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M&A Deals

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• 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

• 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

• 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

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>• Advent International and HarbourVest agreed to acquire Germany&#x27;s FNZ Bank, from wealth-tech firm FNZ. <a class="gtmContentClick" data-vars-link-text="Go deeper" data-vars-click-url="https://axios.link/4xpIVTs" data-vars-content-id="4d84aa64-639d-4b83-ba93-3740ee9218e0" 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/4xpIVTs" target="_self">Go deeper</a>• AIR Control Concept, a Blackstone portfolio company, acquired Vertical Systems, a Santa Fe Springs, Calif.-based HVAC company. <a class="gtmContentClick" data-vars-link-text="Go deeper" data-vars-click-url="https://axios.link/4hju3RK" data-vars-content-id="4d84aa64-639d-4b83-ba93-3740ee9218e0" 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/4hju3RK" target="_self">Go deeper</a>

M&A deals of the week

Private Equity Buys

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