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Top Highlights
Silver Economy Fund, an open-end fund, completed the acquisition of Medical International Research, a global medical device and software company, from Aksia, a private equity firm, according to press releases. Financial terms were not disclosed.
Apollo, an alternative asset management firm, completed the acquisition of Barnes Group, a global provider of highly engineered products, differentiated industrial technologies and innovative solutions, for $3.6bn, according to press releases.
“We are pleased to announce the completion of our transaction with Apollo Funds, which opens the door to the next phase in Barnes’ evolution. Under Apollo Funds’ ownership, we are well positioned to accelerate our transformation strategy, enhance our capabilities and broaden our product offerings to create new opportunities for increased growth and innovation,” Thomas J. Hook, Barnes President and Chief Executive Officer.
Diversified Energy, an energy company focused on natural gas and liquids production, transport, marketing and well retirement, agreed to acquire Maverick Natural Resources, a private oil and gas company, from EIG, an institutional investor in the global energy and infrastructure sectors, for $1.275bn, according to a press release.
Maverick and EIG are advised by Jefferies & Company and Kirkland & Ellis (led by Sean Wheeler). Diversified Energy are advised by Citigroup, Stifel, Truist Securities, Gibson Dunn & Crutcher (led by Tull Florey and Rahul D. Vashi), Latham & Watkins (led by James Inness) and FTI Consulting. Debt financing is provided by KeyBanc Capital Markets, according to the press release.
Deal Round up
AMERICAS
Zayo in talks for Crown Castle fiber unit as TPG bid stalls. (Bloomberg)
Boeing’s Jeppesen unit draws aerospace, buyout suitors. (Bloomberg)
Source Capital proposes a merger with 180 Degree Capital. (Press Release)
Billionaire Feinberg’s Cerberus taps Goldman to sell his stake as he joins Trump. (Bloomberg )
Blackstone president Jon Gray says office market has bottomed out. ( Bloomberg)
Madrona announces $770m in new capital for Madrona Fund X and Acceleration Fund IV. (Press Release)
Carlyle appoints Brad McCarthy as head of global wealth for APAC.
EMEA
Triton is said to explore €2bn sale of Germany’s Kelvion. ( Bloomberg)
Alshaya Group stops talks about selling Starbucks franchise. (Bloomberg)
Enel, KKR among potential bidders for UK's Cubico. (Reuters)
Daniel Lopez-Cruz rejoins Investcorp as Global Head of Private Equity. (Press Release)
APAC
Macquarie-owned Blueleaf to invest $400m in Jakson Green’s India solar projects. ( Press Release)
Bain-backed sustainable fuel producer EcoCeres eyes Europe IPO.
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AMERICAS
Private equity firms Thoma Bravo and Gemspring Capital, completed the merger of OPEXUS, a provider of government process management software, and Casepoint, a data discovery technology company for litigation, investigations, and data compliance, according to press releases. Financial terms were not disclosed.
OPEXUS was advised by McDermott Will & Emery and LaunchSquad. Casepoint was advised by Robert W Baird and Cooley. Thoma Bravo was advised by Deutsche Bank, Kirkland & Ellis (led by John , P.C. Kaercher) and FGS Global (led by Akash Lodh). Debt financing was provided by Comvest Credit Partner and HarbourVest, according to press releases.
Bain Capital, a private equity firm, agreed to acquire Frontline Road Safety, a construction services company, from The Sterling Group, a private equity firm, according to press releases. Financial terms were not disclosed.
Bain Capital is advised by Stifel, UBS and Kirkland & Ellis (led by Chris Thomas). Frontline Road Safety is advised by Guggenheim Partners, Harris Williams & Co, Latham & Watkins, and Stanton PRM (led by Charlyn Lusk), according to press releases and MergerLinks data.
Wynnchurch Capital, a middle-market private equity firm, completed the acquisition of Astro Shapes, a manufacturer of custom aluminum extrusions, from Monomoy Capital Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Astro Shapes is advised by Lincoln International. Wynnchurch is advised by Goldman Sachs and Paul Hastings (led by Christopher D. Sheaffer). Monomoy Capital is advised by Houlihan Lokey, KeyBanc Capital Markets, Ropes & Gray (led by Scott Abramowitz and Sam Levitt) and MiddleM Creative, according to press releases.
New Mountain Capital, a growth-oriented investment firm, completed the investment in Amerit Fleet Solutions, a premier provider of commercial fleet maintenance and repair services, according to press releases. Financial terms were not disclosed.
Amerit Fleet Solutions was advised by Jefferies & Company, Moelis & Co and Kirkland & Ellis. New Mountain Capital was advised by Ropes & Gray and H/Advisors Abernathy (led by Dana Gorman). Brightstar Capital was advised by Prosek Partners, according to press releases.
KKR, a private equity firm, agreed to invest $250m in Henry Schein, a provider of healthcare products and services, according to press releases.
Henry Schein is advised by Centerview Partners, Evercore and Cleary Gottlieb Steen & Hamilton. KKR is advised by Kirkland & Ellis (led by Jennifer Perkins).
HCI Equity-backed LawnPRO Partners, a platform focused on residential lawn care treatment and tree, shrub and pest control services, completed the acquisition of Gro-Masters, a lawn care treatment, exterior pest control, and tree & shrub care services provider, according to press releases. Financial terms were not disclosed.
Gro-Masters was advised by Green Industry Advisors. LawnPRO was advised by Quarles & Brady. HCI Equity was advised by Lambert & Co (led by Caroline Luz) .
Carlyle, a private equity firm, completed the investment in Entertainment 360, a talent management company, a private equity company, according to press releases. Financial terms were not disclosed.
Entertainment 360 was advised by The Raine Group and Venable. Carlyle was advised by Latham & Watkins (led by Stelios G. Saffos and Peter J. Sluka), according to press releases.
Blackstone, an alternative asset manager, agreed to acquire Potomac Energy Center, a 774-megawatt natural gas power plant, according to press releases. Financial terms were not disclosed.
Blackstone is advised by Jefferies & Company and Santander, according to press releases.
Alvarez & Marsal Capital, a middle-market private equity fund, agreed to acquire a majority stake in East Coast Power. Financial terms were not disclosed.
A&M Capital is advised by Harris Williams & Co and Gaffney Bennett Public Relations.
Shell, an oil and chemical group engaged in the exploration, production, transportation, refining, distribution and marketing of crude oil, gas, and petroleum products, completed the acquisition of RISEC, the owner of a 609-megawatt gas power plant in Rhode Island, according to press releases. Financial terms were not disclosed.
Bain Capital, an American private investment firm based in Boston, offered to acquire the remaining 61% stake in Surgery Partners, an operator of surgical facilities and ancillary services, for $1.95bn, according to press releases.
Stellex Capital, a private equity firm, agreed to acquire Rokstad, a provider of transmission and distribution services for critical power infrastructure, from FTI Consulting, a global business advisory firm, according to press releases. Financial terms were not disclosed.
Stellex Capital is advised by Marketcom PR (led by Rosalia Scampoli), according to press releases.
Fusion Capital Partners, a private equity firm, completed the acquisition of Tavoron, a provider of industrial automation components, systems and services, from High Road Capital Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
High Road Capital Partners was advised by Jones Day (led by William R Stewart), according to Mergerlinks data and press releases.
Levine Leichtman Capital Partners, a private equity firm, completed the acquisition of ALL4, an environmental services company providing air quality consultancy services, from JMH Capital Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Levine Leichtman Capital Partners was advised by Kirkland & Ellis, according to press releases.
Blackford Capital, a private equity firm, completed the acquisition of Ace Controls, an industrial equipment supplier, from Generational Group, a mergers and acquisitions advisory firm for privately held businesses, according to press releases. Financial terms were not disclosed.
Zayo in talks for Crown Castle fiber unit as TPG bid stalls. ( Bloomberg)
Zayo Group is in negotiations to acquire Crown Castle's fiber business after discussions with rival bidder TPG cooled.
Talks with Zayo gained momentum after TPG exited the bidding. Zayo’s offer surpassed TPG’s, and the deal for Crown Castle’s entire fiber unit could exceed $8bn.
Boeing’s Jeppesen unit draws aerospace, buyout suitors. ( Bloomberg)
Boeing’s potential sale of its Jeppesen navigation unit is drawing interest from major aviation suppliers and private equity firms as the deadline for initial bids approaches next week.
RTX and Honeywell International are among the companies reviewing Jeppesen. Private equity firms such as Advent, Blackstone, Carlyle Group, Thoma Bravo, Veritas Capital, and Warburg Pincus are also showing early interest ahead of the January 29 deadline.
Historically, Boeing has worked with Goldman Sachs, PJT Partners, Gibson, Dunn & Crutcher and Mayer Brown, according to MergerLinks data.
Source Capital proposes a merger with 180 Degree Capital. ( Press Release)
Source Capital, a closed-end fund, is interested in discussing a potential merger with 180 Degree Capital, a publicly owned corporate pension plan sponsor.
"We are excited about the potential merger and are interested in working constructively with the Board of Directors with the goal of reaching agreement on a transaction that will provide all stakeholders with value, speed and certainty. We hope that the Board will work with us to maximize value and opportunities for all stockholders and other stakeholders, and we look forward to receiving a response to this non-binding proposal promptly," Source Capital.
Source is advised by First Pacific Advisors and Hewes Communications.
Billionaire Feinberg’s Cerberus taps Goldman to sell his stake as he joins Trump. ( Bloomberg)
Steve Feinberg’s Cerberus Capital Management has engaged Goldman Sachs Group to explore a potential sale of all or part of his stake in the firm as he prepares for a role in the Trump administration.
Cerberus, a $65bn investment firm, has been in discussions with the bank to determine how Feinberg, President Donald Trump’s nominee for the No. 2 position at the Pentagon, could reduce his ownership interest.
Blackstone president Jon Gray says office market has bottomed out. ( Bloomberg)
Blackstone, the world’s largest commercial property owner, believes the worst is over for the global office market following a prolonged pandemic-driven downturn.
“Office has bottomed, particularly in stronger markets and better-quality buildings,” Jon Gray, Blackstone President.
Madrona announces $770m in new capital for Madrona Fund X and Acceleration Fund IV. ( Press Release)
Venture capital firm Madrona announced the closing of Fund X and Acceleration Fund IV at $770m which will be deployed in the next several years in new companies and support them through their life cycle.
“We are deeply grateful to our investors who share our belief in day one investing along with a strategy that provides the best of seed and acceleration stage company building. Our 30-year strategy of delivering the Seattle perspective, recently enhanced by a strong Silicon Valley team, is highly differentiated in the venture world. This past year, we’ve witnessed an accelerating pace of innovation, and we are delighted to have these new funds to support visionary founders and teams in a 'risk on' market environment. By leveraging data and applied AI at their core, these innovators are building the transformational companies of tomorrow,” Matt McIlwain, Madrona Managing Director.
Carlyle appoints Brad McCarthy as head of global wealth for APAC. ( Press Release)
Global investment firm Carlyle announced that Brad McCarthy has joined as Managing Director and Head of Asia Pacific, Carlyle Global Wealth. He joins from Citi Private Bank and Global Wealth, where he was Managing Director and Asia Pacific Head of Alternative Investment Sales.
"We are delighted to welcome Brad to Carlyle as we continue to expand our wealth platform and enhance access for investors across Asia Pacific, an important growth region for us. With his extensive experience in scaling wealth management platforms and deep understanding of the evolving private markets landscape, Brad will play a key leadership role for us, as we look to further accelerate growth in the region," Shane Clifford, Carlyle Head of Global Wealth.
EMEA
Bridgepoint, a private equity firm, completed the acquisition of Eckoh, a customer engagement data security solutions provider, for £169m ($210m), according to press releases.
Ares Management, an alternative investment manager, and Carlyle, a global investment firm, completed the €800m ($839m) investment in Your.World, a platform for building businesses online, according to press releases.
Your.World was advised by JP Morgan and A&O Shearman (led by Michael Mountain), according to Mergerlinks data and press releases.
Tikehau Capital, a global alternative asset management group, agreed to acquire TTSP HWP, a German data centre technical advisory firm, from private equity firms Adiuva Capital and Athanor Capital Partners, according to press releases. Financial terms were not disclosed.
Standout Capital, a Sweden-based private equity firm, completed the majority investment in Tjekvik, a specialist provider of digital self-service solutions for dealer aftersales departments, according to press releases. Financial terms were not disclosed.
Tjekvik was advised by DC Advisory (led by Justin Pursell), according to Mergerlinks data and press releases.
PureHealth, one of the biggest healthcare companies in the Middle East, agreed to acquire a 60% stake in Hellenic Healthcare, the largest private health care group in Greece, from CVC, a private equity firm, at a $2.3bn valuation.
Orion Resource Partners, an investment firm, and ADQ, a sovereign wealth fund based in Abu Dhabi, agreed to form a $1.2bn joint venture, according to press releases.
HongShan, a venture capital and private equity firm, agreed to acquire a majority stake in Marshall Group, an audio, tech and design powerhouse, for €1.1bn ($1.15bn), according to press releases.
Lunate, an Abu Dhabi based global alternative investment manager, agreed to acquire a minority stake in ADNOC Gas Pipelines, a gas pipeline network, from Snam, a gas infrastructure operator, according to press releases. Financial terms were not disclosed.
Triton is said to explore €2bn sale of Germany’s Kelvion. ( Bloomberg)
Private equity firm Triton Partners is considering a sale of Kelvion, a German manufacturer of cooling equipment, in a deal that could be valued at over €2bn ($2.1bn).
Triton has enlisted Morgan Stanley and Guggenheim Partners to assess interest from potential buyers. Initial bids are expected to be submitted in April.
Alshaya Group stops talks about selling Starbucks franchise. ( Bloomberg)
Kuwait-based Alshaya Group has paused discussions regarding the sale of a stake in its Starbucks franchise, which operates across the Middle East, North Africa, and Central Asia. CEO John Hadden confirmed the decision during The Retail Summit 2025 in Riyadh, stating the group’s current focus is on serving customers amid improving consumer activity since late 2024, following challenges from geopolitical tensions.
Previous discussions involved Saudi Arabia's sovereign wealth fund and Apollo Global Management as potential investors in the franchise. Alshaya’s decision reflects a strategic shift away from divestment efforts toward strengthening its retail operations.
Enel, KKR among potential bidders for UK's Cubico. ( Reuters)
Italy's Enel and private equity firm KKR are among the potential bidders for UK-based Cubico Sustainable Investments.
The renewable energy company is owned by two major Canadian pension funds, the Public Sector Pension Investment Board and the Ontario Teachers' Pension Plan, which have been exploring a sale. The firm could be valued at $6bn or more, including debt.
Daniel Lopez-Cruz rejoins Investcorp as Global Head of Private Equity. ( Press Release)
Investcorp, a global alternative investment firm, announced that Daniel Lopez-Cruz will be rejoining Investcorp in early March as Global Head of Private Equity.
The appointment of Daniel Lopez-Cruz concludes Investcorp’s planned leadership transition and business streamlining program of the last six months, preparing the firm for its next leg of growth with a new generation of leadership elevated from within its ranks.
APAC
Bain Capital-backed 360 One, a wealth manager, agreed to acquire B&K Securities, an India-based broker house, for $205m, according to press releases.
Everstone Capital, a private equity firm, agreed to acquire a majority stake in Wingify, a provider of marketing technology SaaS product, according to press releases. Financial terms were not disclosed.
Macquarie-owned Blueleaf to invest $400m in Jakson Green’s India solar projects. (Press Release)
Blueleaf Energy, a renewable energy platform backed by a Macquarie Asset Management fund, has announced a $400m investment in India’s solar sector. The funding will support the development of 1 gigawatt of solar projects by Indian energy firm Jakson Green.
The projects are set to be built in Rajasthan, a state known for its high solar potential. Blueleaf’s investment highlights the increasing confidence of global investors in India’s expanding renewable energy market.
Bain-backed sustainable fuel producer EcoCeres eyes Europe IPO. ( Bloomberg)
EcoCeres, a sustainable fuel producer backed by Bain Capital, is considering an initial public offering that could value the company at around $5bn.
The Hong Kong-based company is evaluating the possibility of listing on a European exchange next year, with London among the options being considered. However, they noted that EcoCeres has not entirely dismissed the idea of pursuing a listing in Hong Kong.
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