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AMERICAS
Blue Owl, an alternative asset management firm, completed the acquisition of South Reach Networks, a Florida-based telecommunications infrastructure provider, from Turning Rock Partners, an alternative asset management firm, according to press releases. Financial terms were not disclosed.
South Reach Networks was advised by Winston & Strawn and Bank Street Group. Blue Owl was advised by Akin Gump Strauss Hauer & Feld. Turning Rock was advised by Winston & Strawn, JP Morgan, Bank Street Group, Bennett Thrasher and BDO, according to press releases.
Stone Point Capital and GTCR, two leading private equity firms, completed the investment in Ultimus Fund Solutions, a provider of fund administration services and solutions to investment advisors, according to press releases. Financial terms were not disclosed.
Ultimus Fund Solutions was advised by Goldman Sachs and Morgan Stanley. Stone Point Capital was advised by Paul Weiss Rifkind Wharton & Garrison (led by Eric J. Wedel), Simpson Thacher & Bartlett (led by Elizabeth Cooper). GTCR was advised by Ardea Partners, Broadhaven Capital Partners, Latham & Watkins (led by Owen J.D. Alexander), and Prosek Partners (led by Josh Clarkson), according to press releases and MergerLinks data.
NexPhase Capital, a private equity firm, completed the acquisition of Empower Community Care, a global behavioral health enablement platform, from Northlane Capital Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
NexPhase was advised by TM Capital, TripleTree and King & Spalding. Empower Community Care was advised by Choate Hall & Stewart, Gowling WLG, Haynes and Boone, McDermott Will & Emery and Joele Frank (led by Kate Thompson and Erik Carlson), according to press releases.
Northleaf and AVALT, the private equity firms, agreed to acquire WASH, a North American route-based laundry infrastructure services company, from EQT, a private equity firm, according to press releases. Financial terms were not disclosed.
Northleaf and AVALT are advised by TD Securities and Kirkland & Ellis. Debt financing was provided by TD Securities. Northleaf is also advised by Prosek Partners. WASH is advised by Bank of America, Rothschild & Co and Weil Gotshal and Manges, according to press releases.
Welsh, Carson, Anderson & Stowe, a private equity firm, completed a majority investment in AIA Contract Documents, a risk management and workflow platform for the architecture, engineering, and construction industry, according to press releases. Financial terms were not disclosed.
AIA Contract Documents was advised by Houlihan Lokey, Piper Sandler and Gibson Dunn & Crutcher. WCAS was advised by Cantor Fitzgerald and Ropes & Gray (led by Jessica T. Murray and Scott Abramowitz). AIA was advised by Blank Rome, according to MergerLinks data and press releases.
TopBuild, an installer and specialty distributor of insulation and related building material products, completed the acquisition of Progressive Roofing, a commercial roofing installation services provider, from Bow River Capital, a private alternative asset management company, for $810m, according to press releases.
TopBuild was advised by RBC Capital Markets and Jones Day (led by Benjamin Stulberg). Bow River was advised by Citizens Bank, Guggenheim Partners and Brownstein Hyatt Farber Schreck, according to press releases.
Man Group, a global alternative investment management firm, agreed to acquire Bardin Hill, a US private credit manager, according to press releases. Financial terms were not disclosed.
Bardin Hill is advised by Houlihan Lokey, Herbert Smith Freehills Kramer (led by Damian Petrovic) and Schulte Roth & Zabel. Man Group is advised by Goldman Sachs and Willkie Farr & Gallagher (led by Laura Acker and Dave Boston), according to press releases and MergerLinks data.
The Sterling Group, a private equity firm, agreed to acquire a majority stake in Precision Concepts International, a provider of specialty rigid packaging solutions, from ONCAP, a private equity firm, according to press releases. Financial terms were not disclosed.
The Sterling Group is advised by Evercore and Latham & Watkins. Precision Concepts International is advised by William Blair & Co and Kirkland & Ellis, according to press releases.
Starwood Property Trust, a diversified finance company, agreed to acquire Fundamental Income Properties, a fully integrated net lease real estate operating platform, for $2.2bn, according to press releases.
Starwood Property Trust is advised by Bank of America and Sidley Austin (led by Michael A. Gordon and Joseph P. Michaels). Brookfield is advised by Evercore and Wells Fargo Securities, according to press releases and MergerLinks data.
KKR, a private equity firm, completed the investment in SupplyHouse, a pure-play e-commerce platform for the distribution of HVAC, plumbing, and electrical products, according to press releases. Financial terms were not disclosed.
SupplyHouse was advised by Evercore and Sidley Austin. KKR was advised by Robert W Baird and Kirkland & Ellis, according to press releases and MergerLinks data.
Nautic Partners, a private equity firm, completed the acquisition of AccessIT Group, a specialized cybersecurity solutions provider, according to press releases. Financial terms were not disclosed.
AccessIT was advised by DC Advisory (led by Vik Sharma) and Morrison Cohen. Nautic Partners was advised by Troutman Pepper Locke, according to press releases and MergerLinks data.
KKR, a global investment firm, agreed to acquire a minority stake in ghSMART, a global leadership advisory firm, according to press releases. Financial terms were not disclosed.
ghSMART is advised by Goldman Sachs and Kirkland & Ellis (led by Douglas Ryder and Jack R. Shirley). KKR is advised by Dechert, according to press releases.
HKW, a private equity firm, completed the acquisition of Sepratech Liquid Solutions, an industrial water and wastewater treatment service provider, according to press releases. Financial terms were not disclosed.
HKW was advised by Brookside Capital Partners, LongWater Opportunities and Taft Stettinius & Hollister, according to press releases.
Arcline Investment-backed Fairbanks Morse, a premier naval engine supplier, completed the acquisition of the Naval Propulsors and Handling business of Rolls-Royce, an engineering group, according to press releases. Financial terms were not disclosed.
Fairbanks Morse was advised by Jefferies & Company and Mercom Communications (led by Michelle Hargis), according to press releases.
Cuadrilla Capital, a private equity firm, completed the investment in TigerGraph, a provider of enterprise graph database and AI infrastructure solutions, according to press releases. Financial terms were not disclosed.
TigerGraph was advised by Barclays, according to press releases and MergerLinks data.
Google Ventures and Kleiner Perkins, two venture capital firms, led a $210m Series B round in OpenEvidence, a provider of AI-powered medical search and clinical decision support, with participation from Sequoia Capital, Coatue, Conviction, and Thrive, according to press releases.
Private equity firms Bain and Kohlberg leading $10bn investment in PCI Pharma Services. ( WSJ)
Private equity firms Bain Capital and Kohlberg are leading a multibillion-dollar investment in PCI Pharma Services, a contract development and manufacturing organization that supports biopharma companies in launching new drugs.
The deal values PCI at approximately $10bn including debt. The investment marks a significant bet on the growing demand for outsourced pharmaceutical services.
MidOcean Energy leads race for stake in Petronas Canadian business. ( Bloomberg)
MidOcean Energy, a liquefied natural gas company established by private equity firm EIG and supported by Saudi Aramco, has become the leading contender to acquire a minority stake in Petroliam Nasional’s Canadian operations.
Petronas, the Malaysian state-owned energy giant, has chosen MidOcean as its preferred bidder. Both parties are now engaged in advanced discussions to finalize the terms of the deal, which could be worth several billion dollars.
Sandwich chain Jersey Mike's to raise $400m in asset backed securities.( Bloomberg)
Jersey Mike's plans to issue $400m in asset-backed securities to help fund a payout to Blackstone, which acquired a majority stake in the chain earlier this year.
The debt, known as whole business securitization bonds, is backed by assets such as US trademarks and franchise fees. The bonds are expected to receive a BBB rating from both S&P Global and Kroll.
Citadel Securities acquires morgan stanley us options unit. ( Bloomberg)
Citadel Securities has acquired Morgan Stanley’s electronic market-making unit for US equity options, further strengthening its leading position in the fast-growing derivatives market. The move underscores Citadel Securities’ strategy to expand its footprint in on-exchange options trading.
The trading firm, founded by billionaire Ken Griffin, purchased Morgan Stanley’s on-exchange options business and assumed a substantial portfolio of equity options positions. The deal also includes specialist posts on major venues such as Cboe, Nasdaq, NYSE, and MIAX.
Aquarian nears deal for US insurer Brighthouse. ( WSJ)
Aquarian is in exclusive negotiations to acquire Brighthouse Financial, a major US-based life insurance provider. The move follows a competitive bidding process, during which Aquarian edged out other final-round contenders, including TPG. The deal may be finalized soon, though terms have not yet been disclosed.
The acquisition would significantly expand Aquarian’s footprint in the insurance sector and aligns with its strategy of targeting financial services firms with long-term value potential. Brighthouse, which was spun off from MetLife in 2017, has been seen as a prime candidate for private capital investment due to its strong balance sheet and mature portfolio.
SoftBank-backed travel app Klook is said to be considering a US listing.( Bloomberg)
Klook, a travel and leisure booking platform backed by SoftBank Group and Goldman Sachs, is considering a US initial public offering that could raise between $300m and $500m. The company is said to be working with financial advisers and may submit a confidential filing soon.
If successful, the IPO would support Klook’s ambitions to expand globally following strong demand in the post-pandemic travel rebound. The Hong Kong-based startup is among Asia’s most well-funded consumer tech firms operating in the tourism sector.
Zara founder Ortega in talks to buy $275m Miami building. ( Bloomberg)
Amancio Ortega, founder of Zara and billionaire businessman, is negotiating the purchase of the Sabadell Financial Center in Miami for €235m ($275m).
His family office, Pontegadea, is in advanced discussions with sellers KKR and Parkway, though the deal is not yet finalized.
Publisher McGraw Hill targets $4.2bn valuation in US IPO. ( Reuters)
McGraw Hill is launching its long-anticipated initial public offering, aiming for a valuation of up to $4.2bn as it joins a wave of private equity-backed companies tapping into renewed investor optimism.
The Columbus, Ohio-based educational publisher, owned by Platinum Equity, announced on 14 July that it will offer 24.4m shares of common stock at a price range of $19 to $22 per share.
Ares-backed Cooper’s Hawk seeks private credit as it plans IPO. ( Bloomberg)
Cooper’s Hawk Winery & Restaurants, a US-based restaurant chain and wine club supported by Ares Management, is preparing to raise up to $400m in private credit as it gears up for an initial public offering. Jefferies Financial is said to be contacting direct lenders to secure the funding package, which includes refinancing existing debt and raising growth capital.
The move comes as Cooper’s Hawk revives IPO ambitions, aiming to strengthen its balance sheet and position itself for public market entry. The company blends upscale casual dining with a proprietary wine club model that has grown popular in the US.
EMEA
Blackstone-backed FTV Capital, a growth equity firm, completed the investment in FundApps, a compliance monitoring and reporting technology platform, according to press releases. Financial terms were not disclosed.
FundApps was advised by Arma Partners. FTV Capital was advised by Raymond James and Prosek Partners, according to press releases.
Ontario Teachers’ Pension Plan, a global investor, agreed to acquire Donte Group, a dental provider in Spain, from Advent, a private equity investor, for €1bn ($1.17bn), according to press releases.
Ontario Teachers’ Pension Plan is advised by Dedalo Comunicacion (led by Andy Hazell). Advent is advised by JP Morgan, according to press releases and MergerLinks data.
PSG-backed Zenchef, a provider of digital solutions for restaurants in Northern Europe, agreed to merge with CoverManager, a provider of digital solutions for restaurants in Southern Europe and LATAM, according to press releases. Financial terms were not disclosed.
Zenchef is advised by Image Sept (led by Marianne Hervé). PSG is advised by Prosek Partners, according to press releases.
PAI Partners-backed The Compleat Food Group completes the acquisition of Freshpak.
PAI Partners-backed The Compleat Food Group, a supplier of chilled foods to UK supermarket chains, completed the acquisition of Freshpak, a private-label producer of added-value egg products, according to press releases. Financial terms were not disclosed.
Freshpak was advised by DC Advisory (led by Nam Quach). The Compleat Food was advised by Food Strategy Associates, according to MergerLinks data.
CBRE IM, an investment firm, completed the $300m investment in Via Célere, a development and construction company, according to press releases.
CBRE IM was advised by Jones Day (led by Christopher Slack), according to press releases and MergerLinks data.
Aurelius, a private equity firm, completed the acquisition of info tech business from DCC, a diversified conglomerate that operates across three main sectors: energy, healthcare, and technology, for £100m ($135m), according to press releases.
DCC was advised by Sodali & Co (led by Eavan Gannon), according to press releases.
Helsana to acquire Adcubum from TA Associates.
Helsana, a health and accident insurer, agreed to acquire Adcubum, a provider of health and accident insurance software, from TA Associates, a private equity firm, according to press releases. Financial terms were not disclosed.
TA Associates is advised by Bar & Karrer (led by Christoph Neeracher), according to press releases and MergerLinks data.
Nordic Capital-backed Conscia, a provider of cybersecurity, networking, and cloud managed services, agreed to acquire Open Line, a cloud managed services provider, according to press releases. Financial terms were not disclosed.
Conscia is advised by Gorrissen Federspiel (led by Gitte Dehn Lansner), according to MergerLinks data.
Partners Group, GIC, TPG Rise Climate and Mubadala, an investment companies, agreed to invest in Techem, an international provider of digitally enabled solutions for the real estate sector, according to press releases. Financial terms were not disclosed.
Partners Group is advised by JP Morgan, according to MergerLinks data.
Sun European Partners, a private equity firm, completed the acquisition of Alton Cars, a provider of vehicle accident repair services, according to press releases. Financial terms were not disclosed.
Sun European Partners was advised by Mayer Brown, according to press releases.
Allianz Capital Partners, the asset management arm of the Allianz Group, agreed to acquire a minority stake in Yondr Group, a global developer, owner, and operator of hyperscale data centres, according to press releases. Financial terms were not disclosed.
DigitalBridge is advised by Simpson Thacher & Bartlett (led by Gabriel Silva), according to press releases and MergerLinks data.
Pontegadea, an investment firm, completed the acquisition of a hotel property in Paris from Derby Hotels, a hotel collection company, for €97m ($113m).
Ferrara, a candy manufacturer company, agreed to acquire CPK Group, a manufacturer and distributor of candies and chocolates, from Eurazeo, an investment group, according to press releases. Financial terms were not disclosed.
INVL Baltic Sea Growth Fund, a private equity firm, completed the acquisition of Pehart Group, a paper production company based in Romania, according to press releases. Financial terms were not disclosed.
Summit Partners, a private equity firm, agreed to invest in Dreampath Diagnostics, a diagnostic technology company, according to press releases. Financial terms were not disclosed.
TVM Capital Healthcare, a specialized healthcare expansion and growth capital investment firm, led a $124m Series B round in Baraya Extended Care, a long-term care and rehabilitation services provider, according to press releases.
Castlelake to purchase up to $2.5bn of Pagaya person loans. (Press Release)
Castlelake has agreed to acquire up to $2.5bn in consumer loans from AI-driven fintech firm Pagaya Technologies.
This agreement expands Pagaya's funding capacity to support faster growth of its personal loan program. It follows the initial forward flow deal with Castlelake, signed in 2024, which allocated up to $1bn in capital over 12 months.
Revolut plans $1bn raise at $65bn valuation. ( FT)
Revolut, Europe’s most valuable fintech start-up, is aiming to raise $1bn in new funding at a valuation of $65bn, with US investment firm Greenoaks expected to lead the round. This would represent one of the largest private fintech transactions in recent years and signal strong investor confidence in Revolut’s growth prospects.
The funding round will include both newly issued shares and sales of existing stock. Early investor Balderton is reportedly considering a partial exit, while Abu Dhabi sovereign investor Mubadala — which joined Revolut’s shareholder base in a $45bn secondary sale last year — is also in discussions to participate
Apollo in talks to buy stake in Atlético Madrid. ( FT)
Apollo Global Management is negotiating a potential equity investment in Atlético Madrid, Spain’s third-largest football club. The discussions initially centered on financing an €800m real estate development near the club’s stadium, but evolved to include Apollo’s interest in acquiring a stake in Atlético Holdco, the entity that controls the club.
If completed, the deal would represent a rare move into professional sports ownership for Apollo, which has typically focused on traditional private equity, infrastructure, and credit investments. Atlético Madrid has been seeking strategic capital to support both on-field competitiveness and off-field developments.
FountainVest Partners emerges as sole bidder for ZF Lifetec. ( Bloomberg)
Asian private equity firm FountainVest Partners has become the last remaining contender for ZF Friedrichshafen’s airbags and seat belt division. FountainVest is currently working to finalize the main terms of a potential acquisition deal for the ZF Lifetec unit.
There is still a significant gap between the price expectations of the two parties, and there is no certainty that they will ultimately reach an agreement. The discussions remain ongoing, and the outcome will determine whether FountainVest can successfully expand its presence in the automotive safety market through this acquisition.
KKR considers potential acquisition of Italian healthcare tech firm GPI. ( Reuters)
KKR is exploring a possible buyout of GPI, a healthcare technology company based in Trento, Italy, as it continues to evaluate acquisition opportunities during a period of market volatility.
The US investment firm has been in discussions with advisers in recent weeks about potentially taking GPI private. However, the talks remain preliminary and may not result in a deal.
APAC
Partners Group, a global private markets investment company, agreed to acquire a stake in Infinity Fincorp, a non-bank financial company, for $230m, according to press releases.
Macquarie Asset Management shortlists final bidders for DIG Airgas.( DealStreetAsia)
Macquarie Asset Management has chosen Brookfield Asset Management, Stonepeak, and French gas supplier Air Liquide as the finalists in the bidding process for South Korean industrial gas company DIG Airgas.
DIG Airgas, which is set to attract offers potentially reaching up to $3.6bn, has drawn strong interest given its position in the South Korean market. Macquarie has engaged Goldman Sachs and JP Morgan to oversee the sale.
Schneider in talks to buy Temasek’s stake in Indian JV. ( Bloomberg)
Schneider Electric is reportedly in advanced discussions to acquire the remaining 35% stake in its Indian joint venture from Temasek Holdings for around $1bn. The move would give Schneider full ownership of Schneider Electric India, a deal that could value the entire business at approximately $5bn, including debt.
The French energy and automation group is looking to consolidate its presence in India, one of its fastest-growing markets. The deal, if finalized, would mark a significant step in Schneider’s global expansion strategy and provide Temasek with a sizable exit from one of its key infrastructure investments.
SMFG considers boosting Yes Bank investment by $1.1bn. ( Bloomberg)
Sumitomo Mitsui Financial Group is weighing a new $1.1bn investment in India's Yes Bank, building on its earlier stake acquired two months ago.
The Japanese banking giant aims to purchase around 5% of Yes Bank shares from minority investors, including Carlyle Group. Additionally, SMFG is considering buying approximately $680m in convertible bonds issued by the bank to support its expansion efforts.
Indira IVF said to revive India IPO that may raise $408m. ( Bloomberg)
Indira IVF Hospital is reviving plans for an IPO in India, aiming to raise around INR35bn ($408m).
Backed by private equity firm EQT, the company is expected to file its draft prospectus later this month. The offering will be a secondary sale, with existing shareholders selling their stakes, no new shares will be issued.
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