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AMERICAS
FTV Capital, a growth equity firm, and Lightyear Capital, a private equity firm, completed the investment in ProfitSolv, a provider of practice management software and payments for legal, accounting and professional services firms, according to press releases. Financial terms were not disclosed.
Lightyear Capital was advised by Raymond James, William Blair & Co, Davis Polk & Wardwell and ThroughCo Communications (led by Elliot Sloane). FTV Capital was advised by Guggenheim Partners, Skadden Arps Slate Meagher & Flom (led by Blair Thetford) and Prosek Partners, according to press releases and MergerLinks data.
STG, a private equity firm, agreed to acquire Yodlee, an open finance, data aggregation, and analytics firm, from Envestnet, an American financial technology corporation, according to press releases. Financial terms were not disclosed.
STG is advised by Jefferies & Company, KPMG, RBC Capital Markets and Paul Hastings. Envestnet is advised by Bank of America and Ropes & Gray, according to press releases and MergerLinks data.
26North Partners, an integrated, multi-asset class investment platform, agreed to acquire a majority stake in AVI-SPL, an audio-video and unified communication technologies provider, from Marlin Equity Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
AVI-SPL is advised by Goodwin Procter, Guggenheim Partners and William Blair & Co. 26North is advised by Kirkland & Ellis (led by Ryan Brissette, Daniel Goldschmidt and Peter Martelli) and Santander. Debt financing is provided by Silver Point Capital, according to press releases and MergerLinks data.
TSG Consumer Partners, a private equity firm focused on the consumer sector, completed the investment in DUDE Wipes, an innovative personal hygiene company recognized for its category-disrupting flushable wipes, according to press releases. Financial terms were not disclosed.
DUDE Wipes wad advised by Harris Williams & Co, Barnes & Thornburg and Autumn Communications (led by Lauren St. Clair). TSG Consumer Partners was advised by Lazard, Ropes & Gray and Prosek Partners, according to press releases.
Harvest Partners and A&M Capital, a private equity firms, completed the investment in Med-Metrix, a provider of technology-enabled revenue cycle management solutions, according to press releases. Financial terms were not disclosed.
Med-Metrix and A&M Capital were advised by TripleTree and VRA Partners. Harvest Partners was advised by Evercore, Robert W Baird, Kirkland & Ellis and Lambert & Co (led by Caroline Luz), according to press releases and MergerLinks data.
Court Square Capital Partners, a private equity firm, completed the acquisition of majority stake in DCCM, a provider of design, consulting, and construction management services, from White Wolf Capital, a private investment firm, according to press releases. Financial terms were not disclosed.
Court Square Capital Partners was advised by Houlihan Lokey, Dechert (led by Gregory A. Schernecke) and Edelman Smithfield. DCCM and White Wolf Capital were advised by Harris Williams & Co. DCCM was advised by AEC Advisors, according to press releases and MergerLinks data.
Haveli Investments, a private equity firm, agreed to acquire Couchbase, a developer data platform for critical applications, for $1.5bn, according to press releases.
Couchbase is advised by Morgan Stanley and Wilson Sonsini Goodrich & Rosati. Haveli Investments is advised by Jefferies & Company and Latham & Watkins, according to press releases.
HC Private Investments, a private equity investment firm, completed the acquisition of Snackwerks, a seed company, and Specialty Bakers, a producer of ladyfingers, according to press releases. Financial terms were not disclosed.
Specialty Bakers was advised by Brown Gibbons Lang & Company. HCPI was advised by Winston & Strawn. Debt financing was provided by Ironwood Capital and Signature Bank of Chicago, according to press releases.
TJC, a private equity firm, completed the acquisition of Wedgewood Weddings, a provider of wedding services, from Prospect Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
TJC was advised by Kirkland & Ellis (led by Keri Schick Norton) and Prosek Partners. Prospect was advised by Harris Williams & Co and Sidley Austin , according to press releases.
Blackstone-led investor consortium, including CPP Investments, Caisse de dépôt et placement du Québec, PSP Investments and British Columbia Investment Management, completed the acquisition of a 49.9% stake in the wireless network from Rogers Communications, a communications and entertainment company, for CAD7bn ($5.1bn), according to press releases.
GreyLion, a private equity firm, completed the acquisition of Torginol, a manufacturer and marketer of decorative flakes, according to press releases. Financial terms were not disclosed.
Torginol was advised by CIBC World Markets and Godfrey & Kahn. Greylion Partners was advised by Latham & Watkins, according to press releases.
ArcLight and DigitalBridge, investment firms, completed the $500m investment in Takanock, a provider of innovative digital and power infrastructure solutions, according to press releases.
Takanock was advised by Houlihan Lokey. DigitalBridge was advised by Simpson Thacher & Bartlett (led by Gabriel Silva), according to press releases and MergerLinks data.
Accel and Andreessen Horowitz, venture capital firms, led a $131m Series C round in Decagon, an AI customer support agents company, with participation from A*, Bain Capital Ventures, BOND, Avra, Forerunner and Ribbit Capital, according to press releases.
A healthcare investor led a $100m Series D round in Neuron23, a clinical-stage biotechnology company, with participation from Westlake Village BioPartners, SoftBank Vision Fund 2, Redmile Group, Blue Owl, Kleiner Perkins, HBM Healthcare Investments, and Acorn Bioventures, according to press releases.
Argo Infrastructure, an independent fund manager, agreed to acquire the Hawaiʻi gas storage and supply assets from UGI-backed AmeriGas, a retail propane distributor, according to press releases. Financial terms were not disclosed.
Argo Infrastructure is advised by Edelman Smithfield (led by Ira Gorsky) , according to press releases.
Citation Capital, a private equity firm, completed the acquisition of Gallo Mechanical, a specialty mechanical contractor providing large-scale HVAC and plumbing installation and services, according to press releases. Financial terms were not disclosed.
Citation Capital was advised by Prosek Partners, according to press releases.
FCA Venture Partners, a venture capital firm, led a Series A round in Vellum Health, a healthcare platform, with participation from Green Park & Golf Ventures, according to press releases. Financial terms were not disclosed.
Bain Capital raises $1bn in debt to finance the Sizzling Platter deal. ( Bloomberg)
Bain Capital has secured approximately $1bn in debt financing to support its buyout of Sizzling Platter, a franchise operator for brands such as Little Caesars, Dunkin’, Jersey Mike’s, and Wingstop.
The financing includes a $425m seven-year first-lien term loan, priced at 5 percentage points over SOFR and issued at a 97-cent discount on the dollar. Additional funding came from bond issuances to complete the transaction.
This debt-backed acquisition highlights Bain's continued interest in scaling operations within the multi-brand restaurant franchise space.
TPG and Aquarian lead final bids for Brighthouse Financial. ( Reuters)
TPG and Aquarian have emerged as the final bidders for Brighthouse Financial, a prominent US life insurer seen as a strategic asset for firms expanding into private credit. Both firms reportedly submitted bids earlier this month at a modest premium to Brighthouse’s current market valuation, signaling competitive interest in insurance-linked investment platforms.
Aquarian is backed by Abu Dhabi’s Mubadala Capital, while TPG brings extensive private equity experience in financial services. The sale of Brighthouse could provide the winning bidder with access to long-duration liabilities suitable for credit deployment and structured investment strategies.
Jefferson Capital prices US IPO at $15, raising $150m. ( Reuters)
Jefferson Capital and its existing shareholders raised $150m in a Nasdaq IPO by pricing about 10m shares at $15 each, the bottom of the marketed range. The company had initially aimed to sell shares in the $15 to $17 range. The offering reflects ongoing investor appetite for new listings, despite the more cautious pricing.
The Minneapolis-based company is backed by private equity and intends to benefit from recent positive sentiment in equity markets. Proceeds from the offering will be used to support growth and shareholder liquidity.
Vista raises $5.6bn for Cloud Software continuation fund. ( Bloomberg)
Vista Equity Partners has secured $5.6bn to extend its ownership of Cloud Software through a large single-asset continuation fund. The transaction includes $2.7bn in fresh capital from new investors, while Vista also committed about $2.2bn from its existing funds, primarily Vista Equity Partners VII and VIII. The move allows Vista to retain control of the asset while providing liquidity options to older fund investors.
This deal ranks among the largest continuation fund transactions in private equity, highlighting the increasing use of such vehicles to manage portfolio assets over longer durations.
Morgan Stanley collects $3.2bn for middle market deals. ( Bloomberg)
Morgan Stanley Capital Partners has raised $3.2bn for its newest buyout fund, North Haven Capital Partners VIII, despite a challenging private equity fundraising environment.
The fund will target middle-market companies with earnings between $20m and $30m, according to Aaron Sack of Morgan Stanley Investment Management. It attracted several new investors from Asia and the Americas and is roughly 60% larger than its predecessor.
EMEA
A takeover battle for a London-based healthcare REIT has shifted course after its board reversed course, backing a revised offer from a listed company over an earlier all-cash bid from a private equity firm.
Assura is advised by Barclays (led by Bronson Albery), Lazard (led by Cyrus Kapadia), Stifel (led by Mark Young), Travers Smith and FGS Global (led by Gordon Simpson). KKR is advised by Jefferies & Company (led by Dai Clement), Bowmans, Simpson Thacher & Bartlett (led by Amy Mahon) and FGS Global (led by Faeth Birch). Jefferies & Company is advised by Norton Rose Fulbright (led by Kit McCarthy). PHP is advised by Deutsche Numis (led by Heraclis Economides), Peel Hunt (led by Capel Irwin and Michael Nicholson), Citigroup, JP Morgan, Rothschild & Co (led by Alex Midgen), CMS and Sodali & Co (led by Elly Williamson), according to press releases and MergerLinks data.
The boards of Advent and Spectris announced that they have reached agreement on the terms of a recommended cash acquisition by Advent of the entire issued and to be issued share capital of Spectris. The Offer Value values the entire issued and to be issued share capital of Spectris at approximately £3.8bn and implies an enterprise value of approximately £4.4bn.
Bagnall Energy, a UK-based renewable energy investor, agreed to acquire Downing Renewables & Infrastructure Trust, a UK-listed investment trust focused on renewable infrastructure assets, for £175m ($235m), according to press releases.
Downing Renewables & Infrastructure is advised by Singer Capital Markets, Gowling WLG and TB Cardew (led by Ed Orlebar). Bagnall Energy is advised by Dickson Minto (led by Douglas Armstrong) and Camarco (led by Jennifer Renwick), according to press releases and MergerLinks data.
Pacific Avenue Capital, a private equity firm, agreed to acquire a cement business from FLSmidth, a Danish multinational engineering company, for €150m ($172.7m), according to press releases.
FLSmidth is advised by UBS, according to MergerLinks data.
Ares Management, a global investment firm, agreed to acquire a 20% stake in Plenitude, a renewables and retail energy company, from Eni, an energy company, for €2bn ($2.3bn), according to press releases. Financial terms were not disclosed.
Ares Management is advised by UniCredit, according to press releases.
Nrep, a private equity real estate firm, agreed to acquire a residential building at Islands Brygge in Copenhagen from Nuveen Real Estate, a real estate investment manager, according to press releases. Financial terms were not disclosed.
Nrep is advised by Gorrissen Federspiel (led by Steen Puch Holm-Larsen), according to press releases and MergerLinks data.
Gimv, a Belgian European investment company, agreed to acquire a majority stake in Alpine, an international brand in passive, premium consumer hearing protection, from Vendis Capital, an investment firm, according to press releases. Financial terms were not disclosed.
Gimv is advised by Jones Day (led by Floris Pierik), according to press releases and MergerLinks data.
UI Investissement, an investment firm, completed the acquisition of Maison Guinguet, a chocolate shop, according to press releases. Financial terms were not disclosed.
Maison Guinguet is advised by Rothschild & Co (led by Romain Massiah), according to press releases and MergerLinks data.
Atomico, a venture capital firm, led a $135m Series B round in PhysicsX, a London-based company accelerating industrial innovation with AI, with participation from Temasek, Siemens, Applied Materials, July Fund, General Catalyst, NGP, Radius Capital, Standard Investments, and Allen & Co, according to press releases.
Eclipse, a venture firm, led a $125m Series B round in ForSight Robotics, an ophthalmic robotic surgery company, according to press releases.
Private equity firm Jadwa said to put Saudi pharma unit on sale. ( Bloomberg)
Jadwa Investment is planning to sell its 51% stake in UniPharma, one of Saudi Arabia's largest pharmaceutical companies, offering investors access to a rapidly expanding sector of the country's economy.
The private equity firm, which purchased the stake in 2020, is working with Egypt’s EFG's investment banking division on the sale and is aiming for a valuation of around SAR1bn ($267m).
Historically, Jadwa Investment has worked with Ernst & Young, HSBC and Gibson Dunn & Crutcher, according to MergerLinks data.
Penta hires bankers for sale of UK financial advisor Amber River. (Reuters)
Buyout firm Penta Capital has appointed bankers to explore a sale of Amber River, a UK-based financial advice platform. The company, built through a series of acquisitions, offers wealth planning, pensions, and investment advisory services across the UK.
The sale process is expected to attract interest from both private equity and strategic buyers targeting consolidation in the UK financial advice sector. Penta formed Amber River in 2019 and has since scaled it into a nationwide platform.
Pignataro’s ION plans investment in Azimut-backed Italian fintech. (Bloomberg)
ION Group, led by Italian billionaire Andrea Pignataro, is planning to invest in an Italian fintech platform backed by asset manager Azimut. The deal would mark another step in ION’s expansion into financial infrastructure and technology across Europe.
The fintech firm offers digital wealth management and financial advisory tools and is part of Azimut’s strategy to build a next-generation advisory platform. The investment would deepen ION’s ties in the wealth tech space and align with its broader push to integrate software, data, and services in capital markets.
Smith & Williamson tables bid for deals unit of investment bank Cavendish. ( Sky News)
Smith & Williamson, a private equity-backed professional services firm, recently made an offer to acquire the mergers and acquisitions division of London-listed investment bank Cavendish, which would have led to the bank's breakup. The offer, reportedly rejected, could attract interest from other potential buyers.
The bid for Cavendish’s deals unit highlights continued strength in the M&A advisory market, despite broader sector difficulties. Smith & Williamson, now operating independently after being spun off from Evelyn Partners and rebranded by Apax Partners, is aiming to expand its presence in this space.
Visma backed by Hg Capital selects London for potential IPO. ( Bloomberg)
Visma, a software company backed by Hg Capital, has reportedly chosen London as the venue for its initial public offering, setting the groundwork for one of the largest tech listings in the UK in recent years. The IPO could occur as soon as early next year, with the company currently inviting banks to pitch for roles on the deal.
Visma had considered other options, including Amsterdam, before leaning toward London as its preferred listing destination. The decision may offer a boost to London’s IPO market, which has struggled to attract high-profile tech floats.
Cinven targets €2bn for new mid-market investment fund. (Bloomberg)
Cinven is seeking to raise between €1.5bn ($1.6bn) and €2bn ($2.1bn) for a new investment vehicle focused on mid-sized transactions, expanding its strategy beyond financial services into tech-enabled sectors. The new fund will succeed its Strategic Financials Fund, which closed at €1.5bn ($1.7bn) in 2022.
The move reflects a broader shift among buyout firms toward the mid-market, where deal activity has remained more resilient amid a global slowdown in IPOs and large-cap M&A. Cinven's push is part of a sector-specific approach to navigate tighter fundraising conditions and evolving investor priorities.
Project A launches €325m fund to fuel Europe's earliest-stage tech. ( Press Release)
Project A, a European tech venture capital firm, has closed its oversubscribed €325m ($374m) Fund V, bringing its total assets under management to €1.2bn ($1.4bn).
The fund, raised quickly in just four months, will support startups at the idea, pre-seed, and seed stages. It attracted strong backing from both new and existing investors, including institutional backers, family offices, and strategic partners from Europe and the US.
QIA and Fiera Capital launched a $200m Qatar-focused equity strategy. ( AGBI)
Qatar Investment Authority and Fiera Capital have jointly launched the Fiera Qatar Equity Strategy, an actively managed fund with $200m in assets under management. The vehicle is structured as a daily-dealing mutual strategy targeting both international and domestic institutional investors seeking exposure to the Qatari equities market.
The strategy aims to outperform local benchmarks by focusing on stocks listed on the Qatar Stock Exchange and delivering superior risk-adjusted returns. The move aligns with QIA’s ambition to promote its domestic capital markets while enhancing access for global investors. Fiera Capital will serve as the investment manager.
APAC
CarUX, a company focused on smart cockpit solutions, agreed to acquire Pioneer Corporation, an automotive technology company, from EQT, a private equity firm, for $1.1bn, according to press releases.
EQT Infrastructure is advised by Bank of America, Deutsche Bank, Morrison Foerster, Nagashima Ohno & Tsunematsu and White & Case, according to press releases.
Apollo, a global alternative investment management firm, completed a $750m investment in Adani-backed Mumbai International Airport, an international airport, according to press releases.
Mumbai International Airport was advised by Allen & Overy and Cyril Amarchand Mangaldas. Apollo was advised by Khaitan & Co and Milbank, according to press releases.
BOND, a global technology investment firm, led a $100m Series D round in Halter, a technology company increasing productivity on US cattle ranches with its virtual fencing and animal management system, with participation from NewView, Bessemer Venture Partners, DCVC, Blackbird, Icehouse Ventures and Promus Ventures, according to press releases.
General Catalyst, a venture capital firm, led a $100m round in Raphe mPhibr, a drone technology company, with participation from Ascent Capital, Evolute Ventures, Munish Financial, Lollapalooza Enterprise, Dovetail Capital, Pivotal Software and Anjana Projects, according to press releases.
Warburg is said in talks to sell a stake in SBI General Insurance. ( Bloomberg)
Warburg Pincus is in discussions with Premji Invest and State Bank of India regarding the sale of its roughly 10% stake in SBI General Insurance.
The firm is working through the final terms of a deal with Premji Invest — the investment office of Wipro founder Azim Premji — and SBI. The transaction could value SBI General Insurance at up to $4.5bn.
Ares said to buy Northstar funds for Asia private equity growth. (Bloomberg)
Ares Management has taken over three private equity funds previously managed by Indonesia’s Northstar Group, furthering its expansion in Asia despite Northstar’s exposure to the collapsed startup eFishery. About 20 Northstar investment professionals will join Ares, though co-founders Patrick Walujo and Glenn Sugita will not transition.
The deal follows extensive due diligence and comes as Ares builds out its presence across credit, private equity, and real assets in Asia. The eFishery meltdown, which triggered over $300m in losses, has not deterred Ares from integrating Northstar’s platform to deepen its regional exposure.
Sanhua slips in Hong Kong debut after $1.2bn listing. ( Bloomberg)
Zhejiang Sanhua Intelligent Controls dipped slightly in its Hong Kong trading debut on June 23 following its HKD9.3bn ($1.2bn) stock offering. Shares closed 0.1% lower at HKD22.50 ($2.87).
The Chinese refrigeration component maker, which is expanding into advanced robotics, priced its shares at the top of the marketed range. The listing attracted several prominent cornerstone investors, including Jane Street, GIC and Schroders.
Virgin Australia, a Bain Capital-backed Australian airline, has officially listed on the Australian Securities Exchange, following a successful offering period with strong demand from both local and international investors.
The AUD685m ($440m) IPO represents 30.2% of the company’s shares, with the remaining shares held by existing owners such as Bain Capital, Qatar Airways, Virgin Group, and Queensland Investment Corporation.
PAG raises $432m in first close of debut yuan buyout fund. ( DealStreetAsia)
Asia-focused private equity firm PAG has raised CNH3.1bn ($432m) in the first close of its inaugural yuan-denominated buyout fund, surpassing its initial target. The fund is intended to strengthen PAG’s investment footprint in China, where it sees continued opportunities despite broader market caution.
The raise comes amid a challenging environment for private equity in China, with deal activity under pressure from macroeconomic uncertainties and geopolitical tensions. Still, PAG's success in securing domestic capital suggests a strong local investor appetite for RMB-focused strategies.
India's Amicus Capital closes second PE fund at $214m. ( DealStreetAsia)
Amicus Capital Partners has closed its second private equity fund at $214m, surpassing its $200m target. The oversubscribed fund reflects strong investor confidence in the firm’s strategy of backing mid-market, category-defining entrepreneurs in India. Investors included a mix of global institutions and family offices.
The fund will continue Amicus Capital’s sector-agnostic approach with a focus on businesses poised for long-term growth and scalable impact. It will deploy capital across consumer, healthcare, financial services, and technology-enabled businesses, consistent with the firm’s past practices.
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