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AMERICAS
Genstar Capital-backed First Eagle Investments, an independent, privately owned investment management firm, completed the acquisition of Diamond Hill, an independent asset manager providing investment advisory and fund administration, for $473m, according to press releases.
USA Rare Earth, a supplier of rare earth element magnets for green energy and technology, agreed to acquire Serra Verde, a Brazilian company specializing in the development and production of rare earth elements, from Denham Capital, Vision Blue Resources and The Energy & Minerals Group, the investment firms, for $2.8bn, according to press releases.
USA Rare Earth is advised by Moelis & Co, Latham & Watkins and Collected Strategies (led by Scott Bisang and Dan Moore). Serra Verde is advised by Goldman Sachs, White & Case and Aura Financial (led by Andy Mills and Michael Oke). Denham Capital, Vision Blue Resources and The Energy & Minerals Group are advised by A&O Shearman, according to press releases.
KKR, an investment firm, agreed to invest $1.5bn in Vertical Bridge, a US‑based owner and operator of wireless communications infrastructure, according to press releases.
KKR is advised by Barclays, Houlihan Lokey and Kirkland & Ellis. DigitalBridge is advised by Joele Frank. Vertical Bridge is advised by Centerview Partners, Simpson Thacher & Bartlett and Jaymie Scotto & Associates, according to press releases.
Catchment Capital, a private equity firm, agreed to acquire Isolatek International, a building materials company that provides fireproofing materials, from SK Capital Partners, a private investment firm, according to press releases. Financial terms were not disclosed.
Catchment Capital is advised by RBC Capital Markets, Gibson Dunn & Crutcher and Gasthalter & Co (led by Mark Semer). Debt financing is provided by JP Morgan and Lord Abbett. SK Capital Partners is advised by Evercore and Goodwin Procter, according to press releases.
GCI, an Alaska‑based telecommunications provider, agreed to acquire Quintillion, a fiber infrastructure provider, from Grain Management, a private equity firm, at an enterprise value of $310m, according to press releases.
GCI is advised by TD Securities, Baker Botts, O'Melveny & Myers and Liberty Media (led by Hooper Stevens). Quintillion is advised by Bank Street Group, Morgan Lewis & Bockius and Grace Jang Solutions (led by Grace Jang), according to press releases.
SK Capital Partners, a private investment firm, completed the acquisition of Brothers International Food, a US-based importer and supplier of tropical and exotic fruit ingredients, from Benford Capital Partners, a Chicago-based private equity investment firm, according to press releases. Financial terms were not disclosed.
SK Capital Partners was advised by Alantra, King & Spalding and Gregory FCA (led by Daniel Abramson). Debt financing was provided by Bain Capital. Brothers International Food was advised by Harris Williams & Co and DLA Piper, according to press releases.
Stonepeak, an alternative investment firm specializing in infrastructure and real assets, completed the acquisition of Southern Marinas, a premier owner and operator of marinas in the United States, from KSL Capital, a private equity firm, according to press releases. Financial terms were not disclosed.
Stonepeak was advised by PJT Partners and Simpson Thacher & Bartlett. Southern Marinas and KSL Capital were advised by Lazard, Hogan Lovells and Joele Frank (led by Jonathan Keehner), according to press releases and MergerLinks data.
GTCR, a private equity firm, completed the acquisition of Fiduciary, a private wealth management firm, according to press releases. Financial terms were not disclosed.
THL Partners, a premier private equity firm investing in middle market growth companies, agreed to acquire a majority stake in Celerion, a clinical pharmacology and bioanalytical sciences firm, from H.I.G. Capital, a global alternative investment firm, according to press releases. Financial terms were not disclosed.
THL Partners is advised by Edelman (led by Nicole Hakimi). Celerion and H.I.G. Capital are advised by Bank of America, Lazard, McDermott Will & Schulte and Joele Frank (led by Jonathan Keehner), according to press releases and MergerLinks data.
Brightstar Capital Partners, a private equity firm, completed the acquisition of a majority stake in Bendon, an American publisher specializing in affordable children's coloring, activity and educational books, according to press releases. Financial terms were not disclosed.
Brightstar Capital Partners was advised by Kirkland & Ellis and Prosek Partners. Bendon was advised by Portage Point Partners and Spencer Fane, according to press releases.
Clairvest Group, a private equity management firm, completed the acquisition of MGM Northfield Park, an award-winning gaming, dining, and entertainment destination, from MGM Resorts International, a global hospitality and entertainment company operating destination resorts in Las Vegas, for $546m, according to press releases.
MGM Resorts International was advised by Jefferies & Company, SMBC Nikko Securities and Weil Gotshal and Manges (led by Rachel Shapiro, Michael J. Aiello and Sachin Kohli), according to press releases and MergerLinks data.
Platinum Equity and Littlejohn-backed The Cook & Boardman, a provider of fully integrated access and security solutions, completed the acquisition of Exclusive Trim, a provider of turnkey interior finishing solutions, according to press releases. Financial terms were not disclosed.
Exclusive Trim was advised by PCE Investment Bankers and Mann Plyler PA (led by Andrew L. Mann and Andrew W. Plyler). The Cook & Boardman was advised by K&L Gates, according to press releases.
Nexus Capital-backed Laird Superfood, a company specialising in plant-based superfood products, completed the acquisition of Terrasoul Superfoods, a vertically integrated, branded foods platform focused on superfood products, including nuts, seeds, dried fruits, powders, baking ingredients, and functional beverage mix-ins, for $48m, according to press releases.
Terrasoul was advised by Steptoe and Aspect Consumer Partners. Laird Superfood was advised by Paul Weiss Rifkind Wharton & Garrison, according to press releases.
Venture capital firms Cure Ventures, The Column Group and AN Venture Partners led a $106 Series A round in Tortugas Neuroscience, a neurology-focused biotech company, according to press releases.
Tortugas Neuroscience was advised by Ropes & Gray (led by Rajarshi Banerjee) and Ford Hutman Media (led by Rachel Ford Hutman), according to press releases and MergerLinks data.
Renovus Capital Partners-backed F2 Strategy, a business and digital transformation services firm, completed the acquisition of Meradia, a provider of investment management operations and technology consulting, according to press releases. Financial terms were not disclosed.
F2 Strategy was advised by StreetCred PR, according to press releases.
Excelsior Energy Capital-backed Lydian Energy, a company that specializes in developing utility-scale solar and battery energy storage system projects across North America, completed the acquisition of the Atlas North portfolio of Hanwha Renewables, a US utility-scale energy developer advancing solar and battery energy storage projects across key markets, according to press releases. Financial terms were not disclosed.
Excelsior Energy Capital is advised by Gregory FCA, according to press releases.
Apollo Global Management, an American asset management firm, agreed to acquire a 13% stake in the Medical-Surgical Solutions business of McKesson, an American healthcare company, for $1.25bn, according to press releases.
International Paper, a company specializing in sustainable packaging solutions, agreed to acquire NORPAC, a producer of environmentally sustainable lightweight recycled packaging papers, from One Rock Capital Partners, a private equity firm, for $360m, according to press releases.
TPG, a global alternative asset manager, completed a $100m investment in Zum, an American technology company that specializes in student transportation services, according to press releases.
PSG Equity-backed Protecht, a company that provides enterprise risk management software and solutions, completed the acquisition of VISO TRUST, an AI-powered, third-party cyber risk management platform that automates vendor risk assessments and provides continuous monitoring, according to press releases. Financial terms were not disclosed.
UnitedHealth Group, a health care and well-being company, agreed to acquire Alegeus Technologies, a provider of SaaS-based benefit funding and payment solutions, from Vista Equity, a private equity firm, according to press releases. Financial terms were not disclosed.
Nexus Capital, an investment firm, completed a $60m investment in Laird Superfood, a company specialising in plant-based superfood products, according to press releases.
Acorn Capital Management, a private equity firm investing exclusively in the aerospace, defense, intelligence, and space sectors, agreed to acquire a majority stake in MTI Aviation, a provider of repair, overhaul and parts distribution services, according to press releases. Financial terms were not disclosed.
Valor Equity Partners, an investment firm, led a $95m Series C round in Loop, a full-stack, verticalized AI platform for logistics and supply chains, with participation from 8VC, Founders Fund, Index Ventures, JP Morgan Growth Equity Partners, and Tao Capital Partners, according to press releases.
CVC, GTCR weigh take-private of medical equipment provider Teleflex. ( Bloomberg)
CVC Capital Partners and GTCR have submitted a takeover proposal for Teleflex, as the buyout firms explore a potential take‑private of the medical‑equipment provider. The two firms have been working together to assess the transaction.
Teleflex, based in Wayne, Pennsylvania, supplies medical devices used in critical‑care and surgical settings. Discussions remain private and preliminary, with no certainty that a deal will be completed or that definitive terms will be agreed.
Jersey Mike's announces confidential submission of draft registration statement for proposed initial public offering. ( Press Release)
Jersey Mike’s Subs, the sandwich chain backed by Blackstone, has confidentially filed for an IPO with the US Securities and Exchange Commission. The company stated that the number of shares and pricing have not yet been determined, and the IPO remains subject to market conditions and SEC review.
Jersey Mike’s operates more than 3k locations and joins a growing list of private‑equity‑backed consumer brands testing investor appetite for new listings.
Military drone maker Aevex raises $320m in US IPO. ( Bloomberg)
Aevex, a military‑drone maker backed by Madison Dearborn Partners, raised $320m in a US IPO after selling 16m shares at $20 each. The pricing came within the marketed range of $18–$21.
The offering was multiple times oversubscribed, reflecting strong investor appetite for defence and autonomous‑systems companies. Aevex’s listing adds to a growing wave of defence‑focused IPOs amid increased global military spending and interest in unmanned technologies.
Tiger Global-backed Upscale AI in talks for $2bn valuation. ( Bloomberg)
Upscale AI, a startup backed by Tiger Global, is in discussions to raise a new funding round valuing the company at around $2bn. The company is seeking to raise approximately $180m–$200m in the round.
Upscale AI is building infrastructure designed to connect and manage AI computing clusters, positioning itself within the fast‑growing market for large‑scale AI systems. Talks are ongoing and no final terms or commitments have been agreed.
Blackstone‑backed ad tech company Liftoff Mobile files again for a US IPO. ( Bloomberg)
Liftoff Mobile has refiled for an initial public offering just two months after pulling its earlier application.
The Blackstone‑backed firm reported a net loss of $23m on $686m in revenue for 2025, compared with a $48m loss on $519 million in revenue the year before.
Banks and private credit vie to fund CVC’s Recordati buyout. ( Bloomberg)
Banks and private credit firms are lining up to assemble a major financing package to support CVC Capital Partners’ bid for Italian pharmaceutical company Recordati.
The potential debt package could reach €8bn ($9.4bn), which is about eight times Recordati’s EBITDA. Lenders are proposing senior debt made up of both fixed‑ and floating‑rate euro bonds, with the possibility of adding some US dollar bonds as well.
EMEA
Sixth Street, a global investment firm, agreed to invest £1bn ($1.3bn) in Park Properties Housing Association, a provider of affordable housing to individuals and households, according to press releases.
Sixth Street is advised by Ernst & Young, JLL Corporate Finance, Savills, Simpson Thacher & Bartlett (led by Angus Lennox) and Trowers & Hamlins. HSPG is advised by Alvarez & Marsal, Axis Capital, Travers Smith and Faust PR. Park Properties Housing Association is advised by Winckworth Sherwood, according to press releases.
Montyon Capital, a French investment fund, agreed to acquire a majority stake in TRIGO, a major international provider of quality management and operational services, from Ardian, a global private investment firm, according to press releases. Financial terms were not disclosed.
Ardian is advised by Robert W Baird, Latham & Watkins, Ernst & Young, Boston Consulting Group and Headland Consultancy, according to press releases.
Inspirit Capital, a London-based private equity firm, agreed to acquire Kaplan Languages Group, a global educational travel platform, from Kaplan, an international educational services company that provides educational and training services, according to press releases. Financial terms were not disclosed.
Inspirit Capital is advised by Houlihan Lokey, Mayer Brown, Gallagher, Interpath and Evology, according to press releases.
Wendel, an investment firm, completed the acquisition of a 56% stake in Committed Advisors, a global private equity secondary manager, for up to €386m ($450m), according to press releases.
Warburg Pincus, a private equity firm, completed the acquisition of a minority stake in Sebia, a provider of clinical protein electrophoresis equipment and reagents, according to press releases and MergerLinks data. Financial terms were not disclosed.
Sebia was advised by Centerview Partners. Warburg Pincus was advised by JP Morgan and Morgan Stanley, according to MergerLinks data.
Bridgepoint-backed LumApps, a connected AI employee hub, agreed to acquire Comeen, the workplace experience platform specializing in space management, digital signage and visitor services, according to press releases. Financial terms were not disclosed.
BNP Paribas Asset Management, a Europe‑based global asset manager, agreed to acquire a 5.9% stake in Committed Advisors, a private investment firm, from Wendel, an investment company, according to press releases. Financial terms were not disclosed.
IK Partners, a private equity firm, agreed to acquire Selatek, a major Swedish technical installation platform, from Amplio, a Stockholm-based private equity firm, according to press releases. Financial terms were not disclosed.
IK Partners is advised by Vinge. Amplio is advised by ABG Sundal Collier, according to MergerLinks data.
Gemspring Capital-backed Shrieve Chemical, a global distributor and manufacturer of industrial and specialty chemicals, completed the acquisition of FIS Chemicals, a manufacturer and supplier of specialized industrial chemicals, according to press releases. Financial terms were not disclosed.
Shrieve Chemical was advised by Paul Weiss Rifkind Wharton & Garrison (led by Christopher Sullivan), according to MergerLinks data.
Janus Henderson, a global asset manager, led a $125m Series B round in Ray Therapeutics, with participation from Adage Capital Management, Franklin Templeton, Invus, Marshall Wace, 4BIO Capital, Deerfield Management, MRL Ventures Fund, Norwest, Novo and Platanus, according to press releases.
Ray Therapeutics was advised by FINN Partners, according to press releases.
Goldman Sachs Alternatives, an investment firm, agreed to invest $50m in BLP Digital, a provider of agentic AI-based enterprise resource planning automation, according to press releases.
VXI Capital, an investment firm, led a $380m funding round in Blue Energy, a developer of financeable, prefabricated nuclear power plants, with participation from Engine Ventures, At One Ventures and Tamarack Global, according to press releases.
Nimble Partners, a multi-stage venture capital platform, led a $160m funding round in Reliable Robotics, a provider of autonomous aircraft systems, with participation from Eclipse, Lightspeed, Coatue, Pathbreaker Ventures, Island Green Capital, Socium Ventures, AE Ventures, RTX Ventures, Presidio Ventures, UP.Partners, KAS Venture Partners, What If Ventures, Calm Ventures, Gaingels and Mana Ventures, according to press releases.
Trivest Partners and Halmos Capital Partners-backed Thermal Concepts, a provider of HVAC and control solutions, completed the acquisition of Hunter Mechanical, a company specializing in year-round HVAC services, according to press releases. Financial terms were not disclosed.
HY24, a private equity asset manager dedicated exclusively to advancing the global clean‑hydrogen economy, completed the acquisition of a 40% stake in Enagás Renovable, a Spanish developer of renewable gas projects, from Enagás, an energy company, for €48m ($56m), according to press releases.
US private equity firm TA Associates in talks to buy UK's Advanced Medical Solutions. ( RNS Announcement)
Advanced Medical Solutions has entered talks with US buyout firm TA Associates over a potential takeover. The discussions follow a recent approach from TA Associates, amid increased private‑equity interest in UK companies as overseas buyers seek to capitalise on lower equity valuations.
Under UK takeover rules, TA Associates must announce a firm offer or walk away by May 16, 2026. AMS develops wound‑care technologies and has previously attracted interest from firms including Bridgepoint, while TA Associates has recently expanded in the UK through deals such as its acquisition of FD Technologies.
Kone is in advanced talks to buy TK Elevator. ( Bloomberg)
Kone Oyj is in advanced negotiations to buy TK Elevator, in what could become one of Europe’s largest deals this year.
The Finnish firm is moving forward in discussions with private‑equity owners Advent and Cinven and is aiming to finalize an agreement by month‑end. TK Elevator’s backers have been seeking a valuation of up to €25bn ($29.5bn), including debt, in any sale.
Belgium's Kpler launches minority stake sale valuing firm at up to $5bn. ( Reuters)
Kpler, the Brussels‑based commodities data and analytics firm, has launched a process to sell a large minority stake that could value the company at up to $5bn. Existing shareholders Insight Partners and Five Arrows are running the process with Evercore, with sale materials expected to be distributed shortly.
The stake sale has attracted early interest from private‑equity firms and sovereign wealth funds, including Warburg Pincus, Blackstone, Hg, General Atlantic, GIC, Temasek and Mubadala. Kpler generates about $300m in annual recurring revenue, and founders François Cazor and Jean Maynier are expected to retain control of the business.
Intertek has rejected EQT’s $11bn bid. ( Reuters)
Intertek has turned down a takeover approach from Sweden’s EQT, which valued the company at about £7.93bn ($10.74bn). The board said the offer undervalued the UK-based product testing firm.
EQT had proposed £51.50 ($69.6) per share — a 36.6% premium to Intertek’s April 9 closing price, the day before the bid was submitted.
Abu Dhabi’s Joe & the Juice investment adds to the region’s recent deal‑making streak. ( Blommberg)
Abu Dhabi–based Emirates International Investment is acquiring a minority stake in Joe & the Juice at a valuation of about $1.8bn, adding to a wave of recent regional investments despite disruptions from the Gulf conflict.
General Atlantic will keep its majority position in the Danish juice, coffee and sandwich chain. EIIC is purchasing part of General Atlantic’s existing stake and will also receive newly issued shares, they added.
Apollo nears €1.4bn deal for Forvia's interior unit. ( Bloomberg)
Apollo Global Management is nearing a deal to acquire the auto interiors business of Forvia in a transaction that could value the asset at about €1.4bn ($1.6bn).
Terms are still being finalized and may not result in a completed deal.
Boots owners hire consultants for overhaul before possible London IPO in 2027. ( Reuters)
The owners of British pharmacy chain Boots are working with advisers on a potential strategy overhaul as they prepare for a possible London stock market listing that could take place as early as 2027.
Boots and its private‑equity owner, Sycamore Partners, have held recent discussions with advisers about an initial public offering.
VW to shortlist EQT Group, CVC, Bain for Everllence. ( Bloomberg)
Volkswagen has shortlisted EQT, CVC Capital Partners, and Bain Capital for the next round of bidding for its heavy diesel‑engine unit Everllence. The move advances Volkswagen’s efforts to divest non‑core assets as it reshapes its industrial portfolio.
EQT is bidding alongside Porsche Automobil, the listed investment vehicle of the Porsche‑Piëch family, which controls Volkswagen. The bidding process remains private, and no final decision has been made on the sale or valuation of Everllence.
Bridgepoint brings in €6bn at the first close of its new fund. ( Bloomberg)
Bridgepoint Group has gathered more than €6bn ($7.1bn) in commitments at the first close of its newest flagship fund, putting it roughly 80% of the way toward its €7.5bn ($8.8bn) target.
The firm began fundraising for Bridgepoint Europe VIII less than six months ago and has seen strong interest from both existing and new investors, driven by growing appetite for European mid‑market private equity.
APAC
Onto Innovation, an American semiconductor company, agreed to acquire a 27% stake in Rigaku, a manufacturer and distributor of scientific, analytical and industrial instrumentation, from Carlyle, an American multinational alternative asset management firm, for $710m, according to press releases.
Onto Innovation is advised by Goldman Sachs, Greenhill & Co, Nishimura & Asahi and Simpson Thacher & Bartlett (led by Joseph Conahan and Andrew P. Alin). Debt financing is provided by Goldman Sachs. Rigaku is advised by Mori Hamada & Matsumoto. Carlyle is advised by Mitsubishi UFJ Morgan Stanley Securities, Latham & Watkins and Nagashima Ohno & Tsunematsu, according to press releases and MergerLinks data.
The Japanese government has asked Seoul-based private equity firm MBK Partners to cancel its planned acquisition of machine tool maker Makino Milling Machine, invoking a national security law for only the second time.
Makino’s machine tools are widely used in defense applications, and Finance Minister Satsuki Katayama said in parliament that the deal could undermine national security. Makino’s shares fell as much as 10% in Tokyo.
Blackstone and CPPIB-backed AirTrunk, a data centre operator, completed the acquisition of Lumina CloudInfra, a data centre and cloud infrastructure platform, according to press releases. Financial terms were not disclosed.
Axight, an Abu Dhabi-based private equity-focused investment manager, agreed to acquire a minority stake in La Trobe Financial, an Australian alternative asset management firm, from Brookfield, an alternative asset management company, according to press releases. Financial terms are not disclosed.
Bain Capital to sell a stake in Bridget Data Centres at a $5bn valuation. ( Reuters)
Bain Capital is seeking to sell at least a 40% stake in Bridge Data Centres in a deal that could value the Singapore-based data infrastructure company at about $5bn.
The Boston-based firm has hired Citigroup and JP Morgan to run the sale, which has attracted interest from multiple private equity and infrastructure investors. Talks are ongoing and may not result in a finalized transaction.
Envision AESC is weighing a Hong Kong IPO that could raise as much as $2bn. ( Bloomberg)
Envision AESC, a major global producer of lithium‑ion batteries for electric vehicles and energy storage, is weighing a Hong Kong IPO as early as this year.
Backed by investors including Singapore’s GIC and private equity firm HSG, the company is working with China Merchants Securities, Deutsche Bank, and Huatai Securities on the potential listing. The offering could raise between $1bn and $2bn.
EQT raises record $15.6bn for Asia private equity fund. ( Bloomberg)
EQT has raised $15.6bn for its latest Asia‑focused private‑equity fund, marking the firm’s largest pool of capital dedicated to the region as global investors look beyond the US amid heightened uncertainty.
The US remains the largest source of commitments, accounting for about 30% of the fund. Allocations from Asia and Europe grew more rapidly on a relative basis, with the three regions together representing roughly 80% of total capital, while the remainder came from the Middle East and private‑wealth channels.
Glade Brook in talks to join Sarvam’s funding; AI startup may hit $1.5bn valuation. ( Economic Times)
Sarvam AI, a Bengaluru‑based foundational model startup, is in advanced talks to raise $320m–$350m at a post‑money valuation of about $1.5bn. Glade Brook Capital is in discussions to join the round, potentially investing $20m–$25m, as Sarvam scales its India‑focused large‑language‑model platform.
The round is expected to include strategic investors Nvidia, Amazon and HCLTech, alongside financial backers Bessemer Venture Partners and Prosperity 7 Ventures, with existing investors Peak XV, Lightspeed, and Khosla Ventures also participating. Sarvam, founded in 2023, was last valued at $110m and is positioning itself as a provider of sovereign, India‑first AI models, amid surging investor interest in large‑scale AI companies.
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