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AMERICAS
Goldman Sachs, a global investment banking, securities, and asset and wealth management firm, agreed to acquire Industry Ventures, a venture capital platform which invests across all stages of the venture capital lifecycle, from Petershill Partners, a diversified, publicly listed, global alternatives investment group, for $237m, according to press releases.
Industry Ventures is advised by Oppenheimer & Co, Cooley and Dechert (led by Brian Miner). Goldman Sachs is advised by Goldman Sachs, Wachtell Lipton Rosen & Katz (led by Edward D. Herlihy) and Weil Gotshal and Manges (led by Brian Parness). Petershill Partners is advised by Brunswick Group (led by Simone Selzer), according to press releases and MergerLinks data.
Lone Star Funds, a global private equity firm, agreed to acquire Hillenbrand, a global industrial company providing highly-engineered processing equipment and solutions, in a $3.8bn deal, according to press releases.
Hillenbrand is advised by Evercore and Skadden Arps Slate Meagher & Flom. Lone Star Funds is advised by Jefferies & Company, UBS, Kirkland & Ellis, and Joele Frank (led by Jed Repko and Joseph Sala), according to press releases.
I Squared Capital, an independent global infrastructure investor, agreed to acquire Liberty Tire Recycling, a tire recycling platform, from Energy Capital Partners, an investment firm in the energy transition infrastructure sector, according to press releases. Financial terms were not disclosed.
Liberty Tire Recycling is advised by BMO Capital Markets, Jefferies & Company and Latham & Watkins (led by David Kurzweil). I Squared Capital is advised by Houlihan Lokey and Kirkland & Ellis. Energy Capital Partners is advised by FGS Global (led by Akash Lodh), according to press releases and MergerLinks data.
CCMP Growth, a private equity investment firm, completed the acquisition of a majority stake in A1 Cash & Carry, a company specializing in restaurant supplies, from National Foods, a company specializing in the production and distribution of various products, according to press releases. Financial terms were not disclosed.
CCMP Growth was advised by McCarthy Tétrault, Ropes & Gray and BMO. National Foods was advised by Bennett Jones and Akbar, Sarki, Khan & Co. A1 was advised by TD Securities, according to press releases.
Sixth Street, a global investment firm, agreed to acquire Global Lending Services, a specialist in automotive financing, according to press releases. Financial terms were not disclosed.
GLS is advised by Goldman Sachs, Wells Fargo Securities and K&L Gates. Sixth Street is advised by JP Morgan, Mayer Brown and Simpson Thacher & Bartlett, according to press releases.
Kingswood Capital Management, a private investment firm, agreed to acquire Drive DeVilbiss Healthcare, a global manufacturer and supplier of essential medical products used primarily in home settings, from CD&R, a private investment firm, according to press releases. Financial terms were not disclosed.
Drive DeVilbiss Healthcare is advised by UBS and Debevoise & Plimpton. Kingswood Capital Management is advised by JP Morgan and Kirkland & Ellis, according to press releases.
Creative Planning, a registered investment advisor, agreed to acquire SageView Advisory Group, an independent RIA firm from Aquiline, a private investment firm, according to press releases. Financial terms were not disclosed.
SageView is advised by Moelis & Co and Willkie Farr & Gallagher. Creative Planning is advised by Paul Weiss Rifkind Wharton & Garrison (led by Matthew Abbott and Ellen Ching), according to MergerLinks data and press releases.
Marlin Equity Partners, a private equity firm, completed the investment in Intelligent Locations, a provider of AI-powered real-time location system software for healthcare enterprises, according to press releases. Financial terms were not disclosed.
Intelligent Locations was advised by First Analysis Securities Corporation and Bass Berry & Sims. Marlin Equity Partners was advised by Goodwin Procter, according to press releases.
Quinbrook, a global investment manager focused on infrastructure for the energy transition, completed the acquisition of Elemental Clean Fuels, a Canadian developer of renewable fuels and decarbonization projects, from Piney Point Capital, a private equity firm, according to press releases. Financial terms were not disclosed.
ARM Energy, an infrastructure and energy marketing services firm, and PIMCO, an investment management firm, agreed to form a natural gas pipeline joint venture in a $3.2bn deal, according to press releases.
ARM Energy is advised by Vinson & Elkins (led by Benji Barron) and FGS Global, according to MergerLinks data and press releases.
A consortium of investors AIP, MGX, BlackRock, and GIP, agreed to acquire Aligned Data Centers, a technology infrastructure company, from Macquarie Asset Management, an Australian financial services group, according to press releases. Financial terms were not disclosed.
GTCR, a private equity firm, completed the $200m minority investment in Solmetex, a provider of dental products, systems, and consumables, according to press releases.
GTCR was advised by Prosek Partners (led by Josh Clarkson), according to press releases.
Brookfield, an alternative asset management company, agreed to acquire the remaining 26% stake in Oaktree, an investment firm, for $3bn, according to press releases.
Starboard Value acquires stake in Keurig Dr Pepper as JDE Peet’s buyout unfolds. ( Reuters)
Activist investor Starboard Value has taken a stake in Keurig Dr Pepper following the beverage company’s announcement of an acquisition aimed at expanding its coffee business—a move that drew a negative reaction from investors.
The hedge fund began building its position after Keurig Dr Pepper unveiled plans to acquire European coffee maker JDE Peet’s in a deal valued at roughly $18bn.
Oaktree explores sale of minority stake in Hartree Partners. ( Bloomberg)
Oaktree Capital Management is in discussions to sell a minority stake in Hartree Partners, the commodities trading firm it invested in a decade ago and helped expand into a global powerhouse.
The asset manager has begun talks with external investors. The potential sale is driven by the need for some of Oaktree’s legacy funds with holdings in Hartree to exit their positions.
Blackstone said to select banks for Copeland IPO as early as 2026. ( Bloomberg)
Blackstone has selected banks to handle the initial public offering of Emerson Electric’s former Climate Technologies division, now called Copeland, more than two years after the $14bn deal that created the business.
Morgan Stanley and Barclays are advising on the IPO, which could happen as early as next year. Blackstone has also chosen Goldman Sachs Group and Jefferies Financial Group to support the potential listing.
D1 Capital seeks $1bn for debut private equity fund. ( PE Insights)
D1 Capital Partners, led by Dan Sundheim, is targeting over $1bn for its first standalone private equity fund, expanding its focus on illiquid assets.
The New York-based firm, managing about $24.5bn, expects to close the fund next year.
EMEA
Keysight Technologies, VIAVI Solutions, and Silver Lake Partners, completed the acquisition of Spirent Communications, a global provider of automated test and assurance solutions for networks, cybersecurity and positioning, for £1.16bn, according to press releases.
KKR, a global investment firm, completed the acquisition of OSTTRA, a UK-based financial technology company specializing in post-trade solutions for the global derivatives, from S&P Global, a US-based financial information and analytics company, and CME Group, a US-based financial markets company specializing in derivatives and futures trading, for $3.1bn, according to press releases.
KKR was advised by Bank of America, Goldman Sachs (led by Matthew McClure), AZB & Partners (led by Darshika Kothari and Kunal Kumbhat), Dentons (led by Stephen Levy), Simpson Thacher & Bartlett (led by Marni Lerner), and FGS Global (led by Ronald Low). Financial advisors were advised by Milbank (led by Marcus Dougherty). S&P Global was advised by Barclays (led by Joel Fleck), Davis Polk & Wardwell (led by Brian Wolfe and Evan Rosen) and Skadden Arps Slate Meagher & Flom. CME Group was advised by Barclays, Citigroup, Davis Polk & Wardwell, and Skadden Arps Slate Meagher & Flom (led by June Dipchand and David Clark), according to press releases and MergerLinks data.
Tritax Big Box, a provider of critical supply chain infrastructure, agreed to acquire a 9% interest in the portfolio of logistics assets from Blackstone, an alternative asset manager, for £1.035bn, according to press releases.
Tritax Big Box is advised by DTRE, Akur Capital, Jefferies & Company and Kekst CNC (led by Tom Climie). Blackstone is advised by Newmark Group, Barclays and Rothschild & Co, according to press releases.
Norcros, a supplier of bathroom and kitchen products, completed the acquisition of Fibo, a manufacturer of wall panels for bathrooms and other laminated products, from FSN Capital, a private equity firm, for $61m, according to press releases.
Norcros was advised by Hudson Sandler. FSN Capital was advised by DNB Bank, PricewaterhouseCoopers, Raymond James and Haavind, according to press releases.
Private equity firms Ardian and Finint, agreed to acquire Milione, an operator of several airports in northern Italy, from DWS Infrastructure, an infrastructure investment manager, and InfraVia Capital Partners, a private equity firm, for €1.2bn ($1bn), according to press releases.
Ardian is advised by Mediobanca and Image Building. Finint is advised by Community Group. DWS and InfraVia are advised by Morgan Stanley, according to press releases.
Warburg Pincus, a global growth investor, offered to acquire PSI Software, a company that develops software products for optimizing the flow of energy and materials for utilities and industry, for €706m ($820m), according to press releases.
PSI is advised by Goldman Sachs and Linklaters. Warburg Pincus is advised by JP Morgan and Kirkland & Ellis (led by Ben Leyendecker), according to press releases.
Saothair Capital Partners, a private equity firm, completed the acquisition of GatesAir, a global designer, manufacturer, and installer of wireless, over-the-air content delivery and public safety communications equipment, according to press releases. Financial terms were not disclosed.
GatesAir was advised by GLC Advisors and Akin Gump Strauss Hauer & Feld. Saothair was advised by McGuireWoods, according to press releases.
Macquarie Asset Management, a global asset manager, agreed to acquire an additional 50% stake in London City Airport, London’s most central airport, from Alberta Investment Management Corporation, a Canadian crown corporation and institutional investor, and OMERS, a venture capital firm, according to press releases. Financial terms were not disclosed.
Macquarie is advised by Deutsche Bank and Jones Day (led by Vica Irani), according to press releases.
Carlyle, a global investment firm, and Qatar Investment Authority, the sovereign wealth fund of the State of Qatar, agreed to acquire a majority stake in the automotive OEM coatings, automotive refinish coatings and surface treatment businesses from BASF, a chemical producer, for €7.7bn ($8.9bn), according to press releases.
BASF is advised by JP Morgan, according to MergerLinks data.
FLEX Capital, a private equity fund, completed the acquisition of Evolit Consulting, a customized software solutions provider for mobility and infrastructure, according to press releases. Financial terms were not disclosed.
Multiply Group, a private equity firm, offered to acquire 2PointZero, a holding company, and Ghitha Holding, a trading and distribution firm, in an AED120bn ($32.7bn) deal, according to press releases.
Multiply Group is advised by Weber Shandwick (led by Rawad Khattar), according to press releases.
Montyon Capital, an independent investment platform, completed the investment in Caillau, a manufacturer of high-performance stainless-steel clamps and seals for the automotive and aerospace industries, according to press releases. Financial terms were not disclosed.
Cathay Capital was advised by Societe Generale (led by Jean Letellier), according to MergerLinks data.
Theon International, a company specializing in defense and security electro-optical systems, agreed to acquire a 9.8% stake in Exosens, a French company focused on advanced light amplification and imaging technologies, from Groupe HLD, an investment company, for €269m ($312m), according to press releases.
Pontegadea Inversiones, an investment vehicle of Amancio Ortega, completed the acquisition of Knowsley warehouse of PLP, a specialist UK logistics and industrial property development company, for £81m ($108m), according to Place North West.
NVentures, a venture capital firm of Nvidia, led a $115m round in Lila Sciences, an AI-powered scientific research startup.
DC Capital Partners, a US-based private equity firm, completed the acquisition of Aeronautical & General Instruments Limited (AGI), a UK company providing integrated maritime technologies and systems, from Trident Maritime Systems, a construction and maintenance services company. Financial terms were not disclosed.
JPMorgan to commit $10bn to US companies vital for national security. (WSJ)
JPMorgan Chase announced that it will invest $10bn directly in companies considered critical to US national security, as part of an effort to safeguard the American economy amid rising trade tensions with countries like China.
The bank also pledged to facilitate $1.5tn in investments over the next decade for firms deemed essential to national economic security and resilience. The $10bn in its own capital will be used to acquire stakes in sectors including defense, mineral production, and artificial intelligence.
Warburg Pincus nears deal for minority stake in French diagnostics firm Sebia. ( FT)
Private equity firm Warburg Pincus is close to acquiring a significant minority stake in French diagnostics company Sebia, valuing the business at around €5.4bn ($6.2bn).
The agreement follows a competitive auction process involving several private equity bidders. Existing shareholders, including CVC Capital Partners, Téthys Invest, and Canada’s La Caisse (formerly Caisse de Dépôt et Placement du Québec), will retain minority stakes under the terms of the deal.
Apollo Global Management sees greater opportunities for buyout deals in Europe compared with the US, executives said. ( Bloomberg)
Apollo Global Management’s newly appointed European private equity head sees stronger buyout opportunities in Europe, potentially exceeding activity in the US.
Alex van Hoek, lead partner for European private equity at Apollo, stated the firm expects to be highly active in the region — potentially even more so than in the US — marking a notable shift from its usual business pattern.
I Squared Capital reportedly plans bid for Ströer’s billboard division. ( Bloomberg)
An investor consortium led by I Squared Capital is reportedly preparing a bid for the core advertising division of German media company Ströer.
The private equity group has shown interest in acquiring the Ströer unit, which encompasses its out-of-home advertising and digital content operations. The sources said the consortium has been consulting banks on financing for a potential deal and aims to submit a binding offer as early as next week.
CVC in talks with Ares for multibillion-pound sports refinancing. ( PE Insights)
CVC Capital Partners is in talks with Ares Management for a multibillion-pound debt package to refinance its £9bn ($6.6bn) Global Sport Group portfolio, covering stakes in leagues such as La Liga, Ligue 1, and Premiership Rugby. The deal may pave the way for a future minority sale or listing.
Goldman Sachs, PJT Partners, and Raine Group are advising on the transaction.
APAC
Carlyle and Boyu lead bids for $4bn Starbucks China stake. ( FT)
Carlyle Group and Boyu Capital have emerged as frontrunners to acquire a majority stake in Starbucks’ China business, valued at around $4bn excluding royalties.
The US coffee chain is evaluating five offers as it seeks a local partner to navigate an increasingly competitive market.
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