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AMERICAS

Truelink Capital completes the acquisition of Lyons Magnus from Paine Schwartz Partners.

Truelink Capital, a Los Angeles-based private equity firm, completed the acquisition of Lyons Magnus, a US-based manufacturer of specialty ingredients, beverage and nutrition solutions for the foodservice industry, from Paine Schwartz Partners, a private equity firm, according to press releases. Financial terms were not disclosed.

Truelink Capital was advised by Stifel. Paine Schwartz Partners and Lyons Magnus were advised by Evercore, William Blair & Co, Morrison Foerster and Joele Frank (led by Andrew Brimmer and Aaron Palash), according to press releases.

Carbyne Equity Partners-backed SuanNutra to acquire a portfolio of specialty natural ingredients businesses from International Flavors & Fragrances.

Carbyne Equity Partners-backed SuanNutra, a global provider of science-backed branded and functional ingredients, agreed to acquire a portfolio of specialty natural ingredients businesses from International Flavors & Fragrances, a US-based manufacturer of specialty ingredients, flavors and fragrances for the food, beverage, personal care and consumer products industries, according to press releases. Financial terms were not disclosed.

Carbyne Equity Partners and SuanNutra are advised by Herbert Smith Freehills Kramer and Ernst & Young. International Flavors & Fragrances is advised by Alantra and DLA Piper, according to press releases.

Enlightenment Capital completes the investment in Quorum.

Enlightenment Capital, a private investment firm, completed the investment in Quorum, a public affairs software platform, according to press releases. Financial terms were not disclosed.

Enlightenment Capital was advised by Solomon Partners and Moore & Van Allen. Quorum was advised by Raymond James and Cooley, according to press releases.

Pelican Energy Partners completes the acquisition of Riggins Company.

Pelican Energy Partners, a private equity firm focused on the energy services and equipment sectors, completed the acquisition of Riggins Company, an industrial metal fabrication and specialty welding firm, according to press releases. Financial terms were not disclosed.

Pelican Energy Partners was advised by Reed Smith. Riggins Company was advised by Dickinson Williams & Company and Somertons, according to press releases.

Nextpower completes the acquisition of Prevalon Energy for up to $365m.

Nextpower, a provider of solar and power technology solutions for utility-scale power plants, completed the acquisition of Prevalon Energy, a provider of utility-scale battery energy storage systems and energy management software, for up to $365m, according to press releases.

Nextpower was advised by Davis Polk & Wardwell (led by Michael Gilson), according to MergerLinks.

Tempus AI to acquire Personalis for $1.5bn.

Tempus AI, a technology company advancing precision medicine, agreed to acquire Personalis, a precision oncology company, for $1.5bn, according to press releases.

Eurofins Scientific to acquire the North American life sciences testing services business of Element Materials Technology for $400m.

Eurofins Scientific, a Luxembourg-based laboratory testing and bioanalytical services company, agreed to acquire the North American life sciences testing services business of Element Materials Technology, a UK-based provider of testing, inspection and certification services for highly regulated industries, for $400m, according to press releases.

Permira-backed womenswear retailer Reformation targets $1bn valuation in US IPO. (SEC Filing)

Reformation, the women’s fashion retailer backed by Permira, is targeting a valuation of up to $1bn in its US IPO. The company and certain existing shareholders are seeking to raise up to $239.1m by offering 14.1m shares pricedbetween $15 and $17 each.

The offering will test investor appetite for consumer and fashion listings at a time when IPO activity has been dominated by AI and infrastructure companies. Permira, which acquired a majority stake in Reformation in 2019, will remain a significant shareholder following the listing. The company, known for its sustainability-focused brand and direct-to-consumer model, plans to list on the NYSE under the ticker “REF.”

Jersey Mike’s, backers seek up to $1.09bn in US IPO. (SEC Filing)

Jersey Mike’s Subs and its shareholders are seeking to raise up to $1.09bn in a US IPO. The sandwich chain plans to market approximately 43.5m shares at $21 to $25 per share, joining a growing pipeline of consumer-focused listings in the US.

The offering includes around 29.7m secondary shares from existing investors, including Blackstone and the Abu Dhabi Investment Authority (ADIA). The IPO is expected to provide liquidity for current shareholders while testing investor appetite for restaurant and consumer brands amid the broader revival in equity capital markets.

NXT Capital raises $1.8bn so far for eighth credit fund. (WSJ)

NXT Capital has raised $1.8bn at the initial close of its eighth direct‑lending fund, providing fresh capital for loans to middle‑market companies. The credit manager, owned by Orix USA, focuses on financing businesses with annual adjusted pre‑tax earnings of $5m to $50m.

The fund will continue NXT Capital’s strategy of providing direct loans to middle‑market borrowers, while taking a cautious approach to sectors viewed as vulnerable to technological disruption. The firm indicated it expects to make relatively few investments in software companies, citing concerns about the potential impact of artificial intelligence on parts of the sector.

EMEA

VERIAN completes the acquisition of coin4 Solutions from IK Partners.

VERIAN, a Germany-based long-term investment holding company, completed the acquisition of coin4 Solutions, a German provider of technology-enabled receivables management services, from IK Partners, a private equity firm, according to press releases. Financial terms were not disclosed.

VERIAN was advised by Deloitte, Martius Rechtsanwälte and Ungeheuer Law. Debt financing was provided by UniCredit and BayBG, according to press releases.

Crédit Mutuel Equity and EGS Beteiligungen complete the acquisition of a minority stake in Netcloud.

Crédit Mutuel Equity, the private equity and venture capital arm of Crédit Mutuel Alliance Fédérale, and EGS Beteiligungen, the Swiss investment arm of the Ernst Göhner Foundation, completed the acquisition of a minority stake in Netcloud, a Swiss network infrastructure and IT services provider, according to press releases. Financial terms were not disclosed.

EGS Beteiligungen was advised by DC Advisory (led by Emanuel Bischofberger and William Liu), according to MergerLinks data.

volenergy to acquire mobility, convenience and electric vehicle charging businesses of BP.

volenergy, a fuel retail and energy distribution company, agreed to acquire mobility, convenience and electric vehicle charging businesses of BP, an oil and petrochemicals company, according to press releases. Financial terms were not disclosed.

UK's Segro rejects $18.2bn Prologis bid as takeover tussle intensifies. (Reuters)

Segro has rejected Prologis’s £13.5bn ($18.2bn) takeover proposal, arguing that the offer fails to reflect the quality and long‑term value of its logistics and data‑center portfolio. The rejection escalates the standoff between the companies ahead of a key UK takeover deadline, with Prologis continuing to press for engagement.

The latest proposal values Segro at £9.93 ($13.37) per share, comprising 0.0890 Prologis shares per Segro share plus a partial cash alternative of up to £2.7bn ($3.64bn). While the offer represents a roughly 34% premium to Segro’s undisturbed share price, the board maintains it undervalues the business, as some shareholders reportedly push for further negotiations.

Telecom Italia board backs Poste's takeover offer. (Reuters)

Telecom Italia's board has unanimously endorsed Poste Italiane’s voluntary takeover offer, concluding that the proposed consideration is fair from a financial perspective and that the transaction aligns with TIM’s strategic direction.

Poste, which already owns a 20% stake in TIM, launched a bid in March for the shares it does not already hold. The offer values TIM at more than €13bn ($14.9bn) and forms part of Poste’s strategy to expand its presence in telecommunications, digital services and cloud infrastructure. The companies argue that the combination would help build a larger state-backed technology and communications platform across Italy.

TG Jones owner Modella weighs tilt at Harvey Nichols. (Sky News)

Modella Capital is considering a bid for Harvey Nichols, joining reported interest from Next and Frasers Group in the luxury department store chain. The business has been put up for sale by owner Sir Dickson Poon, with advisers seeking interest from both strategic and financial buyers.

While Modella is viewed as an outsider in the process, an acquisition would add Harvey Nichols to a portfolio that already includes TG Jones, Hobbycraft and Flying Tiger. The retailer, which operates stores across the UK, Ireland and the Middle East, has faced financial challenges in recent years, reporting £204.8m ($275.4m) in revenue and a pre-tax loss of £34m ($45.7) for the year ended March 2024.

APAC

Wonongarra to acquire a 16.8% stake in EQ Resources from Oaktree Capital Management for AUD189.7m.

Wonongarra, a private investment vehicle wholly owned by Australian mining billionaire Andrew Forrest, agreed to acquire a 16.8% stake in EQ Resources, a mining and resource company, from Oaktree Capital Management, a global asset management firm, for AUD189.7m ($132.4m), according to press releases.

Blackstone to invest in FUTRONIC.

Blackstone, a multinational private equity, alternative asset management, and financial services firm, agreed to invest in FUTRONIC, a manufacturer of engineered electronic and electromechanical systems for automotive, industrial, consumer, and medical applications, according to press releases. Financial terms were not disclosed.

AI pioneer Kai-Fu Lee’s startup targets Hong Kong IPO next year. (Bloomberg)

01.ai, the Chinese AI startup founded by Kai‑Fu Lee, is planning a Hong Kong IPO in 2027 and is seeking to raise additional capital through a pre‑IPO funding round beforehand. The company is aiming to complete the fundraising around the time it releases its first annual results.

The move comes as 01.ai continues to expand its position in China's rapidly growing artificial intelligence sector. Details regarding the size of the funding round, valuation and potential investors have not been disclosed, while preparations for a Hong Kong listing remain ongoing.

Moonshot plans IPO in six months after China AI breakthrough. (Bloomberg)

Moonshot AI, the Chinese startup behind the Kimi chatbot, is preparing for a Hong Kong IPO that could take place within six months. The company has reportedly begun the formal process of seeking shareholder approval for a listing, signaling an accelerated path to public markets following strong interest in its latest AI model.

The planned IPO comes as Moonshot seeks to capitalize on growing investor enthusiasm for Chinese artificial intelligence companies. The company has recently pursued multiple fundraising rounds at sharply higher valuations, and a public listing would provide additional capital to support model development and expansion in China's increasingly competitive AI sector.

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