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AMERICAS
Lowe's, an American retail company specializing in home improvement, completed the acquisition of Foundation Building Materials, a North American distributor of interior building products, from American Securities, and CD&R, two private equity firms, for $8.8bn, according to press releases.
Foundation Building Materials was advised by RBC Capital Markets, Weil Gotshal and Manges (led by Michael Lubowitz). Lowe's was advised by Centerview Partners, Goldman Sachs, Freshfields Bruckhaus Deringer (led by Damien R. Zoubek and Jenny Hochenberg), and Joele Frank (led by Barrett Golden). Debt financing was provided by Bank of America and Goldman Sachs. Debt providers were advised by Paul Hastings (led by Morgan Bale, Steve Camahort, and Ismael Duran). CD&R was advised by RBC Capital Markets, Weil Gotshal and Manges and FGS Global (led by Andrew Cole). American Securities was advised by RBC Capital Markets, Weil Gotshal and Manges, and Prosek Partners (led by Joshua Rosen), according to press releases and MergerLinks data.
ALLETE announced that the Minnesota Public Utilities Commission unanimously approved its acquisition by Canada Pension Plan Investment Board and Global Infrastructure Partners. With regulatory approvals in place, the deal is expected to close in late 2025 after the MPUC issues its written order.
One Equity Partners, a private equity firm, completed the investment in KBR-backed Brown & Root Industrial Services, a provider of non-discretionary, specialty industrial services, from BCP, a services and infrastructure-focused private equity management firm, according to press releases. Financial terms were not disclosed.
One Equity Partners was advised by Arnovia, Guggenheim Partners, KPMG, Sidley Austin (led by Brien M. Wassner and John C. Godfrey) and Stanton PRM. Bernhard Capital Partners was advised by Houlihan Lokey, Kirkland & Ellis (led by Mike Marek) and Joele Frank (led by Ed Trissel). KBR was advised by Baker McKenzie, according to press releases and MergerLinks data.
Man Group, a global alternative investment management firm, completed the acquisition of Bardin Hill, a US private credit manager, according to press releases. Financial terms were not disclosed.
Bardin Hill was advised by Houlihan Lokey, Herbert Smith Freehills Kramer (led by Damian Petrovic) and Schulte Roth & Zabel. Man Group was advised by Goldman Sachs, Willkie Farr & Gallagher (led by Laura Acker and Dave Boston) and FTI Consulting (led by Neil Doyle), according to MergerLinks data and press releases.
Race Rock, a privately owned fabricator and distributor of a wide portfolio of steel infrastructure products, completed the acquisition of Spitzer Industries, a custom manufacturer of equipment serving the energy, industrial, and commercial sectors worldwide, from Stephens Group, a private investment firm, according to press releases. Financial terms were not disclosed.
Spitzer Industries was advised by Jefferies & Company and Jones Day. Race Rock was advised by Gibson Dunn & Crutcher. Debt financing was provided by JP Morgan, according to press releases and MergerLinks data.
CVC Capital Partners, a private equity firm, agreed to acquire a majority stake in Bamboo, a data-enabled insurance distribution platform, from White Mountains, a financial services holding company, according to press releases. Financial terms were not disclosed.
Bamboo is advised by Evercore, Piper Sandler, Cravath Swaine & Moore and Willkie Farr & Gallagher. CVC Capital Partners is advised by Latham & Watkins, according to press releases.
Stellex Capital Management, a private equity firm, completed the acquisition if Crest Ultrasonics, an industrial technology manufacturer, according to press releases. Financial terms were not disclosed.
Crest is advised by Houlihan Lokey and Norris McLaughlin. Stellex is advised by Stout Capital, Morrison Foerster and Prosek Partners (led by Mike Geller), according to press releases.
TA Associates, a global private equity firm, completed a majority investment in FinQuery, a provider of AI-powered accounting automation solutions, according to press releases. Financial terms were not disclosed.
FinQuery was advised by Evercore and Latham & Watkins. TA Associates was advised by Jefferies & Company and Shea & Co, according to MergerLinks data and press releases.
VMG Partners, a growth equity firm, completed an investment in Scenthound, a dog wellness franchise, according to press releases. Financial terms were not disclosed.
Scenthound was advised by Jefferies & Company, Akerman and Fishman PR (led by Marisa Beaumont). VMG Partners was advised by Mintz Levin , according to press releases.
Apollo, a high-growth, global alternative asset manager, agreed to acquire Eagle Creek Renewable Energy, an independent owner and operator of hydroelectric facilities across the US, according to press releases. Financial terms were not disclosed.
Apollo is advised by BMO Capital Markets and Vinson & Elkins (led by Danielle Patterson and Dan Komarek), according to press releases and MergerLinks data.
Mountaingate Capital, a private equity firm, completed the acquisition of Walker Sands, an integrated B2B growth services agency, from Stone-Goff Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Walker Sands was advised by Canaccord Genuity. Mountaingate Capital was advised by Hogan Lovells, according to press releases.
Lovell Minnick Partners, a private equity firm, completed the investment in Valor PayTech, an innovator in point-of-sale software and payment technology, according to press releases. Financial terms were not disclosed.
Lovell Minnick is advised by Dechert (led by Brian Miner and Stephanie Haas) and Prosek Partners, according to MergerLinks data and press releases.
GordonMD Global Investments, Sanofi Ventures, and Viking Global Investors led a $125m Series D round in Star Therapeutics, a biotechnology company engaged in discovering and developing novel therapies for rare diseases through its portfolio of innovative biotech companies, with participation from Janus Henderson Investors and Frazier Life Sciences, according to press releases.
GordonMD Global Investments was advised by Lumentus (led by Jim Gold), according to press releases.
BlackRock’s GIP in advanced talks to buy Aligned Data Centers. ( Reuters)
BlackRock-owned Global Infrastructure Partners is in negotiations to acquire Aligned Data Centers, which is backed by Macquarie. The potential deal could value the data center operator at around $40bn, making it one of the largest in the sector. Discussions also involve Abu Dhabi-based AI investment firm MGX, and are said to be at an advanced stage.
MGX, created by Mubadala and G42, may participate in the deal by investing in Aligned. Mubadala already holds a minority stake in the company, giving the sovereign wealth fund a continued role in the fast-growing data infrastructure market.
Bain Capital closes fourteenth flagship private equity fund at $14bn. ( Press Release)
Bain Capital has completed fundraising for its flagship private equity vehicle, Fund XIV, securing about $14bn in total commitments — including $11.8bn from external investors — well above its initial $10bn target. The firm’s own entities made up the remaining capital and collectively stand as its single largest investor. The close brings Bain’s private equity capital raised across its recent North America, Europe, and Asia vintages to over $27bn.
The scale of Fund XIV reinforces investor confidence in Bain’s strategy of combining global reach with localized execution across five core verticals: consumer, healthcare, industrials, services and technology. The firm notes that approximately 80% of value in its portfolio over the past decade has been driven by operating improvements rather than leverage.
EMEA
Ardian, a French private investment firm specializing in private equity, infrastructure, and credit investments, agreed to acquire Energia Group, an Irish energy company engaged in generating renewable power, supplying electricity and gas, and operating energy infrastructure across Ireland and Northern Ireland, from I Squared Capital, a private equity firm focusing on global infrastructure investments, according to press releases. Financial terms are not disclosed.
Ardian was advised by Evercore, Kirkland & Ellis, Matheson, Alvarez & Marsal, Afry, Timera, Nera, and Headland. I Squared was advised by Morgan Stanley, Barclays, Santander, Simpson Thacher & Bartlett, Arthur Cox, and Brunswick Group (led by Fiona Micallef-Eynaud and William Medvei), according to press releases.
Achmea, an insurance and financial services provider, Lifetri, a Dutch insurance group, and Sixth Street, a global investment firm, formed Achmea Pension & Life Insurance, a joint venture focused on pension and life insurance, according to press releases. Financial terms were not disclosed.
Achmea was advised by Barclays, JP Morgan, PricewaterhouseCoopers and De Brauw Blackstone Westbroek (led by Arne Grimme and Mariska Enzerink). Lifetri was advised by SPJ Financial & Corporate Communications (led by Kees Jongsma). Sixth Street was advised by Milliman, Aperghis & Co (led by Nicholas Aperghis), Bank of America, Deloitte, Cleary Gottlieb Steen & Hamilton (led by Mike James), NautaDutilh and Stibbe, according to MergerLinks data and press releases.
IHC-backed PureHealth, a healthcare group in the Middle East, completed the acquisition of a 60% stake in Hellenic Healthcare, a private healthcare provider in Greece and Cyprus, from CVC, a private equity firm, for €800m ($930m), according to press releases.
PureHealth was advised by Chrysses Demetriades (led by Chrysses Demetriades and Constantinos Mavrellis), Karatzas & Partners (led by Anna K. Manda, Nikos Zachos, Olga Vinieri and Marina Sofia Chronaki), Freshfields Bruckhaus Deringer (led by Rhys Evans, Toby Halford, Charlotte Lewczynski and Jack Robb) and Edelman (led by Dhanya Issac, Issam Kassabieh and Ali Abdin). IHC was advised by Teneo. CVC was advised by Jefferies & Company, Bernitsas (led by Nikos Papachristopoulos) and Milbank (led by Lisa O'Neill, Apostolos Gkoutzinis and Lara Watt), according to press releases and MergerLinks data.
EssilorLuxottica, a vision care and medical technology company, completed the acquisition of Optegra, an ophthalmology platform, from MidEuropa, a private equity firm, according to press releases. Financial terms were not disclosed.
Optegra was advised by Eversheds Sutherland. EssilorLuxottica was advised by Mansfield Advisors, Rothschild & Co (led by Nicola Paini), Wolf Theiss and Community Group (led by Auro Palomba and Roberto Patriarca). MidEuropa was advised by LEK Consulting, Houlihan Lokey, PricewaterhouseCoopers, White & Case (led by Ken Barry and Joseph Bradley) and Citigate Dewe Rogerson (led by Agnes Riousse), according to MergerLinks data and press releases.
Capital Croissance, an investment company, completed the acquisition of a majority stake in Serapid, a provider of rigid chain technology used for heavy load handling, according to press releases. Financial terms were not disclosed.
Partners Group, GIC, TPG Rise Climate and Mubadala, investment companies, completed the acquisition of Techem, an international provider of digitally enabled solutions for the real estate sector, according to press releases. Financial terms were not disclosed.
Lee Equity Partners, a private equity firm, agreed to acquire a 49% stake in Arcadian Risk Capital, a specialty managing general agent, from SiriusPoint, a global specialty insurer and reinsurer, for $139m, according to press releases.
Lee Equity Partners is advised by Insurance Advisory Partners and Ropes & Gray. Arcadian Risk Capital is advised by Oppenheimer & Co and Willkie Farr & Gallagher. SiriusPoint is advised by Jefferies & Company, Skadden Arps Slate Meagher & Flom and Rein4ce (led by Sarah Hills), according to press releases.
Edmond de Rothschild Equity Strategies IV, an investment fund, agreed to acquire a majority stake in M-Energies, a company specialises in the maintenance, installation and operation of heating and air conditioning systems, according to press releases. Financial terms were not disclosed.
ERES is advised by CMI Strategies, EY Parthenon, Edmond de Rothschild Corporate Finance (led by Paul Assael), De Pardieu Brocas Maffei (led by Matthieu Candia) and Ernst & Young. Sellers are advised by Eight Advisory, Indefi, Natixis Partners (led by Thomas Laroque) and Lamartine Conseil (led by Olivier Renault), according to MergerLinks data and press releases.
Platinum Equity, an American private equity investment firm, agreed to acquire the products & healthcare services business of Owens & Minor, a global healthcare solutions company. Owens & Minor will retain a 5% equity stake in the business, according to press releases. Financial terms were not disclosed.
Platinum Equity is advised by Bank of America, Fifth Third Bancorp, Gibson Dunn & Crutcher and Willkie Farr & Gallagher. Owens & Minor is advised by Citigroup, Wells Fargo Securities, Kirkland & Ellis and Alpha IR (led by Jackie Marcus and Nicholas Teves), according to press releases.
HGGC, a middle-market private equity firm, completed the investment in Sterling Brokers, a Canadian benefits brokerage and third-party administrator, according to press releases. Financial terms were not disclosed.
Peter Möhrle, a real estate firm that propagates investments in project development and asset management, agreed to acquire a majority stake in YellowFox, a provider of telematics solutions for a wide variety of industries, vehicle types and company sizes, from ECM, an investment company, according to press releases. Financial terms were not disclosed.
ECM is advised by OC&C Strategy Consultants, KPMG, Rothschild & Co, Milbank and Code & Co, according to press releases and MergerLinks data.
Plusgrade, a provider of ancillary revenue solutions, agreed to acquire Oaky, a hospitality software company engaged in providing automated upselling and personalization solutions that help hotels increase revenue and enhance guest experiences, from PeakSpan Capital, a growth-stage venture capital firm that specializes in providing funding and operational support to software companies, according to press releases. Financial terms are not disclosed.
Oaky was advised by Stifel and Osborne Clarke. Plusgrade was advised by Davies Ward Phillips & Vineberg, and Stibbe, according to press releases.
Clearlake Capital Group, a global investment firm, completed the investment in Constant Contact, a provider of digital marketing software for small businesses and nonprofits, according to press releases. Financial terms were not disclosed.
Clearlake was advised by Evercore, Paul Weiss Rifkind Wharton & Garrison (led by Matthew Goldstein), Proskauer Rose and Sidley Austin, according to press releases.
Bufab, a trading company, agreed to acquire novia Group, a provider of global sourcing solutions and engineering services, from Family Trust, a private equity company, for €60m, according to press releases.
Bufab is advised by Noerr (led by Holger Alfes), according to press releases and MergerLinks data.
Duke Street, a European mid-market investor, agreed to acquire McAvoy, a provider of high-quality modular buildings and social infrastructure, from Blantyre Capital, a private equity firm, according to press releases. Financial terms were not disclosed.
Blantyre Capital is advised by Willkie Farr & Gallagher (led by Philip Coletto), according to press releases.
Blackstone and Lunate announce strategic partnership to invest in GCC logistics. ( Press Release)
Blackstone is partnering with Abu Dhabi-based Lunate to launch a new investment platform targeting $5bn in opportunities across the broader Middle East region, as the US private equity firm expands its logistics portfolio. The collaboration will focus primarily on new developments, while also considering acquisitions and sale-and-leaseback transactions.
The venture will deploy dedicated teams across key regional markets and is expected to bring in additional investors over time. The move highlights growing demand for logistics and infrastructure assets in the Gulf, driven by regional diversification efforts and sustained growth in trade and e-commerce.
Carlyle nears €7bn deal for BASF unit. ( FT)
BASF is nearing a €7bn ($8.2bn) deal to sell its coatings business to US investment firm Carlyle, marking one of the largest private equity transactions in Europe this year. The sale is part of BASF's strategy to streamline operations and focus on core areas such as chemicals and materials. The coatings division, which includes automotive and industrial coatings, has been a significant part of BASF's portfolio, and the deal reflects ongoing consolidation in the global chemicals industry.
The transaction is expected to be finalized in the coming weeks, pending regulatory approvals. Carlyle's acquisition of the coatings business aligns with its strategy to invest in high-quality industrial assets with strong growth potential. The deal underscores the continued interest of private equity firms in the European chemicals sector, driven by opportunities for operational improvements and market expansion.
Marlin said to weigh $2bn sale of Swedish tech firm Medius. ( Bloomberg)
Marlin Equity Partners is weighing a potential sale of Swedish software company Medius, in a deal that could value the business at around $2bn. The firm, which focuses on investments in software and technology companies, is exploring options as interest in automation and finance software continues to grow globally.
Marlin is working with Evercore to prepare for the possible divestment, which could begin as early as the first quarter of next year. Deliberations are ongoing, and no final decisions have been made.
Global Infrastructure Partners’ Skyborn is said to be considering a stake sale in its German offshore wind operations. (Bloomberg)
Skyborn Renewables, a unit of BlackRock’s Global Infrastructure Partners, is seeking to sell a stake in a major offshore wind project under development in Germany.
Polish private equity company MCI is betting on healthcare amid aging population. ( Bloomberg)
MCI Capital, one of Poland’s largest private equity firms, is preparing to pursue new investment opportunities in the region amid reduced competition and valuations that remain below Western European levels. The fund, which focuses on mid-sized technology companies in Central and Eastern Europe, is considering its first healthcare acquisition this year.
A strong debut in February on the Warsaw bourse by lab operator Diagnostyka highlighted the appeal of the healthcare sector, particularly services catering to an aging population. Discussions are ongoing, and no final decisions have been made.
Oaktree seeks investors to back pure data centres expansion. ( Bloomberg)
Oaktree Capital Management is looking for new minority investors in Pure Data Centres Group as it aims to raise at least £800m ($1.1bn) to fund the UK developer’s expansion. The move highlights growing demand for digital infrastructure as data center capacity continues to surge globally.
The firm is working with advisers on a plan to sell a 20% to 40% stake in Pure DC, with a potential valuation of £4bn ($5.4bn) to £5bn ($6.7bn). A formal sales process could begin as early as next month, though discussions remain private at this stage.
APAC
IHC, a global investment company, agreed to invest $1bn in Sammaan Capital, a non-banking financial company, according to press releases.
Sammaan Capital is advised by Jefferies & Company. IHC is advised by Edelman Smithfield (led by Simon Hailes), according to MergerLinks data and press releases.
Brookfield, an alternative asset management company, agreed to acquire a majority stake in Clarus, an energy group, from Igneo, a global infrastructure manager, according to press releases. Financial terms were not disclosed.
Igneo is advised by RBC Capital Markets and Cameron Partners, according to press releases.
Elliott seeks to buy additional stake in Sumitomo Realty. (Bloomberg)
Elliott Investment Management has approached several Japanese companies about purchasing their cross-shareholdings in Sumitomo Realty & Development.
The activist investor offered to buy stakes in block trades at around market price as it pushes for greater value creation at the real estate group. Elliott already holds more than 3% of Sumitomo Realty.
Aurelius is said to mull sale of ex-Lufthansa catering unit. ( Bloomberg)
Private equity firm Aurelius is exploring a sale of LSG Group’s Asia Pacific airline catering business. The firm is working with a financial adviser on the potential transaction, though discussions are ongoing and no final decision has been made.
The unit could be valued at several hundred million dollars. The move reflects continued investor interest in airline catering and support services across the Asia Pacific region.
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