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AMERICAS
Ecolab completes the acquisition of CoolIT Systems from KKR and Mubadala Investment for $4.75bn.
Ecolab, a company specializing in water, hygiene, and infection prevention solutions and services, completed the acquisition of CoolIT Systems, a company specializing in scalable liquid cooling solutions, from KKR, an investment firm, and Mubadala Investment, a sovereign investor managing a global portfolio, for $4.75bn, according to press releases.
CoolIT Systems was advised by Morgan Stanley (led by Christopher Khouri, Ben Teasdale, and William Dotson), Robert W Baird (led by Dale Rudow, Jon Fitzsimmons, Tom Lacy, Mike Lindemann, and Mike Barina), Bennett Jones (led by Colin Perry and John Mercury), and Kirkland & Ellis (led by Ben Hardison and John D. Pitts). Ecolab was advised by Citigroup (led by Sameer Singh and Eric Jetter) and Covington & Burling, according to press releases and MergerLinks data.
Permira, a private equity firm, agreed to invest in Quadrante, an Iberian engineering, architecture, environment and sustainability consulting firm, according to press releases. Financial terms were not disclosed.
Quadrante is advised by Boston Consulting Group, Houlihan Lokey, Jamieson, KPMG, Cuatrecasas Goncalves Pereira and PLMJ Advogados. Permira is advised by Roland Berger, KPMG, Mizuho Bank and Clifford Chance, according to press releases.
Plenary Americas, a North America-focused infrastructure investor, developer and operator, agreed to acquire Information Services Corporation, a Canada-based provider of registry and information management services for public records, at a CAD1.2bn ($844m) valuation. As part of the transaction, Plenary Americas will partner with La Caisse as an equity co-investor, according to press releases.
ISC was advised by National Bank Capital Markets, RBC Capital Markets and Stikeman Elliott (led by Keith Chatwin). Plenary was advised by Barclays and Davies Ward Phillips & Vineberg, according to press releases and MergerLinks data.
Sentinel Capital Partners, a private equity firm, completed the acquisition of DecoPac, a supplier of cake decorations to professional cake decorators and bakeries worldwide, from Kohlberg, a private equity firm, according to press releases. Financial terms were not disclosed.
Sentinel Capital Partners was advised by Kirkland & Ellis and Broadgate Consultants (led by Roland Tomforde). Kohlberg was advised by Harris Williams & Co, William Blair & Co and Paul Weiss Rifkind Wharton & Garrison, according to press releases.
Blackstone Energy Transition Partners, an energy-focused private equity fund, agreed to acquire Dresser Utility Solutions, a provider of infrastructure technologies for the measurement and control of utilities, from First Reserve, a private equity firm specialising in the energy sector, according to press releases. Financial terms were not disclosed.
Blackstone is advised by Kirkland & Ellis and D.A. Davidson & Co. Dresser Utility Solutions is advised by Simpson Thacher & Bartlett and Harris Williams. First Reserve is advised by Joele Frank (led by Erik Carlson), according to press releases.
Recognize Partners, a private equity firm that invests in and builds digital services businesses, completed the majority investment in Smartlink, a nationally scaled services provider to the digital infrastructure industry, according to press releases. Financial terms were not disclosed.
EQT, an investment firm, agreed to acquire the biosurgery business of GTCR-backed Corza Medical, a global medical technology company that manufactures surgical tools, wound closure devices, ophthalmic instruments, and biomedical textiles, according to press releases. Financial terms were not disclosed.
EQT is advised by Piper Sandler and Latham & Watkins. Corza Medical is advised by Citigroup and Kirkland & Ellis. GTCR is advised by Prosek Partners (led by Joshua Clarkson), according to press releases.
Summit Partners, a private equity firm, agreed to invest $1bn in Keyfactor, a trust infrastructure and machine identity security software company, according to press releases.
Keyfactor is advised by Qatalyst Partners and Hi-Touch PR. Summit Partners is advised by Piper Sandler. Insight Partners is advised by Evercore, according to press releases.
Charlesbank Capital Partners, a private equity investment firm, completed the investment in Overbay Capital Partners, an alternative asset manager focused on the secondaries market, according to press releases. Financial terms are not disclosed.
Charlesbank Capital Partners was advised by Kirkland & Ellis, Stikeman Elliott (led by John Leopold) and Prosek Partners. Overbay Capital Partners was advised by Goodmans, according to press releases and MergerLinks data.
Lightyear Capital, a private equity firm, completed the investment in Corestream, an employee benefits technology company that provides digital platforms, enrollment systems, billing solutions, and consulting services, according to press releases. Financial terms were not disclosed.
Corestream was advised by TripleTree and Dechert. Lightyear Capital was advised by Davis Polk & Wardwell (led by Michael Davis) and ThroughCo Communications (led by Elliot Sloane), according to press releases and MergerLinks data.
Lockheed Martin, a global security and aerospace company, agreed to acquire Ultra Maritime, a defense technology company, from Advent, a private equity firm, for $3.45bn, according to press releases.
Lockheed Martin is advised by Citigroup, Hogan Lovells and Fried Frank Harris Shriver & Jacobson, according to press releases.
Altaris, an investment firm focused exclusively on the healthcare industry, agreed to acquire life sciences and healthcare segment of Clarivate, a global provider of transformative intelligence, for $600m, according to press releases.
Clarivate is advised by Morgan Stanley, Davis Polk & Wardwell, Hogan Lovells and Joele Frank, according to press releases.
Versant Media Group, a media and entertainment company, agreed to acquire Full Swing, a sports technology company, from Bruin Capital, a global sports and entertainment investment firm, for $530m, according to press releases.
Versant Media Group is advised by Gibson Dunn & Crutcher. Bruin Capital is advised by Moelis & Co and Kirkland & Ellis, according to press releases.
Wynnchurch Capital-backed Principal Industries, a provider of LED components and engineered assemblies, agreed to acquire GENLED Brands, a designer, manufacturer and assembler of LED lighting products and systems, according to press releases. Financial terms were not disclosed.
GENLED Brands is advised by GulfStar Group and Willkie Farr & Gallagher. Wynnchurch Capital is advised by Foley & Lardner, according to press releases.
I Squared Capital, a private equity firm, agreed to acquire Milestone Environmental, an environmental infrastructure company delivering waste management solutions for the energy and industrial sectors, according to press releases. Financial terms were not disclosed.
I Squared Capital is advised by Simpson Thacher & Bartlett. Milestone Environmental is advised by Houlihan Lokey and Latham & Watkins, according to press releases.
CVC Capital Partners, a private equity investment firm, agreed to acquire a majority stake in DistroKid, a music distribution service, according to press releases. Financial terms were not disclosed.
CVC Capital Partners is advised by Morgan Stanley. DistroKid is advised by Goldman Sachs and The Raine Group, according to press releases.
Acorn Capital Management-backed Sentry Aerospares, an aerospace and defense distributor that supplies rotable spare parts and ground support services, completed the acquisition of AirStart, an aviation aftermarket specialist focused on the exchange and leasing of rotable parts for commercial aircraft, according to press releases. Financial terms were not disclosed.
AirStart was advised by Deloitte and McMillan. Acorn Capital Management and Sentry Aerospares were advised by Proskauer Rose, according to press releases.
Frazier Healthcare Partners, a private equity investment firm, agreed to acquire MatrixCare, a healthcare software provider, from ResMed, a global medical technology company, according to press releases. Financial terms were not disclosed.
ResMed is advised by Houlihan Lokey and Brunswick Group, according to MergerLinks data.
Valstone, a provider of industrial software and technology solutions, completed the acquisition of Nascent, a provider of automated gate and rail systems, industrial kiosks, and imaging/OCR solutions for terminals and depots, from Firmament, a private equity firm, according to press releases. Financial terms were not disclosed.
Firmament was advised by Kutak Rock, according to press releases.
Shore Capital, a private equity firm focused on the healthcare industry, completed the acquisition of ThrivePass, a comprehensive technology platform that streamlines employee benefits administration for employers, according to press releases. Financial terms were not disclosed.
ThrivePass was advised by Harris Williams & Co, according to press releases.
Silver Oak Services Partners-backed CCS Facility Services, a provider of janitorial, facility engineering, and building maintenance services, completed the acquisition of Alabama Cleaning Service, a provider of commercial janitorial and facility cleaning services, according to press releases. Financial terms were not disclosed.
CCS Facility Services was advised by Three Sixty Seven Advisors (led by Ryan Wood), according to press releases.
Renk, a company specializing in propulsion and transmission technologies for military platforms, agreed to acquire David Brown Defence, a manufacturer of high‑precision gearboxes for naval and land defense applications, from Stellex Capital Management, a private equity firm, according to press releases. Financial terms were not disclosed.
Blue Owl fund buys minority stake in NBA’s Cleveland Cavaliers. (Bloomberg)
Blue Owl Capital’s HomeCourt Partners Fund has acquired a minority stake in the Cleveland Cavaliers.
The investment follows discussions regarding the purchase of a 5% to 10% interest in the NBA franchise, providing Blue Owl with exposure to one of the league’s teams through a minority ownership position.
Hellman & Friedman’s Hub International seeks $3bn in IPO. ( Bloomberg)
Hub International is seeking to raise about $3bn through an initial public offering as the insurance broker prepares for a return to public markets.
The Hellman & Friedman‑backed company is targeting a listing as early as this year and recently submitted confidential IPO filings, advancing preparations for the transaction.
Jersey Mike’s, Cumberland Farms join expanding US IPO pipeline. (Bloomberg)
Blackstone‑backed Jersey Mike’s Subs and convenience‑store operator Cumberland Farms have filed for US IPOs, adding to the widening pipeline of new listings beyond the artificial‑intelligence sector.
Jersey Mike’s, based in Tinton Falls, New Jersey, reported 2025 revenue of $724m, up about 11% from $653m the prior year. The franchise model helped lift adjusted EBITDA to $339m last year from $263m a year earlier.
Bezo's Blue Origin to seek funds at $130bn valuation. ( Bloomberg)
Blue Origin is launching its first external fundraising round, seeking to raise $10bn at a $130bn pre-money valuation.
The financing comes amid heightened investor interest in the space sector following the successful IPO of rival SpaceX. Coatue Management is expected to lead the round with a $4bn investment, though discussions are ongoing and the terms could still change.
B Capital closes oversubscribed Ascent Fund III at $500m hard cap. ( B Capital)
B Capital has closed Ascent Fund III at its $500m hard cap, exceeding its initial fundraising target following strong investor demand. The oversubscribed fund will invest in early-stage technology companies, focusing on Series A and Series B opportunities across enterprise software, fintech, healthcare, climate technology and AI-driven businesses.
The fund attracted commitments from a broad group of institutional investors, including endowments, foundations, pension funds, sovereign wealth funds, family offices and strategic partners. Ascent Fund III builds on the firm's early-stage investment strategy, providing capital and operational support to founders while leveraging B Capital's global platform and corporate network to help portfolio companies scale.
EMEA
65 Equity Partners, a global investment firm dedicated to supporting entrepreneur-led businesses, and Florac, an investment vehicle, agreed to invest in Theop, the independent leader of real estate client representation services, according to press releases. Financial terms were not disclosed.
65 Equity Partners is advised by LEK Consulting, Alvarez & Marsal, Amala Partners (led by Tristan Dupont and Alexis Matheron), Latham & Watkins and Taylor Wessing. Theop is advised by Advancy, Cambon Partners, Exelmans, De Pardieu Brocas Maffei and McDermott Will & Schulte, according to press releases and MergerLinks data.
Ardian, a France-based private investment firm specialising in private equity, infrastructure, and credit investments, completed the investment in HR Path, a company specializing in HR consulting, digital transformation, and payroll outsourcing, with participation from Eurazeo and UBS at $1bn valuaton, according to press releases.
Castlelake, a global private investment firm, agreed to acquire easyJet, a UK-based low-cost airline, for £5.5bn ($7.3bn), according to press releases.
Blue Owl Capital, an alternative asset management firm, and Moor Park Capital Partners, a real estate private equity investment and asset management firm, completed the acquisition of a portfolio of 12 acute-care hospitals from Spire Healthcare Group, a United Kingdom-based independent hospital group, according to press releases. Financial terms were not disclosed.
Blue Owl Capital was advised by Deloitte, Rothschild & Co, Hogan Lovells and Kirkland & Ellis. Debt financing was provided by Credit Agricole, Natixis Partners and Standard Chartered Bank, according to press releases.
Thoma Bravo-backed Hypergene, a SaaS company, completed the merger with Stratsys, a provider of software solutions for compliance, risk management, and strategy execution. Financial terms are not disclosed.
Stratsys was advised by Robert W Baird. Hypergene was advised by Snellman Advokatbyrå (led by Claes Kjellberg). Thoma Bravo was advised by Moelis & Co and FGS Global (led by Anna Sperber).
InfraVia Capital Partners, agreed to acquire D-Marin, a marina operator and developer providing berth management, marina infrastructure, and premium waterfront services, from CVC Capital Partners, a private equity investment firm, according to press releases. Financial terms were not disclosed.
InfraVia Capital Partners is advised by Morgan Stanley and White & Case. CVC Capital Partners is advised by Goldman Sachs and Clifford Chance, according to press releases.
HIG Capital, a private equity firm, agreed to acquire a majority stake in TERRAS Group, an infrastructure engineering and construction services provider, from AUCTUS Capital Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
AUCTUS Capital Partners is advised by UBS. HIG Capital is advised by Evercore, according to MergerLinks data.
Banijay, a sports betting and gaming platform, agreed to acquire JOA, a French casino and leisure operator, from private equity firms Blackstone and Kings Park Capital, according to press releases. Financial terms were not disclosed.
Banijay is advised by Brunswick Group (led by Hugues Boeton and Nicolas Grange). Blackstone is advised by Rothschild & Co, according to press releases and MergerLinks data.
A.P. Moller, an investment company, agreed to acquire Ocean Yield, a ship leasing platform, from KKR, a global investment firm, according to press releases. Financial terms were not disclosed.
KKR is advised by Simpson Thacher & Bartlett (led by Jiaying Zhang), according to MergerLinks data.
XTX Ventures and East X Ventures, the corporate venture capital arms of quantitative traders XTX and East X, led a €411m ($469m) funding round in Proxima Fusion, a European fusion energy company, with participation from RWE, Google, KfW Capital, SPRIND, Burda Principal Investments, Plural, UVC Partners, Balderton, Cherry Ventures, DST Global Partners, Brevan Howard Macro Venture, Lightspeed, DTCF, redalpine, Leitmotif, Elaia, CDP Venture Capital, Bayern Kapital, and the EIC Fund, at a valuation of €2.4bn ($2.7bn), according to press releases.
Proxima Fusion is advised by Burlington PR (led by Antonella Scimemi), according to press releases.
Lone Star Funds, a private equity firm, agreed to acquire Contitech, a company focused on industrial components including conveyor belts and air springs, from Continental, a global automotive and industrial manufacturing company, for €4bn, according to press releases.
Bridgepoint, a UK-based private equity firm, completed a €200m ($229m) investment in Skello, a workforce management and HR software provider. Partech and XAnge are also reinvesting in this transaction, according to press releases.
Abu Dhabi royal family firm to invest $1.13bn in LNG company MidOcean. ( Bloomberg)
An investment firm owned by members of Abu Dhabi’s ruling family will invest $1.13bn in liquefied natural gas company MidOcean Energy. The investment forms part of a broader partnership with private equity firm EIG, which established MidOcean.
The agreement also includes plans to pursue energy and infrastructure investments in the United Arab Emirates and selected regional markets.
iCON Infrastructure set to acquire Northern Fiber in a lender‑driven rescue deal. ( Bloomberg)
Lenders to Northern Fiber Holding, the distressed German fiber‑network operator once owned by UBS Asset Management, are close to sealing a sale of the business to iCON Infrastructure as they work to head off an insolvency.
All creditors — who together have extended over €300m in financing — must sign off on the transaction. Norddeutsche Landesbank Girozentrale had been the final holdout, resisting an extension of the standstill agreement that lapsed at the end of June.
Blackstone meets investors on £6bn Indurent exit. ( Bloomberg)
Indurent, a logistics real estate platform owned by Blackstone, has begun engaging with investors as it evaluates strategic options that could include a public listing in London or a sale.
The company has held preliminary discussions with real estate investors following its formation through the merger of Industrials REIT and St Modwen Logistics. Any potential exit is expected to remain at least 18 months away, with no formal timeline for a listing or sale.
Vista Equity, Quinti Capital offer to buy French adtech firm Criteo. ( Reuters)
Vista Equity Partners and Quinti Capital have submitted an offer to acquire French advertising‑technology company Criteo.
The proposal values Criteo at a premium of more than 50% to its recent share price. The company is evaluating the approach and has not yet decided how to respond. Criteo’s US‑listed shares rose 21.4% following reports of the offer, giving the business a market value of about $1.16bn.
Eurazeo closes €2.3bn fifth-generation secondaries programme. ( Eurazeo)
Eurazeo has closed its fifth-generation private equity secondaries programme at €2.3bn ($2.6bn), surpassing its €2bn ($2.28m) fundraising target. The programme comprises Eurazeo Secondary Fund V (ESF V) and related investment vehicles, attracting commitments from a diversified global investor base that includes sovereign wealth funds, pension funds, financial institutions, family offices and private wealth clients.
ESF V is already approximately 50% deployed across 22 transactions, reflecting an active investment pace. The fund focuses on both GP-led and LP-led secondary transactions, with the firm aiming to provide liquidity solutions to private equity investors while continuing to build a diversified portfolio across sectors and geographies.
Top investors oppose £5.7bn bid for DCC. ( FT)
Major shareholders have come out against the £5.7bn ($7.6bn) takeover proposal for DCC, arguing the offer undervalues the FTSE 100 company’s long‑term growth potential.
KKR and Energy Capital Partners — part of Bridgepoint — recently raised their bid to £65.25 ($83) per share in cash plus £1.47 ($1.96) in dividends, but investors say the revised terms still fall short.
CVC Capital Partners raises €3bn for mid-market fund. ( Bloomberg)
CVC Capital Partners has raised approximately €3bn ($3.4bn) for its latest European mid‑market buyout fund, significantly exceeding its initial €1.75bn ($2.33bn) target. The fundraising expands CVC’s presence in smaller private‑equity transactions alongside its larger flagship strategies.
The new fund, CVC Catalyst III, will focus on European mid‑market investments across a range of sectors, typically making equity investments of less than €250m ($283m) per deal. The oversubscribed raise highlights continued investor appetite for private‑equity strategies targeting smaller and growth‑oriented companies.
APAC
EQT, an investment firm, agreed to acquire Orikan, a provider of an end-to-end suite of parking technology solutions, according to press releases. Financial terms were not disclosed.
Warburg Pincus, a US-based private equity firm, agreed to invest in CreditorWatch, a commercial credit reporting and risk management platform, according to press releases. Financial terms were not disclosed.
BlueFive Capital, an alternative investment firm, led a $3bn funding round in Kling AI, an AI-powered video generation company, with participation from CPE, Guofang Investment, Tencent, CITIC Securities, Alibaba, Tencent, and Baidu, according to press releases.
TPG in talks to acquire SE Asian elderly-care provider Active Global. ( DealStreetAsia)
TPG is in discussions to acquire elderly-care platform Active Global, which operates in Singapore and Hong Kong, as the private equity firm expands its healthcare investments.
The sale process is being managed by Pickering Pacific, with the transaction potentially valuing Active Global at between $60m and $100m.
Blackstone, CVC and MUFG are among the investors considering a stake in Vietnam’s MoMo. ( Reuters)
Blackstone, CVC Capital Partners and Japan’s MUFG are among the firms submitting bids for a stake in Vietnamese fintech company MoMo, as the company advances plans for a partial sale.
Carlyle hires banks for $400m India IPO of its RCM business. ( Bloomberg)
Carlyle has tapped JM Financial and Goldman Sachs to advise on a potential IPO of its India‑based healthcare revenue‑cycle management unit, Knack RCM.
Carlyle is weighing a share sale that could raise up to $400m, with a possible launch later this year or in early 2027. Additional banks may be brought in as the process advances.
EQT seeks to raise $2.5bn for new Asia mid-cap buyout fund. ( Reuters)
EQT has launched fundraising for a new pan-Asia mid-market buyout fund, targeting $2.5bn to invest in high-growth companies across Japan, India, South Korea, Australia, and Southeast Asia. The strategy will focus on acquiring controlling stakes in businesses requiring equity investments of $50m–$300m.
The fundraising follows EQT’s recent $15.6bn close for its flagship Asia buyout fund. The firm's first pan-Asia mid-market fund, raised in 2024 with $1.6bn, invested in companies across technology, healthcare, and business services.
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