Weekly Review - Financial Sponsors

Blackstone completed the acquisition of Tricon Residential for $3.5bn. 

Blackstone, an alternative asset manager, completed the acquisition of Tricon Residential, a Canadian real estate company, for $3.5bn.

“This transaction marks an exciting new chapter in Tricon’s history, one poised to deliver exceptional outcomes for our residents. In partnership with Blackstone, we have the capital and expertise to take our business to the next level, including growing our Canadian multi-family development platform that is providing much needed market rate and affordable housing supply. In the U.S., we will continue to help hard-working American families access quality single-family homes and good schools in desirable neighborhoods, and our commitment to genuine, caring customer service remains unwavering," Gary Berman, Tricon President & CEO.

Tricon Residential was advised by Morgan Stanley, RBC Capital Markets, Scotiabank, Goodmans, Osler Hoskin & Harcourt and Paul Weiss Rifkind Wharton & Garrison. Financial advisors to Tricon were advised by Sullivan & Cromwell. Blackstone was advised by Bank of America, Desjardins, Deutsche Bank, JP Morgan, PJT Partners, TD Securities, Wells Fargo Securities, Davies Ward Phillips & Vineberg, Simpson Thacher & Bartlett and Joele Frank.

Aon completed the acquisition of NFP from Madison Dearborn and HPS Investment Partners for $13bn. 

Aon, a provider of risk and insurance brokerage consulting, completed the acquisition of NFP, an insurance brokerage company, from Madison Dearborn, an American private equity firm, and HPS Investment Partners, an investment firm that offers portfolio management and advisory services, for $13bn.

"It is a historic day for our firm as we welcome NFP to Aon and work together to help clients address increasing volatility across risk and people issues. With high performing teams and leading content and capability – further enabled by our Aon Business Services operating platform – we will create more value for our clients, while also enhancing long-term shareholder value creation for investors. This acquisition is another example of how we are going further, faster with our 3x3 Plan to accelerate our Aon United strategy and further enhance our relevance to clients," Greg Case, Aon CEO.

NFP was advised by Bank of America, Barclays, Deutsche Bank, Evercore, Jefferies & Company, TD Securities, Ropes & Gray (led by Matthew Richards) and Skadden Arps Slate Meagher & Flom (led by Howard Ellin). Aon was advised by Citigroup, UBS, Cravath Swaine & Moore (led by Jin‑Kyu Baek, Robert I. Townsend and Keith Hallam) and McDermott Will & Emery (led by H. Michael Byrne). Financial advisors were advised by Sullivan & Cromwell (led by Stephen M. Kotran). Madison Dearborn was advised by Paul Weiss Rifkind Wharton & Garrison (led by Adam M. Givertz and Ian Hazlett).

T-Mobile and EQT to form a joint venture to acquire Lumos Networks in a $1.9bn deal. 

T-Mobile, a telecommunication company, and EQT, a private equity firm, agreed to form a joint venture to acquire Lumos Networks, a fiber-to-the-home platform, in a $1.9bn deal.

"As the demand for reliable, low-latency connectivity rapidly increases, this deal is a scalable strategy for T-Mobile to take a significant step forward in expanding on our broadband success and continue shaking up competition in this space to bring even more value and choice to consumers. Together with EQT and Lumos, T-Mobile is building on our position as the fastest growing broadband provider in the country in a value-accretive way that complements our sustained growth leadership in wireless. Customers – homes and businesses – who get the fast, affordable, and reliable internet they need will be the real winners," Mike Sievert, T-Mobile CEO.

Lumos Networks is advised by Bank Street Group. EQT is advised by Goldman Sachs, JP Morgan, Kirkland & Ellis (led by John Pitts, Ben Hardison and Jess Lepper) and Simpson Thacher & Bartlett (led by Matt Gabbard and David Lieberman). T-Mobile is advised by Citigroup and Wachtell Lipton Rosen & Katz (led by Adam O. Emmerich and Mark A. Stagliano). Deutsche Telekom is advised by Morgan Stanley.

The ONE Group Hospitality completed the acquisition of Benihana for $365m. 

The ONE Group Hospitality, an international restaurant company that develops and operates upscale and polished casual, high-energy restaurants and lounges, completed the acquisition of Benihana, an restaurant company offering Japanese cuisine, for $365m.

“We are delighted to have completed the acquisition and look forward to this next chapter for our Company. Benihana provides us with additional growth and development opportunities and supports our broader strategy to fortify and diversify our leading portfolio of best-in-class experiential VIBE restaurant concepts. Most importantly, I’d like to welcome our nearly 6,500 new Benihana teammates and our new Board Members, Scott Ross and James Chambers," Emanuel Hilario, The ONE Group President and Chief Executive Officer.

Benihana was advised by Piper Sandler, Akin Gump Strauss Hauer & Feld and Sidley Austin. The ONE Group was advised by Deutsche Bank, Stoel Rives (led by Steven H. Hull) and ICR (led by Michelle Michalski). Hill Path was advised by Simpson Thacher & Bartlett (led by Matthew Rogers). Debt financing was provided by Deutsche Bank.

H.I.G. Capital completed the acquisition of USA DeBusk. 

H.I.G. Capital, a global alternative investment firm, completed the acquisition of USA DeBusk, a national provider of mission-critical industrial cleaning and infrastructure maintenance services. Financial terms were not disclosed. 

“We are excited to partner with H.I.G. to leverage their significant resources and experience to expand our capabilities and offering and continue providing high-quality, innovative solutions which deliver significant value to our customers. In partnership with H.I.G., USA DeBusk will be well-positioned to continue executing our growth strategy and vision for the Company, including deepening our presence in attractive geographies, expanding our service offering, and pursuing add-on acquisitions, while maintaining the entrepreneurial culture and dedication to our customers and employees that have defined USA DeBusk since 2012,” Andrew DeBusk, USA DeBusk CEO.

H.I.G. Capital was advised by Harris Williams & Co, Jefferies & Company, and McDermott Will & Emery. USA DeBusk was advised by Houlihan Lokey, Statesman Corporate Finance, and Holland & Knight. 

Apollo to acquire U.S. Silica for $1.85bn. 

Apollo, an investment firm, agreed to acquire U.S. Silica, a diversified industrial minerals company, for $1.85bn.

"We have tremendous respect for U.S. Silica and its talented management team and employees, and are thrilled to partner with them to unlock the company's  next phase of growth. U.S. Silica's industrial minerals and sand mining and logistics businesses each are proven leaders in their respective markets. We believe there are many opportunities to grow and expand these businesses and we look forward to using our significant industry experience to build on and extend the company's legacy of excellence to new frontiers," Gareth Turner, Apollo Partner.

U.S. Silica is advised by Piper Sandler and Morrison & Foerster. Apollo is advised by BNP Paribas, Barclays and Wachtell Lipton Rosen & Katz.

Haveli Investments completed the $150m investment in Blend Labs. 

Haveli Investments, a technology-focused private equity firm, completed the $150m investment in Blend Labs, a provider of cloud banking services.

“This partnership with Haveli reflects confidence in Blend’s continued journey to transform financial services and is an important show of faith in our growth strategy. We look forward to working with Haveli to advance our goal of driving innovation in the space and delivering lasting value for our customers and shareholders,” Nima Ghamsari, Blend Labs Co-Founder and Head.

Blend was advised by Financial Technology Partners and Wilson Sonsini Goodrich & Rosati. Haveli Investments was advised by Jefferies & Company, Bailey Duquette PC and Reevemark (led by Pam Greene).

Vinci Partners Investments to acquire MAV Capital for $106m. 

Vinci Partners Investments, an alternative investment platform, agreed to acquire MAV Capital, an alternative asset manager focused on the agribusiness segment in Brazil, for $106m.

"We are thrilled to announce this transaction and welcome the MAV team to our platform. We firmly believe that MAV's exceptional team will be a great addition to the platform and will act as a powerful catalyst to solidify our presence in the agribusiness landscape," Alessandro Horta, Vinci Partners CEO and Director.

MAV Capital is advised by Themudo Lessa Advogados. Vinci Partners is advised by Seneca Evercore, Lefosse Advogados, Danthi Comunicações (led by Carla Azevedo) and Joele Frank (led by Kate Thompson and Katie Villany).

Pretium completed the acquisition of BH Management Services. 

Pretium, an investment firm, completed the acquisition of BH Management Services, a property management platform. Financial terms were not disclosed.

"Combining BH's multifamily portfolio with Pretium's residential platform will help us execute on our shared vision to build better communities. As an operating company of Pretium, the BH team is positioned to sustain and grow our leadership in multifamily and deliver on our important mission of creating spaces where people live and thrive," Joanna Zabriskie, BH CEO.

BH Management Services was advised by CenterCap Group and Faegre Drinker Biddle & Reath. Pretium was advised by Wells Fargo Securities, Sidley Austin, and Joele Frank (led by Erik Carlson and Lyle Weston). 

GI Partners completed the acquisition of DQE Communications from Duquesne Light.

GI Partners, a private equity company, completed the acquisition of DQE Communications, a telecommunications service provider, from Duquesne Light, an energy services holding company. Financial terms were not disclosed.

"Mike is a seasoned and accomplished leader in the digital infrastructure sector. His proven track record of driving transformational growth, scaling operations, and building a culture of excellence is a perfect fit for DQE's next stage of growth. We look forward to working with him and the entire DQE team," Brendan Scollans, GI Partners Managing Director.

GI Partners was advised by TD Securities, Simpson Thacher & Bartlett and Chris Tofalli Public Relations. Duquesne was advised by JP Morgan and Taft Stettinius & Hollister.

Norwest Equity Partners completed the acquisition of MDC Interior Solutions. 

Norwest Equity Partners, a private equity firm, completed the acquisition of MDC Interior Solutions, a commercial interior wallcoverings and design solutions company. Financial terms were not disclosed.

“MDC is thrilled to partner with NEP for our next phase of growth, given our shared alignment with Midwest roots and entrepreneurial cultures. For over 50 years, we’ve made thoughtful decisions to build and grow our company to where we are today. We are excited to work with the NEP team and leverage their resources to support our growth plan and to continue expanding our end markets and diversifying our portfolio," Gary Rothschild, MDC CEO.

MDC Interior Solutions was advised by William Blair & Co. Norwest Equity Partners was advised by Antares Capital, BMO Capital Markets, Jones Day and Edelman.

The Riverside Company to acquire The Townsend Group from Aon. 

The Riverside Company, a company that offers private equity investment services, agreed to acquire The Townsend Group, a provider of global real estate and real asset investment advisory services, from Aon, a professional services provider. Financial terms were not disclosed.

“Townsend has always been an innovator and we have grown our business through thoughtful collaboration with our clients and an integrated team approach, with a senior team averaging 20 years of working together. This new partnership ensures continuity and exciting growth opportunities for our clients and further development opportunities for our colleagues. We are grateful for the continued support of our clients globally and the next initiatives for growth supported by our partners at Riverside, and we appreciate and look forward to maintaining our long-standing relationship with Aon,” Anthony Frammartino, The Townsend Group President.

The Riverside Company is advised by Berkshire Global Advisors and Jones Day. Aon is advised by Moelis & Co and Kirkland & Ellis.

Roark Capital completed the acquisition of Subway. 

Roark Capital, a private equity firm, completed the acquisition of Subway, a quick service restaurant brand. Financial terms were not disclosed.

“The entire Subway system is excited that our sale to Roark is complete. As we look to our future, our growth journey is far from over. With a continued strategic focus on delivering better food and a better guest experience, our next chapter will be the most exciting yet,” John Chidsey, Subway CEO.

Subway was advised by JP Morgan (led by Anu Aiyengar) and Sullivan & Cromwell (led by Frank Aquila and Melissa Sawyer). Roark Capital was advised by Morgan Stanley and Paul Weiss Rifkind Wharton & Garrison (led by Jeffrey D. Marell, Lara Solomons and Sarah Stasny).

A consortium of investors completed an investment in BGC Group-backed Fenics Markets Xchange in a $667m deal. 

A consortium of investors including Bank of America, Barclays, Citadel Securities, Citi, Goldman Sachs, JP Morgan, Jump Trading Group, Morgan Stanley, Tower Research Capital, and Wells Fargo, completed an investment in BGC Group-backed Fenics Markets Xchange, an electronic trading platform, in a $667m deal.

"We have brought together ten of the most important global investment banks and market making firms to create a premier trading venue for the interest rate markets. We offered ownership to this incredible investment group knowing the enormous value they bring to FMX, which will benefit all market participants," Howard W. Lutnick, BGC Group Chairman and CEO.

BGC Group was advised by Wachtell Lipton Rosen & Katz. 

Coatue and Sequoia Capital led a $175m Series D round in Island. 

Coatue and Sequoia Capital led a $175m Series D round in Island, a company that develops enterprise browsers that enhances security and worker productivity, with participation from Insight Partners, Cyberstarts, Stripes, Cisco Investments, Capital One Ventures, and Georgian.  

“We believe Island has built a product that meets the needs of CIOs, CISOs and end users all at the same time – and has delivered tremendous ROI across multiple verticals. Island’s continued customer traction demonstrates that the team has potential to execute, grow and innovate at scale. Coatue is excited to join Island on their journey as they seek to redefine the enterprise browser,” David Schneider, Coatue General Partner.

Island is advised by Big Valley (led by Andy Shane).

ICONIQ Growth led a $169m Series E funding round in Altruist. 

ICONIQ Growth, a tech focused investment firm, led a $169m Series E funding round in Altruist, the modern custodian built for RIAs, with participation from Granite Capital Management, Adams Street Partners and Sound Ventures. 

“With a fully-featured and vertically integrated platform built for RIAs, Altruist is breaking through in an industry desperate for innovation. It's rare to see a new company in the custodian space nail the fundamentals while carving out a substantial customer base in a market dominated by legacy financial institutions. Jason Wenk is a serial entrepreneur who has been pushing the category forward for nearly two decades, and with Altruist, he has built one of the most trusted names with RIAs today,” Yoonkee Sull, ICONIQ Growth General Partner.

Altruist was advised by Gregory FCA (led by Sam Marinelli).

General Atlantic and XP completed the acquisition of a minority stake in LiveMode. 

Private equity firms General Atlantic and XP Private Equity, completed the acquisition of a minority stake in LiveMode, a social and streaming platform company. Financial terms were not disclosed.

“Our partnership with General Atlantic and XP marks a significant milestone in our journey. Both firms’ expertise in scaling growth companies, along with their extensive global networks, will be invaluable as we expand our operations and further innovate. We are thrilled to have their support as we focus on our ambition to help expand and professionalize the sport in Brazil and other countries," Leo Lenz Cesar, LiveMode Partner.

General Atlantic was advised by Paul Weiss Rifkind Wharton & Garrison. 

Generate Capital, HOOPP and HESTA completed a $650m investment in Pine Gate Renewables. 

Generate Capital, a sustainable investment and operating company, Healthcare of Ontario Pension Plan, a defined benefit pension plan, and HESTA, an industry superannuation fund, completed a $650m investment in Pine Gate Renewables, a developer and owner-operator of utility-scale solar and energy storage projects across the United States.

“Pine Gate is proud to expand our partnership with Generate Capital and to benefit from HOOPP’s and HESTA’s deep experience in responsible and innovative investing. This landmark transaction unlocks a new era of partnership and value creation at Pine Gate Renewables as we strive towards our mission to generate The Power of Tomorrow," Ben Catt, Pine Gate Renewables CEO.

Carlyle Group said is mulling options for Tamko, including sale. 

Carlyle Group and the family owners of Tamko Building Products are considering a sale that could value the maker of roof shingles at more than $3.5bn, Bloomberg reported.

The investment firm is working with an adviser to review strategic options for the Galena, Kansas-based company. Carlyle bought a minority stake in the business in 2019 for an undisclosed sum. The potential transaction is being evaluated in tandem with Tamko’s majority owner, the family of Chairman and Chief Executive Officer David Humphreys. Carlyle hasn’t started an auction process and the ownership may ultimately decide not to sell.

Falfurrias Capital Partners explores a $1bn sale of Sauer Brands.

The private equity owner of Sauer Brands, is exploring a sale of the 137-year-old maker of condiments and spices that could value it at more than $1bn. 

Richmond, Virginia-based Sauer, which was founded in 1887 and is known for its Duke's Mayonnaise brand, is working with investment banks Morgan Stanley and William Blair to gauge interest from potential buyers. Falfurrias Capital Partners is expecting to command a valuation for Sauer equivalent to more than 10 times the company's 12-month earnings before interest, taxes, depreciation and amortization of over $120m, Reuters reported.

Playa Bowls' owners explore sale of restaurant chain. 

The private equity owners of Playa Bowls are exploring options including a potential sale of the acai bowl chain that could value it at more than $300m, Reuters reported. 

New Jersey-based Playa, which is owned by Tamarix Equity Partners and Pacific General, is working with boutique advisory firm North Point to gauge interest from potential buyers that could include other private equity firms.

Ontario Teachers’ Pension prepares to sell stake in oil producer Aspenleaf. 

Ontario Teachers' Pension Plan is in talks to sell its stake in Canadian oil and gas producer Aspenleaf Energy, Bloomberg reported.

The pension fund’s stake is worth around $200m, with the entire company valued at about $800m. A sale might close as early as May.

PG&E in talks with KKR to sell interest in Pacific Generation. (FS)

PG&E said it had entered into exclusive negotiations to sell a minority interest in Pacific Generation to KKR's unit, as the utility firm seeks funding to improve its energy grid. PG&E has been blamed for sparking numerous wildfires, including some of California's most deadly, and has been making investments to improve the reliability of its power grid, Reuters reported. 

"We believe an investment from KKR would immediately enhance our financial position as we continue our pursuit of a clean energy future," Carolyn Burke, CFO. 

Citi spinoff mints $4bn fortune for CVC buyout barons. 

About three decades ago, a group of Citigroup dealmakers including Donald Mackenzie, Steven Koltes and Rolly van Rappard left the Wall Street giant to strike out on their own, Bloomberg reported.

That decision has proved lucrative, with the trio now among the biggest winners of this week’s long-awaited initial public offering of CVC Capital Partners.

The three founding partners now hold most of the roughly $4.2bn fortune that senior CVC figures control through disclosed stakes after the Luxembourg-based buyout firm ended its first day of trading on Friday 26th of April at €16.35 ($17.49) per share.

JP Morgan looks to fend off Goldman and other private credit for $1bn. 

JP Morgan's leveraged finance desk and Goldman Sachs Group’s private credit team are among the firms in discussions to lead a $1.05bn financing for metal and hardware producer ASC Engineered Solutions, Bloomberg reported.

Apollo Global Management and Oaktree Capital Management are also in the mix. The fresh cash would be used to refinance the syndicated debt the company took on in 2019 that JP Morgan arranged.

Banks rent rivals’ balance sheets to skirt capital rules.

For years, Barclays struggled with what to do about its US credit-card business. It was a cash generator, cranking out a steady stream of revenue, and yet it was costly to run because of the way regulators force banks to set aside capital as a buffer against losses, Bloomberg reported. 

The British lender came up with a solution in February, by selling $1.1bn of card assets to private equity firm Blackstone. The transaction, part of an ongoing financing arrangement, allows Barclays to collect fees for servicing the loans, but not have to hold them on its books. In return, Blackstone gets to generate high yields for insurance clients.

Carlyle PE dealmakers buoy profits with stepped-up sales. 

Carlyle Group’s private equity dealmakers fueled first-quarter earnings that beat Wall Street estimates as they stepped up the pace of exiting deals, Bloomberg reported.

A spurt of sales sent distributable earnings — the profit available to shareholders — up 59% from a year earlier to $431m. That amounted to $1.01 a share, beating the 95-cent average estimate of analysts.

Golub Capital announces $2bn final close for its sixth credit opportunities fund.

Golub Capital announced the final close of its sixth credit opportunities fund, GEMS Fund 6, with $2bn of investable capital.

Fund 6 is the largest Golub Capital Credit Opportunities fund to-date. Commitments were in excess of the target fundraise and came from a diverse range of global institutional and private wealth investors across North America, Europe, the Middle East and Asia.

“We have a proven track record in Credit Opportunities with five successful predecessor funds over the past 17 years,” David Golub, Golub Capital President.

Golub was advised by Evercore. 

Sculptor closes $379m European CLO XI. 

Sculptor Capital Management, an alternative investment company operating multi-strategy, credit and real estate strategies, has closed a €354m ($379m) European collateralised loan obligation, Sculptor European CLO XI.

SCULE 11, arranged by Barclays, is the second CLO issued by Sculptor in 2024 following the closing of its $406m US CLO XXXII, builds on the company’s institutional credit strategies business and will invest predominantly in broadly syndicated senior secured loans.

Blackstone offers $1.57bn in Hipgnosis bidding war. 

Blackstone made a fresh offer for Hipgnosis Songs Fund, surpassing a previous bid from music investment firm Concord and intensifying a bidding war for the owner of song catalogs from Blondie, the Kaiser Chiefs and the Red Hot Chili Peppers.

Blackstone is offering $1.30 a share in cash for Hipgnosis, valuing the business at about $1.57bn. That’s the equivalent of about 104 pence per share. Hipgnosis’s board has unanimously recommended the latest Blackstone offer and has withdrawn its support of the rival Concord.

Hipgnosis is advised by Shot Tower Capital (led by David Dunn), Singer Capital Markets (led by James Moat), Carey Olsen, Shoosmiths and Headland Consultancy (led by Susanna Voyle). Concord is advised by JP Morgan (led by Jonty Edwards), DLA Piper, Mourant Ozannes, Reed Smith and H/Advisors Maitland (led by Neil Bennett). Debt financing is provided by Apollo Global Management. Apollo Global Management is advised by Latham & Watkins. Blackstone is advised by Jefferies & Company (led by Philip Noblet), Kirkland & Ellis, Ogier, Shoosmiths and Teneo (led by James Macey White).

L Catterton to acquire a majority stake in KIKO Milano.

L Catterton, a global consumer-focused investment firm, agreed to acquire a majority stake in KIKO Milano, an Italian beauty brand. Financial terms were not disclosed.

"We have long admired KIKO for its distinctive style, quality products, and global appeal and are deeply honored to partner with Antonio and the Percassi Family to further build on the strength of this iconic brand, alongside industry veteran and L Catterton senior advisor, John Demsey," Nik Thukral, L Catterton Managing Partner.

KIKO is advised by BNP Paribas, Bank of America, Deloitte, Intesa SanPaolo, Gatti Pavesi Bianchi Ludovici and Image Building (led by Cristina Fossati). L Catterton is advised by Barclays, PricewaterhouseCoopers, BonelliErede and Comin & Partners (led by Federico Fabretti).

Apollo Global and Rettig to acquire Purmo Group for €392m. 

Apollo Global Management, a private equity firm, and Rettig, a holding company, agreed to acquire Purmo Group, an indoor climate comfort solutions provider, for €392m ($420m).

“The team at Purmo Group has built an impressive business that we believe can play an important role in the clean transition and reach its full potential under a period of private ownership and strategic sponsorship. Apollo, together with Rettig, believes Purmo Group can become one of Europe’s leading providers of sustainable indoor climate solutions, while retaining a top industry position in radiators. We look forward to leveraging our extensive climate industry experience to support the management team and create additional value for Purmo Group’s customers, employees and all those it serves," Waleed Elgohary, Apollo Global Partner.

Purmo Group is advised by Danske Bank and Castren & Snellman. Apollo Global and Rettig is advised by Advium Corporate Finance, Jefferies & Company, RBC Capital Markets, Avance, Roschier Attorneys, Sidley Austin and Miltton. 

Goldman Sachs Alternatives to acquire Adler & Allan from Sun European. 

Goldman Sachs Alternatives, an investment firm, agreed to acquire Adler & Allan, an environmental risk reduction specialist, from Sun European, a private investment advisory firm. Financial terms were not disclosed.

“It was a pleasure working alongside Bob, Henrik, and the whole Adler & Allan team. We were able to draw on our strong buy & build expertise and operational experience to drive growth and innovation. We look forward to watching them continue their growth trajectory with their new investor. We’d like to thank them for all their hard work and wish them all the success for the future," Alexander Wyndham, Sun European Managing Director.

Goldman Sachs is advised by EY Parthenon, KPMG, Linklaters and Sullivan & Cromwell (led by Juan A. Rodriguez). Sun European is advised by OC&C Strategy Consultants, Houlihan Lokey, KPMG, Park Place Corporate Finance and Weil Gotshal and Manges (led by Martin Weatherston-Wilson and Marco Compagnoni). 

Thoma Bravo to acquire Darktrace for $5.3bn.

Thoma Bravo, a private equity firm, agreed to acquire Darktrace, a cybersecurity company, for $5.3bn.

"The proposed offer represents an attractive premium and an opportunity for shareholders to receive the certainty of a cash consideration at a fair value for their shares. The proposed acquisition will provide Darktrace access to a strong financial partner in Thoma Bravo, with deep software sector expertise, who can enhance the Company's position as a best-in-class cyber AI business headquartered in the UK," Gordon Hurst, Darktrace Chairman.

Darktrace is advised by Jefferies & Company (led by Nandan Shinkre, Philip Yates and Dominic Lester), Qatalyst Partners (led by Jason DiLullo), Latham & Watkins and Headland Consultancy (led by Nigel Prideaux). Thoma Bravo is advised by Goldman Sachs (led by Chris Emmerson and Mark Sorrell), Kirkland & Ellis and FGS Global (led by Faeth Birch and Sophie Scott).

EnTrust Global completed the acquisition of Offshore Merchant Partners from HitecVision. 

EnTrust Global, an alternative asset management firm, completed the acquisition of Offshore Merchant Partners, an alternative investment fund manager in the maritime and energy industries, from HitecVision, a private equity investor. Financial terms were not disclosed.

“We are excited to complete this acquisition and significantly expand Blue Ocean’s presence in Norway, an important energy and maritime hub, as a complement to our other key offices in New York, Amsterdam and London. OMP’s talented team joins Blue Ocean and its proven track record of fundraising, sourcing, structuring, and managing maritime investments through varied cycles," Svein Engh, Blue Ocean Funds Senior Managing Director and Portfolio Manager.

EnTrust Global was advised by Evercore, Watson Farley & Williams, Wiersholm and Hiltzik Strategies. HitecVision was advised by Jefferies & Company and BAHR. Offshore Merchant was advised by Jefferies & Company.

EMERAM completed an investment in CoCoNet. 

EMERAM, a private equity firm, completed an investment in CoCoNet, a corporate banking software provider. Financial terms were not disclosed.

“I am immensely proud of what the CoCoNet team has achieved and with EMERAM we have found an experienced and long-term oriented investor who will be a strong partner to help us capitalize on opportunities in our next growth phase, while continuing to provide excellent customer service to our existing customers. As we embark on this exciting phase of expansion, we would like to express our gratitude to the former shareholders," Björn Hassing, CoCoNet Co-CEO.

CoCoNet was advised by ARTHOS Corporate Finance and Orth Kluth Rechtsanwalte. EMERAM was advised by Telescope Advisory Partners, Alvarez & Marsal, Clearwater International, Noerr and FGS Global. 

Kühne to acquire Aenova from BC Partners. 

Kühne, a holding company, agreed to acquire Aenova, a contract drug manufacturer, from BC Partners, a private equity firm. BC Partners will reinvest alongside Kühne Holding and continue to support Aenova as a minority shareholder. Financial terms were not disclosed.

"With this investment, we are taking an important strategic step to enlarge our investment portfolio to include healthcare and pharmaceutical assets with a strong financial base and long-term growth prospects. Aenova is on a great performance track, and we are excited to accelerate it even further under our ownership," Dominik de Daniel, Kühne CEO.

Kühne is advised by Ernst & Young and Allen & Overy. BC Partners is advised by PricewaterhouseCoopers, LEK Consulting, Jefferies & Company and Kirkland & Ellis. 

Bruker completed the acquisition of ELITech from PAI Partners for $744m. 

Bruker, an international life science research and diagnostics solutions provider, completed the acquisition of ELITech, a global manufacturer of in-vitro diagnostics, from PAI Partners, a private equity firm, for $774m.

"We are very pleased to welcome ELITech to Bruker. The ELITech molecular diagnostics sample-to-answer platforms for viral infection and other esoteric MDx assays complement our MALDI Biotyper® platform for bacterial and fungal identification. The combined offerings establish Bruker as an innovative and growing infectious disease specialist in the in-vitro diagnostics (IVD) market,” Frank H. Laukien, Bruker President and CEO.

Bruker was advised by CMS (led by Jacob Siebert). PAI Partners was advised by Hogan Lovells (led by Ludovic Geneston), Greenbrook (led by James Madsen), Havas Paris (led by Sarah Duparc and Thomas Hartog), and ICR (led by Brian Ruby and Chris Gillick).

Patria Investments completed the acquisition of private equity solutions business from abrdn for £100m. 

Patria Investments, a global alternative asset manager, completed the acquisition of private equity solutions business from abrdn, a United Kingdom-based global investment company, for £100m.

“We are thrilled to bring this transaction to a close and launch this new growth engine for Patria’s investment platform. Merrick and his team have built a great business with complementary strategies and a respected track record, and we believe they can thrive in leveraging Patria’s platform as we grow together," Marco D’Ippolito, GPMS Head.

Patria Investments was advised by Latham & Watkins (led by James McCrory and Simon Tysoe) and Ideal H+K Strategies. abrdn was advised by Rothschild & Co (led by John Brennan) and Macfarlanes.

Bruin Capital to acquire PlayGreen. 

Bruin Capital, a private equity firm, agreed to acquire PlayGreen,  a Netherlands-based holding company whose subsidiaries form one of the world’s leading natural turf management companies. Financial terms were not disclosed. 

"From our first meeting with Mark and the SGL team, their strong position and reputation in the space was clear. We were extremely impressed with the SGL's R&D facility, which is truly an epicenter of innovation. Very few companies in any sector have been as prolific as SGL at creating new products and services that are truly difference-making. Plus, its data set and analytical capabilities are best in class. There's so much we can do together," Jeff Roth, Bruin Capital Partner.

Bruin Capital is advised by Simpson Thacher & Bartlett (led by Christopher Vallance). Debt financing is provided by Crescent Capital Partners (led by Christine Vanden Beukel). 

Wren House to acquire a minority stake in Petit Forestier Group.

Wren House, a private equity firm, agreed to acquire a minority stake in Petit Forestier Group, a sustainable refrigeration rental company. Financial terms were not disclosed.

“For our family-owned group, this agreement marks a new step in our ambition to become the world leader of sustainable refrigerated rentals. I would like to thank Sofina for these incredible 17 years of trusted partnership. With Wren House, we have found a long-term partner who will support us in our development while respecting our heritage, the entrepreneurial spirit of the Forestier family, our passion for service and the creation of value for our customers," Léonard Forestier, Petit Forestier CEO.

Wren House is advised by Credit Agricole and Brunswick Group.

NTR to acquire a 10% stake in East Anglia ONE offshore wind farm from Macquarie Asset Management. 

NTR, a renewable energy specialist, agreed to acquire a 10% stake in East Anglia ONE offshore wind farm from Macquarie Asset Management, a global asset manager. Financial terms were not disclosed.

“The UK has some of the best wind resources in Europe. This potential has been harnessed through landmark projects such as East Anglia ONE, making the UK a global leader in offshore wind. We are proud of the role we’ve played in supporting the construction and operation of this important project,” Edward Northam, MAM Green Investments Global Head of Core Renewables.

Macquarie Asset Management is advised by Macquarie Group.

TDR Capital and I Squared Capital to acquire Applus Services in a $1.77bn deal.

Private equity firms TDR Capital and I Squared Capital, offered to acquire Applus Services, an industrial testing company, in a $1.77bn deal.

"TDR focuses on investing our capital and know-how in businesses with long-term secular growth opportunities like Applus. We see an opportunity to accelerate Applus's development as a global leader in the TIC industry with strong positions across its highly attractive segments. This is an excellent outcome for the public market investors who backed Applus. We now believe that the business should be better for all stakeholders without the constraints and short-term focus imposed by the public market," Gary Lindsay, TDR Capital Managing Partner.

Permira to acquire BioCatch from Bain Capital Tech Opportunities and Maverick Ventures for $1.3bn. 

Permira, a private equity firm, agreed to acquire BioCatch, a digital fraud detection and financial crime prevention powered by behavioural biometric intelligence, from Bain Capital Tech Opportunities, a growth investing firm, and Maverick Ventures, a registered investment advisor managing private investment funds for qualified investors, for $1.3bn. 

"After building a strong partnership with Permira over the last year, we are delighted to welcome them as majority shareholders. The firm's impressive experience within technology and cybersecurity, combined with their scale, global network, and our close working relationship, has been invaluable since their initial investment. We're excited to take BioCatch to the next level together. I'd also like to thank Matthew Kinsella from Maverick Ventures and Dewey Awad from Bain Capital for their support over the last four years, which has been key in helping us establish our leadership position in the market," Gadi Mazor, BioCatch CEO.

The Riverside Company completed the acquisition of Arbeidsmiljø og Energiteknikk from RA Service. 

The Riverside Company, a private equity investment firm, completed the acquisition of Arbeidsmiljø og Energiteknikk, a provider of tailored disinfection services and wholesaler of third-party consumables & cleaning equipment, from RA Service, an investment company. Financial terms were not disclosed.

"It is with great enthusiasm that we join forces with Dastex, whose reputation for excellence and deep industry expertise is highly regarded. This strategic alliance represents a significant leap forward for AET, as it allows us to further enrich our offerings and expand our reach within the cleanroom and broader healthcare space. The entire AET team is committed to excellence, ensuring that we continue to deliver the high-quality products, excellent service and rapid delivery that our customers have come to expect. We extend our heartfelt gratitude to our dedicated team, loyal customers and trusted suppliers. Together, we are poised for a thrilling new chapter in our journey," Barbro Reiersø, AET CEO.

Abu Dhabi’s E& eyes €8bn acquisition telecom firm United Group.

Emirates Telecommunications Group is considering a potential acquisition of eastern European carrier United Group as it seeks further expansion outside its home market, Bloomberg reported.

E&, as the Abu Dhabi-based carrier is known, has been evaluating a possible purchase of United Group. The company’s private equity owner BC Partners may seek a valuation of around €8bn ($8.6bn).

Billionaire Geiger nears $7bn L'Occitane buyout.

L'Occitane International's billionaire owner Reinold Geiger is close to making an offer to take the skin-care company private in a deal that could value the firm at about $7bn, including debt, Bloomberg reported.

Geiger is considering making an offer for the L'Occitane shares he doesn't already own at $4.21 to $4.34 apiece as early as April 29. Blackstone's tactical opportunities fund is poised to provide financing for the buyout deal, along with Goldman Sachs's asset management arm.

KPS is said to lead bidding for €3bn Siemens motors unit.

KPS Capital Partners is emerging as the frontrunner to acquire Siemens’ Innomotics large motors business, Bloomberg reported.

The private equity firm is poised to beat out rival suitors including Japan’s Nidec and is negotiating final terms of a deal. They have been discussing a valuation of about €3bn ($3.2bn) for Innomotics.

Apollo, KKR, Stonepeak weigh investing billions in Intel chip JV. 

Apollo Global Management, KKR and Stonepeak may inject billions of dollars into a joint venture that will help fund Intel’s semiconductor fabrication facility in Ireland, Bloomberg reported.

The alternative asset managers are considering investing in a joint venture that could raise several bn dollars, including debt. The chip-making giant, which is working with an adviser, had begun soliciting interest from potential investors.

Activist Elliott builds $1bn Anglo-American stake. 

Elliott Investment Management has built a roughly $1bn stake in Anglo American, the UK-listed miner that’s received an unsolicited takeover approach from Australia’s BHP Group, Bloomberg reported.

The activist hedge fund led by Paul Singer has exposure to almost 33.6m Anglo American shares via derivatives. The firm amassed the 2.5% holding over recent months.

Digital bank Monzo expands fundraising to £500m in deal with top tech investor. 

Monzo, the fintech company that has become one of Britain's biggest consumer banking groups, is putting the finishing touches on an expanded fundraising event involving one of the world's best-known technology investors.

Monzo has agreed terms with Hedosophia, an early backer of Airbnb and Uber, for it to become a shareholder in the bank. The company could announce as soon as this week that Hedosophia and Singapore's Government Investment were participating in an overall fundraising worth close to £500m. ($625m)

Union announces talks with Carlyle on majority stake in Thyssenkrupp Marine Systems.

Germany's IG Metall union on April 30th said it had preliminary talks with Carlyle on the investment firm taking a majority stake in Thyssenkrupp Marine Systems and agreed to push for an agreement as quickly as possible, Reuters reported.

The union insisted that a stake sale to private equity investors could only happen if the state stepped in as well to secure the conglomerate's naval shipbuilding activities.

Brookfield adds to Dubai property portfolio with warehouse deal. 

Brookfield Asset Management bought a controlling stake in a Dubai-based firm’s real estate unit, securing a slice of prime warehousing space in one of the world’s hottest commercial property markets, Bloomberg reported.

The Canadian asset manager is buying into Gulf Islamic Investments’ realty platform that owns about 1.5m square feet of warehouse space in the United Arab Emirates.

Nord Anglia draws Permira, KKR interest in $15bn EQT exit. 

International school operator Nord Anglia is drawing interest from private equity players and sovereign wealth funds as its owners look to monetize their stakes, Bloomberg reported.

Buyout firms KKR, Permira and Hellman & Friedman are among potential suitors seeking controlling stakes in Nord Anglia. Gulf wealth fund Abu Dhabi Investment Authority and Singaporean sovereign wealth fund GIC are exploring taking a minority stake in the business.

Khosla Ventures plow $100m into blood test startup using AI. 

Blood-testing company Karius raised $100m in a new funding round from investors and will use the cash to get its technology for detecting hard-to-identify infections into more hospitals, Bloomberg reported.

The funding round was led by existing investor Khosla Ventures alongside 5AM Ventures and Glide Healthcare. The company declined to give its valuation.

Everton in talks with restructuring experts after the takeover gets delayed. 

Everton FC has held talks with restructuring advisers after Miami-based 777 Partners struggled to complete its takeover, Bloomberg reported.

The Liverpool-based football club is facing the risk of administration if it fails to deal with its heavy debt burden and keep funding day-to-day activities.

London-listed consultant Alpha FMC draws takeover interest. 

A specialist financial services consultancy has become the latest London-listed company to attract takeover interest from private equity firms, Sky News reported. 

Alpha Financial Markets Consulting has been approached by buyout firms including Bridgepoint and Cinven in recent weeks.

RedBird IMI kicks off sale of Telegraph after UK backlash.

After a bruising few months, UAE-backed investor RedBird IMI is withdrawing from its attempt to acquire the Telegraph newspaper and Spectator magazine, and will look to sell on its rights to the British outlets, Bloomberg reported.

The auction for the options over the media assets begins April 30 and bidders have already approached the group with expressions of interest. RedBird IMI said it would focus on securing the best possible value for the assets, “which remain highly attractive.”

Norway's wealth fund falls short on climate ambitions, NGO says. 

Norway's $1.6tn sovereign wealth fund, the world's largest, is falling short on its climate ambitions by failing to back multiple shareholder proposals pushing oil companies to cut their greenhouse gas emissions, Reuters reported.

The fund pools the Nordic country's state revenues from oil and gas production. Since 2022 its aim is for the 9k companies it invests in globally to reach net-zero greenhouse gas emissions by 2050, in line with the Paris Agreement.

CVC rises after €2bn IPO in Europe’s best debut in years. 

CVC Capital Partners shares soared after the company and its investors raised €2bn ($2.15bn) in an initial public offering, bringing the long-delayed listing process for one of Europe’s marquee private equity firms to a resolution, Bloomberg reported.

At the open in Amsterdam, the stock jumped 24% from the IPO price of €14 ($15), the best performance for a $1bn-plus offering on a European exchange in more than three years.

NextPower V ESG reaches $745m to date. 

NextEnergy Capital, a global renewables manager specialized on the solar+ infrastructure sector, is delighted to announce the conclusion of its second close of $265m for its fifth strategy, NextPower V ESG.

NPV ESG is an OECD-focused solar and battery storage strategy targeting $1.5bn with a $2bn hard cap that has secured $745m in total commitments to date. The new capital includes commitments from a UK LGPS investment pool, a Dutch pension fund, and another re-up from an existing NextPower III ESG investor. These new investors join existing NPV ESG investors KLP, a German occupational pension fund, and a large Nordic pension fund.

Bain Capital completed a $250m investment in Masan Group. 

Bain Capital, a private equity firm, completed a $250m investment in Masan Group, a manufacturer and distributor of food products and beverages. 

"In the face of a challenging consumer environment, Masan has continued to invest in our platform and breakthrough innovations to position ourselves for the consumer upswing. We aim to be a profitable multiplier on Vietnam’s golden consumption era. Bain Capital’s partnership is a strong validation of all the consumer-centric investments and transformation we have made over the past 18 months to win 80% of the consumer wallet. We look forward to working with Bain to accelerate our vision to be the one-stop shop for consumer daily needs," Danny Le, Masan Group CEO.

Masan Group was advised by Jefferies & Company and UBS. Bain Capital was advised by Clifford Chance.

Investcorp to acquire NSEIT from National Stock Exchange for $120m. 

Investcorp, an alternative investment firm, agreed to acquire NSEIT, a digital technology business, from National Stock Exchange of India for $120m.

“We are pleased to announce our acquisition of NSEIT. It is a significant step in our expansion efforts in India and it underscores our commitment to investing in high-growth sectors and backing credible founders and management teams. This transaction also highlights our unique ability to bring together our global platform as we look forward to driving international business working closely with our colleagues in the US and the rest of the world," Gaurav Sharma, Investcorp Head of India Investment Business.

Investcorp is advised by Ernst & Young and Anagram Partners. National Stock Exchange is advised by Avendus Capital.

Ekuinas completed the acquisition of a 80% stake in Symbiotica. 

Ekuinas, a private equity fund management company, completed the acquisition of a 80% stake in Symbiotica, a pharma ingredients producer. Financial terms were not disclosed.

“Having achieved progressive and consistent growth over the past two decades, and being a well-regulated and certified API supplier, Symbiotica, as one of the largest API manufacturers in SEA, is well-positioned to take advantage of the macro trends driving this sector’s future growth," Datuk Syed Yasir Arafat Syed Abd Kadir, Ekuinas CEO.

Symbiotica was advised by DC Advisory (led by Shao Ping Lee).

Manipal Education and Medical Group led a $216m investment round in PharmEasy. 

Manipal Education and Medical Group, an education and healthcare group, led a $216m investment round in PharmEasy, an pharmacy platform, with participation from Prosus, Temasek, 360 One Portfolios, CDPQ, WSSS Investments, Goldman Sachs, and Evolution Debt Capital.

MEMG led the round with $95m, while Prosus, Temasek, and 360 One Portfolios pumped in $26m, $22m, and $26m, respectively. CDPQ, WSSS Investments, Goldman Sachs, and Evolution Debt Capital cumulatively participated with $47m in the new round.

Tata Group to acquire an additional 10% stake in Tata Play from Temasek for $100m. 

Tata Group, a business conglomerate, agreed to acquire an additional 10% stake in Tata Play, a TV services provider, from Temasek, a private equity firm, for $100m.

Tata Play has informed the Ministry of Information and Broadcasting about the change in shareholding, complying with regulations governing direct-to-home companies.

Fullerton Health stake sale said to value firm near $1bn. 

Singapore’s Fullerton Health has agreed to sell a majority stake to Far East Drug in a deal that values the company at close to $1bn. Far East Drug, which is also based in Singapore and runs pharmaceutical businesses in Southeast Asia, will overtake private equity firm RRJ Capital as Fullerton Health’s biggest shareholder after subscribing for new stock, Bloomberg reported.

Fullerton Health announced the agreement in a statement April 30, without providing financial details. It expects the transaction to be completed in the second quarter. RRJ Capital supports the deal and remains committed to the company’s growth.

FountainVest, Unison said to near deal for Japanese jewelry firm Tasaki.

FountainVest Partners and Unison Capital are nearing a purchase of Japanese jeweler Tasaki, Bloomberg reported.

The two Asian private equity firms have emerged as the likeliest buyers after outbidding rivals. Kobe-based Tasaki could have an equity value of more than $600m in a potential transaction.

FountainVest and Unison are finalizing details of a joint transaction with Tasaki’s North Asia-focused buyout owner MBK Partners. Deliberations are ongoing and no final decisions have been made.

Chinese state-backed firm weighs buying a major stake in GLP China. 

Chinese state-owned investment company Guangdong Holdings is considering making a potential bid for the China operations of logistics firm GLP, Bloomberg reported.

The Guangdong local government-backed company is working with advisers to conduct due diligence on GLP’s China assets as it studies possibilities, including buying a controlling stake in GLP China Holdings.

Perpetual is in exclusive talks with KKR on a possible deal. 

Perpetual confirmed it's in exclusive talks with KKR in relation to the potential acquisition of its corporate trust and wealth management businesses, leaving the US private equity giant in pole position for a deal, Bloomberg reported.

There is no certainty of reaching a binding agreement or that any transaction will proceed. Exclusivity will end on May 7, and Perpetual will give more details by the following day.

Blackstone in talks to buy Dulwich Schools in Singapore and Seoul. 

Blackstone is nearing a deal to buy some of Dulwich College International’s Asian assets for about $600m, underscoring the continued appetite of buyout firms in the education sector, Bloomberg reported.

The deal will include acquiring the schools in Singapore and South Korea from Education in Motion. It doesn’t plan to include the ones in China.

Malaysian chip-focused venture fund to invest in over 10 startups.

A new Malaysian venture capital firm focused on the semiconductor industry plans to invest in more than 10 startups through its $209m fund, hoping to help advance the Southeast Asian country's chip industry, DealStreet Asia reported.

Malaysia's venture ecosystem is still nascent, with startups in the country raising $110m last year, which is only 1% of Southeast Asia's total. Lai Pin Yong, Co-Founder and Chairman of Blue Chip Venture Capital, pointed out that Malaysia needs more venture capital to develop the country's chip industry, which is at the moment focused mainly on back-end processes like assembly and testing.

Tech tycoon's family office bets on AI to prop $10bn fund.

PremjiInvest, the largest Indian family office that manages over $10bn for software tycoon Azim Premji, will invest more money into artificial intelligence companies while fine-tuning its proprietary AI investment tools, Bloomberg reported.

The company, among the first large Indian asset managers to use AI tools in the private equity space, is now working on an AI quant model for its public market bets too, TK Kurien, its managing partner and chief investment officer, said in his first interview after taking the role in 2017.

Ex-Carlyle Japan executive raises $960m for first fund. 

A former Carlyle Group executive in Japan has raised JPY150bn ($960m) from major banks and insurers for a new fund to invest in local companies, Bloombreg reported.

Newton Investment Partners, co-founded by Hiroyuki Otsuka, received commitments for its first fund from 11 companies including Mitsubishi UFJ Financial Group, Mizuho Financial Group and Daiwa Securities Group.

The fund will invest in large, mature domestic companies, distinguishing itself from activists who seek short-term share price gains. It intends to propose strategies to put the companies back on track for growth.

Indian PE firm ChrysCapital closes $700m fund to retain stake in NSE. 

Private equity firm ChrysCapital said it has closed its continuation fund at $700m and acquired a stake in the National Stock Exchange, a move which will let India's homegrown firm hold onto its stake in India's leading stock exchange, DealStreetAsia reported.

The stake in NSE originally belonged to ChrysCapital VI, when it first bought a 5% stake in the company in 2016."The transaction provided Fund VI investors an opportunity to monetise the performance on a highly successful investment while allowing continuation fund investors the opportunity to invest in India's leading stock exchange and the world's largest derivatives exchange," ChrysCapital.

IvyCap marks final close of third fund at $250m. 

Venture capital firm IvyCap Ventues, which has backed startups such as Purplle, Clovia, BlueStone among others, has marked the final close of its third fund at Rs2.1k ($251m), more than two years after it announced the first close.

The fund 'IvyCap Ventures Trust Fund 3', launched in 2022, has received commitments from including IIT Alumni Trust, and family offices, with about 60% of capital coming from its limited partners in the first and second funds.