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M&A Deals

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• Abry Partners invested in KaufmanIT, an Irvine, Calif.-based managed IT, cybersecurity, and cloud services provider for SMBs. Go deeper

🚑 Archimed acquired IRAB, a Barcelona-based developer of PET radiopharmaceuticals. Go deeper

• Arcline Investment Management agreed to acquire Continental Aerospace Technologies, a Mobile, Ala.-based maker of piston aircraft engines, for $535m from Aviation Industry Corporation of China. Go deeper

• Bain Capital agreed to acquire a majority stake in FDH Aero, a Commerce, Calif.-based provider of aerospace and defense industry supply chain solutions, from Audax Private Equity (which will retain a position). Go deeper

Bain also joined the auction for Australian outdoor advertising firm oOh!media (ASX: OML), which already had bids from I Squared Capital and Pacific ​Equity Partners.

• Blackstone is in talks to acquire H&R, a Canadian REIT that manages C$8.1b of assets, per Bloomberg. Go deeper

• Cadogan Tate, a TSG Consumer portfolio company, acquired Fully Loaded Deliveries, a Phoenix-based luxury moving, storage, and design installation company. Go deeper

• Carlyle agreed to pay $700m to acquire Chung Ho Group, a South Korean renter of home and health care appliances, per Bloomberg. Go deeper

Carlyle also secured majority ownership of MAI Capital Management, a Cleveland-based RIA in which it first invested five years ago.

• Catchment Capital acquired Isolatek, a Stanhope, N.J.-based maker of passive fireproofing tech, from SK Capital Partners. Go deeper

• Coriant, an H.I.G. Capital portfolio company, acquired Wescott Group, a U.K.-based industrial services business. Go deeper

⚡ DCC (LSE: DCC), an Ireland-based energy distributor, said it would accept a sweetened £5.7b takeover offer from KKR and Energy Capital Partners. Go deeper

• DwyerOmega, a portfolio company of Arcline Investment Management, acquired Burns Engineering, an Eden Prairie, Minn.-based provider of provider of temperature measurement. Go deeper

• Ezurio, an Audax portfolio company, acquired Gateworks, a San Luis Obispo, Calif.-based maker of industrial single-board computers for rugged environments. Go deeper

• Five Arrows invested in Nepting, a French provider of payment acceptance software. Go deeper

🚑 Healthcare Holding Schweiz, managed by Winterberg Advisory and KKA Partners, acquired Compet Medical, a Swiss provider of harm reduction solutions for public health groups. Go deeper

• HGGC and WPCG agreed to acquire minority stakes in Crewe Advisors, a Utah-based RIA. Go deeper

• Gemspring acquired a minority stake in Comoto, an omnichannel platform for motorcycle and powersports enthusiasts that's majority owned by Prospect Hill Growth Partners. Go deeper

• Godspeed Capital Management invested in JP Donovan, a Rockledge, Fla.-based general contracting and precision fabrication firm focused on space infrastructure, heavy civil, and design-build construction. Go deeper

• Kainos Capital acquired Super-Sod, a Charleston, S.C.-based provider of landscaping products, from Heartwood Partners. Go deeper

• KKR agreed to buy a majority stake in Chicago-based accounting firm Crowe for nearly $3b, per the WSJ. Go deeper

• Levata, an Odyssey Investment Partners portfolio company, agreed to buy Posdata Group, a Gig Harbor, Wash.-based enterprise payment tech company. Go deeper

• Liberty Waste Solutions, an Allied Industrial Partners portfolio company, acquired Bill's Trash Services, a residential waste collector in the Fayetteville and Harnett County, N.C., markets. Go deeper

• Madison Dearborn Partners invested in Stephano Slack, a Wayne, Pa.-based accounting and advisory firm, with Norlantic Capital participating. Go deeper

🚑 Med-Metrix, a Harvest Partners and A&M Capital Partners portfolio company, acquired CanAide, a provider of Medicaid eligibility and enrollment services and RCM automation solutions, from HCAP Partners. Go deeper

• Mill Point Capital agreed to acquire Total Safety Supplies & Solutions, a Fairfield, Calif.-based distributor of industrial MRO products. Go deeper

• Motive Partners acquired Mobius, a U.K. pension investment firm, from Phoenix Equity Partners. Go deeper

• Nordic Capital agreed to acquire Flowa Technology, a Swedish water infrastructure company, from Stockholm-listed Vestum. Go deeper

🌎 Palm Ventures acquired AeroFarms, a Danville, Va.-based indoor vertical farming and microgreens company. Go deeper

• PassCo, a perimeter security company owned by Halle Capital, acquired three companies: Southeastern Overhead Door, Fairborn Northeast, and Communication Concepts. Go deeper

• Peer39, an O3 Industries portfolio company, acquired Adloox, a Paris-based ad verification company. Go deeper

• Phenna Group, an Oakley Capital portfolio company, acquired Begalvi, a Spanish provider of compliance management SaaS for homeowners associations. Go deeper

• Platte River Equity acquired Tallman Equipment Co., a Columbus, Ind.-based provider of lineman tools and equipment. Go deeper

• Pye-Barker Fire & Safety, backed by Altas and Leonard & Green Partners, bought Fire Protection Specialists, a provider of fire protection services in the Pacific Northwest. Go deeper

• Ridgeline Roofing & Restoration, a Bertram Capital portfolio company, acquired Nebraska-based Fremont Roofing Co. Go deeper

• Rox Capital Partners acquired Interstate Threaded Products, a Dallas-based maker of threaded industrial fasteners. Go deeper

• Second Nature Brands, a Chicago-based snackmaker owned by CapVest Partners, agreed to buy Tillamook Country Smoker, a beef jerky and protein snack maker, from Insignia Capital. Go deeper

⚡ Stonepeak and Energy Equation Partners agreed to acquire Anwim, a Polish fuel marketer and gas station network (MOYA). Go deeper

• Thoma Bravo agreed to acquire Kneat (TSX: KSI), an Ireland-based digital validation platform, for C$650m. Go deeper

• TPG invested in Smith + Howard, an Atlanta-based assurance, tax, advisory, and wealth management firm. Go deeper

• Wafra agreed to buy the Navitas equipment finance business of United Community Banks (NYSE: UCB) for $1.9b. Go deeper

• Walker Sands, a PR and digital marketing firm backed by Mountaingate Capital, acquired RevPartners, a revenue operations and GTM engineering firm. Go deeper

• Warburg Pincus is in talks to buy JSB Co. (Tokyo: 3480), a Japanese housing firm with around a $950m market cap, per Bloomberg. Go deeper

• Woven Solutions, a Falfurrias portfolio company, acquired Insignis, a U.K. provider of systems engineering and software development for cyber operations. Go deeper

🚑 Arlington Capital Partners sold Riverpoint Medical, a Portland, Ore.-based maker of minimally-invasive surgical consumables, to Novanta (Nasdaq: NOVT) for around $1.5b. Go deeper

• Blackstone agreed to sell Interplex, a Singaporean maker of telecom products, to Taiwan's BizLink (TAI: 3665) for $850m in cash. Go deeper

🚑 CapMan Growth agreed to sell its minority stake in Finnish vision and eye health company Silmäasema to Terveystalo (HEL: TTALO). Go deeper

• Encore Consumer Capital sold Twang Foodservice, a San Antonio-based provider of beverage solutions, to Solina USA. Go deeper

🚑 EQT is seeking to sell Singaporean health care provider HMI Medical for around $600m, per the WSJ. Go deeper

🚑 Johnson & Johnson (NYSE: JNJ) agreed to buy Firefly Bio, an SF-based biotech focused on protein degraders, for $1b in cash. Firefly had raised $94m in 2024 from Versant Ventures, MPM BioImpact, Decheng Capital and Eli Lilly. Go deeper

⚡️ MiCo Group of South Korea acquired NEM Energy, a Dutch energy facility engineering company, from Mutares. Go deeper

• Sentinel Capital Partners sold NSI Industries, a Huntersville, N.C.-based maker of branded electrical products, to Hubbell (NYSE: HUBB) for $3b. Go deeper

• Sigma Healthcare (ASX: SIG) said it's in early talks to buy U.K. pharmacy chain Boots from Sycamore Partners. Go deeper

⚡️ Voltus, an SF-based virtual power plant operator, agreed to acquire Brightfield AI, an energy storage software provider backed by Overture Ventures and Energy Impact Partners. Go deeper

⚡️ ZincFive, a Tualatin, Ore.-based maker of data center batteries, agreed to go public at a $600m pre-money valuation via a reverse merger with SparkLabs Group, a SPAC formed by SparkLabs Group, ZincFive has raised over $250m from firms like Helios Climate Ventures, DBL Partners, and Climate Investment. Go deeper

• Akeneo, a French product experience company that's raised over $200m in VC funding from firms like Partech and Summit Partners, acquired PricingHub, a French pricing management platform. Go deeper

• Ancora built a "significant stake" in chemicals company Ashland (NYSE: ASH) and is pushing for a sale, per Reuters. Go deeper

🏀 Big3, a 3-on-3 pro basketball league co-founder by Ice Cube, agreed to go public at a $290m pre-money valuation via a reverse merger with Graf Global (NYSE American: GRAF), a SPAC led by Jeff Graf. Go deeper

• Bouygues Telecom, Orange, and Free-iliad Group agreed to buy SFR, France's second-largest telco, from Patrick Drahi's Altice France for around $23.5b. Go deeper

🚑 Chiesi Group, an Italian drugmaker, acquired KalVista, a Framingham, Mass.-based developer of oral protease inhibitor drugs for rare diseases, for $1.9b. Go deeper

• Eaton (NYSE: ETN) is carving out its mobility unit, which will merge with Dana (NYSE: DAN) into a combined company valued at $10b (including debt). Go deeper

• Ennoconn (Taiwan: 6414) offered to acquire listed Austrian IoT services firm Kontron for around €1.47b. Go deeper

• Frasers Group (LSE: FRAS) offered to buy German fashion brand Hugo Boss (ETR: BOSS) for around €2.7b, or €38 per share (4% premium to Wednesday's close). Go deeper

🚑 GSK (NYSE: GSK) agreed to buy cancer drug developer Nuvalent (Nasdaq: NUVL) for $10.6b in cash, or $124 per share (a 40% premium to yesterday's closing price). Go deeper

• Ingredion (NYSE: INGR) agreed to acquire U.K. ingredients maker Tate & Lyle (LSE: TATE) for £3.7b (including £1b of debt). Go deeper

• Intesa Sanpaolo (Milan: ISP) offered to buy rival Italian lender Banca Monte dei Paschi di Siena (Milan: BMPS) for $35b, setting up a possible bidding war with BPM Banco. Go deeper

• Macquarie is in talks to buy Cargill's metals unit, per Reuters. Go deeper

🐔 Merck Animal Health acquired Targan, a Raleigh, N.C.-based developer of biodevices for poultry production improvements. Go deeper

⚡️ Oklo (NYSE: OKLO) acquired ARMEC, an Oak Ridge, Tenn.-based manufacturing and engineering firm serving the nuclear industry. Go deeper

• Northern Star Resources (ASX: NST), an Australian gold miner, rejected Elliott Investment Management's request to sell either itself of some of its smaller assets. Go deeper

📺 Paramount Skydance (Nasdaq: PSKY) would be willing to divest some children's TV assets, possibly including Nickelodeon, to secure EU approval for its Warner Bros. Discovery (Nasdaq: WBD) takeover, per Bloomberg. Go deeper

In related news, several U.S. states reportedly will sue to block the deal.

• Sleep Country Canada agreed to buy Minneapolis-based mattress maker Sleep Number (Nasdaq: SNBR) after the latter filed for Chapter 11 bankruptcy protection. Go deeper

🏈 Todd Boehly is weighing a bid for the NFL's Seattle Seahawks, per Semafor. Go deeper

• Warner Music Group (Nasdaq: WMG) agreed to acquire Sureel AI, a Santa Clara, Calif.-based AI attribution startup. Go deeper

• KKR has formed an AI infrastructure platform called Helix Digital Infrastructure, in partnership with the Kuwait Investment Authority, Nvidia, and Vistra. It has $10b in initial commitments and is led by Adam Selipsky, former CEO of Amazon Web Services. Go deeper

• CalPERS promoted Anton Orlich to deputy CIO of private markets. Go deeper

• Brad Finkle (ex-TIAA) is joining Barings as global COO, while global private finance chief Bryan High will join senior leadership and president Eric Lloyd will assume the vice chairman role. Go deeper

• Brian McKenna joined Ridgepost Capital as VP of investor relations. He previously was with Citizens JMP. Go deeper

⚡️ David Aaronson joined McGuireWoods as a Houston-based partner focused on energy M&A. He previously was with O'Melveny. Go deeper

• Jenny Kim joined Sixth Street as a Singapore-based managing director of capital formation and strategy. She previously was with Goldman Sachs. Go deeper

• Ken Wolff joined OceanSound Partners as a partner and chief legal officer. He previously co-led the PE group at Skadden, Arps, Slate, Meagher & Flom. Go deeper

• Lauren Reddy joined Great Hill Partners as head of people. She previously led her own firm. Go deeper

🚑 Richie Schwartz joined Goodwin as a Boston-based partner in its life sciences and public M&A practices. He previously was with Paul Weiss. Go deeper

M&A deals of the week

Catch up on all the deals unveiled this week.

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<h2 class="text-h6 !font-sans !font-normal !leading-[1.2em]">Private Equity Buys</h2>• Abry Partners invested in KaufmanIT, an Irvine, Calif.-based managed IT, cybersecurity, and cloud services provider for SMBs. <a class="gtmContentClick" data-vars-link-text="Go deeper" data-vars-click-url="https://axios.link/4gaqVXu" data-vars-content-id="59b9f4bf-25f3-4274-9067-2ac4d37e1d33" data-vars-headline="M&amp;A deals of the week" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://axios.link/4gaqVXu" target="_self">Go deeper</a>🚑 Archimed acquired IRAB, a Barcelona-based developer of PET radiopharmaceuticals. <a class="gtmContentClick" data-vars-link-text="Go deeper" data-vars-click-url="https://axios.link/4vC6cjZ" data-vars-content-id="59b9f4bf-25f3-4274-9067-2ac4d37e1d33" data-vars-headline="M&amp;A deals of the week" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://axios.link/4vC6cjZ" target="_self">Go deeper</a>

M&A deals of the week

Private Equity Buys

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