All Access

Pro Rata Premium

Axios Pro Rata Premium

Standard

Axios Pro Rata: Non-Premium Subscribers

Other

Scoop: Bain Capital selling Basic Home Infusion

Illustration of a dollar sign hanging on an IV stand. 

Scoop: Cerebras nears $1B round

Animated illustration of a robot slapping gold star stickers in the shape of the sparkle emoji on itself.

Scoop: Prairie-backed Legacy Hospice in late stages of sale

Illustration of a collage of hands holding and a bouquet of flowers behind a curtain. 

Expect more joint ventures, survey finds

Illustration of two foam fingers about the shake hands

Driving the day

Final number

Bain Capital is seeking to sell Basic Home Infusion, per four sources.

Why it matters: It joins the spate of other sponsor-backed infusion platforms on the market.

Zoom in: BHI generates $25 million of EBITDA, with one source saying it's being marketed by TripleTree on $30 million of adjusted EBITDA. 

Catch up quick: Bain Capital Double Impact invested in Basic Home Infusion in 2022.

The Wayne, N.J., company focuses on elderly patients and patients with low mobility. 

State of play: Carousel Capital hired Jefferies to sell Palmetto Infusion; TA Associates is working with Raymond James to sell Healix; One Equity Partners put InfuCare in market with JPMorgan; and, InTandem hired Houlihan Lokey to sell Vivo Infusion.

They all want exits akin to the 20x EBITDA that KabaFusion fetched last month when Nautic paid $2.2 billion.

Yes, but: Not all platforms are created equal.

"As those waves begin to crest and hit the beach ... [a company's] story has got to be perfect now," a banking source tells Axios Pro. 

Bain Capital declined to comment. TripleTree did not respond to a request for comment.

1. Scoop: Bain Capital selling Basic Home Infusion

AI chipmaker Cerebras Systems is about to close on around $1 billion led by Fidelity at a valuation north of $8 billion, Axios Pro has learned.

The big picture: This comes a year after Cerebras filed for an IPO that was derailed by a CFIUS review over UAE-based G42's growing ownership stake.

The Nvidia challenger said this past March that it had cleared the CFIUS review, and word now is that it plans to go public in the next 12 months.

The round is expected to close by next week.

Catch up quick: Cerebras was valued at $4.25 billion in a $250 million Series F funding in 2021 led by Alpha Wave Ventures, Abu Dhabi Growth Fund, and G42.

The Information previously reported that Cerebras was weighing a new round, and Bloomberg later reported that Fidelity was a potential lead.

Cerebras and Fidelity declined to comment.

2. Scoop: Cerebras nears $1B round

Prairie Capital has narrowed its auction for Legacy Hospice to three financial sponsors, sources tell Axios Pro. 

Why it matters: Private equity continues to consolidate hospice after a relatively quiet 2024, despite headline risk related to performance and outcomes.

Zoom in: TripleTree is shopping Legacy, which generates about $10 million in EBITDA.

Catch up quick: Prairie invested in Daphne, Ala.-based Legacy in 2019, and the company has since acquired two other hospice providers.

Friction point: Recent research found that for-profit hospice centers are more likely to discharge patients before death and transfer patients to hospitals, and have higher rates of complaints and deficiencies. 

Prairie and TripleTree did not respond to a request for comment.

3. Scoop: Prairie-backed Legacy Hospice in late stages of sale

Companies plan to chase more joint ventures and alliances than M&A over the next year, per a new EY-Parthenon survey.

The big picture: Many CEOs believe they can get inorganic growth without the financial strain and regulatory risk of acquisitions.

Context: 73% of CEOs surveyed anticipate engaging in either joint ventures or strategic alliances, vs. 48% that plan to pursue M&A.

"Many leaders see partnerships as a way to move quickly, test collaboration, and access new markets or technologies without fully committing to ownership," EY-Parthenon writes. "Unlike acquisitions, alliances allow companies to share risks, pool expertise, and keep their cultures intact."

Zoom in: The report specified a surge in joint ventures and partnerships in clean energy and life sciences, categories where investment is costly and takes time.

Methodology: EY-Parthenon surveyed about 1,200 CEOs globally online, with over half working at companies with over $1 billion in revenue.

4. Expect more joint ventures, survey finds

💸 FedEx reports $600M in Freight spinoff costs (Colin Campbell)

CFO John Dietrich says it's largely IT- and systems-related. 

💳 Exclusive: TVA taps Type One for fusion plant (Alan Neuhauser)

CEO Christofer Mowry says it's "the first commercial contract related to a fusion power plant."

🚶 Exclusive: TikTok vet raises $4M (Lucinda Shen)

Le Walk uses AI to help create personalized, guided walking tours.

🤝 Spring Lane acquires Spring Free EV (Alan Neuhauser)

The PE firm believes it can make Spring Free an attractive acquisition candidate in "less than five years."

💭 Thought Bubble: Fusion's FOMO fight (Alan Neuhauser)

Startups with long commercialization journeys are scouring for ways to soothe antsy investors.

5. Driving the day

Animated illustration of a steering wheel that turns back and forth before turning into a clock that moves from 9 a.m. to 5 p.m. and then changing back.

Japan is now the third-largest country for M&A by deal values thus far in 2025, behind the U.S. and China, and above the U.K. and Canada.

Japan's values surged to the highest totals through Q3 on record, at $186.6 billion according to preliminary LSEG data.

6. Final number

topics

politics-policy

epstein-files

donald-trump

2026-midterm-elections

immigration

behind-the-curtain

race-and-equity

technology

privacy-tech-regulation

automation-and-ai

tiktok-news

big-tech

social-media

cybersecurity

economy

social-security

September 19, 2025

1. Scoop: Bain Capital selling Basic Home Infusion