according to press releases.
Bessemer Venture Partners, a venture capital firm, led a $250m Series B funding round in Upwind, a cybersecurity company, with participation from Salesforce Ventures, Picture Capital, Greylock, Cyberstarts, Leaders Fund, Craft Ventures, TCV, Alta Park, Cerca Partners, Swish Ventures and Penny Jar Capital, according to press releases.
Coatue Management, a global investment manager, and Index Ventures, a venture capital firm, led a $250m Series D round in Decagon, a conversational AI platform, with participation from ChemistryVC, Definition Capital and Starwood Capital, according to press releases.
T. Rowe Price, an American publicly owned global investment management firm, led a $75m Series C round in Cyclic Materials, a cleantech company focused on recycling rare earth elements (REEs) and other critical materials, with participation from Canada Growth Fund, according to press releases.
Decisive Point, a venture capital firm, led a $140m round in Standard Nuclear, a nuclear energy company, with participation from Chevron Technology Ventures, StepStone Group, XTX Ventures, Welara, Fundomo, Andreessen Horowitz, Washington Harbour Partners, and Crucible Capital.
Abu Dhabi's XRG raises Rio Grande LNG project stake. ( Reuters)
Abu Dhabi state energy company XRG is acquiring an additional 7.6% stake in two liquefied natural gas trains at the Rio Grande LNG project in Texas, increasing its exposure to one of the world’s largest export facilities.
The stake in Trains 4 and 5 is being purchased from an acquisition vehicle of Global Infrastructure Partners, adding to XRG’s existing indirect 11.7% holding in the project’s first three trains.
Blackstone makes over $400m gain on Marathon sale to CVC. ( Bloomberg)
CVC Capital Partners’ $1.2bn acquisition of Marathon Asset Management delivered a major windfall for Blackstone, which held a minority stake through its GP stakes platform.
Blackstone more than tripled its initial investment, translating into a gain of over $400m.
StandardAero backers said to seek $1.6bn in share sale. ( Bloomberg)
Two of StandardAero’s largest shareholders are seeking to raise up to $1.6bn through a secondary share sale in the aircraft maintenance services provider.
Private equity firm Carlyle Group and Singapore sovereign wealth fund GIC are marketing the shares at $31 to $32 each.
Entrata is said to work with Goldman Sachs, JP Morgan on IPO. ( Bloomberg)
Entrata, a US property‑management software company backed by Silver Lake and Blackstone, is preparing an IPO with Goldman Sachs and JP Morgan as advisers. The company aims to list as early as April 2026.
The planned offering could raise around $500m. Discussions remain private, and final terms have not been set.
Bob’s Discount Furniture seeks $370m in IPO. ( Bloomberg)
Bob’s Discount Furniture, a home furnishings retailer backed by Bain Capital, is seeking to raise up to $370m in a US initial public offering.
The Manchester, Connecticut-based company plans to offer 19.45m shares at $17 to $19 each. Following the offering, Bain-advised investment funds and affiliates are expected to hold roughly three-quarters of the outstanding common stock.
Jersey Mike’s is working with Morgan Stanley, JP Morgan on IPO. ( Bloomberg)
Jersey Mike’s Subs, the US sandwich chain with over 3k locations, is preparing an IPO with Morgan Stanley, JP Morgan, and Jefferies. The Blackstone‑backed company aims to move forward with a listing process in 2026.
The debut could come as early as Q3, though terms and size of the offering have not yet been finalized. The company has not commented on the plans.
EMEA
Eaton, an intelligent power management company, completed the acquisition of Ultra PCS, a producer of electronic controls, sensing, stores ejection and data processing solutions for aerospace customers, from Cobham Ultra, a defence electronics solutions provider, for $1.55bn, according to press releases.
Ultra PCS and Advent International were advised by JP Morgan, Rothschild & Co and Weil Gotshal and Manges (led by Lewis Blakey). Eaton was advised by Covington & Burling, according to press releases.
Infineon Technologies, a semiconductor manufacturer, completed the acquisition of laboratory and R&D campus in Warstein from BC Partners, an investment firm, according to press releases. Financial terms were not disclosed.
BC Partners was advised by BNP Paribas, Ernst & Young, JLL Corporate Finance and Freshfields (led by Timo Elsner), according to press releases and MergerLinks data.
Adenia Partners, a private equity firm, agreed to acquire a majority stake in Parkville Pharmaceuticals, a pharmaceutical company that manufactures and distributes unique products in the Egyptian pharmaceutical market, from Admaius Capital Partners, an Africa-focused private equity investor, according to press releases. Financial terms were not disclosed.
Parkville Pharmaceuticals is advised by Zilla Capital and Matouk Bassiouny. Adenia Partners is advsied by Baker McKenzie and Gregory FCA (led by Stephen Fishleigh), according to press releases.
WindRose-backed SubjectWell, a company specializing in patient recruitment and clinical trial support, completed the merger with Clariness, a specialized provider of clinical trial recruitment and management services, according to press releases. Financial terms were not disclosed.
Clariness was advised by Fairmount Partners and Interdependence PR (led by Haylee Elmore). WindRose and SubjectWell were advised by Stout Capital, according to press releases.
KPS Capital Partners, a private equity firm, agreed to acquire a majority stake in Novacel, a provider of surface protection solutions, from Compagnie Chargeurs Invest, a French diversified holding company, according to press releases. Financial terms were not disclosed.
KPS Capital Partners was advised by Paul Weiss Rifkind Wharton & Garrison (led by Will Aitken-Davies) and Rothschild & Co, according to press releases.
The Chernin Group, a private equity firm, agreed to invest in Goalhanger, a British podcast production and distribution company, according to press releases. Financial terms were not disclosed.
Goalhanger is advised by Simpson Thacher & Bartlett (led by James Campisi), according to press releases and MergerLinks data.
Pollen Street Capital, an alternative investment manager, agreed to acquire Tutman, a fund services platform providing fund administration, corporate service, and transfer agency services, according to press releases. Financial terms were not disclosed.
Pollen Street is advised by Rothschild & Co, according to press releases and MergerLinks data.
Mentha Impact, an independent investment firm, completed the acquisition of CORROSION, an equipment servicing company that offers anti-fouling, corrosion, and maintenance solutions to a variety of applications, from Nordian, a private equity firm, according to press releases. Financial terms were not disclosed.
Nordian was advised by DC Advisory, according to press releases and MergerLinks data.
Carlyle, an American multinational private equity firm, agreed to acquire Lukoil International, a Vienna-based holding company that controls the international assets of the Russian oil giant, from Lukoil, an integrated oil company, according to press releases. Financial terms are not disclosed.
Blackstone‑backed Leica Camera is reportedly considering a €1bn sale. ( Bloomberg)
Leica Camera’s owners are weighing the possibility of selling a controlling stake in the German camera manufacturer, a deal that could value the company at around €1bn ($1.2bn).
Austrian investor Andreas Kaufmann and Blackstone have begun consulting advisers as they explore their options. The potential bidders include HSG — previously Sequoia Capital China — and Altor Equity Partners.
Owner of AI consultancy Xebia is reportedly considering a €1bn sale. ( Bloomberg)
Xebia’s private equity owner is weighing a possible sale of the AI consulting firm, which could fetch €1bn ($1.2bn) or more.
Dutch buyout firm Waterland is working with Houlihan Lokey on the potential deal. Deliberations are preliminary and Waterland could decide to keep the asset for longer.
Blackstone and Yanmar are considering the bids for VW's Everllence. ( Bloomberg)
Blackstone and Japanese industrial equipment maker Yanmar Holdings have emerged as potential bidders for a majority stake in Volkswagen’s heavy diesel engine unit, Everllence SE.
Brookfield Asset Management is also studying the unit, which produces ship engines and power-plant turbines. Turkish energy group Karpowership, a major Everllence client, could join the process, and some private equity firms may partner with the bidders.
Italian fiber group Retelit mulls €700m data center sale. ( Bloomberg)
Italian fiber carrier Retelit is considering a sale of its data center business in a deal that could value the unit at up to €700m ($828m).
The company, owned by private equity firm Asterion Industrial Partners, is at an early stage of discussions, and a potential sale process could begin as early as next year.
Weichai rejects KKCG’s Ferretti bid as a board clash nears. ( Reuters)
China’s majority owner of Italian yacht builder Ferretti said it will not back KKCG’s takeover bid and may even increase its own stake, escalating the struggle for control of the company’s board.
KKCG earlier this week launched a bid of up to €182m ($213m) to double its 14.5% holding and push for a board shake‑up, challenging the lineup appointed by the Chinese shareholder.
Spire confirms early talks with Bridgepoint and Triton. ( Reuters)
Spire Healthcare said that it has begun preliminary discussions with a number of private equity firms — among them Bridgepoint and Triton Partners — as it evaluates possible strategic paths for the business.
The talks include potential takeover proposals that could result in the hospital group being taken private.
Deutsche Bank is said to eye stake in life insurance firm. ( Bloomberg)
Deutsche Bank and DWS are considering taking a minority stake in Frankfurter Leben, the Fosun‑controlled life‑insurance consolidator, in a move that would mark the bank’s return to the sector. The deal would involve injecting new capital into the business.
Frankfurter Leben manages about 700k policies and an investment portfolio of roughly €13bn ($15.6bn). Talks are still preliminary with no final decision made.
UK’s Schroders discussed private capital tie-ups in growth push. ( Reuters)
Schroders has held talks on potential tie-ups to accelerate growth at Schroders Capital, including discussions with Wendel and Bridgepoint, though talks have since stalled.
The asset manager is targeting £20bn of net new business by 2027 and is also exploring partnerships with insurers to expand its private-credit and infrastructure capabilities.
Blackstone eyes more hiring in Asia to tap private market demand. ( Bloomberg)
Blackstone is planning to expand hiring across Asia to capitalize on growing opportunities in private markets, according to Ed Huang, head of Asia Pacific private wealth.
The alternative asset manager sees strong potential in offering private market investments to individual investors seeking alternatives to traditional stock and bond portfolios.
APAC
Temasek-backed ABC Impact, Lenovo Capital and Puhua Capital, three private equity firms, led a $173m round in DeepWay, a trucking tech startup, according to press releases.
Blackstone in talks to become New World’s top shareholder. ( Bloomberg)
Blackstone is in advanced talks to become the largest shareholder of Hong Kong’s New World Development, a move that could end the Cheng family’s control of the developer. The company is under financial pressure and seeking strategic support.
The deal would give Blackstone scope to help restructure New World as the developer continues asset sales to boost liquidity. Discussions remain private.
Evergrande Property said to expect binding offers by month-end. ( Bloomberg)
Liquidators of China Evergrande Group are expecting binding bids for its Hong Kong-listed property management unit by the end of this month, as the sale process moves forward.
Private equity firms including Trustar Capital and at least one Guangdong-based state-owned buyer are considering bids for Evergrande Property Services.
Hillhouse is reportedly close to acquiring a 17% stake in Hong Kong’s Modern Dental. ( Bloomberg)
Hillhouse Investment has acquired roughly a 17% stake in Hong Kong‑listed Modern Dental Group, paying close to HKD935m ($120m) for the holding.
The firm purchased 161.2m shares off‑market on January 19 at an average price of HKD5.8 ($0.7) each.
Thailand's CP Group and Fidelity International plan to invest in Muyuan's Hong Kong listing. ( Bloomberg)
Thai conglomerate Charoen Pokphand Group is planning to invest in the Hong Kong listing of Chinese pig breeder Muyuan Foods.
The group is expected to participate as a cornerstone investor in what is shaping up to be the city’s largest share sale of the year, alongside potential cornerstone investors including Fidelity International and UBS Asset Management.
CICC rebuilds IPO pipeline to focus on the “most promising” deals. ( Bloomberg)
China International Capital Corp. is rebuilding its initial public offering pipeline and stepping up due diligence as regulatory scrutiny intensifies following a surge in Hong Kong share sales.
President and CFO Wang Shuguang said the recent deal boom has posed challenges for investment banks, prompting a sharper focus on the most promising listings.
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