Illustration: Brendan Lynch/Axios
Private Equity Buys
• Advent International and HarbourVest agreed to acquire Germany's FNZ Bank, from wealth-tech firm FNZ. Go deeper
• AIR Control Concept, a Blackstone portfolio company, acquired Vertical Systems, a Santa Fe Springs, Calif.-based HVAC company. Go deeper
• Apollo agreed to buy U.K. budget carrier EasyJet for around $7.7b, beating out Castlelake. Go deeper
• Arcwood Environmental, a portfolio company of EQT and Ardian, acquired Environmental Management Services, a Rockland, Md.-based waste management company. Go deeper
🚑 AsymBio, a Shanghai-based biologics CDMO, raised $184m from parent company Asymchem Group, Hillhouse Qirui and others. Go deeper
• Atlas Air Worldwide, a J.F. Lehman portfolio company, completed its acquisition of a 49% stake in Air Atlanta, a provider of ACMI and aircraft management services. Go deeper
• ATIS, a Thompson Street Capital Partners portfolio company, acquired Buckley Belcher & Co., a provider of elevator consulting and managed services. Go deeper
• Axum Capital Partners agreed to buy a control stake in performance hydration brand Barcode, in partnership with NBA player Victor Wembanyama. Go deeper
• BlueAlly, backed by Source Capital, acquired GigaNetworks, a Miami-based provider of enterprise IT and network security solutions. Go deeper
• BNP Group, backed by Godspeed Capital, acquired U.S. Cost, an Alpharetta, Ga.-based cost management and project controls firm for construction. Go deeper
• BV Investment Partners invested in Thomas & Co., a Nashville, Tenn.-based workforce compliance platform. Go deeper
• Carlyle agreed to buy a minority stake in wealth manager Prime Capital Financial from Abry Partners. Go deeper
🚑 ClaimsBridge, backed by Eir Partners, acquired DialysisPPO, a Malvern, Pa.-based cost containment company for end-stage renal disease and chronic dialysis treatment. Go deeper
• COEO Solutions, a Riata Capital Group portfolio company, acquired NetWolves, a Tampa-based managed IT and network services provider, for $14.5m from Vaso Corp. Go deeper
• ContextLogic, backed by BC Partners and Abrams Capital, agreed to acquire gChem, a Covington, La.-based specialty chemicals company, for around $850m. Go deeper
• Convey, backed by EIP and OceanSound, acquired Selectron, a provider of government and utility software. Go deeper
🚑 Curium, a French radiopharma company owned by CapVest Partners, agreed to buy Bedford, Mass.-based rival Lantheus (Nasdaq: LNTH) for around $8b. Go deeper
• CVC Capital Partners and Veritas Capital each bid around £1.6b to buy British heat treatment firm Bodycote (LSE: BOY). Go deeper
• Eckoh, backed by Bridgepoint, acquired Quality Xperience, a U.K. provider of conversational AI solutions. Go deeper
• Electronic Arts is now a private company, after completing its take-private by Saudi Arabia's Public Investment Fund, Silver Lake, and Affinity Partners. Go deeper
⚡ Facility Grid, a Nexa Equity portfolio company, acquired PingCx, an NYC-based autonomous commissioning platform for building automation systems. facilitygrid.com
• FMG Leading, a Copley Equity Partners portfolio company, acquired Washington, D.C.-based market intelligence and strategic advisory firm BroadBranch Advisors. Go deeper
• Francisco Partners acquired a 55% stake in Command Alkon, a Hilliard, Ohio-based construction software maker, from Thoma Bravo. Germany's Heidelberg Materials retains a minority stake. Go deeper
• Gorgeous Collective, a portfolio company of MPK Equity Partners, acquired Clean Your Dirty Face, a Chicago-based skin care and spa franchise. Go deeper
• I Squared Capital agreed to acquire Cella, an Indonesian industrial logistics and cold storage platform, from NWP Property and CRE. Go deeper
🚑 KKR agreed to acquire Integer (NYSE: ITGR), a Plano, Texas-based medical device outsourcer, for $5.7b or $127 per share (4.78% premium to Friday's closing price). Go deeper
⚡ KKR agreed to buy a 50% stake in TotalEnergies' (Paris: TTE) European onshore solar and wind assets for €1.08b. Go deeper
- Meanwhile, TotalEnergies is buying Shell's European onshore renewables business.
🚑 KKR agreed to buy the India hospital unit of Sweden's Medicover (ST: MCOV) for €1.2b. Go deeper
⚡ LS Power agreed to acquire the Brazos Valley Energy Center, a 606-MW natural gas-fired facility in Texas, from Constellation Energy (Nasdaq: CEG). Go deeper
⚡ Macquarie Capital acquired a 49% stake in a new joint venture with Italian renewable developer Chiron Energy. Go deeper
• Makino Milling Machine (Tokyo: 6135) rejected a $2.5b buyout bid from NSSK, a month after MBK Partners dropped its pursuit due to Japanese government objections. Go deeper
• McNally Capital acquired Tenica, a provider of national security and defense solutions. Go deeper
• Meritus Gas Partners, a portfolio company of AEA Investors, acquired Metroplex Welding Supply, a Dallas-based distributor of industrial gases and welding supplies. Go deeper
• MML acquired a 25% stake of Mourant, a Jersey-headquartered law firm. Go deeper
• Mortgage Automator, a BVP Forge portfolio company, acquired Lendr, a Chicago-based provider of working-capital and invoice-factoring programs for small businesses. Go deeper
🚑 Nordic Capital agreed to acquire the medical business of BWX Technologies (NYSE: BWXT), including its stable medical isotopes unit, for up to $800m. Go deeper
• Orendt Studios, a Beyond Capital Partners portfolio company, acquired Straub Collaborative, a Portland, Ore.-based B2B digital and tech services provider. Go deeper
• Partners Group said it's in exclusive talks to buy French beauty and wellness brand Aroma-Zone from Eurazeo, with WSJ reporting the price would be around $2.3b. Go deeper
⚡ Partners Group agreed to invest around $1b for a majority stake in AVK Power Solutions, a U.K. provider of backup power solutions for data centers and AI infrastructure. Go deeper
• Peak Rock Capital invested in ISMG, a Princeton, N.J.-based intelligence and education firm focused on cybersecurity and IT. Go deeper
• Platinum Equity completed its acquisition of Tangent Technologies, an Aurora, Ill.-based maker of synthetic materials, from The Sterling Group. Go deeper
• Pregis, backed by Warburg Pincus, acquired MP Global Packaging, a Norfolk, Neb.-based cold chain and thermal packaging business. Go deeper
• PrimeSource Brands, a Clearlake portfolio company, acquired Starborn Industries, an Edison, N.J.-based provider of fastening solutions and installation systems for decking. Go deeper
• Regional Rail, a short-line freight railroad operator owned by 3i, acquired the Massachusetts Central Railroad. Go deeper
🌎 Ridgemont Equity Partners acquired Entact, a provider of environmental remediation and geotechnical services. Go deeper
🚑 Sheridan Capital Partners invested in Carolina Components Group, a Durham, N.C.-based provider of bioprocessing assemblies and components for drugmakers. Go deeper
• THL Partners acquired a majority stake in PaveMasters, a Poway, Calif.-based provider of pavement maintenance services, from Northern Lakes Capital. Go deeper
🚑 Tortuga Growth Partners invested in Advanced eClinical Training, a Boston-based clinical certification and training company. Go deeper
• Trimlite, a Wynnchurch Capital portfolio company, acquired Barnett Millworks, a Theodore, Ala.-based distributor of residential door products. Go deeper
• Trinity Hunt Partners acquired Northline Industrial, a Redford, Mich.-based industrial aftermarket MRO. Go deeper
• Vector Building Products, a portfolio company of Centre Lane Partners, acquired Prestige Distribution, a Northbrook, Ill.-based building products distributor. Go deeper
• Verdane invested in Factbird, a Danish IoT manufacturing software developer. Existing backers Expedition Growth Capital and EIFO also reinvested. Go deeper
• Veritas Capital agreed to acquire Steampunk, a McLean, Va.-based provider of federal contracting software that will be merged with existing Veritas portfolio company MetroStar Systems. Go deeper
- Veritas also acquired a majority stake in Trinity Consultants, a Dallas-based environmental consultancy.
⚡ Veritas Capital acquired a majority stake in Saber Power Services, a Houston-based power infrastructure services platform, from Greenbelt Capital Management. Go deeper
• Verix Equity Partners invested in Syntasa, a Herndon, Va.-based sovereign agentic AI and data platform. Go deeper
• Waterland invested in Danish industrial services group Norisol. Go deeper
• Wind Point Partners acquired Eze Castle Integration, a managed services provider for alt investment firms and investment banks, from H.I.G. Capital. Go deeper
Private Equity Sells
• Accell Group, a Dutch bikemaker taken private by KKR for €1.6b in 2022, is entering an insolvency process. Go deeper
• Bain Capital agreed to buy bubble tea chain Gong Cha from TA Associates. Go deeper
⚡ Brookfield Infrastructure is weighing a sale of NorthRiver Midstream, a Canadian natural gas group that could fetch around C$7b, per Reuters. Go deeper
• Cortec Group is seeking to sell A1 Garage Door Service, a Phoenix-based provider of residential garage door maintenance services, per PE Hub. Go deeper
🚑 Datavant, a Phoenix-based health data company owned by New Mountain Capital, is working with JPMorgan on a strategic review, per Axios Pro. Go deeper
• Deel, valued by VCs at $17b, acquired Clarity, an NYC-based deepfake security startup that had raised over $300m from Walden Catalyst Ventures, Bessemer Venture Partners, Fusion, Secret Chord Ventures, Ascend Ventures, and Flying Fish Partners. Go deeper
⚡️ EnCap Flatrock agreed to sell Houston-based Momentum Midstream to The Williams Cos. (NYSE: WMB) for up to $5.5b in cash and stock. Go deeper
🚑 Hinge Health (NYSE: HNGE) agreed to acquire digestive health startup Cylinder Health for $105m in cash. Cylinder had raised around $47m from 7wireVentures, Human Capital, Intermountain Ventures, and SemperVirens. Go deeper
• NetApp (Nasdaq: NTAP) acquired JetStream Software, a San Jose, Calif.-based cyber resilience technology company that had raised around $13m from firms like Digital Alpha Advisors and Illuminate Ventures. Go deeper
🐶 Open Farm, a Canadian pet food brand, is prepping a Toronto IPO, per Bloomberg. Backers include General Atlantic, Encore Consumer Capital, and Howard Schultz. Go deeper
• Orix (Tokyo: 8591) agreed to buy AerFin, a British aerospace parts maker, for around $640m (including debt), from CataCap Management and Schroders Capital. Go deeper
• Procter & Gamble (NYSE: PG) agreed to buy supplements maker Thorne for $3.8b from L Catterton. Go deeper
• Razer, a gaming hardware company, acquired StreamElements, an Israeli livestreaming platform that had raised $111m from firms like SoftBank, PayPal, State of Mind Ventures and Pitango First. Go deeper
⚡️ Schneider Electric (Paris: SU) agreed to acquire AiDash, a Palo Alto, Calif.-based utility asset monitoring provider, for $350m in cash. AiDash had raised $91.5m from Duke Investments, G2 Venture Partners, Lightrock, Lightsmith Group, Marubeni, National Grid Partners, and Shell Ventures. Go deeper
• Spencer Spirit, parent company of Spencer's Gifts and Spirit Halloween, agreed to acquire retailer Hot Topic from Sycamore Partners for a reported $350m. Go deeper
⚡️ Sunoco (NYSE: SUN) agreed to acquire Offen Petroleum, a Commerce City, Calif.-based fuel distributor, for $600m in cash from Court Square Capital Partners. Go deeper
• Versant Media Group (Nasdaq: VSNT) completed its $530m cash purchase of golf simulator maker Full Swing from Bruin Capital. Go deeper
• Visa (NYSE: V) agreed to acquire BioCatch, an Israeli fraud intelligence company, from Permira for $2.4b in cash. Go deeper
• Walmart (Nasdaq: WMT) completed its purchase of VibeCo, a streaming ad platform that had raised nearly $80m from firms like Hedosophia, Revolut, Elaia and Singular. Go deeper
⚡ Westinghouse Electric, the nuclear energy giant owned by Brookfield Asset Management and Cameco, confidentially filed for an IPO. Go deeper
More M&A
• Abercrombie & Fitch (NYSE: ANF) is weighing options for its China business, including a possible stake sale, per Bloomberg. Go deeper
• American Family Mutual Insurance agreed to acquire Bowhead Specialty Holdings (NYSE: BOW) for around $1.2b in cash, or $34 per share. Go deeper
• Avolta (Swiss: AVOL) acquired a majority stake in Penha Duty Free Group, a duty-free operator in the Caribbean. Go deeper
• Banco Santander (NYSE: SAN) secured U.S. Federal Reserve approval for its $12.34b takeover of Webster Financial (NYSE: WBS). Go deeper
• Buildstr, a San Antonio-based cloud services engineer partner, acquired Senzu Cloud, a Dunwoody, Ga.-based cloud service firm. Go deeper
• Dream Finders Homes (NYSE: DFH) agreed to buy rival homebuilder Beazer Homes (NYSE: BZH) for around $2.2b in enterprise value (including debt), or $33.50 per share in cash. Go deeper
• FGS Global, an NYC-based strategic comms firm, acquired Rich Feuer Anderson, a bipartisan government affairs firm in Washington, D.C. Go deeper
• Framewerx, a Canadian IT consulting and managed services provider, acquired AD Micro Technology, a Canadian provider of managed IT services. Go deeper
• Goodwin (LSE: GDWN) said it may seek to sell parts of its mechanical engineering business, as part of a broader strategic review. Go deeper
⚡️ Gran Tierra Energy (TSX: GTE) agreed to sell its Colombian and Ecuadorean oil operations to Maurel & Prom (Paris: MAUP) for $1.33b (including debt). Go deeper
• Malayan Banking agreed to buy a 31% stake in Malaysian insurer Etiqa from Ageas for around $1.2b. Go deeper
• Prologis (NYSE: PLD) agreed to acquire industrial real estate peer Segro (LSE: SGRO) for £14.3b. Go deeper
• Prysmian (Milan: PRY) agreed to buy Atkore (NYSE: ATKR), a Harvey, Ill.-based electrical manufacturer, for $3.8b. Go deeper
• RWS (LSE: RWS) agreed to acquire the parent company of Acolad, a provider of language and content solutions, from Qualium Investissement for £22.4m. Go deeper
🚀 Space-Eyes, a Miami-based counter-drone technology and geospatial intelligence company, agreed to go public at a $638m pro forma equity value via a reverse merger with McKinley Acquisition Corp. (Nasdaq: MKLY). Backers include Eric Trump. Go deeper
🚑 Supernus Pharmaceuticals (Nasdaq: SUPN) and Indivior Pharmaceuticals (Nasdaq: INDV) agreed to merge in an all-stock deal of brain drug developers. Go deeper
• TF1 (Paris: TFI), a French broadcaster, hired Rothschild to find a buyer for its production and distribution arm, per Reuters. Go deeper
• Toms Capital Investment Management, an activist hedge fund, is telling shareholders that Voya Financial (NYSE: VOYA) should explore a sale. Go deeper
• U.K. antitrust regulators signed off on Paramount Skydance's proposed purchase of Warner Bros. Discovery. Go deeper
- Paramount Skydance CEO David Ellison penned an NYT op-ed this week in support of his company's deal to buy Warner Bros. Discovery, which is paused.
Fundraising
• Adams Street Partners raised $2.7b for its eighth global secondaries fund, plus $2.3b for other secondaries programs. Go deeper
⚡ Energy Capital Partners raised $8.1b for its sixth flagship fund. Go deeper
• Elephant Partners, a Boston-based VC firm, is raising up to $700m for its sixth flagship fund, per an SEC filing.
• G Squared, a direct secondaries firm, raised $2.3b for its seventh flagship fund. gsquared.com
• Kingswood Capital Management, an LA-based midmarket PE firm, raised $3.1b for its fourth flagship fund and $900m for its first small-cap opportunities fund. Go deeper
• KKR raised $19.2b for its fifth global infrastructure fund. Go deeper
• Monolith Management, a Hong Kong-based VC firm that backed Moonshot, is raising $500m for a fund focused on Chinese AI, per Bloomberg. Go deeper
• Nextalia of Italy raised over €1.1b for its second PE fund. Go deeper
It's Personnel
• Alexander Addario left SVB, where he was a senior managing director focused on fintech. Go deeper
🚑 Allison Toman joined Norwest as a principal focused on health care deals. She previously was with Medtronic. Go deeper
• Battery Ventures promoted Brandon Gleklen to partner, Jason Mendel to principal, and both Jack Mattei and Lucas Maiman to vice presidents. battery.com
• Blair Jacobson, co-president of Ares Management, joined the Williams College board of trustees. Go deeper
• Blueprint Equity hired Kaila Russell (ex-Candidate Labs) as director of talent and Paul Koch (Soundful) as head of AI. onblueprint.com
• Dylan Tornay joined Evercore as a senior managing director of equity capital markets. He most recently was with Citi. Go deeper
• Graham Littlehale joined Felicis as a partner. He previously was with Point72 Ventures. Go deeper
• GreyLion promoted Drew Darling and Sean Gormley to principals, Jack McMillin to senior associate, and Matt Kawko to controller. Go deeper
• Left Lane Capital promoted Arjun Kapur and Paddy Dillon to investing principals, Alex Wu to partner of talent, Erica Amatori to partner of platform, Liz Atkisson to SVP of finance and compliance, and Elizabeth Donovan to VP of IR and biz dev. leftlane.com
• Marie Suesse joined TA Associates as chief human capital officer. She previously was with Värde Partners. Go deeper
⚡ Michael O'Dwyer is stepping down as Morgan Stanley's global co-head of energy to join ADNOC as chief investment officer, per Reuters. Go deeper
• Neos Partners promoted Nick Mangus to managing director. Go deeper
• Paceline Equity Partners promoted Jonathan Rosen to partner. Go deeper
• Ralph Yang joined Audax Strategic Capital as a managing director and co-head of investments and operations. He was previously with Blackstone. Go deeper
• Takeo Ikemori joined Blue Owl Capital as co-head of its Japanese business. He previously was with Barclays. Go deeper
In Memoriam
Peter Crisp, founding partner of Venrock, passed away on Tuesday at the age of 93.
- Venrock statement: "We are truly standing on the shoulders of giants. Peter's legacy lives on through the companies he helped build, the Venrock partners he mentored, and everyone else here at Venrock. Our thoughts and prayers are with his family and friends."
- Worthy of your time: The Computer History Museum's oral history with Peter Crisp.
