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AMERICAS
Ancient Financial, a newly launched financial services company and an affiliate of Ancient, a New York-based private investment firm, agreed to acquire F&G Life Re, a Bermuda-based life and annuity reinsurer, from F&G Annuities & Life, an American insurance company providing retirement and life insurance solutions, according to press releases. Financial terms were not disclosed.
Ancient Financial is advised by Milliman, Oliver Wyman, Barclays, Sidley Austin and Bamberger & Vlasto (led by Josh Vlasto and Eden Hoffman). F&G Annuities & Life is advised by ASW Law and Skadden Arps Slate Meagher & Flom (led by Todd Freed, Jon Hlafter and Elena Coyle), according to press releases and MergerLinks data.
L Squared, an investment firm, completed the acquisition of Functional Devices, a provider of quality field devices for building automation and emergency lighting systems, from Shorehill Capital, a Chicago-based private equity firm. Mark Fernandes, President and CEO of Functional Devices, and the existing leadership team invested alongside L Squared, according to press releases. Financial terms were not disclosed.
Functional Devices and Shorehill Capital were advised by Katten Muchin Rosenman and Harris Williams & Co. L Squared was advised by Vedder Price. Debt financing was provided by Apogem Capital and BMO Capital Markets, according to press releases.
A consortium of investors, including General Atlantic, SURA Asset Management, Banco BTG Pactual, Chubb, Blackstone, Liberty Strategic Capital, and Qatar Investment Authority, agreed to acquire a 24% stake in Banamex, a financial holding company in Mexico that owns the bank Banco Nacional de México, from Citi, an American multinational investment bank and financial services corporation, for MXN43bn ($2.5bn), according to press releases.
Citi is advised by Citigroup, Creel Garcia-Cuellar Aiza y Enriquez, Skadden Arps Slate Meagher & Flom (led by Paola Lozano) and White & Case. Liberty Strategic Capital and Blackstone are advised by Sullivan & Cromwell (led by Jared M. Fishman). General Atlantic is advised by Paul Weiss Rifkind Wharton & Garrison (led by Matthew Abbott and Cullen Sinclair) according to press releases and MergerLinks data.
The Federal Energy Regulatory Commission has approved Blackstone Infrastructure’s acquisition of TXNM Energy, finding the transaction consistent with the public interest. FERC said the deal would not impair regulation, harm rates or reduce competition, and rejected objections related to data center ownership and private equity control of utilities.
TXNM Energy is advised by Citigroup, Wells Fargo Securities, Troutman Pepper Locke (led by Mason Bayler), and Gibson Dunn & Crutcher (led by Saee Muzumdar). Blackstone Infrastructure is advised by JP Morgan, RBC Capital Markets, and Kirkland & Ellis , according to press releases and MergerLinks data.
Charlesbank Capital Partners-backed Velocity One, an aerospace and defense platform and holding company, completed the acquisition of Kaney Aerospace, an engineering and manufacturing firm, according to press releases. Financial terms were not disclosed.
Kaney Aerospace was advised by RBC Capital Markets. Velocity One was advised by Foley & Lardner. Charlesbank Capital Partners was advised by Prosek Partners (led by Ryan Fitzgibbon, Alexa Ottenstein and Peter Gavaris), according to press releases.
Terminus Capital Partners, a growth‑oriented private equity firm focused on majority investments in B2B software companies, completed the majority investment in Eventus, a provider of comprehensive, at-scale trade surveillance and financial risk solutions, according to press releases. Financial terms were not disclosed.
Eventus was advised by Broadhaven Capital Partners and Wilson Sonsini Goodrich & Rosati. Terminus Capital Partners was advised by D.A. Davidson & Co and Jones & Spross, according to press releases.
GHK Capital Partners, a middle-market private equity firm, completed the acquisition of CLP, a provider of architecture, engineering, and consulting services for the built environment, according to press releases. Financial terms were not disclosed.
CLP was advised by Harter Secrest & Emery. GHK was advised by AEC Advisors, Morrissey Goodale and Davis Polk & Wardwell, according to press releases.
Shamrock Capital, a private equity firm, completed the acquisition of Mutiny, an integrated creative agency, from Trailer Park Group, a company specializing in entertainment marketing and content production, according to press releases. Financial terms were not disclosed.
Shamrock Capital was advised by Willkie Farr & Gallagher and Prosek Partners. Trailer Park Group was advised by Moelis & Co and Ropes & Gray, according to press releases.
The Vistria Group, a private equity firm, completed the acquisition of Lumen, an insurance solutions provider, according to press releases. Financial terms were not disclosed.
The Vistria Group was advised by MarshBerry and Winston & Strawn. Lumen was advised by Piper Sandler and Choate Hall & Stewart, according to press releases.
Arcline Investment Management, a growth-oriented private equity firm, agreed to acquire Hydraulics International, a provider of ground support equipment, mobile test systems, and specialized pumps for aerospace, defense and industrial applications, according to press releases. Financial terms were not disclosed.
Arcline Investment Management is advised by RBC Capital Markets and Joele Frank (led by Tim Ragones and Alexander Wolfsohn). Hydraulics International is advised by Guggenheim Partners and Lazard, according to press releases.
EQT-backed Scale, a vertically integrated distributed energy platform, completed the acquisition of Reload, a technology company that designs and develops gigawatt‑scale data center campuses and powerparks, according to press releases. Financial terms were not disclosed.
EQT was advised by Weil Gotshal and Manges. Scale was advised by Womble Bond Dickinson. Reload was advised by Gibson Dunn & Crutcher and XIP (Expedition Infrastructure Partners), according to press releases.
BayHawk Capital, a growth-oriented private equity firm, completed an investment in Gridco, a provider of mission-critical utility services, operating a platform that delivers distribution, transmission, substation, lighting, and engineering services, according to press releases. Financial terms were not disclosed.
BayHawk Capital was advised by Gregory FCA (led by Phil Nunes), according to press releases.
Enel, an Italian multinational manufacturer and distributor of electricity and gas, agreed to acquire a 830 MW portfolio of wind and solar plants in the US from Excelsior Energy Capital, a Minneapolis-based independent investment firm specializing in renewable energy infrastructure, for $1bn, according to press releases.
Excelsior Energy Capital is advised by Morgan Stanley, according to MergerLinks data.
Kian Capital-backed Diamond Landscaping, a premier luxury landscaping firm, completed the acquisition of Christensen Landscape Services, a landscape design and construction provider, according to press releases. Financial terms were not disclosed.
Kian Capital was advised by MiddleM Creative (led by Jan Morris), according to press releases.
Frazier Healthcare Partners-backed RevSpring, a provider of healthcare communications and payment solutions, completed the acquisition of TrustCommerce, a provider of end-to-end integrated healthcare payment and security solutions, from Waud Capital Partners, a private equity company, according to press releases. Financial terms were not disclosed.
Lone View Capital-backed CargoSprint, a company specializing in supply chain orchestration SaaS solutions, completed the acquisition of Dray Dog, a port drayage software platform, according to press releases. Financial terms were not disclosed.
Vista Equity Partners and Cambium Capital, the private equity and venture capital firms, led a $350m Series E round in SambaNova, a full-stack AI infrastructure company that provides hardware and software designed to accelerate generative AI, LLM, and high-performance computing workloads, with participation from Intel Capital, Assam Ventures, Battery Ventures, Gulf Energy, Mayfield Capital, Saudi First Data, Seligman Ventures, T. Rowe Price Associates, A&E, 8Square, Atlantic Bridge, BlackRock, GV, Nepenthe, Nuri Capital, and Redline Capital, according to press releases.
Salesforce Ventures, a venture capital firm, led a $125m Series B round in Code Metal, a provider of verifiable code translation for mission-critical industries, with participation from Accel, B Capital, Smith Point Capital, J2 Ventures, Shield Capital, Overmatch and RTX, according to press releases.
Lead Edge Capital, a private equity firm, led a $50m Series C round in Pepper, an end-to-end technology platform for independent food distributors, with participation from ICONIQ, Index Ventures, Greylock, Harmony Partners, and Interplay, according to press releases.
MarineMax attracts more buyout interest after Donerail offering. ( Reuters)
Private equity firms, including Blackstone and Centerbridge Partners, alongside strategic investors and wealthy individuals, have expressed interest in acquiring MarineMax or parts of the business.
The company, which also operates marinas and services superyachts, has distributed confidentiality agreements to allow potential bidders to review information and assess a possible offer. Discussions are ongoing and may not result in a transaction.
Sealed Air stockholders approve CD&R acquisition. ( Press Release)
Sealed Air stockholders have approved the company’s pending acquisition by an affiliate of CD&R at a special meeting, covering all proposals related to the transaction.
The company expects the deal to close in the coming months, and management expressed appreciation to shareholders for their support.
VoltaGrid weighing IPO or sale at $10bn valuation. ( Bloomberg)
VoltaGrid is exploring an IPO or a potential sale at a valuation above $10bn, as the company looks to raise several billion dollars to support its expansion plans.
Blackstone and BlackRock have both held discussions about either acquiring a stake or investing in the business. The process is centered on scaling VoltaGrid’s AI‑driven energy platform.
EMEA
Stone Point Capital, a financial services-focused investment firm, agreed to invest in Penta Capital-backed Amber River Group, an independent wealth management advice firm, according to press releases.
Amber River is advised by Rothschild & Co, Dickson Minto and MRM London. Stone Point is advised by Continuum Advisory Partners and Paul Weiss Rifkind Wharton & Garrison (led by Roger Johnson), according to Mergerlinks data and press releases.
Verdane, a specialist growth investment firm, offered to acquire Augmentum Fintech, a London-listed growth capital fund, for £186m ($251m), according to press releases.
Augmentum Fintech is advised by Cavendish Corporate Finance (led by Marc Milmo, Robert Peel and Henrik Persson) and Stephenson Harwood. Verdane is advised by Houlihan Lokey (led by Tim Richardson) and Taylor Wessing, according to press releases.
Victory Capital, an independent investment management firm, offered to acquire Janus Henderson, an investment management company, for $8.6bn, according to press releases.
Victory Capital is advised by PJT Partners, Willkie Farr & Gallagher and Joele Frank (led by Maggie Carangelo), according to press releases.
Innovation Industries, a European deep tech venture capital firm, led a $250m funding round in Axelera AI, a provider of purpose-built AI hardware acceleration technology for generative AI and computer vision inference, with participation from BlackRock, SiteGround Capital, Bitfury, CDP Venture Capital, European Innovation Council Fund, Federal Holding and Investment Company of Belgium (SFPIM), Invest-NL, Samsung Catalyst Fund, and Verve Ventures, according to press releases.
Axelera AI was advised by Voxus PR, according to press releases.
i80 Group, a SEC-registered global investment firm, completed a $200m investment in Yendo, a provider of business management software including CRM and accounting, according to press releases.
WestCap-backed iAltA Holdings, a private markets infrastructure company, completed the acquisition of Delio, a provider of white-label operating systems for private markets distribution and reporting, according to press releases. Financial terms were not disclosed.
Kuwait's KPC draws BlackRock, Brookfield, EIG to possible $7bn pipeline deal. ( Reuters)
Kuwait Petroleum Corporation has held early‑stage discussions with a broad group of potential investors regarding a possible $7bn stake sale in its crude‑oil pipeline assets, reflecting similar moves by national oil companies in Saudi Arabia and the United Arab Emirates.
Firms that have expressed interest include BlackRock, Brookfield Asset Management, EIG Partners and KKR, as well as China Silk Road Fund, China Merchants Capital, I Squared Capital and Macquarie Infrastructure Partners.
Oaktree to weigh sale or IPO of £2bn UK wealth management firm Utmost. ( Bloomberg)
Oaktree Capital Management is exploring strategic options for Utmost Group, including a potential sale or initial public offering in London.
Advisers are being selected to guide the process, and the transaction could value Utmost at around £2bn ($2.7bn).
Billionaire Preqin seller’s family office boosts its bet on a buyout firm. ( Bloomberg)
Regulatory filings show that O’Hare and his family vehicle, Valhalla Ventures, have steadily built their stake by purchasing additional shares in the publicly listed trust tied to the tech-focused buyout firm. Their holding is now valued at roughly $200m.
APAC
Crestview Partners-backed Journey Beyond, an Australian experiential tourism company, agreed to acquire the Australian tourism portfolio, including the Captain Cook Cruises and the SeaLink tourism ferry businesses, from Kelsian Group, an Australian integrated land and marine transport provider and a major tourism operator, for AUD161m ($84m), according to press releases.
Journey Beyond is advised by Jones Day (led by Isaac West). Kelsian Group is advised by Gresham, Macquarie Group, Kain Lawyers and Square One PR (led by Katie Wilke), according to press releases and MergerLinks data.
Affirma weighs stake sale in Singapore-based crane supplier Tat Hong. ( DealStreetAsia)
Affirma Capital has begun exploring options to fully or partially exit its roughly 29% stake in Tat Hong, the Singapore‑based cranes supplier with operations across China, Southeast Asia, and Australia. The private‑equity firm is assessing potential structures, which could involve selling individual regional businesses rather than the entire group.
Tat Hong, one of Asia’s largest crane rental and distribution players, has attracted early interest from strategic and financial buyers. The review is at a preliminary stage, and no decision has been made on the scope or timing of a transaction.
Bagmane REIT seeks $3.9bn valuation in India IPO. ( Bloomberg)
Blackstone-backed Bagmane Prime Office REIT is preparing an India IPO that could value the company at about $3.9bn. The developer has secured approval and begun investor roadshows.
The offering aims to raise INR40bn ($440m), including INR30bn ($330m) in new units and INR10bn ($110m) in a secondary sale by Blackstone. The listing could launch as soon as next month.
Bain, Lone Star are said to eye Mitsubishi Electric’s auto unit. ( Bloomberg)
Bain Capital and Lone Star Funds have advanced to a second round of bidding for Mitsubishi Electric’s automotive equipment business.
The US investment firms are among the shortlisted bidders after an initial round held last month. Discussions are continuing, and no final decision has been made.
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