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AMERICAS
Silver Lake and CPPIB-backed Qualtrics, an experience management company, completed the acquisition of Press Ganey Forsta, a provider of experience technology, data analytics, and insights, for $6.75bn, according to press releases.
Qualtrics was advised by BDT & MSD Partners, BMO Capital Markets, Centerview Partners (led by Jonathan Mandel, David J. Hess and Steven Markovich), Citigroup, Deutsche Bank, Goldman Sachs, JP Morgan (led by Nick Richitt), KKR Capital Markets, Mizuho Securities, Morgan Stanley, RBC Capital Markets, UBS, Wells Fargo Securities, Goodwin Procter (led by Joshua Zachariah). Debt financing was provided by BMO Capital Markets, Citigroup, Deutsche Bank, Goldman Sachs, JP Morgan, KKR Capital Markets, Mizuho Securities, Morgan Stanley, RBC Capital Markets, UBS, Wells Fargo Securities. Debt providers were advised by Simpson Thacher & Bartlett (led by Catherine Burns and Dorothy Hector). Press Ganey Forsta was advised by Barclays (led by Richard Landgarten and Jed Brody), Moelis & Co (led by Jeff Raich, Ryan Bell and Richard Harding) and Latham & Watkins (led by David E. Owen, John Giouroukakis and Jordan Miller), according to press releases and MergerLinks data.
Leonard Green & Partners, an American private equity investment firm, completed the acquisition of the remaining 33% stake in Mister Car Wash, a conveyorized car wash operator in the United States, for $1bn, according to press releases.
Mister Car Wash was advised by Bank of America, Centerview Partners (led by Michael Dabney), Latham & Watkins (led by Paul Kukish, Andrew Elken, and Michael Vardanian) and Morris Nichols Arsht & Tunnell. Financial advisors were advised by Cleary Gottlieb Steen & Hamilton (led by Paul Shim) and Wilson Sonsini Goodrich & Rosati (led by Douglas K. Schnell). LGP was advised by Jefferies & Company and Simpson Thacher & Bartlett (led by Michael Kaplan), according to press releases and MergerLinks data.
Plenary Americas to acquire Information Services Corporation at an enterprise value of CAD1.2bn.
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 an enterprise value of CAD1.2bn ($872m). As part of the transaction, Plenary Americas will partner with La Caisse as an equity co-investor, according to press releases.
Plenary Americas is advised by Barclays and Davies Ward Phillips & Vineberg. Information Services Corporation is advised by National Bank Capital Markets, RBC Capital Markets and Stikeman Elliott, according to press releases.
Hull Street Energy to acquire the US operations of FirstLight from PSP Investments.
Hull Street Energy, a US-based private equity firm, agreed to acquire the US operations of FirstLight, a clean energy company that owns and operates hydroelectric generation and energy storage assets, from PSP Investments, a Canadian pension fund investment manager, according to press releases. Financial terms were not disclosed.
Hull Street Energy is advised by DLA Piper and Troutman Pepper Locke. PSP Investments is advised by Evercore, Foley Hoag and Latham & Watkins, according to press releases.
Fusion Capital Partners-backed Relevant Solutions completes the acquisition of Automation Werx.
Fusion Capital Partners-backed Relevant Solutions, a provider of critical service solutions, completed the acquisition of Automation Werx, a systems integration company, according to press releases. Financial terms were not disclosed.
Automation Werx was advised by Hemming Morse, Holden Kidwell Hahn & Crapo, and Edge Financial. Relevant Solutions was advised by McGuireWoods, according to press releases.
General Atlantic, a global growth equity firm, completed an investment in PowerGEM, a provider of advanced simulation software and technical services, according to press releases. Financial terms were not disclosed.
PowerGEM was advised by Lazard, and Goodwin Procter. General Atlantic was advised by Paul Weiss Rifkind Wharton & Garrison, according to press releases.
Sageview Capital, an American investment firm, completed the investment in Alacriti, a payments technology company, with participation from BMO Capital Partners and Curql Fund, according to press releases. Financial terms were not disclosed.
Alacriti was advised by Atlas Technology Group and Morgan Lewis & Bockius, according to press releases.
GHK Capital Partners-backed WSB, a consulting firm, completed the acquisition of Alta Science & Engineering, a Northwest‑based science and engineering firm, according to press releases. Financial terms were not disclosed.
Alta Science & Engineering was advised by Morrissey Goodale, according to press releases.
Sciens Water-backed Integrated Water Services, a company specializing in modular wastewater treatment and reuse systems, completed the acquisition of Complete Filtration Resources, a company specializing in process filtration and industrial wastewater solutions, according to press releases. Financial terms were not disclosed.
Complete Filtration Resources was advised by TKO Miller, according to press releases.
Accel-KKR, a technology-focused private equity firm, completed the investment in UpKeep, a provider of asset operations and maintenance management software, according to press releases. Financial terms were not disclosed.
Accel-KKR was advised by Kekst CNC (led by Todd Fogarty), according to MergerLinks data.
NTT DATA, an AI, digital business and IT services company, agreed to acquire WinWire, a digital engineering and IT services firm, from Sverica, a private equity firm, according to press releases. Financial terms were not disclosed.
NTT DATA is advised by Rothschild & Co, according to MergerLinks data.
Bernhard Capital-backed Aventia, a provider of comprehensive environmental consulting and field services, completed the acquisition of ECM Consultants, an engineering and construction management firm, according to press releases. Financial terms were not disclosed.
Wynnchurch Capital-backed Eastern Metal Supply, a manufacturer and distributor of aluminum extrusions and sheet products, completed the acquisition of American Metals Supply, a wholesale distributor of sheet and coil steel, according to press releases. Financial terms were not disclosed.
Wynnchurch Capital and Eastern Metal Supply were advised by Foley & Lardner, according to press releases.
Yellow Wood Partners-backed Dr. Scholl's, a footwear and orthopedic foot care brand, completed the acquisition of VKTRY, an athletic performance brand specializing in premium carbon fiber insoles and footwear innovation, according to press releases. Financial terms were not disclosed.
Blackstone, an alternative asset manager, and Google, an American multinational technology company, agreed to form a joint venture, to develop and operate data centre infrastructure. Blackstone is committing approximately $5bn to the venture, according to press releases.
Gideon Strategic Partners, a financial services company, and Nimble Partners, a multi-stage venture capital platform, led a $170m Series B funding round in RADAR, a retail technology company providing AI-powered, real-time inventory tracking solutions for physical stores, with participation from Align Ventures, according to press releases.
General Atlantic, a global growth equity firm, led a $150m Series D round in Farther, a technology-centric wealth management firm, with participation from existing investors, according to press releases.
Farther was advised by Marathon Strategies (led by Kristine Erickson), according to press releases.
New Mountain Capital-backed Grant Thornton Advisors, an independent audit and assurance, tax and advisory firm, completed the acquisition of MCA Connect, a specialized IT consulting firm and global systems integrator, according to press releases. Financial terms were not disclosed.
Align Capital Partners-backed Marco Sealing Solutions, a provider of sealing products and engineered solutions, completed the acquisition of Pride Seals, a supplier of sealing solutions, according to press releases. Financial terms were not disclosed.
Accenture, a multinational professional services company, completed the investment in Aera Technology, a decision intelligence software company, according to press releases. Financial terms were not disclosed.
Overmatch, BlackRock and 8090 Industries lead a $230m Series B round in Armada.
Investment companies Overmatch, BlackRock and 8090 Industries led a $230m Series B round in Armada, a modular data center builder, according to press releases.
TCV, a growth equity and venture capital firm, led a $200m Series D round in Mercury, a fintech company providing banking services to early stage start-up companies, with participation from Andreessen Horowitz, Coatue, CRV, Sapphire Ventures, Sequoia Capital and Spark Capital, according to press releases.
Menlo Ventures, a venture capital firm, led a $100m Series C round in Nourish, a dietitian-led metabolic health clinic, with participation from Thrive Capital, Index Ventures, J.P. Morgan Growth Equity Partners, Maverick Ventures, Y Combinator, BoxGroup, Atomico, Daybreak, and Operator Partners, according to press releases.
Princeville Capital, an investment firm, led an $80m Series E round in Sigma, a software company that offers a cloud-native analytics platform, with participation from Databricks Ventures, ServiceNow Ventures, Workday Ventures, Altimeter Capital, Avenir Growth Capital, D1 Capital Partners, K5 Global, NewView Capital, Spark Capital, Sutter Hill Ventures and XN, according to press releases.
Safar Partners, a seed- to growth-stage venture fund, and Hostplus, an Australian industry superannuation fund, led a Series E round in Gradiant, with participation from ClearVision Ventures, according to press releases.
Shein buys US-based apparel retailer Everlane. ( Reuters)
Shein is reported to be acquiring US apparel retailer Everlane from L Catterton in a deal valuing the company at about $100m. The transaction would mark a further expansion by the fast‑fashion platform into established Western brands.
Details of consideration remain unclear, with the report indicating that common shareholders may not receive a payout, while treatment of preferred investors has not been disclosed. Discussions and outcomes have not been confirmed, and there is no certainty that the transaction will be completed.
West Technology enters exclusive talks to sell its last unit. (Bloomberg)
Apollo Global Management–backed West Technology is in exclusive negotiations to sell its last remaining operating unit to an interested buyer.
The potential sale comes as the company continues talks with its lenders while navigating liquidity pressures.
I Squared Capital is among the bidders for a $5bn Trafigura and Mubadala port. (Bloomberg)
I Squared Capital is among the firms that have advanced to the second phase of a bidding process to acquire a Brazilian port owned by Trafigura Group and Mubadala Capital in a deal that could value the asset at around $5bn.
A consortium comprising Vale and Gerdau, as well as Australia-based logistics company M Resources, also progressed to the next stage of the process. Discussions remain ongoing and may not result in a finalized transaction.
EMEA
H.I.G. Capital, a global alternative investment firm, completed the acquisition of International Aerospace Coatings, a provider of aircraft painting solutions, according to press releases. Financial terms were not disclosed.
IAC was advised by Jefferies & Company and Latham & Watkins. H.I.G. Capital was advised by RBC Capital Markets and Ropes & Gray, according to MergerLinks data and press releases.
Neuberger Berman-backed Marquee Brands, a global brand management and licensing company that owns and develops a portfolio of consumer brands, agreed to acquire a majority stake in Roberto Cavalli, an Italy‑based luxury fashion house, from DAMAC Group, a diversified private conglomerate, according to press releases. Financial terms were not disclosed.
Marquee Brands is advised by RBC Capital Markets and Greenberg Traurig. DAMAC Group is advised by BDA Partners, according to press releases.
TPG-backed Integrated Media Company, a digital media investment platform, agreed to acquire an 84.5% stake in Playstack, a UK-based games publisher, from TruFin, a UK-listed investment holding company, at an enterprise value of £125m ($168m), according to press releases.
KKR, an investment firm, completed an $80m investment in Fresha, a global software platform for the beauty and wellness industry, according to press releases.
KKR was advised by FGS Global (led by Eleanor Coppock), according to press releases.
Waico Group, a machines and ovens manufacture, completed the acquisition of Logiudice and Mecateck, two brands specialized in the production of professional ovens for bakery, pizza and pastry applications, from Paragon Partners-backed TP Food, a supplier of machines and production lines for food processing, according to press releases. Financial terms were not disclosed.
TP Food was advised by DC Advisory (led by Giuliano Guarino), according to MergerLinks data.
BlueFive Capital, an Abu Dhabi-based global alternative investment platform, completed the acquisition of a 49% stake in Massar Solutions, a UAE-based provider of transportation and mobility services, from TAQA, a government-controlled energy and utilities company from the UAE, according to press releases. Financial terms were not disclosed.
TAQA was advised by PJT Partners, according to MergerLinks data.
Sofina, a Dutch investment firm, led a $100m Series C round in Primer, a financial technology company that provides a unified payment infrastructure that allows merchants to connect to payment providers, payment methods, and fraud detection services through a single integration, with participation from Peak XV Partners, Balderton, Accel, ICONIQ, Tencent, and Speedinvest, according to press releases.
Primer was advised by CGS Communications (led by Chantal Swainston), according to press releases.
Eurazeo, a global investment firm and private markets asset manager, agreed to acquire a majority stake in Nextron Systems, a German cybersecurity software provider specializing in forensic analysis and compromise assessment solutions, according to press releases. Financial terms were not disclosed.
Mehiläinen, a Nordic healthcare services provider, agreed to acquire Aleris, a Nordic healthcare provider offering medical, diagnostic and elderly care services, from Triton Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Radical Ventures led a $300m funding round in Decart, an artificial intelligence company, with participation from NVIDIA, Atreides Management, Valor Equity Partners, Adobe Ventures, Toyota Ventures, eBay Ventures, Sequoia Capital, Benchmark, and Zeev Ventures, according to press releases.
PolyPeptide to shortlist EQT, IDG for next bidding round. ( Bloomberg)
PolyPeptide Group has shortlisted EQT and IDG Capital for the next round of bidding for the Swiss contract drugmaker. The process is advancing as the company evaluates potential strategic options.
Altaris has also shown interest in acquiring PolyPeptide, though its status in the process remains unclear. The company has a market value of around $1.6bn, still below its peak valuation from about four years ago, and discussions remain ongoing with no certainty that a transaction will be completed.
French companies bid for €10bn Europe AI gigafactory. ( Bloomberg)
A consortium of European companies is preparing a bid for a €10bn ($11.6bn) project to develop a major data center campus in France, as Europe accelerates investment in artificial intelligence infrastructure.
The group, known as AION, includes Iliad, Orange, Ardian, EDF, and Scaleway, among others.
Whitbread investor pushes for sale. ( WSJ)
Corvex Management is urging a sale of Whitbread, arguing it represents the only viable route to unlock shareholder value at the Premier Inn owner. The activist investor, which holds a ~7% stake, said the company’s underperformance and lagging share price warrant a strategic review.
Corvex has signaled it is prepared to nominate directors to push the process forward if engagement is limited. Whitbread, which operates the Premier Inn hotel chain, has instead been focused on executing its five‑year growth strategy, setting up a potential conflict with the activist over the company’s future direction.
TA Associates will not proceed with a takeover offer for Advanced Medical Solutions. ( RNS Announcement)
TA Associates has confirmed that it will not proceed with a takeover offer for Advanced Medical Solutions, following earlier discussions about a potential bid. The announcement was made under the UK Takeover Code, formally ending the current approach.
Under takeover rules, TA Associates is now restricted from making a new offer for AMS for a set period, unless specific conditions are met, including a third‑party bid or agreement with AMS’s board. The decision brings an end to the previously reported takeover talks without a transaction being agreed.
Bain Capital seeks new investors to retain its stake in the aerospace firm. ( Bloomberg)
Bain Capital Private Equity is seeking to raise at least $1bn for a single‑asset continuation fund to extend its ownership of Spanish aerospace firm ITP Aero.
The Boston‑based firm and a consortium acquired ITP Aero from Rolls‑Royce in 2022 at an enterprise value of about $2bn. The group included Spanish co‑investors SAPA and JB Capital.
Magnum draws interest from private equity as its stock keeps losing ground. ( Reuters)
Private equity giants Blackstone and CD&R have begun early evaluations of potential takeover offers for Magnum Ice Cream Company. The interest comes less than six months after the maker of Cornetto and Ben & Jerry’s was separated from Unilever.
Both firms are watching Magnum’s share performance closely before deciding whether to proceed with a formal bid.
Gamma Communications enters early takeover talks with Oakley Capital and Giacom. ( Reuters)
Gamma Communications said that it has entered early‑stage discussions with private equity firm Epiris, as well as a separate consortium led by Oakley Capital and IT services provider Giacom, regarding a possible takeover of the British telecoms group.
The company’s shares ended the day up 8.8% at £10.18 ($13.6), giving Gamma a market value of roughly £922m ($1.23bn).
KKR and ECP weigh increasing offer for DCC. ( Bloomberg)
KKR and Energy Capital Partners are considering raising their takeover offer for energy provider DCC after the company rejected a previous £58 ($79) per share bid as too low.
The private equity firms are working with advisers to evaluate a revised proposal for the Irish energy and services group.
Hg spins out €500m of assets from €19bn software group Visma. ( FT)
Hg has spun out dozens of businesses valued at around €500m ($580.4m) from its €19bn ($22bn) software group Visma into a new Luxembourg-based vehicle called Norvato.
Hg is leading the investment in Norvato alongside existing Visma backers, including ICG. The new entity will hold subsidiaries of the accounting and payroll software provider as uncertainty surrounding the impact of artificial intelligence on the software sector continues to weigh on plans for a potential London listing.
Eurazeo announces the first close of its PME V Fund at over €1bn, seeded with two initial investments. ( Press Release)
Eurazeo has secured more than €1bn ($1.16bn) in commitments at the first close of Eurazeo PME V, matching the size of its predecessor fund raised in 2022.
The fund will focus on European mid-market technology and services companies, supporting growth through international expansion, operational transformation, and selective buy-and-build strategies.
Dental firm to be taken over by Blackstone and KKR following 70% debt cut. (Bloomberg)
Direct lenders including Blackstone and KKR are poised to take control of struggling dental chain Affordable Care and cut roughly 70% of its debt under a restructuring agreement.
Lenders will receive a pro‑rata share of a $225m first‑lien second‑out term loan, $200m in payment‑in‑kind notes, and 100% of the pro‑forma equity.
Brookfield nears $935m loan to support its purchase of World Freight. (Bloomberg)
Brookfield Asset Management is nearing a $935m loan agreement to support its acquisition of air‑cargo specialist World Freight, marking another addition to the recent wave of acquisition financing in Asia.
The investment firm signed the loan documents last week. The financing will take effect once Brookfield completes its purchase of World Freight from its current owners, EQT and PAI Partners.
APAC
Prudential, a UK‑listed international financial services group, agreed to acquire a 75% stake in Bharti Life Insurance, an Indian life insurance provider, from Bharti Life Ventures, an India‑based holding and investment company, and 360 ONE Asset Management, a provider of wealth and asset management services, for up to $467m, according to press releases.
Prudential is advised by Brunswick Group (led by Pavan Lall), according to press releases.
GHO Capital Partners, a UK-based specialist investor in healthcare, agreed to merge with CBC Group, a Singapore-based healthcare-dedicated asset management firm, according to press releases. Financial terms were not disclosed.
Quadria-backed Aragen Life said to plan a $300m India IPO. ( Bloomberg)
Aragen Life Sciences is considering an initial public offering in Mumbai that could raise up to $300m.
The Hyderabad-based company, backed by Goldman Sachs and Quadria Capital, has appointed Axis Capital, Citigroup, Goldman Sachs, and JM Financial to advise on the proposed share sale. Discussions are ongoing, and details of the offering may still change.
Nikkon weighs going private as US funds prepare bids. ( Bloomberg)
Nikkon is considering a take-private transaction and is preparing to launch a first round of bidding in early June.
US investment firms including Bain Capital, Warburg Pincus and Blackstone are expected to participate in the process for the Japanese logistics company.
Bain Capital has completed the final close of Asia Fund VI with $10.5bn in total capital, exceeding its original $7bn target.
The fund includes about $9.1bn of external commitments and marks 20 years of the firm’s private equity investing operations in Asia.
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