Illustration: Sarah Grillo/Axios
Private Equity Buys
🚑 360training, a portfolio company of GreyLion and Vestar Capital Partners, acquired select assets of eMedCert, including its life support certification training. Go deeper
• AirPro Diagnostics, a Rotunda Capital Partners portfolio company, acquired Revv, an OS for ADAS automotive repair workflows. Go deeper
• Apollo agreed to acquire Atlantic Aviation, a Plano, Texas-based private jet fixed-base operator, at nearly a $10b valuation from KKR (which retains a stake). Go deeper
⚡ Apollo is among those kicking tires on Shell's (NYSE: SHEL) U.S. chemical assets, which could fetch up to $8b, per the FT. Other suitors include ExxonMobil, LyondellBasell, and Kuwait Petroleum. Go deeper
• Apollo, KKR, and IFM Investors are finalists for a 64% stake in Associated British Ports, which could be valued at around £10b, per Bloomberg. Sellers are CPPIB and Omers. Go deeper
• Authentic Brands Group acquired the IP of October's Very Own, a Canadian streetwear and lifestyle brand co-founded by Drake, while Vince Holding (Nasdaq: VNCE) acquired the operating business. Authentic Brands shareholders include CVC Capital Partners, General Atlantic, HPS Investment Partners, and Leonard Green & Partners. Go deeper
⚡ ArcLight committed $1b in equity to launch a new transmission company called Anchor Point. Go deeper
• ATIS, a Thompson Street Capital Partners portfolio company, acquired AuditMate, provider of elevator asset management technology. Go deeper
• Bain Capital and Apax Partners are no longer seeking to buy Trimble's (Nasdaq: TRMB) transportation and logistics portfolio, per Axios Pro. Go deeper
• Basware, a Finnish portfolio company of Accel-KKR, acquired Trustpair, a French provider of invoice lifecycle management solutions. Go deeper
🚑 BVP Forge invested in Nevvon, a compliance and training infrastructure platform for home care and self-directed care workers. Go deeper
• CapSpire, a Falfurrias Management Partners portfolio company, acquired FinTark, a London-based commodity trading and risk management consultancy. Go deeper
• Continuim Equity Partners acquired Resodyn, a Butte, Mont.-based maker of mixing systems for industrial customers. Go deeper
• DAZN, a PE-backed streamer, agreed to acquire EverPass Media, a live sports media group whose properties include NFL Sunday Ticket. EverPass backers include RedBird Capital Partners, 32 Equity, and TKO Group. Go deeper
• E Source, an Align Capital Partners portfolio company, acquired Aneden Consulting, a Seattle-based interconnection and compliance firm. Go deeper
• Engage2learn, a Leeds Equity Partners portfolio company, acquired Instructional Coaching Group, a Lawrence, Kan.-based professional development platform for coaches, teachers, and administrators. Go deeper
• Exponent agreed to invest in KTL, an Irish provider of infrastructure services to the telecom and power sectors. Go deeper
• Flow Service Partners, backed by Quad-C Management, acquired Weber Refrigeration & Heating, an HVACR provider in western Kansas. Go deeper
• FTV Capital invested in wealth manager Kingsview Partners. Go deeper
• HighGrove Partners acquired O&A Landscaping, an Orlando, Fla.-based commercial landscaping company. Go deeper
• Hidden Harbor Capital Partners acquired Escape Fire Protection, a Vadnais Heights, Minn.-based fire safety provider for commercial and industrial customers. Go deeper
🚑 Imagenet, backed by BV Investment Partners, bought Analytica Consulting, an SF-based data consultancy. Go deeper
• Industrial Physics, a KKR portfolio company, acquired Vitrek, a Lockport, Ill.-based provider of electronic test and precision measurement equipment, from Branford Castle. Go deeper
• Kelso & Co. invested in Bearing Distributors, a Cleveland-based distributor of bearings, power transmission and fluid power products. Go deeper
• KKR agreed to acquire Ci Flavors, a Japanese beauty and lifestyle brand, from L Catterton. Go deeper
• KKR and IMM Investment agreed to invest around $2.2b in SK Broadband, which is being spun out of SK Telecom (NYSE: SKM). Go deeper
🚑 Linden Capital Partners acquired ArtesRx, a Windermere, Fla.-based pharmacy business for complex patient populations, from Flexpoint Ford. Go deeper
• Mubadala Capital agreed to buy a majority stake in Arrive Logistics, a truckload brokerage whose backers include ATL Partners and Lead Edge Capital. Go deeper
• NewBold Technologies, a Fort Point Capital portfolio company, acquired Spencer Technologies, a Medway, Mass.-based "tech lifecycle partner" to multi-site retail and hospitality brands. Go deeper
⚡ Nvidia (Nasdaq: NVDA) invested in Cloverleaf Infrastructure, a Houston developer of clean energy-based data centers whose backers include Sandbrook Capital and NGP Energy Capital. Go deeper
• Presidential HVAC, a Gryphon Investors portfolio company, acquired Maryland-focused Shipley Plumbing, Heating & Air Conditioning. Go deeper
🚑 Radiology Partners agreed to buy London-based Everlight Radiology from Livingbridge. RP backers include Whistler Capital, NEA, and Future Fund. Go deeper
• RedBird Capital Partners is in advanced talks to become the largest shareholder in digital media company Puck at around a $250m valuation. Puck had raised at least $20m from exiting firms like Forty North Media, TPG, Standard Investments, British Business Investments and J. Rothschild Capital. Go deeper
• Secovia Capital acquired Ferrovia, an Auburn, Ala.-based railroad vegetation management services provider, from Genesis Rail Services, a portfolio company of Auxo Investment Partners. Go deeper
🚑 Skye Bioscience agreed to acquire Redx Pharma, a U.K. biotech focused on fibrotic diseases. The deal includes $125m of new financing from Abingworth, British Business Bank, NEXTBio Capital, and 5AM Ventures. Go deeper
• Skimmer, a portfolio company of Mainsail Partners, acquired Pool Builder Geek and Poologics, two pool construction software companies. Go deeper
💎 Sound Growth Partners invested in Diamond Art Club, a diamond painting kit maker. Go deeper
• Superstep Capital acquired Zencore, an independent Google Cloud consultancy. Go deeper
🍪 Sweetmore Bakeries, a Shore Capital Partners portfolio company, acquired Fantasy Baking, a Sylmar, Calif.-based maker of private label cookies and bars, from Encore Consumer Partners. Go deeper
• TJC invested in 3dB Labs, a West Chester, Ohio-based provider of RF signal processing and spectrum analysis solutions. Go deeper
• TMF Group, backed by CVC Capital Partners, acquired Navigator Partners, a Helsinki-based fund administrator. Go deeper
🚑 Thurston Group invested in Pixel Health, a provider of IT consulting and MSP services to hospitals and large physician groups. Go deeper
• TRG, a Gemspring Capital portfolio company, acquired Reverse IT, a Dutch provider of mobile device management. Go deeper
• Truvant, a portfolio company of the Halifax Group, acquired Multi-Pak Packaging, a West Caldwell, N.J.-based contract packager. Go deeper
🚑 VetnCare, backed by Great Point, acquired Walnut Creek, Calif.-based Geary Veterinary Hospital. Go deeper
• Vistria Group agreed to buy a majority stake in Curi Capital, a Chicago-based RIA with over $14b in assets under advisement. Go deeper
• Vital Records Control, backed by Windjammer Capital, acquired AskTuring, a San Diego-based AI platform for analyzing internal data repositories. Go deeper
• Warburg Pincus is among the bidders for Pickles, an Australian auction house that could fetch more than A$1b, per The Australian. Go deeper
• Waterland Private Equity is in talks to buy U.K. telco Gamma Communications (LSE: GAMA), which previously negotiated with Epris, Oakley Capital, and Providence Equity Partners. Go deeper
🚑 WellStack, a Sopris Capital portfolio company, acquired DeLorean AI, a health care predictive analytics startup whose VC investors included Mindful Venture Capital and Pinta Capital Partners. Go deeper
• WSB, a GHK Capital Partners portfolio company, acquired Austin-based Foresight Planning & Engineering Services. Go deeper
Private Equity Sells
• Arcus Infrastructure Partners is seeking to sell Workdry International, a U.K. water treatment firm that could fetch around £2b, per Bloomberg. Go deeper
• Descartes (Nasdaq: DSGX) acquired Tai, a Huntington Beach, Calif.-based transportation management software provider for freight brokers, for $100m from Accel-KKR. Go deeper
• Kinderhook Industries sold Kingwire, a Chicago-based wire and cable distributor, to Omni Cable. Go deeper
• KKR agreed to sell business-purpose lender Toorak Capital to Velocity Financial (NYSE: VEL). Go deeper
⚡️ Navitas Semiconductor (Nasdaq: NVTS) agreed to acquire Claros, a data center energy startup, for around $233m in cash and stock. Claros had raised over $40m from firms like Red Cell Partners, General Catalyst, Virginia Innovation Partnership, and Composite Capital Partners. Go deeper
• Partners Group is exiting its private credit investment in bubble tea chain Gong cha, which Bain Capital recently bought from TA Associates. Go deeper
• Pike Street Capital is seeking to sell QuickBox, a Denver-based e-commerce fulfillment and logistics provider, per Axios Pro. Go deeper
⚡ Silver Hill Energy Partners is in talks to sell Haynesville Shale assets to Gunvor for over $1b, per Reuters. Go deeper
• Victory Capital (Nasdaq: VCTR) has agreed to buy New York-based asset manager First Eagle Investments from Genstar Capital for around $7b in stock. Genstar, which bought First Eagle just a year ago, will hold a 14.6% stake in Victory. Go deeper
• Vista Equity Partners is weighing a sale of Allvue Systems, a Coral Gables, Fla.-based data provider for asset managers and credit investors that could fetch up to $3b (including debt), per Reuters. Go deeper
• Vista Global Holding, a UAE-based private aviation group backed by RRJ Capital, is considering a $1b+ European IPO at more than a $10b valuation, per Bloomberg. Go deeper
• Windjammer Capital agreed to sell IPS Group, a San Diego-based provider of smart parking infrastructure, to Nayax (Nasdaq/TASE: NYAX) for $350m in cash. Go deeper
More M&A
• BitGo (NYSE: BTGO) acquired the institutional trading business and related assets of NYDIG. Go deeper
⚡ DigitalBridge (NYSE: DBRG), which is being acquired by SoftBank, agreed to buy Australian smart meter provider Plus Es from Ausgrid. Go deeper
• H.B. Fuller (NYSE: FUL) rejected a $1.2b bid for its building adhesives business from Ancora. Go deeper
• Itochu (Tokyo: 8001) offered to buy Japanese IT services and consulting firm Dentsu Soken (T: 4812). Go deeper
🏀 Marc Lore has agreed to sell his control stake in the NBA's Minnesota Timberwolves and the WNBA's Minnesota Lynx to Dragoneer founder Marc Stad at a $4.5b enterprise value. Go deeper
• Neura Robotics, a German developer of humanoid robotics that recently raised $1.4b in Series C funding, acquired Adlatus, a maker of cleaning and sweeping robots, from Ulm. Go deeper
• Nexa Lending acquired Philadelphia-based brokerage UMortgage. Go deeper
⚡️ NVent Electric (NYSE: NVT) agreed to buy McKinney, Texas-based power distribution company Maverick Power for $1.75b. Go deeper
⚡ Siemens Energy said it plans to spin off its Transformation of Industry unit. Go deeper
⚡️ Siemens Energy is seeking a buyer for a majority stake in its steam turbine business, which could be valued at over €10b, per Bloomberg. Go deeper
• Solstice Advanced Materials (Nasdaq: SOLS), a recent Honeywell spinout, and fellow chemicals firm Element Solutions (NYSE: ESI) canceled their proposed merger after negative shareholder feedback. Go deeper
• Sumitomo (Tokyo: 8053) led an A$813m takeover bid for Australian auto leasing firm FleetPartners (ASX: FPR), which also has offers from Orix, Pacific Equity Partners, and Element Fleet. Go deeper
• Tata Consultancy Services of India agreed to buy MHP, an auto and industrial consultancy, from Porsche. Go deeper
• Tokio Marine (Tokyo: 8766) is weighing a takeover bid for Australian insurer Suncorp Group (ASX: SUN), per the FT. Go deeper
🍔 Trian Fund Management has no immediate plans to make a take-private bid for Wendy's (Nasdaq: WEN), per Reuters. Go deeper
• Unilever (NYSE: UL) is selling its Colman's mustard brand to satisfy antitrust regulators, amid the merger of its food business with McCormick & Co. (NYSE: MKC). Go deeper
🚀 Ursa Major, a Berthoud, Colo.-based maker of hypersonic missiles and space propulsion systems, agreed to go public via a reverse merger with Bleichroeder Acquisition Corp. III (Nasdaq: BCCQU) at an implied $2.3b post-transaction value. Ursa Major had raised over $540m from firms like Eclipse Capital, Alsop Louie Partners, and Alpha Edison. Go deeper
• Victory Capital (Nasdaq: VCTR) has agreed to buy New York-based asset manager First Eagle Investments from Genstar Capital for around $7b in stock. Genstar, which bought First Eagle just a year ago, will hold a 14.6% stake in Victory. Go deeper
• Virtu Financial (NYSE: VIRT) is weighing a sale of its agency brokerage and tech unit for between $3.5b and $4b, per Bloomberg. Go deeper
• Vista Equity Partners is weighing a sale of Allvue Systems, a Coral Gables, Fla.-based data provider for asset managers and credit investors that could fetch up to $3b (including debt), per Reuters. Go deeper
• YipitData, a data provider for alternative investments, hired Goldman Sachs to find a buyer for between $2.5b and $3b, per PrivateEquityWire. It's raised over $500m from firms like Carlyle and Norwest. Go deeper
Fundraising
• GenNx360 Capital Partners, a lower midmarket PE firm focused on industrial and business services companies, raised $865m for its fourth fund. Go deeper
• Granite Asia raised more than $500m for an Asia-focused private credit fund. Go deeper
• LGT Capital Partners raised €850m for a fund-of-funds focused on small European buyout managers. lgtcp.com
• StepStone Group raised $1.7b for an infrastructure secondaries fund. Go deeper
It's Personnel
• Adam Fitzner joined Star Mountain Capital as a managing director and strategic portfolio manager. He was previously with Hamilton Robinson Capital Partners. Go deeper
• David Fishman is leaving BofA to join JPMorgan as a vice chair and head of North American tech M&A. He succeeds Vineet Seth, who becomes vice chair of investment banking. Go deeper
• David Shim joined Lincoln International as a director of capital advisory. He previously was with Houlihan Lokey. Go deeper
• Julia White joined law firm Cooley as an SF-based capital markets partner. She was previously at Goodwin Procter. Go deeper
• Lucas Radal joined Montana Capital Partners, the secondaries unit of PGIM, to lead Middle East efforts. He previously was with Mubadala. Go deeper
• Paul Murphy, former CEO of Cadence Bank, joined LDR Partners as a partner. Go deeper
• Russell Mason joined Moelis & Co. as a managing director of capital structure advisory. He previously was with Houlihan Lokey. Go deeper
🚑 Tom Orr, former CEO of Seaway Plastics Engineering, joined Avista Healthcare Partners as a "strategic executive." Go deeper
