Illustration: Sarah Grillo/Axios
🛍️ Private Equity Buys
🚑 Advent International, EQT, and KKR are among those circling Qiagen (Paris: QIA), a European molecular testing company, per Bloomberg. Go deeper
• Argosy acquired a control stake in K&L Freight Management, a St. Charles, Ill.-based provider of asset-light 3PL services. Go deeper
• Ardian invested in Paris-based software firm HR Path at nearly a $1b valuation. Go deeper
• Arlington Capital Partners formed a naval services platform called Highwater, via the merger of portfolio company Eptec Defence with new purchase AMP United. Go deeper
• Arrow Global acquired Fusion Specialty Group, a U.K. managing general agent. Go deeper
• Assent, a Canadian supply chain sustainability management firm backed by Blackstone and Vista Equity Partners, acquired German auto compliance tech provider iPoint, per Axios Pro. Go deeper
• Avance invested in Lexxel, a Rochester, N.Y.-based provider of maintenance and repair services to critical infrastructure. Go deeper
🚑 Avid Health at Home, a Havencrest Capital Management portfolio company, acquired Tech Medical Home Care, a home care services provider focused on Kentucky and Ohio. Go deeper
• Barracuda Networks, backed by KKR, acquired Evo Security, an Austin, Texas-based identity and access management provider that had raised around $15m from TechOperators, MetroSITE Group, Sorenson Capital, Inner Loop Capital, Go deeper
• Belle Brands, backed by Windsong Global, acquired skincare and makeup brand Versed. Go deeper
🚑 Blackstone is in talks to buy Australian med-tech company Device Technologies from Navis Capital, per The Australian. Go deeper
⚡ Blackstone agreed to acquire Dresser Utility Solutions, a provider of utility metering equipment, from First Reserve. Go deeper
🏀 Blue Owl Capital agreed to buy a minority stake in the NBA's Cleveland Cavaliers. Go deeper
🚑 Bregal Sagemont invested in Pandion, a Fairpoint, N.Y.-based group purchasing organization. Go deeper
• Capitol Meridian Partners acquired Westway Enterprises, a Herndon, Va.-based developer of facilities for companies serving the national security industry. Go deeper
✈️ Castlelake agreed to buy EasyJet (LSE: EZJ) for £5.2b, after the U.K. budget carrier rejected four prior proposals. Go deeper
🚑 CenterGate Capital invested in Canadian Dental Labs, a maker of dental prosthetics and orthodontic appliances. Go deeper
• Charlesbank Capital Partners invested in Toronto-based secondaries investment firm Overbay Capital Partners. Go deeper
• CompassMSP, backed by Agellus Capital, acquired Philadelphia-based IT provider The Logic Group. Go deeper
🎵 CVC Capital Partners acquired DistroKid, an NYC-based music distributor. Go deeper
🚑 Decathlon Capital Partners invested in Amprion, a provider of neurodegenerative disorder diagnostics. Go deeper
• DecisionHR, a Coalesce Capital portfolio company, acquired Paymasters, Detroit Lakes, Minn.-based PEO. Go deeper
• Duck Creek Technologies, backed by Vista Equity Partners and CapitalG, acquired Send Technology Solutions, a London-based underwriting orchestration engine that had raised over $10m from firms like Mercia Ventures and Breega. Go deeper
• Enterprise Risk Associates, a Macquarie Group portfolio company, acquired Insurance Solutions of America, an Oviedo, Fla.-based commercial insurer. Go deeper
🚑 EQT agreed to buy Corza Biosurgery, maker of a patch to stop surgical bleeding, from GTCR portfolio company Corza Medical. Go deeper
• EQT agreed to buy Orikan, an Australian smart parking tech company, for around A$475m from Five V Capital. Go deeper
⚡ EQT agreed to buy Copia Power, a Dana Point, Calif.-based data center power and infrastructure firm, from Carlyle for $2.6b. Go deeper
🚑 Frazier Healthcare Partners agreed to acquire MatrixCare, a Bloomington, Minn.-based provider of EHR software for out-of-hospital care settings, for $490m from Resmed (NYSE: RMD). Go deeper
• GFL Environmental (NYSE: GFL) is weighing a take-private deal, after receiving inbound PE interest, per Bloomberg. Go deeper
• H.I.G. Capital agreed to acquire a majority stake in Terras Group, a German provider of infrastructure engineering and construction services. Go deeper
• I Squared Capital agreed to acquire Milestone Environmental, a Houston-based provider of waste management solutions for the energy and industrial sectors, from SK Capital Partners. Go deeper
• Icon Infrastructure is in talks to buy Northern Fiber, a German fiber network operator on the brink of bankruptcy, per Bloomberg. Go deeper
• InfraVia Capital Partners agreed to acquire D-Marin, a Greece-based marina operator, from CVC Capital Partners for over €1b. Go deeper
🌍 Juniper Landscaping, a Bregal Partners portfolio company, acquired Compass Environmental and Aquatic Weeds, two Central Florida-based providers of aquatic maintenance and shoreline restoration services. Go deeper
• Kanawha Scales & System, an Investcorp portfolio company, acquired Strack Scale Service, a Cincinnati-based scale calibration and service company. Go deeper
• Kinderhook Industries acquired and merged Jack Doheny Cos. and Vacuum Truck Rentals into a single platform for specialty infrastructure equipment rental. Go deeper
• Long Ridge Equity Partners acquired a majority stake in GoCharting, a multi-asset orderflow charting platform. Go deeper
• Long Ridge Equity Partners invested $38m into MountainSeed, an Atlanta-based provider of appraisal management and other tech solutions to community banks and credit unions. Go deeper
• Lone Star Funds agreed to acquire ContiTech, the industrial unit of Continental AG, for around €4b. Go deeper
• Mascarene Partners invested in Reynolds Fence & Guardrail, an Indian Trail, N.C.-based roadway infrastructure services company. Go deeper
• Mat Tech Industrial Services, an Allied Industrial Partners portfolio company, acquired Hook Set Transportation, an industrial hauling company operating within the Houston-Beaumont Corridor. Go deeper
• MoMo, a Vietnamese fintech, has received partial stake bids from Blackstone, CVC Capital Partners, and MUFG, per Reuters. MoMo has raised over $400m in VC funding. Go deeper
• Paine Schwartz Partners acquired minority stakes in Amfresh, a fresh produce company, and its Bloom Fresh multi-fruit breeding and IP licensing subsidiary. Go deeper
• Permira invested in Quadrante, an Iberian consultancy focused on engineering, architecture, environment, and sustainability. Go deeper
• Principal Industries, a Wynnchurch Capital portfolio company, acquired Genled Brands, an East Rutherford, N.J.-based maker of LED lighting products. Go deeper
• PSG Equity acquired a majority stake in BrightAnalytics, a Belgian provider of corporate performance management software for CFOs. Go deeper
🚑 Real Chemistry, a New Mountain Capital portfolio company, acquired Spurwing Communications, a Singaporean health comms and marketing firm. Go deeper
• Recognize acquired a majority stake in Smartlink, an Annapolis, Md.-based services provider to the digital infrastructure industry. Go deeper
• RMH Systems, a Rotunda Capital Partners portfolio company, acquired Top Shelf, a Columbus, Ohio-based material handling integrator. Go deeper
🎂 Sentinel Capital Partners acquired DecoPac, an Anoka, Minn.-based provider of cake decorating solutions, from Kohlberg & Co. Go deeper
• Shore Capital Partners acquired Denver-based ThrivePass, a platform that streamlines employee benefits administration for employers. Go deeper
• StoneTree Investment Partners invested in Hauppauge, N.Y.-based swimming pools maker Wilbar Group. Go deeper
🚑 Surplus Solutions, an NMS Capital portfolio company, acquired DCM BioServices, a Frederick, Md.-based provider of laboratory automation solutions. Go deeper
🚑 TJP, a Renovus Capital Partners portfolio company, acquired FX2 Virtual, a life sciences commercial operations agency. Go deeper
• Tricor Pacific Capital acquired Arctec Alloys, a Canadian maintenance welding platform. Go deeper
• Unity Partners invested in the advisory services business of Meaden & Moore, a Cleveland-based provider of forensic and accounting services. Go deeper
• Vista Equity Partners and Quinti Capital offered to buy French ad-tech firm Criteo (Nasdaq: CRTO), per Bloomberg. Go deeper
• Vytex, a Graycliff Partners portfolio company, acquired Vinyl Kraft, a Laurel, Md.-based maker of vinyl windows and doors. Go deeper
• Wrist Group, owned by J.F. Lehman & Co., acquired MSA, an Australian provider of husbanding and maritime logistics for defense and naval operations. Go deeper
🤑 Private Equity Sells
• Cumberland Farms, a Charlotte, N.C.-based convenience store chain owned by TDR Capital, filed for an IPO that Renaissance Capital estimates could raise $1b. It reports a $145m net loss on $16.3b in revenue for 2025, and plans to list on the Nasdaq (CMBY). Go deeper
• Descartes (Nasdaq: DSGX) acquired Drivin, a leading provider of last-mile delivery management solutions in Latin America. Go deeper
• Ecolab (NYSE: ECL) completed its $4.75b acquisition of Canadian data-center cooling company CoolIT Systems from KKR. Go deeper
• General Atlantic is in talks to sell part of its stake in fitness brand Gymshark to founder Ben Francis, per the FT. Go deeper
🚑 Halma (LSE: HLMA) acquired Dreampath Diagnostics, a French provider of automated workflow solutions for anatomical pathology labs, from backers like Summit Partners. Go deeper
🚑 Hologic, owned by TPG and Blackstone, is seeking to sell its surgical unit for more than $4b, per the FT. Go deeper
• Navigator Global Investments (ASX: NGI) acquired a portfolio of minority, net revenue-share interests in alternative asset managers from Stable Asset Management. Go deeper
• Ondas (Nasdaq: ONDS) agreed to buy autonomous aircraft maker DZYNE for $875.8m in cash and stock from Highlander Partners. Go deeper
• Paylocity (Nasdaq: PCTY) acquired Aidora, an SF-based provider of leave management compliance software that raised around $3m from Team Ignite Ventures and Fractal Software. Go deeper
• Spectrum Safety Solutions, a Sentinel Capital Partners portfolio company, sold its Autronica Fire and Security unit to MSA Safety (NYSE: MSA) for $550m. Go deeper
• Versant Media Group (Nasdaq: VSNT) is paying $530m in cash to acquire golf simulator maker Full Swing from Bruin Capital. Go deeper
🚀 York Space Systems (NYSE: YSS) acquired All Space, a British satellite communications company that had raised nearly $130m from firms like AE Ventures, Seraphim Space, In-Q-Tel, and Boka Group. Go deeper
🤝 More M&A
🚀 Advent International agreed to invest €109.4m for a 7% stake in Italian rocket maker Avio (Milan: AVIO). Go deeper
• CCC Intelligent Solutions (Nasdaq: CCC), a Chicago-based workflow software firm with a $3.3b market cap, hired Morgan Stanley to explore a sale, per Reuters. Go deeper
• Dream Finders Homes (NYSE: DFH) sweetened its takeover offer for rival Beazer Homes (NYSE: BZH) to around $875m, after Beazer rejected a prior offer. Go deeper
• Fiserv (Nasdaq: FISV) has discussed selling its debit card network to big banks like JPMorgan or Bank of America, per Reuters. Go deeper
• Genesis Minerals (ASX: GMD) launched an A$5.6b cash-and-stock bid for Australian gold miner Vault Minerals (ASX: VAU), which already had agreed to be acquired by Regis Resources (ASX: RRL). Go deeper
• Hugo Boss (ETR: BOSS) is urging shareholders to oppose a €2.7b takeover offer from Frasers Group (LSE: FRAS). Go deeper
• MasTec (NYSE: MTZ) agreed to acquire The Superior Group, a Columbus, Ohio-based electrical contractor for infrastructure like data centers, for $1.65b in cash and stock. Go deeper
🚑 MeiraGTx (Nasdaq: MGTX), a developer of gene therapies, raised up to $400m from Oberland Capital. Go deeper
• O'Reilly Automotive (Nasdaq: ORLY) offered to buy the auto parts arm of Genuine Parts (NYSE: GPC) for at least $10b, per Bloomberg. Go deeper
• Renk Group (FRA: R3NK) of Germany acquired David Brown Defence, a U.K. maker of naval transmission systems and gearboxes, for up to £190m. Go deeper
• Rogers Communications (TSC: RCLB) will pay C$4.35b to buy the remaining 25% stake in Maple Leaf Sports & Entertainment, parent of the NBA's Toronto Raptors and the NHL's Toronto Maple Leafs, from Kimler Group. Go deeper
• Sky Media, a unit of Comcast (Nasdaq: CMSCA) agreed to buy the broadcast channels and streaming service of ITV (LSE: ITV) for £1.6b. Go deeper
• Sompo (Tokyo: 8630) agreed to acquire workers' comp insurance firm Service Insurance Cos. Go deeper
• Telenor (Oslo: TEL) agreed to buy a control stake in Swedish broadband provider Bahnhof (STO: BAHN), which would be valued at around $629m. Go deeper
• Tesco (LSE: TSCO) is in talks to sell its Central and Eastern European operations, per the FT. Go deeper
⚡️ TotalEnergies (Paris: TTE) sold its European distributed solar projects to Amarenco Solar and Ampyr Distributed Energy. Go deeper
🚑 Vertex Pharmaceuticals (Nasdaq: VRTX) agreed to acquire endocrinology biotech Crinetics Pharmaceuticals (Nasdaq: CRNX) for $10b in cash, or $85 per share (102% premium to yesterday's closing price). Go deeper
💰 Fundraising
• Arctos, a unit of KKR, raised $6.2b for a new GP solutions fund. Go deeper
• Bregal Milestone, a PE firm focused on European software, raised €915m for its third fund. Go deeper
• CVC Capital Partners raised around €3b for its third midmarket buyout fund. Go deeper
• DST Global is raising its 11th fund, per an SEC filing. Go deeper
• EQT is raising $2.5b for a new pan-Asia midmarket buyout fund, per Reuters. Go deeper
• HarbourVest Partners raised $4.75b for its seventh co-investment fund. Go deeper
🚑 Regal Healthcare Capital Partners, an NYC-based PE firm focused on health care services, raised $610m for its fourth fund. Go deeper
• Serent Capital, a PE firm focused on founder-led software and tech-enabled services companies, raised $1.3b for its sixth fund. Go deeper
• SkyKnight Capital raised $2b for its fifth fund. Go deeper
• TJC (fka The Jordan Co.) is targeting $8.5b for its seventh flagship midmarket PE fund, per public pension docs. Go deeper
🧑💻 It's Personnel
• Adam Biren joined AEA Investors as a partner and head of capital formation. He previously was with Apollo. Go deeper
• American Pacific Group promoted Luchi Mmegwa to managing director. Go deeper
• Blue Wolf Capital Partners promoted Anne Bailey to lead operating partner. Go deeper
• Charlesbank Capital Partners made five promotions to managing directors: Catherine Farrow, Jesse Ge, Michael McGuire, Jared Pomerance, and William Reilly. Go deeper
• Greycroft promoted Carley Phillips to partner, making her the youngest partner in firm history. Go deeper
• Joy Royal joined Disruptive as CFO. She previously was with Oaktree Capital Management. Go deeper
• Kazushige Kobayashi joined LGT Capital Partners as head of Japan. He previously was with MCP Asset Management, where he'll remain a senior advisor. Go deeper
• Leahana Grimley joined Dechert as an SF-based partner focused on PE transactions and M&A. She previously was with Kirkland & Ellis. Go deeper
• Prosper Vignone joined Bridge Growth Partners as a senior principal. He previously was with Siris Capital. Go deeper
• Scott Levine joined FTV Capital as managing director of strategic biz dev. He previously was with General Atlantic. Go deeper
• Shawn Devilla and Leslie Ford joined Norwest's growth equity team as a principal and head of operations, respectively. Devilla previously was with Carlyle, while Ford was at Alpine Investors. norwest.com
• William Blair Investment Management promoted Olga Bitel to chief investment strategist. Go deeper
