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AMERICAS
GTCR, a private equity firm, completed the acquisition of SimpliSafe, a smart home security systems provider, from Hellman & Friedman, a private equity firm, according to press releases. Financial terms were not disclosed.
SimpliSafe was advised by JP Morgan, Raymond James, Goodwin Procter and FGS Global. GTCR was advised by Citigroup and Kirkland & Ellis. Hellman & Friedman was advised by Simpson Thacher & Bartlett (led by Atif Azher and Johanna Mayer) and FGS Global (led by Dan Abernethy), according to MergerLinks data and press releases.
Vance Street Capital, a private equity firm, completed the acquisition of Damotech, a warehouse rack safety provider with a focus on aftermarket solutions, from Mountaingate Capital, a private equity firm, according to press releases. Financial terms were not disclosed.
Damotech was advised by Harris Williams & Co, BCF Business Law, Davies Ward Phillips & Vineberg, and Hogan Lovells. Vance Street Capital was advised by Borden Ladner Gervais and Paul Hastings. Debt financing was provided by Apogem Capital and Bank of Montreal, according to press releases.
Francisco Partners, an investment firm, agreed to acquire OEConnection, a provider of software solutions, from Genstar, a private equity firm, according to press releases. Financial terms were not disclosed.
Francisco Partners is advised by Citigroup, TD Securities, Paul Hastings and Prosek Partners. Genstar is advised by Evercore, Ropes & Gray and FGS Global, according to press releases.
NexPhase Capital Partners, a private equity firm, completed the investment in Always Best Care, a franchisor of in-home senior care services, according to press releases. Financial terms were not disclosed.
ABC was advised by Robert W Baird (led by Ryan Brunker), Nixon Peabody and Tidehouse Agency. NexPhase was advised by Houlihan Lokey, McDermott Will & Schulte and Joele Frank (led by Kate Thompson), according to MergerLinks data and press releases.
ArcLight Capital-backed Enstor, a natural gas storage operator, completed the acquisition of Black Bear Transmission, an oil and gas company, from Basalt Infrastructure Partners, an independent infrastructure investment firm, according to press releases. Financial terms were not disclosed.
Enstor was advised by TD Securities, Kirkland & Ellis, and Redbird Communications (led by Meggan Morrison). Basalt Infrastructure Partners was advised by Citigroup and Morgan Lewis & Bockius (led by Charles F. Vandenburgh and John G. Klauberg), according to press releases and MergerLinks data.
Clearlake, a private investment firm, agreed to acquire Pathway, a provider of private market solutions, according to press releases. Financial terms were not disclosed.
Clearlake is advised by Bank of America, Evercore and Kirkland & Ellis. Pathway is advised by UBS and O'Melveny & Myers, according to press releases.
Renovus Capital-backed K2 Services, a managed services provider, agreed to acquire the Global Business Transformation Solutions unit of Epiq, a technology and services provider, according to press releases. Financial terms were not disclosed.
Epiq is advised by Rothschild & Co and Weil Gotshal & Manges (led by Timothy Burns). Renovus Capital and K2 Services are advised by Morgan Lewis & Bockius and Gasthalter & Co (led by Mark Semer and Alex Jeffrey), according to press releases and MergerLinks data.
Bluestar Alliance, a brand management firm, completed the acquisition of Dickies, an iconic American heritage brand, from VF Corporation, a branded lifestyle apparel company, for $600m, according to press releases.
Bonaccord Capital, a private equity firm, completed the acquisition of a minority stake in Kingswood Capital, a private equity firm focused on buyouts in middle-market businesses, according to press releases. Financial terms were not disclosed.
Kingswood Capital was advised by Houlihan Lokey and Kirkland & Ellis. Bonaccord Capital was advised by Sidley Austin (led by Shant P. Manoukian and Andrew Colosimo) and Prosek Partners, according to MergerLinks data and press releases.
Coalesce Capital, a private equity firm, agreed to acquire a majority stake in DecisionHR, a national provider of human resources outsourcing solutions, according to press releases. Financial terms were not disclosed.
DecisionHR is advised by Lazard and Jones Day (led by Ed Trissel). Coalesce Capital is advised by Latham & Watkins and Joele Frank, according to press releases and MergerLinks data.
Satair, an aviation parts and services company, agreed to acquire Unical Aviation, a global provider of aerospace aftermarket solutions, from Platinum Equity, a private equity firm, according to press releases. Financial terms were not disclosed.
Unical Aviation is advised by Fifth Third Securities, Jefferies & Company, and Reed Smith. Satair is advised by JP Morgan, according to press releases.
Lindsay Goldberg, a private equity firm, agreed to Acquire EMCO Chemical Distributors, a chemical distributor, according to press releases. Financial terms were not disclosed.
Lindsay Goldberg is advised by Chemlink Partners, JP Morgan and Latham & Watkins. EMCO is advised by Aronberg Goldgehn, according to press releases.
Veritas Capital, a private equity firm, agreed to acquire MetroStar Systems, an AI-enabled digital transformation services and software provider serving US defense and national security agencies, according to press releases. Financial terms were not disclosed.
Veritas Capital is advised by Latham & Watkins and Prosek Partners. MetroStar Systems is advised by KippsDeSanto & Co and Holland & Knight, according to press releases.
Transom, a private equity firm, completed the acquisition of Binswanger, a provider of architectural glazing solutions, according to press releases. Financial terms were not disclosed.
Transom was advised by Kirkland & Ellis and FGS Global. Binswanger was advised by Genesis Capital and Willkie Farr & Gallagher, according to press releases.
Patricia Industries-backed Laborie Medical Technologies, a diagnostic and therapeutic medical technology company, agreed to acquire the JADA System from Organon, a healthcare company, for $465m, according to press releases.
Laborie is advised by Guggenheim Partners, Cooley and Simpson Thacher & Bartlett (led by Michael Holick), according to MergerLinks data and press releases.
HIG Capital, a global alternative investment firm, agreed to invest in Rely Home, a nationwide home warranty provider, according to press releases. Financial terms were not disclosed.
Rely Home is advised by JP Morgan, Raymond James and DLA Piper, according to press releases and MergerLinks data.
Ranger Energy Services, a provider of high specification mobile rig well services, cased hole wireline services, and ancillary services in the US oil and gas industry, completed the acquisition of American Well Services, an oilfield services company providing well service rigs and comprehensive wellsite support, from Argonaut, a diversified private equity fund, for $90.5m, according to press releases.
Ranger was advised by Piper Sandler, King & Spalding. American Well Services and Argonaut Private Equity were advised by Sofos Law, according to press releases.
Kian-backed Diamond Landscaping, a luxury residential landscaping firm, completed the acquisition of Arizona Outdoor Designs, a premier provider of luxury residential landscaping services in the greater Scottsdale area, according to press releases. Financial terms were not disclosed.
Arizona Outdoor Designs was advised by Golden Circle Advisors. Kian Capital was advised by MiddleM Creative (led by Jan Morris), according to press releases.
Tokio Marine-backed Delphi Financial, a financial holding company, agreed to acquire a majority stake in ACORE, an investment manager, according to press releases. Financial terms were not disclosed.
ACORE is advised by Wells Fargo Securities and Simpson Thacher & Bartlett (led by Christopher Evans), according to press releases.
Arcline Investment Management, a growth-oriented private equity firm, agreed to acquire Novaria Group, a privately held business focused on precision component companies that deliver optimum performance and sustainable growth with the aerospace and defense marketplace, from KKR, an investment firm, for $2.2bn, according to press releases.
KKR and Novaria are advised by Morgan Stanley and Kirkland & Ellis, according to press releases.
BlackRock, a private equity firm, completed the $500m investment in Avalara, a cloud-based platform that provides tax compliance software and automated solutions, according to press releases.
MidOcean Partners-backed Questex, a B2B information services company, completed the acquisition of The Conference Forum, a life science industry research firm, and Versalinx Global Events, a provider of B2B events with a unique focus on the global pharmaceutical industry, according to press releases. Financial terms were not disclosed.
Ducker Holdings was advised by Clearsight Advisors (led by Joel Kallett), according to MergerLinks data.
The Riverside Company, a global investment firm, completed the investment in Pacific Lawn Sprinklers, a franchise network specializing in irrigation and landscape lighting services, according to press releases. Financial terms were not disclosed.
Riverside was advised by Jones Day (led by Joseph Hatina), according to MergerLinks data.
Palladium Equity-backed Superior Environmental Solutions, a provider of environmental and industrial services, completed the acquisition of J&S Industrial Services, a company focused on vacuum, hydro‑excavation, hydroblasting and related industrial cleaning services, according to press releases. Financial terms were not disclosed.
Superior Environmental Solutions was advised by Keating Muething & Klekamp, according to press releases.
Valor Equity Partners, an investment firm, led a $510m Series D in Chaos Industries, a Los Angeles-based manufacturer of counter-drone radar systems, according to press releases.
Venture capital firms Prysm Capital and Accenture, led a $145m Series B round in Alembic, a startup focused on AI-driven marketing analytics, with participation from WndrCo, according to press releases.
Venture capital firms Kleiner Perkins and Index Ventures, led a $100m Series A round in Parallel Web Systems, a company building web search infrastructure and APIs for artificial-intelligence agents, with participation from Khosla Ventures, according to press releases.
Hexagon, a multinational technology group for metrology and geoanalytics, agreed to acquire Inertial Sense, a sensor company, that designs and manufactures tactical-grade inertial navigation systems and GNSS modules, according to press releases. Financial terms are not disclosed.
LG Technology Ventures and SBI, venture capital investment firms, led a $200m Series B round in Genspark, a software development company.
Onex eyes more insurance deals after $7bn AIG partnership. ( Bloomberg)
On completion, Onex will hold 63% of Convex, while AIG will own 35%. The companies are acquiring the specialty reinsurer from one of Onex’s private equity funds and its co-investors.
NextEra Energy nears $800m deal for ECP-backed Symmetry. ( Bloomberg)
NextEra Energy is close to acquiring Symmetry Energy Solutions, an unregulated gas retail platform backed by Energy Capital Partners, in a deal valued at about $800m.
The acquisition would expand NextEra’s natural gas business alongside its wind and solar operations. Energy Capital Partners invested in Symmetry in 2020.
Braskem owner Novonor is close to a deal to sell its stake to IG4. (Bloomberg)
Novonor is nearing a deal with creditors to sell its controlling stake in Braskem, one of the world’s largest petrochemical companies, to a fund managed by IG4 Capital.
Packaging company Sealed Air in talks to go private. ( WSJ)
Private-equity firm Clayton Dubilier & Rice is in talks to take packaging company Sealed Air, the inventor of Bubble Wrap, private. While the discussions are progressing, it remains uncertain whether a deal will materialize or if other potential buyers might emerge.
Gas network Esentia looks to raise $610m in global offer. (Bloomberg)
Esentia Energy Development is seeking to raise about $610m through a global offering, including an initial public offering in Mexico.
The Partners Group-backed midstream gas company will sell 186m new shares, while an existing shareholder plans to sell 38m shares, with a price range of $2.70 to $3.90 each.
Travel booking platform Klook reveals robust revenue growth in US IPO filing. (Press Release)
SoftBank-backed online travel platform Klook reported a 24% increase in revenue to $417.1m in 2024, up from $335.2m a year earlier, according to its US IPO filing.
The Hong Kong-based company aims to list on the New York Stock Exchange under the symbol “KLK,” tapping investor demand amid a recovering travel sector.
Blackstone’s Copeland files confidentially for US IPO. ( Bloomberg)
Blackstone-owned industrial company Copeland has filed confidentially for a US initial public offering, aiming for a first-time share sale in 2026. The number of shares and pricing have not been set, with Morgan Stanley, Barclays, Goldman Sachs, and Jefferies working on the IPO.
Legal AI firm Clio valued at $5bn in latest funding round. ( Reuters)
Clio, a legal artificial intelligence company, has raised $500m in a funding round led by New Enterprise Associates, valuing the firm at $5bn.
The round, one of the largest financings for a legal tech company, also drew participation from existing investors TCV, Goldman Sachs Asset Management, Sixth Street Growth, and JMI Equity.
EMEA
Permira to acquire JTC for £2.7bn. (Press Release)
Permira, a global investment firm, agreed to acquire JTC, a provider of fund administration, corporate and private client services, for £2.7bn ($3.5bn), according to press releases.
Apollo, an alternative investment manager, agreed to acquire a majority stake in Atlético Madrid, one of Europe’s football clubs and sporting institutions, with a long history of success since its foundation in 1903, according to press releases. Financial terms are not disclosed.
Apollo is advised by A&O Shearman. Mr Gil, Atlético Madrid is advised by ECIJA, according to press releases.
Nexture, a food and beverage company, agreed to acquire Frulact, a global natural ingredient solutions platform for the food and beverage industries, from Ardian, a private investment firm, according to press releases. Financial terms were not disclosed.
Nexture is advised by Nomura. Ardian is advised by Headland Consultancy, according to press releases and MergerLinks data.
Index Ventures, a European venture capital firm, led a $100m Series A round in Wonderful, an AI startup, with participation from Insight Partners, IVP, Bessemer, and Vine Ventures, according to press releases.
Insight Partners was advised by Willkie Farr & Gallagher (led by Matthew Haddad), according to press releases and MergerLinks data.
TPG, a private equity firm, agreed to acquire the digital banking solutions unit from Nexi, an Italian bank specializing in payment systems, for €1bn ($1.16bn).
ABN AMRO, a banking company, agreed to acquire NIBC Bank, a commercial bank, from Blackstone, an American multinational private equity firm, for $1.11bn, according to press releases.
JNE Partners, First Pacific Advisors and Temasek, investment companies, agreed to acquire a 18% stake in Azelis, an innovation service provider, from EQT, a global investment organization, for $505m, according to press releases.
Venture capital firms KKCG and BNF Capital, led a $177m round in Zilch, a UK fintech company, according to press releases.
New Mountain Capital-backed Grant Thornton Advisors, an independent audit and assurance firm, agreed to acquire Grant Thornton Poland, an advisory firm in Poland providing audit services, according to press releases. Financial terms were not disclosed.
$19bn Dubai Group said to eye options including stake sale. (Bloomberg)
Officials appointed by the government to oversee Majid Al Futtaim Holding have discussed a range of strategic options for the $19bn conglomerate, including a potential minority stake sale.
The Dubai-based group has held preliminary talks evaluating the merits of such a sale. Other options under consideration include a possible initial public offering or divestment of select business units.
BP in active talks with Stonepeak over Castrol sale. ( Reuters)
BP is in talks with US investment firm Stonepeak to sell its Castrol lubricants unit, part of its $20bn divestment plan. The sale, valued at around $8bn, follows BP’s February review of the business amid a shift back toward oil and gas.
Stonepeak and One Rock submitted bids in September, though no deal is finalized. BP aims to streamline operations and boost profitability under new Chair Albert Manifold, with CEO Murray Auchincloss expecting total asset sales of about $5bn this year.
Toto Wolff in talks to sell Mercedes F1 stake to CrowdStrike chief. (FT)
Toto Wolff is in advanced discussions to sell part of his one-third stake in Mercedes F1 in a deal that values the team at a record $6bn.
The proposed transaction, involving an unnamed buyer, would represent roughly a 5% stake in the team. The deal was first reported by sports business platform Sportico.
Small-business lender Iwoca weighs sale. ( Reuters)
British small-business lender Iwoca, backed by CommerzVentures and Augmentum Fintech, is exploring a potential sale. The fintech, which earned £234m ($307m) in revenue and £59m ($77m) in pre-tax profit in 2024, has been consulting advisers ahead of a possible deal next year.
Discussions are at an early stage, and a sale may not materialize. Iwoca, which operates in the UK and Germany with 600 staff, could be valued at over £1bn ($1.3bn).
Carlyle takes over Barclay family’s online retailer Very. ( Bloomberg)
Carlyle Group has taken control of Very Group, the latest asset to be divested from the Barclay family’s business empire.
The US investment firm, which had previously provided financing to the company, now owns the business.
CVC’s Syntegon to attract CD&R-Koerber Group, GEA, Coesia. (Bloomberg)
German packaging machine maker Syntegon, owned by CVC Capital Partners, has attracted interest from a consortium of Clayton Dubilier & Rice and Koerber.
Other suitors include GEA Group and Italian rival Coesia.
Pollen Street eyes IPO for Markerstudy at £3bn value. (Bloomberg)
Pollen Street Group has started preparations for an initial public offering of UK-based insurer Markerstudy.
The private equity firm has begun early talks with investment banks regarding the potential listing, which could take place in London. A deal could value Markerstudy at more than £3bn ($3.9bn).
APAC
New Mountain Capital-backed Grant Thornton Advisors, a US provider of tax and advisory services, agreed to acquire Grant Thornton New Zealand, a professional services firm providing audit, tax, and advisory services, according to press releases. Financial terms were not disclosed.
Grant Thornton NZ is advised by Tompkins Wake. Grant Thornton Advisors is advised by MinterEllisonRuddWatts and Simpson Thacher & Bartlett (led by Ben Schaye), according to MergerLinks data and press releases.
KKR, an investment firm that manages multiple alternative asset classes, agreed to launch a tender offer for Forum Engineering, a Japan-based staffing and career services company specializing in mechanical and electrical engineers, for JPY91bn ($593m) per common share, according to press releases.
Queensland Investment Corporation, a private equity firm, agreed to acquire 19.9% stake in Tilt Renewables, a company primarily involved in renewable energy generation, focusing on wind and solar power, from AGL Energy, a company engaged in buying and selling of gas and electricity and related products and services, for AUD750m ($487m), according to press releases.
TPG to seek bids for Southeast Asia school operator valued at up to $2bn. (WSJ)
Private equity firm TPG plans to seek bids next month for its stake in Southeast Asia school operator XCL Education, which could be valued at up to $2bn.
The first round of bids is expected around late December 2025, with the sale process aimed to be completed before the end of 2026.
KKR, TPG and Warburg Pincus to bid for Hong Kong-based Acclime in over $900m deal, sources say. ( Reuters)
Acclime, a Hong Kong-based advisory and corporate services firm, has selected a group of bidders to submit binding offers in a deal that could value the company at more than $900m.
Global buyout firms, including KKR, TPG, and Warburg Pincus, have advanced to the second round of the bidding process. Bidders are valuing Acclime at high teens to 20 times its core earnings, with a potential valuation approaching $1bn.
Owners of foreign worker dorm firm TS Group said to weigh sale. ( Bloomberg)
Shareholders of TS Group, a Singapore-based provider of purpose-built foreign worker dormitories, are considering selling a controlling stake in a deal valued at around SGD500m ($384m).
Dymon Asia Private Equity and TS Group co-founders Shamkumar Subramani and Tome Oh are working with a financial adviser on the potential divestment. Discussions are ongoing and may not result in a transaction.
Blackstone, SoftBank in talks for stakes in India cloud startup Neysa. ( Bloomberg)
Blackstone and SoftBank Group are in early discussions to acquire stakes in Indian cloud infrastructure startup Neysa Networks. Blackstone is considering a majority holding, while SoftBank may take a minority stake. No final decisions have been made, and other investors could also participate.
Warburg’s Truhome Finance to weigh $300m India IPO. (Bloomberg)
Warburg Pincus-backed Truhome Finance is considering an initial public offering that could raise around $300m.
Formerly known as Shriram Housing Finance, the shadow lender has held discussions with bankers about a listing that could value the company at roughly $1bn, with the IPO likely to take place in 2026.
Glencore to invest in Chinese aluminum smelter’s IPO. ( Bloomberg)
Glencore and Hillhouse Investment Management plan to invest in Chuangxin Industries Holdings' upcoming Hong Kong IPO, reflecting confidence in the Chinese aluminum smelter amid rising metal prices.
The Swiss commodity firm and the asset manager are expected to participate as cornerstone investors, securing a guaranteed allocation in exchange for holding the shares for a set period.
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