Ron Shaich, the Panera founder and Cava chairman, thinks he's found the next ... Chili's?

• (Pause while we all sing to ourselves about baby back ribs.)

Driving the news: Shaich's Act3 Holdings has quietly been buying shares in BJ's Restaurants, a casual dining brand with over 200 restaurants in 31 states.

• Act3 now holds nearly a 10% stake, following new purchases disclosed last night. It also holds a board seat.

Zoom in: This isn't an outside activist play, pushing for new management. Instead, it's tied to a belief in new management — namely Lyle Tick, who was named CEO last June.

• BJ's has reported comp store sale increases for each quarter since Tick took over, with Shaich comparing his refocusing of the diner experience to what Kevin Hochman achieved when turning around Chili's several years ago.

By the numbers: Shares of Chili's parent company Brinker are up over 440% since Hochman was named CEO in 2022.

• BJ's hasn't yet had the same public market success yet under Tick, with shares down 2% over the past year and nearly 14% year-to-date, although Brinker shares also stagnated for the first couple of years under Hochman.

What he's saying: "I'm putting my money where my mouth is," says Shaich, who argues that the only way to successfully differentiate a burgers and beer chain is to reduce what he calls the "friction ratio."

• That could be cost, but also time — something he believes is driven by staff engagement, including by cutting general managers in on store profits (something BJ's doesn't yet do, but which Shiach suggests could be coming).
• "Chili's at the beginning was a phenomenal success. Then over 30 years they and everyone else just followed each other, becoming undifferentiated and overpriced. Kevin came in and decided to do things differently, particularly in simplifying the menu and cutting down the burden on servers ... I see Lyle making similar decisions."
• He's also not concerned about Gen Z's relative disinterest in beer, despite BJ's having brewhouse roots, given the menu's emphasis on pizza and a viral dessert called the pizookie.

The bottom line: The proof is in the pizookie.

Estée Lauder (NYSE: EL) confirmed that it's in talks to acquire Spanish beauty group Puig (Madrid: PUIG).

Why it's the BFD: The deal would create a $40 billion beauty behemoth to better compete with market leader L'Oreal.

• It also appears to be a transformative departure from a reorganization plan that Estée Lauder launched just over a year ago.

The bottom line: "It's a big swing for a company that was supposed to be trimming assets. It'll get a fragrance-heavy portfolio while the perfume category still smells like money." — Ryan Barwick, Axios Pro

• Kandou AI, a Swiss AI chipmaker raised $225m from Maverick Silicon, SoftBank, Synopsys, Cadence Design Systems, and Alchip. axios.link/484V1qx

• NoTraffic, an Israeli traffic management platform, raised $90m in Series C funding, per Axios Pro. PSG Equity led, joined by M&G Investments, Grove Ventures, LifeX, Meitav Investment House, and Next Gear Ventures. axios.link/3PWfuYk

• Gimlet Labs, a developer of AI inference software, raised $80m in Series A funding. Menlo Ventures led, joined by Factory, Eclipse, Prosperity7, and Triatomic. axios.link/4uMjQ4h

• Above Security, an Israeli insider threat platform, raised $50m from Ballistic Ventures, Merlin Ventures, Norwest, Jump Capital, and QPV Ventures. axios.link/3PVPBrC

• Shepherd, an SF-based commercial insurance platform, raised $42m in Series B funding, per Axios Pro. Intact Private Capital led, joined by Spark Capital and Costanoa Ventures. axios.link/4brV2qS

• Highlight AI, a proactive operating system for business teams, raised $40m in Series A funding, per Axios Pro. Khosla Ventures led, joined by 359 Capital, General Catalyst, Valor Equity, Common Metal, Makers Fund, Arcadia, and SV Angel. axios.link/40U8j5o

• Spade, which helps banks and fintechs turn transaction strings into structured merchant data, raised $40m in Series B funding, per Axios Pro. Oak HC/FT led, joined by a16z,, Flourish, Gradient, NAventures, National Bank of Canada, and YC. axios.link/4d55OEL

• Swish, an Indian food delivery startup, raised $38m in Series B funding. Hara Global and Bain Capital Ventures led, joined by Accel, Stride Ventures, and Alteria Capital. axios.link/4bvw365

🚑 Amani Therapeutics, an NYC-based neuropsychiatric biotech, raised $25m in Series A funding from backers like RTW Investments. axios.link/47Ot8D4

🚑 Oryon Cell Therapies, a Belmont, Mass.-based developer of stem cell therapies for Parkinson's, raised $21m in Series A extension funding from backers like Neuro.VC and Byers Capital. axios.link/4bJAg4K

• Spark Microsystems, a Canadian semiconductor startup, raised C$17m in Series B extension funding. Idealist Capital and Real Ventures led, joined by Cycle Capital, ND Capital, and EDC. axios.link/3Np17ex

• Interloop, a developer of enterprise memory for AI agents, raised $16.5m in seed funding. DN Capital led, joined by Bek Ventures and insider Air Street Capital. axios.link/3Ppv3I2

• Littlebird, an SF-based developer of computer recall software, raised $11m led by Lotus Studio. axios.link/3PVn8SN

• Littlefish, an Africa-focused merchant operating system, raised $9.5m in Series A funding. Partech led, joined by TLCom, Flourish Ventures, and Proparco. axios.link/4buaVNp

• Yes, both Littlebird and Littlefish announced funding within the same day.

• Foreverland, a Milan-based developer of cocoa-free chocolate alternatives, raised €6m from Kost Capital, Maia Ventures, CDP Venture Capital, Riello Investimenti, and Newtree Impact. axios.link/4bYV49P

🚑 Health Universe, a clinical AI platform for health care workflows, raised $6m in seed funding led by Kleiner Perkins. axios.link/3PtixXV

🚑 Flourish Care, a Boston-based maternal health platform and doula network, raised $5.7m in seed funding. Zeal Capital Partners led, joined by Create Health Ventures, Collide Capital, Rogue Women's Fund, Symphonic Capital, Slater Technology Fund, Catalytic Impact Foundation, and Capita3. axios.link/4lJ7rKq

• AEA Investors acquired Trinamix, a San Jose, Calif.-based provider of cloud and ERP solutions. axios.link/41oLreq

• Altor agreed to buy a majority stake in Eltera, a Norwegian provider of electrical installation services, from Valedo. axios.link/41qzxRe

• Apollo agreed to acquire Nippon Sheet Glass (Tokyo: 5202) for $3.7b. axios.link/4t37UcP

• Arlington Capital Partners agreed to buy Eptec Defence, an Australian provider of services to naval defense vessels, for a reported A$150m. axios.link/4t91E3q

• Blackstone is considering a $200m-$300m investment in one of two Indian Premier League cricket teams up for sale — the Rajasthan Royals or the Royal Challengers Bengaluru — per Bloomberg. axios.link/4t52ZrX

• Cambridge Mobile Telematics, a Cambridge, Mass.-based telematics provider, raised $350m led by TPG and Allianz-X, with State Farm participating. axios.link/4lOmC5b

• Continental AG (ETR: CON) has moved several PE firms to the next round of an auction for its industrial unit, which could fetch €4b, per Bloomberg. They include Apollo, Clearlake, Bain, KPS Capital Partners, Platinum Equity and a pairing of Advent with CVC. axios.link/4lN7LrJ

• Eureka Education, a French portfolio company of Naxicap Partners, acquired U.K. vocational education firm Knovia from Sovereign Capital. axios.link/4bGZuAG

• General Catalyst and Trian Fund Management have raised their bid for Janus Henderson Group (NYSE: JHG) by $3 per share, to $52. The firms are battling for the asset manager with Victory Capital (Nasdaq: VCTR). axios.link/40Qlx36

🎵 Primary Wave, a music rights firm, agreed to acquire music publisher Kobalt for a reported $1.5b from Francisco Partners. Primary Wave backers include BlackRock, Brookfield Asset Management, CAA, and Oaktree Capital Management. axios.link/40PeTKs

• Relation Insurance Services, backed by Aquiline Capital Partners, acquired Chinook Insurance Group, a Seattle-based commercial insurer. axios.link/3PpEMy2

• Rootstock, a Gryphon Partners portfolio company, acquired Ascent Solutions, a Minneapolis-based provider of Salesforce-native ERP and operational applications. axios.link/4bGjAeF

• Southfield Capital acquired a majority stake in Metric Search, an NYC-based recruiter focused on areas like life sciences and data centers. axios.link/4lN4TLj

• Tandym Group, a Mill Rock Capital portfolio company, acquired InteliNotion, a Princeton, N.J.-based provider of software company for structured content authoring and content management. axios.link/4bHSrYx

• Thompson Street Capital Partners invested in Karpel, a St. Louis-based provider of case management software for prosecutor and public defender offices. axios.link/4su61pH

• Aevex, a Solana Beach, Calif.-based drone maker owned by Madison Dearborn Partners, filed for an IPO that Renaissance Capital estimates could raise $200m. It reports $319m in 2025 revenue and plans to list on the NYSE (AVEX). axios.link/4lTshqK

⚡ HMH Holding, a Houston provider of drilling equipment and services co-owned by Baker Hughes and Akastor, set IPO terms to 10.5m shares at $19-$22. It plans to list on the Nasdaq (HMHW). axios.link/4c3iuLa

🚑 Manipal Health Enterprises, an Indian private hospital operator owned by Temasek, filed for a domestic IPO that could raise $1b. axios.link/4v6uMKz

• Oceanhawk Acquisition, a SPAC led by Ernest Miller, filed for a $200m IPO. axios.link/4bHc9Uf

🚑 Arlington Capital Partners is seeking to sell Everest Clinical Research, a Toronto-based contract research organization, per Axios Pro. axios.link/4uOoYFd

• GI Partners is seeking to sell American Residential Services, an HVAC and plumbing services provider that could fetch $3.5b, per Reuters. axios.link/4sC3fPs

🚑 Gilead Sciences (Nasdaq: GILD) agreed to acquire T-cell engager biotech Ouro Medicines for up to $2.2b. Ouro raised a $120m Series A round last year from TPG, NEA, Norwest Venture Partners, and Monograph Capital (which co-founded the company with GSK). axios.link/3PWZmG3

• Moniepoint, an African payments and banking startup, acquired Orda, a Nigerian restaurant management platform backed by FinTech Collective, Quona Capital, and LoftyInc Capital Management. axios.link/4stUKFZ

⚡ Octopus Energy of London agreed to buy a majority stake in Uplight, a Boulder, Colo.-based distributed energy resource company, per Axios Pro. Uplight was valued at $1.5b in 2021, while backers include Coatue, Schneider Electric, and Energy Impact Partners. axios.link/4rMPs7d

⚡ Boralex (TSX: BLX), a Canadian renewable company with a C$3.2b market cap, is exploring going private, per Bloomberg. axios.link/3PpBD1b

• Molson Coors (NYSE: TAP) agreed to acquire Atomic Brands, the Miami-based maker of ready-to-drink Monaco Cocktails. axios.link/3Np15mV

• 360 Capital Partners, a French-Italian VC firm, held a $99m first close for its second fund ($116m hard cap). axios.link/3NWRQdN

• 5(c) Capital, a prediction market-focused VC firm formed by ex-Kalshi employees, reportedly is raising $35m for its debut fund. Backers include the CEOs of both Kalshi and Polymarket. axios.link/41olaNg

• Lead Edge Capital raised $3.5b for its seventh flagship growth equity fund. axios.link/3NIvTin

• Jason Demant joined GTMfund as a partner. He previously was with Foundation Capital. axios.link/47jut4L

• Donnie Phillips joined GTCR as a managing director and chief administrative officer. He previously was with Citadel Securities. axios.link/4suQZA8

• Gardiner Schroeder joined Bain Capital as a vice president. He previously was with Gemspring Capital. axios.link/4dCSJ5A

U.K. borrowing costs are skyrocketing, in the latest example of global fallout from the Iran war.

• The country is particularly susceptible to this sort of shock, given its reliance on imported energy.

Axios' Courtenay Brown writes: "British yields are higher now than they were at the height of the 2022 Liz Truss fiasco, when the nation's then-prime minister proposed a fiscal budget with billions of pounds in unfunded tax cuts.

• The difference now, of course, is the source of the panic — now, it has been triggered by inflationary concerns from a war it did not start and is not directly involved in, instead of domestic fiscal proposals."

U.K. dealmaking has soared 184% so far in 2026, per LSEG, although there haven't yet been any domestic IPOs and debt capital markets issuance is down 32% (with high yield slower than investment grade)