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
Paychex, an American company providing human resources, payroll, and employee benefits outsourcing services, completed the acquisition of Paycor, an HR, payroll and talent software provider, from Apax Partners, a British private equity firm, for $4.1bn, according to press releases.
Paycor was advised by Goldman Sachs, Cooley (led by Adam J. Fleisher) and Kirkland & Ellis (led by Will Boothby). Goldman Sachs was advised by Fried Frank Harris Shriver & Jacobson (led by Roy Tannenbaum). Paychex was advised by JP Morgan and Davis Polk & Wardwell (led by Phillip R. Mills). Apax Partners was advised by Kekst CNC (led by Todd Fogarty), according to press releases and MergerLinks data.
Lowe's, an American retail company specializing in home improvement, agreed to acquire Artisan Design Group, a provider of design, distribution, and installation services for interior surface finishes, from The Sterling Group, a private equity investment firm, for $1.3bn, according to press releases.
Lowe's is advised by Centerview Partners, Greenhill & Co and Covington & Burling. Artisan Design Group is advised by Goldman Sachs, RBC Capital Markets and Latham & Watkins, according to press releases.
Converge Technology Solutions announced that its shareholders have approved the company’s acquisition by an affiliate of HIG Capital. The transaction is valued at approximately $909m and is expected to close in the second quarter of 2025, subject to customary regulatory approvals, according to press releases.
Converge Technology Solutions is advised by Canaccord Genuity, Houlihan Lokey, Origin Merchant Partners and Goodmans. HIG Capital is advised by Stikeman Elliott and Weil Gotshal and Manges (led by Tana Ryan and Nav Rekhi), according to press releases and MergerLinks data.
New Mountain Capital, a growth-oriented investment firm, completed the acquisition of a US commercial insurance division from Carlyle-backed NSM Insurance, a global specialty insurance provider, according to press releases. Financial terms were not disclosed.
New Mountain Capital was advised by Ardea Partners, Simpson Thacher & Bartlett (led by Elizabeth Cooper) and H/Advisors Abernathy (led by Dana Gorman). Carlyle was advised by Houlihan Lokey and Wachtell Lipton Rosen & Katz (led by Nicholas G. Demmo). NSM Insurance was advised by Polsinelli PC , according to press releases and MergerLinks data.
Revelstoke Capital Partners, a private equity firm, completed the investment in AOM Infusion, a specialty infusion provider focused on chronic therapy management, according to press releases. Financial terms were not disclosed.
AOM Infusion was advised by Jefferies & Company and Moelis & Co. Revelstoke was advised by Guggenheim Partners, Houlihan Lokey, McGuireWoods and Lambert & Co (led by Caroline Luz), according to press releases and MergerLinks data.
Gen Digital, a digital security solutions provider, completed the acquisition of MoneyLion, a digital financial platform offering a comprehensive suite of financial products, for $1bn, according to press releases.
Private equity firms Kingswood Capital Management and Performance Investment Partners agreed to acquire The Vitamin Shoppe, a company focused on retailing nutritional products, from Franchise Group, a holding company that acquires and manages mainly franchise companies, according to press releases. Financial terms were not disclosed.
Kingswood Capital Management is advised by Jefferies & Company, McDermott Will & Emery and Sidley Austin. Franchise Group is advised by Ducera Partners and Kirkland & Ellis, according to press releases.
CIVC Partners, a private equity firm, completed the investment in Cary Street Partners, an independent financial services firm, according to press releases. Financial terms were not disclosed.
Cary Street Partners was advised by Dalphia Partners, Reed Smith and Williams Mullen. CIVC Partners was advised by Sherman & Company and Ropes & Gray (led by Matthew Richards), according to press releases.
New Mountain Capital, a growth-oriented investment firm, agreed to invest in SmarterDx, a provider of clinical AI for revenue integrity and care quality, according to press releases. Financial terms were not disclosed.
New Mountain Capital is advised by Ropes & Gray and H/Advisors Abernathy (led by Dana Gorman). SmarterDx is advised by JP Morgan and Cooley, according to press releases.
Leonard Green & Partners, a private equity investment firm, agreed to acquire a majority stake in Crunch Fitness, a US brand of fitness clubs, from TPG Growth, an investment firm, according to press releases. Financial terms were not disclosed.
Crunch Fitness is advised by Jefferies & Company, North Point Advisors and Kirkland & Ellis (led by Maggie D. Flores), according to press releases and MergerLinks data.
Silver Lake, a private equity firm specialized in technology investing, agreed to acquire a 51% stake in Altera, a manufacturer of programmable logic devices, from Intel, a semiconductor manufacturing corporation, for $4.46bn, according to press releases.
Intel is advised by Morgan Stanley. Silver Lake is advised by RBC Capital Markets, according to press releases.
ArcLight Capital Partners, a private equity firm that focuses on energy infrastructure investments, agreed to acquire Kleen Energy Systems, a 620 MW natural gas fired power generation asset, from Osaka Gas USA, a US-based energy company specializing in natural gas and power investments, and Kyuden International, a Japan-based energy company specializing in overseas investments and operations in power generation and infrastructure projects, according to press releases. Financial terms were not disclosed.
ArcLight Capital Partners is advised by MUFG Bank and Latham & Watkins, according to press releases.
CVC Capital, a private equity company, completed the acquisition of a majority stake in Grupo GSH, a healthcare services provider in Brazil, from Rede D’Or, an insurance company, for $270m, according to press releases.
CVC Capital was advised by UBS, according to MergerLinks data.
BayPine, a private investment firm that drives digital transformation in market-leading businesses, agreed to acquire a majority stake in CenExel, a clinical trial site network focused on complex therapeutic areas, according to press releases. Financial terms were not disclosed.
BayPine is advised by Gasthalter & Co (led by Nathaniel Garnick), according to press releases.
General Catalyst, a venture capital firm, led a $258m Series F round in Mainspring Energy, a clean power generation company, with participation from Amazon Climate Pledge Fund, DCVC, Temasek, Marunouchi Innovation Partners, M&G Investments, Pictet, Lightrock, LGT Group, Khosla Ventures and Gates Frontier, according to press releases.
AE Industrial Partners explores $2bn sale of York Space Systems. ( Bloomberg)
AE Industrial Partners is considering selling York Space Systems in a deal that could value the satellite manufacturer at over $2bn. The private equity firm has engaged an adviser to oversee an auction process, which has already attracted interest from potential buyers including Canada’s MDA Space.
York Space, which develops small satellites for defense and commercial clients, is expected to draw bids from both strategic industry players and other private equity firms. The process remains at an early stage, and no final decision has been made on whether a sale will proceed.
BayPine in advanced talks to acquire CenExel Clinical Research for $1.5bn. ( Bloomberg)
BayPine in advanced talks to acquire CenExel Clinical Research, a leading provider of clinical trial services, for approximately $1.5bn. The deal values CenExel at a multiple in the mid-to-high teens based on EBITDA. This acquisition underscores BayPine's strategy to invest in healthcare companies with strong growth potential.
The transaction is expected to enhance BayPine's presence in the healthcare sector, providing a platform for further investments in clinical research infrastructure.
Bain Capital targets $7bn for new Asia private equity fund. ( Bloomberg)
Bain Capital is seeking to raise at least $7bn for its sixth Asia-focused buyout fund, aiming to capitalize on growth opportunities across the region. The Boston-based firm is also targeting $2.1bn for a special situations fund that will invest in distressed and opportunistic assets.
This fundraising effort highlights Bain’s commitment to the Asia-Pacific market, where it has actively invested in sectors such as healthcare, technology, and financial services. The new fund will allow Bain to pursue larger and more diverse deals across the region.
New Mountain Capital raises $3bn continuation fund to retain Real Chemistry. ( Bloomberg)
New Mountain Capital has secured $3bn from investors to create a continuation fund to retain its majority ownership in Real Chemistry, a healthcare communications and marketing company. The transaction values Real Chemistry at about $3.1bn, including debt, allowing New Mountain to offer liquidity to its existing investors while maintaining around 90% ownership.
Continuation funds are increasingly used by private equity firms to hold on to successful assets beyond the life of traditional investment funds. Real Chemistry has been a significant player in healthcare communications, and New Mountain sees long-term growth potential in the firm.
EMEA
KKR, a global investment firm, agreed to acquire OSTTRA, a UK-based financial technology company specializing in post-trade solutions for the global derivatives, from S&P Global, a US-based financial information and analytics company, and CME Group, a US-based financial markets company specializing in derivatives and futures trading, for $3.1bn, according to press releases.
KKR is advised by Bank of America, Goldman Sachs and Simpson Thacher & Bartlett. S&P Global is advised by Barclays and Davis Polk & Wardwell (led by Brian Wolfe and Evan Rosen). CME Group is advised by Citigroup and Skadden Arps Slate Meagher & Flom (led by David Clark and June Dipchand), according to press releases and MergerLinks data.
Atlas Holdings, a US buyout firm, offered to acquire De La Rue, a British company that secures digital and physical protections for goods, trade, and identities, in a £263m ($346m) deal, according to press releases.
Sidara, an engineering and design consultancy firm, offered to acquire John Wood Group, a UK-based engineering and consulting company specializing in energy and materials services, for £242m ($316m), according to press releases.
AXA IM, a global investment company, agreed to acquire a 60% stake in ILOS Projects, a European renewable energy company, according to press releases. Financial terms were not disclosed.
ILOS is advised by Morgan Stanley. AXA IM is advised by FTI Consulting (led by Richard Sunderland), according to press releases and MergerLinks data.
Aldebaran, a French investment company, agreed to acquire Serimax, a provider of mechanized welding solutions, from Vallourec, a provider of premium seamless tubular solutions, for €79m ($90m), according to press releases.
Vallourec is advised by Taddeo, according to press releases.
Bertram Capital, a private equity firm, agreed to acquire APPLIED Adhesives, a distributor and manufacturer of adhesive solutions, according to press releases. Financial terms were not disclosed.
Bertram Capital is advised by Houlihan Lokey, according to press releases and MergerLinks data.
Norgine, a specialty pharmaceutical and consumer healthcare company, agreed to acquire Theravia, an international pharmaceutical laboratory specializing in rare or neglected diseases, from Mérieux Equity Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Norgine is advised by Sullivan & Cromwell (led by Arnaud Berdou), according to press releases and MergerLinks data.
Mubadala, an investment company, agreed to acquire a minority stake in Nord Anglia Education, a premium schools organisation, for $600m, with participation from Neuberger Berman, Canada Pension Plan Investment Board, Corporación Financiera Alba and Dubai, according to press releases.
KKR, a private equity firm, offered to acquire DATAGROUP, a German IT company, in a €450m ($508m) deal, according to press releases.
Keensight Capital, a private equity firm, terminated the $417m acquisition of NIOX Group, a medical device company focused on point of care asthma diagnosis, according to press releases.
NUO Capital, an investment holding, agreed to acquire Bialetti, an Italian brand of coffee machines, cookware, and small kitchen appliances, according to press releases. Financial terms were not disclosed.
Sagard, a global alternative asset manager, agreed to invest in BEX Capital, a secondaries investment firm, according to press releases. Financial terms were not disclosed.
CVC explores potential deal for $75bn private lender Golub Capital. ( FT)
European buyout group CVC has explored a potential deal to acquire Golub Capital, a major US private credit lender valued at around $75bn. Golub, founded in 1994 by Lawrence Golub, is a leading direct lender to mid-sized and large corporations and has originated over $150bn in loans since 2004. Although CVC has shown interest, sources indicate Golub is not actively entertaining a sale at this time.
The private investment sector is seeing increased consolidation as firms like BlackRock, TPG, and Brookfield acquire major credit players to compete with Apollo, Blackstone, and KKR. Golub and its rivals, such as Sixth Street, Ares, and Blue Owl, have benefited from post-crisis financial reforms that restricted traditional banks, helping private credit firms grow significantly.
Amsterdam-listed CVC, managing €200bn in assets, has been aiming to strengthen its US presence following underperforming private equity deals. It previously held merger talks with HPS Investment Partners and Fortress Investment Group but did not finalize deals. Golub recently sold a minority stake to Mizuho, with the Japanese bank agreeing to distribute Golub’s products in Japan.
Regulatory snag in BNP’s AXA IM bid may cast doubt on similar deals. ( Reuters)
However, a recent assessment by the European Central Bank has challenged those assumptions, leading to a greater-than-expected capital hit. The decision has dampened expected returns from the AXA IM acquisition, dealing a setback to BNP Paribas' strategic ambitions in asset management.
White Bridge considers sale of supplements maker Named Group. ( Bloomberg)
Italian private equity firm White Bridge Investments is exploring a potential sale of Named Group, a food supplements company that could be valued at up to €800m ($907m).
White Bridge is working with Nomura to prepare for the possible divestment. The asset is expected to draw interest from major buyout firms that could support Named Group’s international expansion.
Partners Group explores options for 49% stake in Telepass. ( Bloomberg)
Partners Group is considering strategic options for its 49% stake in Telepass, a toll-road payment company controlled by Italy’s Benetton family.
The Zurich-listed private equity firm, which acquired the stake in 2021, is in the early stages of reviewing alternatives. A transaction may not materialize until after year-end, and the firm could also opt to retain the asset.
APAC
Stonepeak, an alternative investment firm, agreed to acquire a 75% stake in IOR, a commercial fuel distributor, according to press releases. Financial terms were not disclosed.
IOR is advised by Miles Advisory and Gilbert + Tobin. Stonepeak is advised by Macquarie Group and King & Wood Mallesons, according to press releases.
Ares Management, a global alternative investment manager, completed the acquisition of a 70% stake in Omni Bridgeway Fund 9 from Omni Bridgeway, an alternative asset manager, for AUD320m ($203m), according to press releases.
Insignia extends exclusivity window for Bain and CC Capital bids. ( Reuters)
Australia’s Insignia Financial announced on April 17 that it has extended the exclusivity period by four weeks for both Bain Capital and CC Capital Partners as they continue evaluating their proposals to acquire the wealth management firm.
The extension follows requests from both bidders, allowing additional time to complete debt funding arrangements and finalize due diligence.
DigitalBridge’s sale of Southeast Asian towers is said to stall. ( Bloomberg)
DigitalBridge Group’s efforts to sell its Southeast Asian telecom tower operator, EdgePoint Infrastructure, have stalled due to valuation concerns.
Although work on a potential sale has paused, DigitalBridge is still exploring strategic options and may revisit the plans at a later stage. Alternatives under consideration include a potential breakup or piecemeal transactions rather than a full sale.
EQT’s Asia buyout fund raises over $10bn, on track to hit $12.5bn target. ( Bloomberg)
EQT has secured more than $10bn in commitments for its latest pan-Asia private equity vehicle, keeping it on pace to reach its $12.5bn fundraising target despite ongoing market volatility.
The Stockholm-listed firm plans to announce the first close of BPEA Private Equity Fund IX next week. The fund could reach its target by summer, with a hard cap set at $14.5bn later this year.
KKR-backed InCred to raise $174m for private credit fund. ( Bloomberg)
InCred Financial Services’ private credit arm plans to raise INR15bn ($174m) through a new fund to meet rising demand for private lending.
InCred Alternative Investments will focus on providing capital to small and mid-sized companies, particularly those backed by institutional investors.
|
