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M&A Deals

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• Abry Partners is making an initial $75m into the North American business of French payments firm Edenred (Paris: EDEN). Go deeper

• Apax Partners agreed to acquire Ohio-based Centor and another plastic packaging business from Germany's Gerresheimer for €1.5b. Go deeper

• Balance Point Capital Advisors and Inverness Graham Investments recapitalized ShipSigma, an Indianapolis-based supply chain optimization company. Go deeper

• Bain Capital agreed to lead a $1.5b investment in Eaton Fiber, an affiliate of Tillman Global Holdings, for expansion of Verizon fiber broadband network deployment. Go deeper

🚑 Bain Capital agreed to acquire London-based vitamins maker Vitabiotics. Go deeper

• Bain Capital and Carlyle are each seeking to buy Wealth Enhancement, a Tucson, Ariz.-based wealth manager with $160b in client assets, from TA Associates and Onex Partners, per the FT. Go deeper

🚑 BC Partners agreed to buy a co-control stake in Swiss biotech InfoRLife at a reported $1.5b valuation. Go deeper

⚡ Blackstone Energy Transition Partners agreed to acquire Canadian infrastructure inspection company DarkVision Technologies from Koch Engineered Solutions. Go deeper

• Blackstone and Donerail are among final bidders for yacht-maker MarineMax (NYSE: HZO), per Reuters. Go deeper

• Bridgepoint agreed to buy a majority stake in Lansweeper, a Belgian asset intelligence platform. Sellers include Insight Partners and Imker Group. Go deeper

⚡️ Brookfield agreed to buy Austin, Texas-based battery storage firm Aypa Power from Blackstone for $7b (including debt). Go deeper

• Capitol Meridian Partners invested in RH Aero Systems, a Mason, Ohio-based provider of aviation support equipment and services. Go deeper

• Carlyle acquired Secturion Systems, a Centerville, Utah-based provider of hardware encryption solutions that protect sensitive and classified information. Go deeper

🚑 Charterhouse Capital Partners completed its £235m take-private buyout of Animalcare, a U.K. maker of health products for companion animals, equine and production animals. Go deeper

• Cinven and La Caisse agreed to acquire Optio Group, a London-based specialty-risk managing general agent. Go deeper

🚑 Curium, a French portfolio company of CapVest Partners, is in talks to buy Bedford, Mass.-based radiopharma company Lantheus (Nasdaq: LNTH) for around $7b, per Bloomberg. Go deeper

• CVC Capital Partners may buy a stake in jeweler APM Monaco from TPG, per Bloomberg. Go deeper

🚑 Decera Clinical, a health care portfolio company of The Riverside Co., invested in Onviv, a health-care insights platform. Go deeper

🚑 Dentalcorp, backed by GTCR, acquired Northstar Dental Partners, a Boca Raton, Fla.-based group of 21 supported dental practices. Go deeper

⚽️ Entrepreneur Equity Partners invested in English soccer club Bolton Wanderers F.C. Go deeper

🍦 GlacierPoint Enterprises, a Mill Point Capital portfolio company, bought Arctica Frozen Solutions, a Miami-based ice cream delivery company. Go deeper

🚑 Goldman Sachs Alternatives agreed to buy Italian medical equipment maker Numantec from White ‌Bridge Investment. Go deeper

• Golub Capital made a growth equity investment in Church's Texas Chicken, an Atlanta-based chicken chain. Go deeper

• Grant Thornton agreed to buy CBIZ (NYSE: CBZ) for $5b in cash, creating one of the country's largest accounting firms. Grant Thornton backer New Mountain Capital is making a new investment to support the deal. Go deeper

⚡ H.I.G. Capital acquired Avove, a U.K. infrastructure services and engineering firm focused on the water and power markets, from Rubicon Partners. Go deeper

• Honeywell (Nasdaq: HON) closed the sale of its warehouse and workflow solutions business to American Industrial Partners. Go deeper

🎵 Influence Media Partners, backed by BlackRock, agreed to buy the music catalogs of Anthem Entertainment, including albums by Britney Spears and Justin Timberlake, for $600m. Go deeper

• InterVest acquired Kapitus, a provider of SME financing solutions. Go deeper

• Investcorp acquired Berger Financial Group, a Plymouth, Minn.-based wealth manager. Go deeper

• Investindustrial invested in P.A. Aromatics, an Italian maker of flavors and fragrances. Go deeper

⚡ Key Line, a Gemspring portfolio company, is merging with Palouse Power to form a utility infrastructure services platform in the Pacific Northwest. Go deeper

⚡️ KKR and Energy Capital Partners agreed to acquire U.K. energy distributor DCC Energy for more than £5.7b. Go deeper

• Lafayette Instrument, a Branford Castle portfolio company, acquired Avisoft Bioacoustics, a ultrasonic vocalization company. Go deeper

🚑 Longshore Capital Partners invested in Prochant, a provider of revenue cycle management service for home-based care providers. Go deeper

⚡ Madison River Capital acquired Nexus Power, a Utah-based provider of power systems design, engineering, procurement, and project management. Go deeper

• MidEuropa acquired Czech construction software assets from DEK Group. Go deeper

• OpenGate Capital agreed to buy Merak, a rail HVAC business, from listed German company Knorr-Bremse. Go deeper

• Palladian Investment Partners invested in leasing broker Global Vehicle Group. Go deeper

• Perpetual (ASX: PPT), a Sydney, Australia-based asset manager, rejected a third takeover bid for EQT, this one valued at A$2.6b, but said it would continue to engage. Go deeper

• Platinum Equity invested in LMPG, a Canadian manufacturer of specification-grade lighting solutions. Go deeper

• Professional Fighters League, a mixed martial arts group that's raised over $300m in PE funding, is merging with Jake Paul's Most Valuable Promotions. Go deeper

• Providence Equity Partners invested in SCG, a British SME comms provider. Go deeper

• Providence Equity Partners is investing additional capital into talent agency The Team, in order to buy out founder Casey Wasserman. Go deeper

⚡️ Qualitas Energy and Wren House are in talks to buy BP's (LSE: BP) solar power arm, per the FT. Go deeper

• Ridgemont Equity Partners and Coogee Bay Partners acquired Caring Transitions, a Cincinnati-based provider of move management, online estate and liquidation services for seniors. Go deeper

• Ridgeview offered to buy U.K. auto services firm Pinewood Technologies (LSE: PINE) for £545m. Pinewood previously agreed to a deal with Apax, which later bailed. Go deeper

🚑 SkyKnight Capital agreed to acquire Apex Infusion, a Signal Hill, Calif.-based infusion services provider, from FFL Partners (which retains a minority stake). Go deeper

• Stonepeak and CMA CGM completed the formation of a shipping joint venture called United Ports, which included Stonepeak investing $2.4b for a 25% stake. Go deeper

⚡ Strategic Value Partners agreed to acquire a minority stake in South Field Energy, a natural gas-fired combined-cycle generation facility in Ohio. Go deeper

• TA Associates invested in Oxane Partners, a London-based provider of tech solutions to the private credit industry. Go deeper

• Tower Arch Capital recapitalized Boxzooka, a Secaucus, N.J.-based 3PL and fulfillment provider for e-commerce brands. Go deeper

• TPG is in exclusive talks to buy Houston-based Netrality Data Centers from Macquarie Group for $2b-$3b, per Bloomberg. Go deeper

• Tricentis, a portfolio company of GTCR, acquired Tabnine, an Israeli AI-coding platform for enterprise software development. Go deeper

• Truelink Capital agreed to acquire JT Thorpe Group, a Richmond, Calif.-based industrial maintenance services company, from H.I.G. Go deeper

• TSG Consumer acquired Saltair, a body care brand founded by Iskra Lawrence. Go deeper

🚑 Unio Specialty Care, a Triton Pacific Capital Partners portfolio company, acquired Golden Gate Urology, an SF-based urology treatment provider. Go deeper

• Vista Equity Partners agreed to acquire Quantios, a U.K. provider of SaaS for the trust and corporate services market, from EQT and Hg. Go deeper

• Wynnchurch Capital agreed to acquire materials maker Luxfer (NYSE: LXFR) for $463m in cash, or $17.34 per share. Go deeper

Germany reportedly will impose conditions on Energy Fuels' (TSX: EFR) $1.9b acquisition of German magnetics company Vac from Ara Partners.

• Apax Partners reportedly is seeking to sell Pickles, an Australian auction house that could fetch more than A$1b. Go deeper

🚑 CVC Capital Partners is weighing a sale of Chinese retail pharmacy chain Yikang, which could be valued at up to $600m, per Bloomberg. Go deeper

• Cyera, valued by VCs at $12b, agreed to acquire Oasis Security, an Israeli startup that helps manage non-human accounts, for around $1b. Cyera had raised nearly $200m from firms like Craft Ventures, Sequoia Capital, Accel, and Cyberstarts. Go deeper

⚡ Five Point Infrastructure agreed to sell Spring, Texas-based gas marketer Twin Eagle to Expand Energy (Nasdaq: EXE) for $1.25b. Go deeper

• Hellman & Friedman is seeking to sell Italian business software firm TeamSystems for more than €8b, per the FT. Go deeper

• IG Group (LSE: ICG) agreed to buy NYC-based sports betting app Underdog for up to $1.3b. Underdog had raised $110m, including at a $1.3b post-money valuation in 2025, from firms like Corner, Acies Investments, Mantis VC, Electric Feel Ventures, Makai VC, Berkocorp, and McArthur Capital. Go deeper

🚑 Johnson & Johnson (NYSE: JNJ) is investing $785m into Sail Biomedicines, a Cambridge, Mass.-based CAR-T cell therapy developer formed by Flagship Pioneering, via a deal that also gives J&J an acquisition option. Go deeper

• Karman Line Acquisition, an aerospace and defense SPAC formed by Meteora Capital, filed for a $200m IPO. Go deeper

• KKR is exploring a sale of LS Automotive India, an Indian auto parts maker that could fetch up to $500m, per Bloomberg. Go deeper

• Legora, a legal-tech valued at $5.6b by VCs, acquired Wexler, a London-based fact intelligence platform that had raised over $8m from firms like Pear and Seedcamp. Go deeper

• Lyntris, a defense-tech rollup backed by Trive Capital, filed for an IPO that Renaissance Capital estimates could raise $300m. Go deeper

🚑 Martis Capital is seeking to sell Alcanza Clinical Research, a Lake Mary, Fla.-based clinical trial site provider, per Axios Pro. Go deeper

• Midjourney, an AI image and video generation lab, acquired Co-Star, a social astrology app that had raised over $20m from firms like Spark Capital, Maveron, Imagination Capital, and Founders Fund. Go deeper

• Okta (Nasdaq: OKTA) acquired Permiso, a McLean, Va.-based identity security startup, for a reported $200m. Permiso had raised around $50m from firms like Altimeter, Point72 Ventures, and Vertex Ventures US. Go deeper

• Payward, Kraken's parent company, agreed to acquire the embedded wallet infrastructure business of Magic Labs, which has raised over $80m from firms like PayPal Ventures, Synchrony Financial, Kx Systems, Cherubic Ventures, Volt Capital, and Northzone Ventures. Go deeper

• Procore Technologies (NYSE: PCOR) agreed to acquire DroneDeploy, an SF-based robotics and visual intelligence platform, for $845m in cash. DroneDeploy had raised over $150m from firms like Energize Capital, Bessemer Venture Partners, Future Fund, AirTree, Scale Venture Partners, Uncork Capital, Emergence Capital, and AngelPad. Go deeper

• Reformation, a womens wear retailer owned by Permira, raised $211m in its IPO. It priced at the low end of its $15-$17 range, for a $973m fully diluted value, and will list on the NYSE (REF). Go deeper

• THL Partners completed the $1.65b sale of firmware and management software developer AMI to Lattice Semiconductor (Nasdaq: LSCC). Go deeper

• TransDigm (NYSE: TDG) agreed to acquire Prince & Izant, a Cleveland-based maker of brazing alloys and specialty metal components, from Industrial Growth Partners for $1.07b in cash. Go deeper

• WestBridge Capital is weighing a sale of its 40% stake in India's Star Health & Allied Insurance Co., per Bloomberg. Go deeper

• Xylem (NYSE: XYL) is paying $200m to buy WaterFleet, a San Antonio-based provider of mobile water and wastewater utility services, from EagleTree Capital. Go deeper

💎 Anglo American (LSE: AAL) is in talks to sell diamond unit De Beers for around $1b. Yes, two years ago it rebuffed a $49b approach from BHP for the same business. Go deeper

• Argan, a French warehouse firm, agreed to an all-stock merger with Belgian peer WDP. The combined company would be valued at around €13b. Go deeper

🚑 Argenx of Belgium agreed to buy Dallas-based immunology biotech Forte Biosciences (Nasdaq: FBRX) for around $2.2b in cash, or $77 per share (40% premium to Friday's close). Go deeper

• AT&T (NYSE: T) completed its $23b purchase of wireless licenses from EchoStar (Nasdaq: ECHO), nearly a year after signing the agreement. Go deeper

⚡ BP (LSE: BP) said it plans to explore a sale of its North Sea business. Go deeper

• Chaos Industries, an LA-based maker of counter-drone radar systems valued by VCs at $4.5b, acquired Atropos Group, a developer of autonomous air platforms. Go deeper

🎲 Churchill Downs (Nasdaq: CHDN) hired Macquarie Capital to sell nine of its regional casinos. Go deeper

• Corient, a multi-family office, acquired Seven Bridges Advisors, an NYC-based RIA with $4.9b in AUM. Go deeper

⚡ Devon Energy (NYSE: DVN) is seeking to sell its Eagle Ford and Powder River Basin shale assets for more than $4b, per Bloomberg. Go deeper

• eBay (Nasdaq: EBAY) completed its $1.4b acquisition of secondhand clothing marketplace Depop from Etsy (NYSE: ETSY). Go deeper

• Frasers Group (LSE: FRAS) took over a 4% equity stake in Burberry (LSE: BRBY), making it the luxury brand's third largest outside shareholder. Go deeper

• GFL Environmental (NYSE: GFL), a waste management company with nearly a $15b market cap, confirmed that it's received take-private acquisition offers. Go deeper

• Irish Continental, a Dublin-listed maritime transportation group, agreed to a €1.2b management-led buyout. Go deeper

• Kenneth Dart increased his stake in Swedish gaming firm Evolution to over 30%, triggering a mandatory takeover bid. Go deeper

• The Natural One, a Brazilian juice maker, is weighing options including a full or minority stake sale, per Reuters. Go deeper

• NPD Logistics, a logistics and supply chain solutions provider, acquired Urban Direct, an NYC-based overnight shipping company. Go deeper

M&A deals of the week

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<h2 class="text-h6 !font-sans !font-normal !leading-[1.2em]">Private Equity Buys</h2>• Abry Partners is making an initial $75m into the North American business of French payments firm Edenred (Paris: EDEN). <a class="gtmContentClick" data-vars-link-text="Go deeper" data-vars-click-url="https://axios.link/4vXh0c0%E2%80%A2" data-vars-content-id="17bb13a3-edde-4bfe-8185-99b73113353b" 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/4vXh0c0%E2%80%A2" target="_self">Go deeper</a>• Apax Partners agreed to acquire Ohio-based Centor and another plastic packaging business from Germany&#x27;s Gerresheimer for €1.5b. <a class="gtmContentClick" data-vars-link-text="Go deeper" data-vars-click-url="https://axios.link/4hD5KOC" data-vars-content-id="17bb13a3-edde-4bfe-8185-99b73113353b" 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/4hD5KOC" target="_self">Go deeper</a>

M&A deals of the week

Private Equity Buys

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