Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
Thoma Bravo-backed Proofpoint to acquire Varonis for $6.3bn.
Thoma Bravo-backed Proofpoint, a cybersecurity and compliance company, agreed to acquire Varonis, a company specializing in data security, for $6.3bn, according to press releases.
Varonis is advised by Goldman Sachs, Paul Hastings (led by Eduardo Gallardo, Jon Kubek and Colin Diamond), FGS Global and Okapi Partners. Proofpoint is advised by Bank of America, JP Morgan, Mizuho Securities, Morgan Stanley, UBS and Kirkland & Ellis (led by Corey Fox, Brad Reed, Peter Stach and Andrew Struckmeyer), according to press releases.
Charlesbank Capital Partners, a private equity investment firm, completed the investment in WSHB Support Services, a management services organization that will provide non-legal operational infrastructure and support to Wood Smith Henning & Berman, the US national trial firm, according to press releases. Financial terms were not disclosed.
Charlesbank Capital Partners is advised by Piper Sandler, Frankfurt Kurnit Klein & Selz, Kirkland & Ellis, Latham & Watkins (led by Stelios Saffos, Alfred Y. Xue, Kelly E. Gelfand Egers and John A. Lister), Weil Gotshal and Manges and Prosek Partners. Wood Smith Henning & Berman is advised by Riverbrook Capital, Gipson Hoffman & Pancione and Troutman Pepper Locke, according to press releases and MergerLinks data.
London Stock Exchange Group, a British-based stock exchange and financial information company, agreed to acquire Octus, a provider of credit intelligence and financial data, from Permira, private equity firm that focuses on consumer, healthcare, financial services, industrials, and technology sectors, $3.535bn, according to press releases.
Permira and Octus are advised by Evercore, Goldman Sachs and Weil Gotshal and Manges. Octus is advised by Kleinberg Kaplan Wolff & Cohen, McDermott Will & Schulte and Moulton Moore Stella. London Stock Exchange Group is advised by Barclays and Morgan Stanley, according to press releases.
Enlightenment Capital-backed Maximus, a provider of outsourced program administration and operations for public-sector health and human services programs, agreed to acquire Agile Defense, an IT and cybersecurity company that provides technology solutions for government and national security missions, for $660m, according to press releases.
Maximus is advised by Ernst & Young and Holland & Knight. Agile Defense is advised by RSM US, Piper Sandler and Moore & Van Allen, according to press releases.
Stone-Goff Partners, a growth-oriented private equity firm, completed the investment in Quandary Consultants, a Denver-based provider of regulatory and compliance-driven environmental services for operators of critical infrastructure, according to press releases. Financial terms were not disclosed.
Stone-Goff Partners and Quandary Consultants were advised by Citizens M&A, Fredrikson & Byron and Holland & Hart. Stone-Goff Partners was advised by Gregory FCA. Debt financing was provided by Capital Southwest Corporation, according to press releases.
Fengate, an alternative investment manager, completed a $330m investment in Pilot Fiber, an enterprise connectivity provider in the New York metro area, according to press releases.
Fengate was advised by Guggenheim Partners, Simpson Thacher & Bartlett and Leo Berwick. Pilot Fiber was advised by Goodwin, according to press releases.
Kian Capital Partners-backed Allen Supply, a Michigan-based family-owned and operated distributor of commercial doors and hardware accessories, completed the acquisition of TAP Industries, a Jackson-based distributor of commercial metal and architectural wood doors, frames, hardware, bathroom partitions and accessories, according to press releases. Financial terms were not disclosed.
Kian Capital Partners is advised by Robinson Bradshaw and MiddleM Creative. Allen Supply is advised by Golden Circle Investment Banking. TAP Industries is advised by Carnegie Point, according to press releases.
Oridian Capital-backed ACR, a US foodservice packaging and operational supplies distributor backed by Oridian Capital Partners, completed the acquisition of Ultra Green Packaging, a US supplier of sustainable molded-fiber packaging products, according to press release. Financial terms were not disclosed.
Ultra Green Packaging was advised by Tamarack Partners and Taft Stettinius & Hollister. ACR was advised by Greenberg Traurig, according to press releases and MergerLinks data.
Stonepeak, an alternative investment firm, completed the acquisition of Chicago Parking Meters, the operator of the City of Chicago’s on-street parking system, from a consortium of investors consisting of Morgan Stanley Infrastructure Partners, Allianz, and ADIA, according to press releases. Financial terms were not disclosed.
Stonepeak was advised by Greenhill & Co, Burke Burns & Pinelli and Simpson Thacher & Bartlett, according to press releases.
26North Partners, a multi-asset-class investment platform, agreed to acquire MEI Industrial Solutions, a provider of equipment execution services, from Olympus Partners, a private equity and venture capital firm, according to press releases. Financial terms were not disclosed.
MEI and Olympus are advised by Lazard (led by George Fisher and Bob Frost) and Robert W Baird. 26North Partners is advised by Jefferies, according to press releases.
Brightstar Capital Partners, a private equity firm, completed the acquisition of a majority stake in Material Handling Group USA, a technician-led provider of new, used, and rental material handling equipment and aftermarket parts and services, serving customers across Michigan, New York, and the Mid-Atlantic region, according to press releases. Financial terms were not disclosed.
Brightstar Capital Partners was advised by Prosek Partners, according to press releases.
Bose Corporation, an American manufacturing company that predominantly sells audio equipment, completed the acquisition of Skullcandy, a manufacturer of headphones and accessories, from Mill Road Capital, a private equity firm, according to press releases. Financial terms were not disclosed.
Bose Corporation was advised by Jones Day (led by Randi C. Lesnick), according to press releases and MergerLinks data.
Trace Capital, an investment company, and Innovation X, a premier late-stage venture capital firm, led a $1.5bn Series E round in Tenstorrent, a developer of application-specific integrated circuit processors designed to provide training and adaptability to algorithms, with participation from Agostinelli Group, ARK Invest, Brett Barna, Cadence Ventures, Eclipse, Fidelity Management & Research Company, Maverick Silicon, Morgan Stanley, Protagonist, SanDisk, T. Rowe Price, Tether Investments, Troluce Capital, Virtu Financial, and XTX Markets, according to press releases.
Tenstorrent was advised by Salient PR (led by Justin Mauldin), according to press releases.
KKR, an investment firm, agreed to acquire IEP Technologies, a provider of explosion protection solutions, and Newson Gale, a provider of static grounding and bonding solutions, from HOERBIGER, a developer and manufacturer of engineered components and systems, according to press releases. Financial terms were not disclosed.
Spark Capital, a technology investment firm, led a $325m Series C round in ASI, the frontier AI company orchestrating critical infrastructure and national security, with participation from Citadel Securities, Meritech Capital, Craft Ventures, Energy Impact Partners and Andreessen Horowitz, according to press releases.
General Catalyst, a venture capital firm, led a $320m funding round in Otter.ai, a company behind AI notetaker and conversational knowledge platform, according to press releases.
Private equity firms Altimeter, Accel and Khosla led a $160m Series A funding round in Arda Industries, a US artificial intelligence company developing manufacturing engineering software, with participation from XYZ Venture Capital, 8VC, SVAngel and Felicis, according to press releases.
SoftBank weighs acquisition of Allied Universal for up to $30bn. ( FT)
SoftBank Group is considering acquiring Allied Universal, a US security services provider, in a potential transaction valuing the company's equity at up to $18bn.
Allied Universal, backed by Warburg Pincus and La Caisse, has approximately $12bn in debt, bringing its potential enterprise value to nearly $30bn. The acquisition could support SoftBank's plans to deploy AI-powered robots across industries.
Blackstone, Warburg explore IntraFi sale at over $10bn. ( Reuters)
Blackstone and Warburg Pincus are exploring the sale of fintech company IntraFi in a transaction that could value the business at more than $10bn. The firms have appointed Morgan Stanley and Guggenheim Securities to advise on the potential sale.
IntraFi, acquired by Blackstone in 2019 with Warburg Pincus investing in 2022, generates around $630m in annual EBITDA. The process remains at an early stage and may not result in a transaction.
Brookfield’s $2.53bn bid for Reliance Worldwide clears ‘go shop’ hurdle. ( Reuters)
Brookfield has agreed to acquire the Australian plumbing supplies company for $3.38 per share in cash, valuing it at $2.53bn. With the go-shop period now ended, customary no-shop and no-talk restrictions have come into effect.
Apollo and Blackstone have NFL aspirations and seek approval to buy stakes in teams. ( Bloomberg)
Blackstone and a unit of Apollo Global Management are in preliminary talks with the NFL to join the league’s list of approved private equity firms permitted to acquire minority stakes in its teams.
Both firms would likely need to secure an investment deal with a team to complete the approval process, which is not expected to be finalized before 2027. The discussions remain at an early stage.
Legendary revives Lionsgate takeover talks, submits offer. ( Bloomberg)
Apollo-backed Legendary Entertainment has revived takeover discussions with Lionsgate Studios and submitted an acquisition offer for the entertainment company.
Legendary, owned by Apollo Global Management and its management team, previously considered a bid in 2025 and has held intermittent talks with Lionsgate since then.
New private equity firm focuses on AI-driven business transformations. ( WSJ)
Aldaron, a newly established private equity firm founded by former Palantir and Carlyle professionals, is using artificial intelligence to drive revenue growth at portfolio companies and is already testing the approach through its first acquisition.
The firm recently closed its inaugural fund with approximately $885m in commitments, bringing total assets under management to nearly $1bn. Aldaron plans to leverage AI tools and operational expertise to help acquired businesses improve performance and accelerate growth.
KKR-backed Catalio seeks $500m for AI-healthcare investments. ( Bloomberg)
KKR-backed venture capital firm Catalio Capital Management is seeking to raise $500m for a new fund focused on AI-driven healthcare startups.
The fundraising effort comes just 16 months after the firm's previous vehicle and reflects growing investor interest in the use of artificial intelligence to accelerate innovation across healthcare, biotechnology and clinical care. Catalio told investors that AI is helping create a new generation of "category-defining" companies operating at the intersection of technology and medicine.
City Therapeutics raises $200m in upsized US IPO. ( Bloomberg)
City Therapeutics, an RNAi drug developer backed by Arch Venture Partners and Fidelity Management & Research, raised $200m in its US initial public offering after pricing shares at $18 each, the midpoint of its marketed range.
The company sold 11.1m shares in the offering, exceeding its initial plan to offer 9.72m shares at between $17 and $19 apiece, highlighting solid investor demand for the biotech listing.
Ipswich Town investor seeks money to buy more football teams. ( Bloomberg)
US investment firm Clara Vista Investment Partners is seeking to raise $250m for a new investment vehicle focused on acquiring stakes in football clubs across international markets.
The firm, an existing investor in English football club Ipswich Town, plans to target opportunities in Spain, Italy, France and Mexico, building on its previous investment strategy in professional football.
EMEA
Aldebaran Capital Partners, a French private equity firm, together with Bpifrance, a French public investment institution, completed the acquisition of a majority stake in Carveam Group, a French manufacturer of precision-engineered mechanical components for the aerospace, defence and industrial sectors, from Patrick Besnier and Yotta Capital Partners, a private equity firm, according to press release. Financial terms were not disclosed.
Carveam was advised by Arthaud & Associes and Lamy Lexel. Aldebaran Capital was advised by Indefi, Opeo, KPMG, ALLinvest Corporate Finance, BDO, Joffe & Associes, Levine Keszler and NetSystem. Yotta Capital was advised by Archery Strategy Consulting, Edmond de Rothschild Corporate Finance, Oderis and Lamartine Conseil. Debt financing was provided by Banque Populaire Auvergne Rhone Alpes, Credit Agricole, Levine Keszler, Mermoz Avocats and Societe Generale, according to press releases and MergerLinks data.
Silgan, a supplier of sustainable rigid packaging solutions, and American Industrial Partners, a private equity investor, agreed to acquire Trivium Packaging, a supplier of metal packaging in the form of cans and aerosol containers, from Ontario Teachers' Pension Plan, an institutional investor, and Ardagh, a supplier of inherently recyclable metal beverage and glass container packaging, in a $3.4bn deal, according to press releases.
Trivium Packaging is advised by BMO Capital Markets, Evercore, JP Morgan, Paul Weiss Rifkind Wharton & Garrison (led by Timothy F. Burns) and Weil Gotshal and Manges. Silgan is advised by Bank of America, Wells Fargo Securities, Jenner & Block, Sidley Austin and Joele Frank (led by Leigh Parrish). Debt financing is provided by Bank of America, Deutsche Bank, Goldman Sachs, RBC Capital Markets and Wells Fargo Securities. AIP is advised by Goldman Sachs, Simpson Thacher & Bartlett and Brunswick Group (led by Alex Yankus), according to MergerLinks data and press releases.
Bluegem Capital Partners to acquire Rispo Group from Europe Capital Partners.
Bluegem Capital Partners, a mid-market private equity firm, agreed to acquire Rispo Group, a producer of premium frozen specialties, from Europe Capital Partners, an asset management company, according to press releases. Financial terms were not disclosed.
Bluegem Capital is advised by Gybe Consulting (led by Giovanni Naccarato), AlixPartners (led by Michele Carpanese), Boston Consulting Group (led by Stefania Costa and Dario De Sanctis), Bilma (led by Andrea Ferretti), BPER Banca (led by Daniele Moscato), Clearwater (led by Andrea Pagliara), Ernst & Young (led by Anna Nasole), Marlborough Partners (led by Romain Cattet and Vanessa Totah), Ropes & Gray (led by Cataldo Piccarreta), Tancredi (led by Benedetta Negri da Oleggio) and Chiomenti (led by Raul-Angelo Papotti). Europe Capital is advised by OC&C Strategy Consultants (led by Marco Occhetta), ERM Group (led by Giovanni Aquaro), Houlihan Lokey (led by André Pichler and Tommaso Lillo), Spada Partners (led by Antonio Zecca), Gatti Pavesi Bianchi Ludovici (led by Andrea Giardino) and Pirola Pennuto Zei & Associati (led by Giovanni Cereda), according to press releases and MergerLinks data.
Platinum Equity, an American private equity investment firm, agreed to acquire a majority stake in Trime, an Italian manufacturer of mobile lighting towers, generators, and security towers for equipment-rental companies and other professional users, according to press releases. Financial terms were not disclosed.
Platinum Equity is advised by Clearwater, Alvarez & Marsal, Ernst & Young, Facchini Rossi Michelutti and Legance. Debt financing is provided by Intesa Sanpaolo, UniCredit, BPER Banca, Crédit Agricole, BNP Paribas and Deutsche Bank. Trime’s minority shareholders and management are advised by ARTHA Corporate Finance Advisory and Deloitte, according to press releases.
Arlington Capital Partners, a Washington-based private equity firm, completed the acquisition of Gooch & Housego, a company specializing in photonics engineering and manufacturing solutions, for £401m ($540m), according to press releases.
Naxicap Partners, a private equity company, agreed to acquire a majority stake in Bharal Développement, a French distributor of animal nutrition and livestock farming products, from FrenchFood Capital, a private equity firm, according to press releases. Financial terms were not disclosed.
Amulet Capital Partners-backed TFP Fertility Group, a provider of fertility services, ultrasound pregnancy scans and hormone treatments, completed the acquisition of Manchester Fertility Group, a fertility clinic that provides assisted reproductive treatments, donor egg and sperm services, according to press releases. Financial terms were not disclosed.
Amulet Capital Partners and TFP Fertility Group were advised by Lincoln International and McDermott Will & Schulte. Amulet Capital Partners was advised by Joele Frank (led by Erik Carlson and Madeline Jones). Manchester Fertility Group was advised by Clearwater and Weightmans, according to press releases.
Bregal Milestone, a private equity firm, completed an investment in Nethive, a cybersecurity company, according to press releases Financial terms were not disclosed.
Bregal Milestone was advised by Alvarez & Marsal, Fineurop Soditic and PedersoliGattai. Nethive was advised by Deloitte and Klecha & Co, according to press releases.
Apax, a global private equity advisory firm, agreed to acquire the remaining stake in Odido, a telecom provider in the Netherlands, from Warburg Pincus, a global investment firm, according to press releases. Financial terms were not disclosed.
Primary Health Properties, a real estate investment trust, and GIC, a sovereign wealth fund, agreed to form a joint venture, according to press releases.
Vista Equity Partners, a private equity firm, agreed to acquire the PKI business unit of ASSA ABLOY, a company specializing in intelligent lock and security solutions, according to press releases. Financial terms were not disclosed.
Bregal Milestone-backed Nethive, a cybersecurity company, completed the acquisition of JoyComm, an Italian cybersecurity and IT/OT networking specialist, according to press releases. Financial terms were not disclosed.
Centerbridge, Mubadala in talks to buy Canaccord's UK wealth unit. ( Bloomberg)
Canaccord Genuity is in talks to sell its UK wealth management business to a consortium led by private equity firm Centerbridge Partners and including Abu Dhabi sovereign wealth fund Mubadala Investment.
The discussions follow the expiry of an exclusive negotiation period with Warburg Pincus and Clayton, Dubilier & Rice. No agreement has been announced.
Apollo among suitors for €7bn spreads giant Flora. ( Sky News)
Apollo Global Management, CapVest and One Rock Capital are among the private equity firms considering bids for Flora Food Group, the KKR-owned spreads manufacturer behind brands including I Can't Believe It's Not Butter, Becel and Violife.
KKR is seeking offers of at least €7bn ($8.2bn) for the business, with first-round bids expected this week. Goldman Sachs and Citigroup are advising on the sale process, which follows a period of weak earnings growth and rising input costs.
Bridgepoint and Bain among bidders for UK-based wealth manager W1M. ( Bloomberg)
Bridgepoint, Bain Capital and Aquiline are among the private equity firms interested in acquiring UK-based wealth and investment manager W1M.
The sale process has advanced to the second round of bidding.
Private equity interest threatens London listing of former DS Smith business. ( FT)
Lone Star and Atlas Holdings are exploring multi-billion-dollar bids for International Paper’s European packaging business, formerly known as DS Smith.
The potential private equity interest could prompt the US packaging group to reconsider its plans to list the business on the London stock market. Both firms are currently evaluating possible acquisition offers as the sale process progresses.
Panzani and Cerealis join forces to create €1.8bn European food group. ( Press Release)
Panzani and Cerealis have entered exclusive negotiations to combine their businesses, creating a diversified European food group with about €1bn ($1.17bn) in annual revenue and an enterprise value of roughly €1.8bn ($2.1bn). The group would bring together complementary positions in pasta, couscous, sauces, breakfast cereals, cereal bars and biscuits across France, Iberia and Central Europe.
The transaction is intended to broaden the companies’ product range and geographic reach while preserving their existing brands, headquarters and operating autonomy. Cerealis’ founding families and Sofina would remain shareholders, while CVC Capital Partners would retain a minority stake in the combined business.
APAC
EQT, a global investment organization, agreed to acquire Cleanaway Waste Management, an integrated waste management and resource recovery company, for AUD9.3bn ($6.5bn), according to press releases.
EQT is advised by JP Morgan, RBC Capital Markets and Allens, according to MergerLinks data and press releases.
CVC in talks to acquire a stake in Thai soy milk maker Tofusan. ( DealStreetAsia)
CVC Capital Partners is in advanced discussions to invest in Thai soy milk producer Tofusan following a competitive sale process that attracted interest from private equity firms and strategic buyers.
Tofusan’s management appointed The Quant as sell-side adviser to manage the process. No final agreement has been announced.
India’s Jio draws about $25bn in IPO anchor investor bids. ( Reuters)
Jio Platforms’ $3.2bn IPO has attracted about $25bn of bids from institutional investors including GIC, BlackRock, Fidelity and Abu Dhabi Investment Authority, with demand for the anchor tranche reaching almost 30 times the shares available.
The Reliance Industries-owned telecom, cloud and AI group is India’s largest mobile operator with more than 500m subscribers. Jio plans to use up to INR275bn ($2.90bn) of the IPO proceeds to repay or prepay borrowings at telecom subsidiary Reliance Jio Infocomm.
OrbiMed secures more than $1bn commitment for sixth Asia healthcare fund. ( DealStreetAsia)
OrbiMed has raised over $1bn for its sixth Asia-focused healthcare fund, OrbiMed Asia Partners VI, exceeding its $850m target and surpassing the $751m raised by its predecessor in 2022.
The fund will target growth-stage healthcare, biotechnology and pharmaceutical companies across Asia. The closing forms part of OrbiMed’s broader $3bn fundraising, including $1.9bn for its US and European fund.
|
