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Top Highlights
Bluestar Alliance, a brand management firm, completed the acquisition of Dickies, an iconic American heritage brand, from VF Corporation, a branded lifestyle apparel company, for $600m, according to press releases.
Vesuvius, an engineered ceramics company, completed the acquisition of the molten metal systems business from Morgan Advanced Materials, a manufacturer of advanced carbon and ceramic materials, for £93m, according to press releases.
Vesuvius was advised by Linklaters (led by William Smith) and Trilegal (led by Deep Choudhuri). Morgan Advanced Materials was advised by Gleacher Shacklock and Brunswick Group (led by Nina Coad), according to press releases and MergerLinks data.
ArcLight Capital-backed Enstor, a natural gas storage operator, completed the acquisition of Black Bear Transmission, an oil and gas company, from Basalt Infrastructure Partners, an independent infrastructure investment firm, according to press releases. Financial terms were not disclosed.
Enstor was advised by TD Securities, Kirkland & Ellis, and Redbird Communications (led by Meggan Morrison). Basalt Infrastructure Partners was advised by Citigroup and Morgan Lewis & Bockius (led by Charles F. Vandenburgh and John G. Klauberg), according to press releases and MergerLinks data.
Deal Round up
AMERICAS
Packaging company Sealed Air in talks to go private. ( WSJ)
Blackstone’s Copeland Files Confidentially for US IPO. ( Bloomberg)
EMEA
BP in active talks with Stonepeak over Castrol sale. ( Reuters)
Small-business lender Iwoca weighs sale. ( Reuters)
Sabadell CEO says bank exploring Nexi deal on new terms. ( Bloomberg)
APAC
Blackstone, SoftBank in talks for stakes in India cloud startup Neysa. ( Bloomberg)
Biggest Indian asset manager to eye $1.2bn IPO in 2026. ( Bloomberg)
Glencore to invest in Chinese aluminum smelter’s IPO. ( Bloomberg)
SBI Shinsei Bank to target ¥400bn in Tokyo IPO. ( Bloomberg)
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FINANCIAL ADVISORS
PR ADVISORS
DEBT PROVIDERS
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AMERICAS
Vance Street Capital, a private equity firm, completed the acquisition of Damotech, a warehouse rack safety provider with a focus on aftermarket solutions, from Mountaingate Capital, a private equity firm, according to press releases. Financial terms were not disclosed.
Damotech was advised by Harris Williams & Co, BCF Business Law, Davies Ward Phillips & Vineberg, and Hogan Lovells. Vance Street Capital was advised by Borden Ladner Gervais and Paul Hastings. Debt financing was provided by Apogem Capital and Bank of Montreal, according to press releases.
Veritas Capital, a private equity firm, agreed to acquire MetroStar Systems, an AI-enabled digital transformation services and software provider serving US defense and national security agencies, according to press releases. Financial terms were not disclosed.
Veritas Capital is advised by Latham & Watkins and Prosek Partners. MetroStar Systems is advised by KippsDeSanto & Co and Holland & Knight, according to press releases.
HIG Capital, a global alternative investment firm, agreed to invest in Rely Home, a nationwide home warranty provider, according to press releases. Financial terms were not disclosed.
Rely Home is advised by JP Morgan, Raymond James and DLA Piper, according to press releases and MergerLinks data.
Essity, a global health and hygiene company, agreed to acquire the feminine care business of Edgewell Personal Care Company, an American consumer products corporation, for $340m, according to press releases.
Essity is advised by Morgan Stanley. Edgewell Personal Care Company is advised by Perella Weinberg Partners and Latham & Watkins, according to press releases.
Palladium Equity-backed Superior Environmental Solutions, a provider of environmental and industrial services, completed the acquisition of J&S Industrial Services, a company focused on vacuum, hydro‑excavation, hydroblasting and related industrial cleaning services, according to press releases. Financial terms were not disclosed.
Superior Environmental Solutions was advised by Keating Muething & Klekamp, according to press releases.
Valor Equity Partners, an investment firm, led a $510m Series D in Chaos Industries, a Los Angeles-based manufacturer of counter-drone radar systems, according to press releases.
Venture capital firms Prysm Capital and Accenture, led a $145m Series B round in Alembic, a startup focused on AI-driven marketing analytics, with participation from WndrCo, according to press releases.
Venture capital firms Kleiner Perkins and Index Ventures, led a $100m Series A round in Parallel Web Systems, a company building web search infrastructure and APIs for artificial-intelligence agents, with participation from Khosla Ventures, according to press releases.
Packaging company Sealed Air in talks to go private. ( WSJ)
Private-equity firm Clayton Dubilier & Rice is in talks to take packaging company Sealed Air, the inventor of Bubble Wrap, private. While the discussions are progressing, it remains uncertain whether a deal will materialize or if other potential buyers might emerge.
Blackstone’s Copeland files confidentially for US IPO. ( Bloomberg)
Blackstone-owned industrial company Copeland has filed confidentially for a US initial public offering, aiming for a first-time share sale in 2026. The number of shares and pricing have not been set, with Morgan Stanley, Barclays, Goldman Sachs, and Jefferies working on the IPO.
EMEA
HV Capital, a growth investor, and DTCF, an investment firm, led a €100m ($116m) round in FMC, a semiconductor and memory chip company, with participation from Vsquared Ventures, eCAPITAL, Bosch Ventures, Air Liquide Venture Capital, M Ventures, and Verve Ventures.
Index Ventures, a European venture capital firm, led a $100m Series A round in Wonderful, an AI startup, with participation from Insight Partners, IVP, Bessemer, and Vine Ventures, according to press releases.
Insight Partners was advised by Willkie Farr & Gallagher (led by Matthew Haddad), according to press releases and MergerLinks data.
Venture capital firms KKCG and BNF Capital, led a $177m round in Zilch, a UK fintech company, according to press releases.
BP in active talks with Stonepeak over Castrol sale. ( Reuters)
BP is in talks with US investment firm Stonepeak to sell its Castrol lubricants unit, part of its $20bn divestment plan. The sale, valued at around $8bn, follows BP’s February review of the business amid a shift back toward oil and gas.
Stonepeak and One Rock submitted bids in September, though no deal is finalized. BP aims to streamline operations and boost profitability under new Chair Albert Manifold, with CEO Murray Auchincloss expecting total asset sales of about $5bn this year.
Small-business lender Iwoca weighs sale. ( Reuters)
British small-business lender Iwoca, backed by CommerzVentures and Augmentum Fintech, is exploring a potential sale. The fintech, which earned £234m in revenue and £59m in pre-tax profit in 2024, has been consulting advisers ahead of a possible deal next year.
Discussions are at an early stage, and a sale may not materialize. Iwoca, which operates in the UK and Germany with 600 staff, could be valued at over £1bn ($1.3bn).
Sabadell CEO says bank exploring Nexi deal on new terms. ( Bloomberg)
Banco Sabadell and Italy’s Nexi are revisiting a potential deal under new terms after their previous agreement was paused during the failed BBVA-led takeover attempt of Sabadell.
CEO Cesar Gonzalez-Bueno said on the 13th of November that there’s no obligation to maintain the 2023 terms, after Nexi had agreed to buy 80% of Sabadell’s payments unit for €280m ($326m).
APAC
Blackstone, SoftBank in talks for stakes in India cloud startup Neysa. ( Bloomberg)
Blackstone and SoftBank Group are in early discussions to acquire stakes in Indian cloud infrastructure startup Neysa Networks. Blackstone is considering a majority holding, while SoftBank may take a minority stake. No final decisions have been made, and other investors could also participate.
Biggest Indian asset manager to eye $1.2bn IPO in 2026. ( Bloomberg)
SBI Funds Management, India’s largest asset manager, is planning an IPO that could raise up to $1.2bn in Mumbai in the first half of 2026. The company plans to invite banks to pitch for roles on the deal in the coming weeks, and the deal could be valued at about $12bn.
Glencore to invest in Chinese aluminum smelter’s IPO. ( Bloomberg)
Glencore and Hillhouse Investment Management plan to invest in Chuangxin Industries Holdings' upcoming Hong Kong IPO, reflecting confidence in the Chinese aluminum smelter amid rising metal prices.
The Swiss commodity firm and the asset manager are expected to participate as cornerstone investors, securing a guaranteed allocation in exchange for holding the shares for a set period.
SBI Shinsei Bank to target JPY400bn in Tokyo IPO. ( Bloomberg)
SBI Shinsei Bank is planning an initial public offering to raise up to JPY400bn ($2.6bn), potentially making it one of Japan’s largest listings this year. The offering would value the Japanese lender at about JPY1tn ($6.4bn).
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