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
Ridgemont Equity Partners, a Charlotte-based middle market buyout and growth equity investor, completed the acquisition of CRS, a specialized provider of emergency services, according to press releases. Financial terms were not disclosed.
CRS was advised by Piper Sandler, Dorsey & Whitney and Kirkland & Ellis. Ridgemont Equity Partners was advised by William Blair & Co and Alston & Bird. Debt financing was provided by Antares Capital, Apogem Capital, Churchill Asset Management, Crescent Direct Lending and Manulife Investment Management, according to press releases.
Vistra, a power company, agreed to acquire Cogentrix Energy, a renewable energy development company, from Quantum Capital Group, a private equity firm, for $4bn, according to press releases.
Cogentrix Energy is advised by Evercore and King & Spalding. Vistra is advised by Goldman Sachs, Cleary Gottlieb Steen & Hamilton, Latham & Watkins (led by Trina Chandler, Ryan Lynch and Caroline Blitzer Phillips) and Sidley Austin. Quantul Capital Group was advised by Joele Frank, according to press releases.
LongRange Capital, a private equity firm, and Mark Mastrov agreed to acquire 24 Hour Fitness, a privately owned and operated fitness center chain, according to press releases. Financial terms were not disclosed.
24 Hour Fitness is advised by Piper Sandler and Ropes & Gray. LongRange Capital is advised by RBC Capital Markets and Paul Weiss Rifkind Wharton & Garrison (led by Angelo Bonvino). Mark Mastrov is advised by AJB Law Group and Sidley Austin, according to press releases and MergerLinks data.
L Catterton, a private equity firm, agreed to acquire a majority stake in Good Culture, a company specializing in organic cottage cheese, sour cream, and lactose free products. Financial terms are not disclosed.
Good Culture is advised by Houlihan Lokey, Winston & Strawn and Power Digital (led by Lauren Niday). L Catterton is advised by Citigroup and Kirkland & Ellis. Manna Tree is advised by Cooley and ICR Inc (led by Kate Schneiderman), according to press releases.
Cognizant, an American multinational technology company, completed the acquisition of 3Cloud, a dedicated Microsoft Azure services provider, from Gryphon Investors, a middle-market private investment firm, according to press releases. Financial terms are not disclosed.
Lane42 Investment Partners, an alternative asset management firm, and Karis Midstream Partners, a midstream company, completed the acquisition of Aqua Terra Permian, an energy infrastructure company, according to press releases. Financial terms were not disclosed.
Aqua Terra Permian was advised by Kirkland & Ellis. Lane42 Investment Partners was advised by Houlihan Lokey, Vinson & Elkins and Prosek Partners. Karis Midstream Partners was advised by Stephens, according to press releases.
Protective Life, a financial services holding company and a US subsidiary of Dai-ichi Life, completed the acquisition of Portfolio, a provider of reinsurance management services and finance and insurance products for car dealerships, from Abry Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Portfolio Holding was advised by Jefferies & Company and Kirkland & Ellis. Protective Life was advised by TD Securities and Maynard Nexsen. Abry Partners was advised by Jefferies & Company, Kirkland & Ellis and FGS Global, according to press releases.
PX3 Partners-backed Com Laude, a supplier of corporate domain services, completed the acquisition of Markmonitor, a strategic domain management solutions provider, from Newfold Digital, a web technology company, according to press releases. Financial terms were not disclosed.
PX3 Partners was advised by JP Morgan. Siris was advised by H/Advisors Abernathy (led by Dana Gorman). Newfold Digital was advised by KPMG, RBC Capital Markets and Sidley Austin, according to MergerLinks data and press releases.
Blackstone Energy Partners, a Blackstone's energy-focused private equity business, completed the acquisition of Alliance Technical Group, a provider of air quality testing, monitoring and source emissions testing services, according to press releases. Financial terms were not disclosed.
Alliance Technical Group was advised by Piper Sandler and Jones Day. Blackstone was advised by Harris Williams & Co, RBC Capital Markets and Kirkland & Ellis, according to press releases.
Veritas Capital, a private-equity firm, agreed to acquire a majority stake in GHX, a provider of data management solutions, according to press releases. Financial terms were not disclosed.
Veritas Capital is advised by Gibson Dunn & Crutcher and Prosek Partners. GHX is advised by Evercore, Cleary Gottlieb Steen & Hamilton and Highwire PR, according to press releases.
Greenbriar Equity Group, a private equity firm, completed the acquisition of eShipping, a provider of managed transportation, logistics, and supply chain technology solutions, according to press releases. Financial terms were not disclosed.
eShipping was advised by Harris Williams & Co, Stifel and Alston & Bird. Greenbriar Equity Group was advised by Evercore and Kirkland & Ellis, according to press releases.
Antin, a private equity firm, agreed to acquire Emsere, a clinical trial solutions partner specializing in the provision of medical devices and laboratory equipment, from Gryphion, a family investment platform, according to press releases. Financial terms were not disclosed.
Antin is advised by Macquarie Group, Loyens & Loeff and Brunswick Group (led by Tristan Roquet Montegon). Gryphion is advised by Moelis & Co and DLA Piper, according to press releases.
Southfield Capital-backed Kelvin Group, a provider of services in the field of industrial and commercial mission-critical mechanical services, completed the acquisition of PermaCold Engineering, a provider of engineered and constructed green refrigeration systems, according to press releases. Financial terms were not disclosed.
Southfield Capital and Kelvin Group were advised by Finn Dixon & Herling. Kelvin Group was advised by G2 Capital Advisors. Debt financing was provided by Crescent Capital Partners and Deerpath Capital Management, according to press releases.
Thoma Bravo-backed Majesco, a provider of in cloud-native, AI-native software for the P&C and L&AH segments, completed the acquisition of Vitech, a provider of cloud-native benefits administration software, from CVC, a private equity and investment advisory firm, according to press releases. Financial terms were not disclosed.
Thoma Bravo and Majesco were advised by Kirkland & Ellis. Vitech was advised by RBC Capital Markets. CVC was advised by White & Case (led by Paul Pittman), according to press releases.
Windjammer Capital, a private equity investment firm, completed the acquisition of MFG Chemical, a developer and manufacturer of specialty chemicals, according to press releases. Financial terms were not disclosed.
MFG Chemical was advised by Grace Matthews and Bartlit Beck. Windjammer Capital was advised by Piper Sandler, Kirkland & Ellis and Gregory FCA, according to press releases.
Coalesce Capital, a private equity firm, completed the majority investment in Marshall & Stevens, an independent valuation advisory, litigation support, and transaction advisory firm, according to press releases. Financial terms were not disclosed.
Marshall & Stevens was advised by Holland & Knight. Coalesce was advised by Stifel, Ropes & Gray and Joele Frank (led by Ed Trissel), according to press releases and MergerLinks data.
Blackstone, an American multinational private equity firm, completed the acquisition of the remaining stake in Air Control Concepts, a company that partners with and supports local commercial HVAC solutions providers, from Madison Dearborn Partners, an American private equity firm, according to press releases. Financial terms were not disclosed.
Blackstone was advised by Centerview Partners, RBC Capital Markets and Simpson Thacher & Bartlett. Sellers were advised by Kirkland & Ellis, according to press releases.
Gemspring Capital, a private equity firm, completed the acquisition of TRG, a global managed services provider specializing in enterprise mobility, industrial mobility, and technology solutions, according to press releases. Financial terms were not disclosed.
Gemspring Capital was advised by Kirkland & Ellis. TRG was advised by Guggenheim Partners and Jones Day (led by David Schindelheim), according to press releases and MergerLinks data.
Cornell Capital-backed PureStar, an American provider of laundry services and linen management, completed the acquisition of Emerald Textiles, a provider of healthcare linen and laundry services, according to press releases. Financial terms were not disclosed.
Cornell Capital and PureStar were advised by Jefferies & Company and Davis Polk & Wardwell. Cornell Capital was advised by Joele Frank (led by Kate Thompson), according to press releases.
Pacific Avenue, a global private equity firm, and Cameron Ashley Building Products, a wholesale distributor of roofing, insulation, gypsum, siding, and other specialty building products, completed the acquisition of Therm-All, a fabricator and distributor of metal building insulation and related products, according to press releases. Financial terms were not disclosed.
Pacific Avenue was advised by KPMG, Bank of America and Weil Gotshal and Manges (led by Kyle C Krpata), according to press releases and MergerLinks data.
Olympus Partners-backed PAI Pharma, an American developer, manufacturer and distributor of generic oral liquids, completed the acquisition of Nivagen, a specialty pharmaceuticals company, according to press releases. Financial terms were not disclosed.
Bidders were advised by Bourne Partners, KPMG and Kirkland & Ellis, according to press releases.
Grant Avenue, a healthcare-focused private equity firm, completed the acquisition of PatientCare EMS, a provider of ground-based 911 emergency ambulance services and other critical healthcare logistics solutions, according to press releases. Financial terms were not disclosed.
Grant Avenue was advised by Citizens M&A, Lincoln International, McGuireWoods and Gasthalter & Co (led by Amanda Shpiner), according to press releases.
CORE-backed AxioAero, a holding company focused on acquiring and supporting businesses in the aerospace and aviation services sector, completed the acquisition of Airway Aerospace, an FAA/EASA repair station, according to press releases. Financial terms were not disclosed.
CORE was advised by Winston & Strawn and Gregory FCA (led by Jeremy Milner), according to press releases.
Calera Capital, a middle-market private equity firm, completed the acquisition of ReVamp, a residential floor coating and vinyl fence installers, according to press releases. Financial terms were not disclosed.
Calera Capital was advised by Baker McKenzie, Simpson Thacher & Bartlett and Prosek Partners (led by Mickey Mandelbaum), according to press releases.
The Riverside Company, a global investment firm, completed the investment in Certified Collision Group, a subscription-based membership network serving independent collision repair shops across the United States and Canada, according to press releases. Financial terms were not disclosed.
The Riverside Company was advised by Jones Day (led by Justin Farra) and Holly M Communications, according to press releases and MergerLinks data.
AE Industrial, a private investment firm, completed the acquisition of a majority stake in the space propulsion and power systems business of L3Harris Technologies, an American technology company, defense contractor and information technology services provider that produces C6ISR systems and products, at a $845m valuation, according to press releases.
L3Harris Technologies was advised by Jefferies & Company. AE Industrial was advised by Stanton PRM (led by Matthew Conroy), according to press releases.
Bear Castle-backed Allied, a provider of specialty construction services, completed the acquisition of Substations, a provider of substation construction and maintenance services, according to press releases. Financial terms were not disclosed.
Bear Castle was advised by Jackson Walker and Robinson Bradshaw, according to press releases.
Planet First Partners, a private equity firm, led a $130m round in Photonic, a provider of distributed quantum computing, with participation from Royal Bank of Canada, TELUS, BCI and Microsoft, according to press releases.
Photonic was advised by Evercore and Interprose, according to press releases and MergerLinks data.
Patria Investments, an alternative asset management company, completed the acquisition of a 51% stake in Solis Investimentos, a Brazilian investment manager, for $3.5bn, according to press releases.
Patria Investments was advised by Hill & Knowlton, according to MergerLinks data and press releases.
Valor Equity Partners, an investment firm, led a $20bn Series E round in xAI, a developer of an artificial intelligence-powered personal assistant application, with participation from Stepstone Group, Fidelity Management & Research Company, Qatar Investment Authority, MGX and Baron Capital Group, NVIDIA and Cisco Investments, according to press releases.
Apollo, a high-growth, global alternative asset manager, agreed to invest $1.2bn in QXO, the largest publicly traded distributor of roofing, waterproofing and complementary building products in North America, according to press releases.
Kayne Anderson, an alternative investment firm, and Quantum, a private equity firm, completed a $1bn investment in South Wind, an oil and gas company, according to press releases.
Avigdor Willenz, a founding investor, led a $107m funding round in Lyte, an end-to-end integrated perception company for robotics and Physical AI, with participation from Fidelity Management & Research Company, Atreides Management, Exor Ventures, Key1 Capital, and VentureTech Alliance, according to press releases.
Regulators may seek liquidation of PHL Variable Insurance, consider lawsuit against Golden Gate. ( Bloomberg)
State regulators are scrapping plans to rehabilitate PHL Variable Insurance and are now considering liquidation after determining that the life insurer’s financial condition is worse than previously believed. The company was acquired by private equity firm Golden Gate Capital about a decade ago.
Regulators said they may also pursue legal action against Golden Gate and its insurance arm, Nassau Financial Group, alleging breaches of fiduciary duty unless an acceptable settlement is reached. Nassau said the accusations are “without merit.”
MPM BioImpact-backed Aktis seeks to raise $212m in IPO. (SEC Filing)
Aktis Oncology, a clinical-stage biotech company developing radiopharmaceutical-based treatments, is aiming to raise up to $212m in a US initial public offering.
The Boston-based firm, supported by MPM Biolmpact and Vida Ventures, plans to sell 11.8m shares at $16 to $18 each. At the top of the range, the company would have a market value of about $840m based on its outstanding shares.
EMEA
Capitol Meridian Partners and Stellex Capital Management, investment firms, completed the acquisition of Beaufort, an aerospace and defense division, from Survitec, a provider of survival technology, according to press releases. Financial terms were not disclosed.
Stellex Capital Management was advised by Prosek Partners (led by Rachel Goun). Capitol Meridian Partners was advised by Evercore, Latham & Watkins (led by J. Cory Tull) and Ullman Communications (led by Chris Ullman). Financial advisor was advised by Milbank. Debt financing was provided by Adams Street Partners. Survitec was advised by Houlihan Lokey and Greenberg Traurig, according to press releases and MergerLinks data.
Arcus Infrastructure Partners, a private equity firm, agreed to acquire Wifinity, an independent provider of business critical connectivity for complex, multi-site and multi-tenant environments, from LDC, a private equity investor, according to press releases. Financial terms were not disclosed.
Wifinity and LDC are advised by DC Advisory, KPMG, Debevoise & Plimpton (led by James Grimwood), Analysys Mason and EY Parthenon. Wifinity is advised by Liberty CF, Addleshaw Goddard and RSM International, according to press releases and MergerLinks data.
Oakley Capital, a private equity firm, agreed to acquire a majority stake in Global Loan Agency Services, a global provider of loan administration and bond trustee services, from Levine Leichtman Capital Partners, a private equity and venture capital firm, for £55m ($74m), according to press releases.
Oakley Capital is advised by Deutsche Numis (led by Nathan Brown) and Greenbrook (led by Robert White). Global Loan Agency Services and Levine Leichtman Capital Partners are advised by Deutsche Bank, Robert W Baird and Willkie Farr & Gallagher, according to press releases.
Holcim, a global company that provides cement, aggregates, and ready-mix concrete to the construction industry, completed the acquisition of Alkern, a company that manufactures prefabricated concrete products for building construction, outdoor landscaping, and public works, for $170m, according to press releases.
Holcim was advised by BDO. Chequers Capital was advised by Weil Gotshal and Manges, according to press releases and MergerLinks data.
Oakley Capital, a private equity firm, agreed to invest £55m ($74m) in Global Loan Agency Services, a global provider of loan administration and bond trustee services, according to press releases.
Oakley Capital is advised by Deutsche Numis (led by Nathan Brown) and Greenbrook (led by Robert White), according to press releases.
Varsity, a healthcare services private equity investment firm, completed the investment in Trialbee, a patient recruitment platform specializing in patient recruitment services, according to press releases. Financial terms were not disclosed.
Varsity was advised by Piper Sandler and Prosek Partners (led by Mickey Mandelbaum), according to press releases.
I Squared Capital, a private equity firm, agreed to acquire Ramudden, an international provider of traffic management and infrastructure safety, from Triton, a private equity firm, according to press releases. Financial terms were not disclosed.
Triton is advised by Deutsche Bank and Goldman Sachs, according to press releases and MergerLinks data.
Bregal Sagemount, a growth-focused private capital firm, completed the investment in Redgate Software, a provider of database management solutions, according to press releases. Financial terms were not disclosed.
Redgate Software was advised by Shea & Co and DLA Piper, according to press releases.
KKR and Oak Hill Capital, private equity firms, agreed to invest $1.9bn in Global Technical Realty, a European built-to-suit data center platform, according to press releases.
GTR is advised by RBC Capital Markets, according to press releases and MergerLinks data.
Bain Capital and Prisma-backed Bionexo, a Brazilian technology company that optimizes supply management and logistics for healthcare facilities, completed the acquisition of Tasy, Philips' hospital management software subsidiary, for RBL1bn ($191m), according to press releases.
Philips was advised by Citigroup, according to MergerLinks data.
Bridgepoint Group, a private equity firm, agreed to acquire Interpath, a financial advisory and restructuring firm, from HIG Capital, a global alternative asset investment firm, according to press releases. Financial terms are not disclosed.
London estate agent Dexters owner exploring potential sale. ( Bloomberg)
Barclays is being lined up to advise on the potential sale, although a formal mandate has not been confirmed.
InPost soars after receiving takeover approach. ( Bloomberg)
InPost shares jumped about 20% after the Polish parcel locker operator received a takeover proposal from an unidentified buyer, lifting its market value to around €6.8bn ($8bn).
The company’s largest shareholder is PPF Group, while founder and chief executive Rafal Brzoska holds a 12.49% stake.
Banks vie to provide €4.5bn debt for Advent’s InPost bid. ( Bloomberg)
Banks are competing to provide up to €4.5bn ($5.3bn) in debt for a potential Advent International-led takeover of Polish parcel locker operator InPost, marking a major deal in the 2026 M&A and leveraged finance market.
Several lenders have reached out to the private equity firm.
Olaplex said to attract takeover offer from Germany’s Henkel. ( Bloomberg)
Henkel has made a takeover offer for Olaplex, whose shares have plunged more than 90% since its IPO. Olaplex and Henkel are in talks, and a deal could be reached within weeks.
Olaplex shares jumped over 36% on the news, Advent remains its largest shareholder.
TPG closes in on £1bn-plus deal for GP patient records supplier. ( Sky News)
TPG is nearing an agreement to acquire Optum’s UK business, which supplies electronic patient record systems to most GP practices across Britain.
The transaction is expected to value the business at £1.2bn–£1.4bn ($1.5bn–$1.75bn), marking a major investment in the UK healthcare technology sector.
European football clubs lose out amid soaring US valuations in deal frenzy. ( FT)
European football clubs have lagged behind in a surge of sports deals, as cost pressures and relegation risk continue to limit investor appetite compared with the US.
Recent US transactions highlight higher valuations, including the sale of an 8% stake in the New England Patriots to Sixth Street and Dean Metropoulos, valuing the team at more than $9bn.
APAC
Coatue, an investment company, led a $2bn Series C round in DayOne Data Centers, an independent, Singapore-headquartered hyperscale data center platform, with participation from Indonesia Investment Authority, according to press releases.
DayOne Data Centers was advised by Morgan Stanley. Coatue was advised by Latham & Watkins (led by Tracey Zaccone), according to press releases and MergerLinks data.
KKR and Warburg Pincus among suitors for Southeast Asia school operator. ( Bloomberg)
KKR and Warburg Pincus are among bidders competing to acquire TPG’s Southeast Asia school business XCL Education, which is valued at up to $2bn. EQT has also advanced to the next stage of the process.
TPG launched the sale process last month and is seeking to exit the education platform operating across the region.
TPG Capital nears deal for up to 40% stake in India's IIFL Capital Services. ( Deal Street Asia)
TPG Capital is nearing an agreement to acquire a 30% to 40% stake in India’s IIFL Capital Services, potentially becoming the company’s largest shareholder.
The transaction is expected to be valued between INR36.36bn ($404.3m) and INR48.48bn ($539.1m). If completed, the deal would also trigger an additional 26% stake through an open offer in line with market regulator rules.
Baillie Gifford, GIC to buy shares in MiniMax’s $619m Hong Kong IPO. ( Bloomberg)
Baillie Gifford and Singapore sovereign wealth fund GIC are among the investors purchasing shares in MiniMax Group’s HKD4.8bn ($619m) initial public offering in Hong Kong.
Demand from institutional investors was robust, with orders exceeding 70 times the shares on offer and more than 460 institutions taking part. The Chinese artificial-intelligence company priced the IPO at the top end of its marketing range, with institutional bids—excluding the cornerstone allocation—surpassing available shares by over 70 times.
|
