Today's Private Equity Pulse
EQT caps Asia‑Pacific fund at $15.6bn
EQT’s BPEA Private Equity Fund IX reached its hard cap with $15.6 billion in total commitments, including $14.9 billion of fee‑generating assets under management. The fund will target control investments across technology, healthcare, industrial technology, services and technology services, with early deals already closed in Japan and South Korea.
Also developing:
By the numbers: Multi-Color secures $4bn debt overhaul
Morning Headlines 4/21/26
The piece reflects growing unease about technology’s pervasive impact on learning, arguing that its harms are not limited to youth and should be addressed with age‑neutral policies. It highlights a semantic debate between "digitize" (converting analog content) and "digitalize" (re‑engineering processes), suggesting the latter is more appropriate for modern education. A brief, off‑hand reference to Healthineers underscores how even medical‑technology firms are navigating this digital shift. The overall tone calls for broader societal dialogue on tech’s role in education and motivation.
2 Spirits Giants Are Fighting to Buy the Maker of Jack Daniel’s. 1 Is Winning, So Far
A takeover battle is unfolding for Brown‑Forman, the maker of Jack Daniel’s. Sazerac initially bid for the $12.4 billion company, but a competing proposal from French giant Pernod Ricard has emerged as the preferred partner. Brown‑Forman’s leadership and founding family see the...
Stephens Group Launches Aptus Aero Platform and Acquires Atlas Aerospace
Stephens Group, a private‑equity investment firm, announced the formation of Aptus Aero, a new aviation MRO platform, and closed its first deal by acquiring Atlas Aerospace Accessories. The move signals a focused roll‑up strategy in a fragmented maintenance market.
AI M&A Surpasses $155 B in 2023, with Small Startups Driving Half of Q1 2024 Deals
AI‑focused mergers and acquisitions reached $155 billion in 2023, and almost half of the deals recorded in the first quarter of 2024 involved small or mid‑sized startups. Bankers at San Francisco‑based Axom Partners are fielding the bulk of inquiries from Big...
Strong Distributions Help Push Court Square’s Fund V to Finish Line
Court Square Capital Partners’ fifth private‑equity fund is approaching its final close, buoyed by strong cash returns to limited partners. Since 2022, the firm has distributed roughly $7.4 billion to investors, a period that coincided with the Federal Reserve’s rate‑hike cycle....
ModMed Acquires Bonsai Health to Accelerate Agentic AI in Specialty Medicine
ModMed, the specialty‑specific EHR provider backed by Clearlake Capital, has acquired Bonsai Health, an agentic AI patient‑engagement platform, though the purchase price was not disclosed. Bonsai’s technology goes beyond passive chatbots by automatically detecting clinical care gaps, matching them with...
Outdoor M&A Sees Heat in Sporting Goods Category
M&A activity in the outdoor recreation sector is heating up, especially within sporting goods. Notable transactions include Varsity Brands buying Sports Endeavors and Lax.com, Paramount Apparel acquiring Winston Collection, and Coats Group purchasing OrthoLite for $770 million. Deal values range from...
Pentagon AI Contracts Fuel Private‑Equity Surge in Defense Sector
The Pentagon’s accelerated AI procurement is awarding multiyear contracts to Palantir, Anduril and Lockheed Martin, prompting private‑equity firms to chase stakes in the burgeoning defense‑AI market. The shift signals a new wave of capital flowing into companies that embed artificial...
B2B Trade Show Group Expands to Diversify From Tradition, Add Delegate, Sponsor Revenue
London‑based Montgomery Group, a family‑owned B2B events firm, announced the acquisition of Sustainable Aviation Futures (SAF) and Halldale Group to broaden its revenue mix beyond traditional trade shows. The deals, financed with cash and a $2.5 million loan at 5% interest,...
Fusion Founders and Investors Clash Over IPO Timing and Side‑Business Strategies
TAE Technologies and General Fusion announced high‑profile mergers that could bring $200 million and $335 million respectively, sparking a debate among founders, investors, and scientists about whether the fusion sector is moving to market too soon and whether ancillary revenue streams distract...
Must Read: GDA Luma Invests in Pat McGrath Labs, Primark to Open NYC Flagship
GDA Luma has injected more than $65 million into Pat McGrath Labs, taking a controlling equity stake as the cosmetics brand emerges from Chapter 11 bankruptcy and upgrades its supply chain and inventory management. At the same time, fast‑fashion retailer Primark is set...
Warner Bros. Discovery and Irenic’s Plan for SNAP With Dr. Paul Nary – Special Situations Report Podcast Episode 63
Episode 63 of the Special Situations Report Podcast features Wharton professor Paul Nary discussing four high‑profile corporate actions. The conversation covers Warner Bros. Discovery’s widening bid spread, Irenic Capital’s activist campaign targeting Snap, Bill Ackman’s intricate proposal for Universal Music...
David Zaslav Ate Hollywood
Warner Bros. Discovery is set to merge with Paramount Skydance, with an April 23 board vote pending. The deal would combine two major studios while adding roughly $50 billion of debt to the new entity. CEO David Zaslav stands to receive a golden parachute...
Collected Strategies Handles Rare Earths Deal
Collected Strategies, the media firm for USA Rare Earth (USARE), announced the acquisition of Brazil’s Serra Verde miner and processor for $2.8 billion in cash and stock. The deal is underpinned by a $500 million loan and a 15‑year supply agreement from...
From $125k Loan to $12B Franchise Empire
Jersey Mike’s founder Peter Cancro sold majority of sub chain to Blackstone for $8B in 2024. In 2025, Wingstop's former CEO took top job and has filed to go public. Details on Cancro skipping college and turning $125k loan into...
GPs Increasingly Step up CV Alignment with Cross-Fund Commitments
General partners (GPs) are increasingly using cross‑fund commitments to deepen alignment with secondary investors, especially for single‑asset core‑plus (CV) deals. William Blair’s Tom Marking notes that secondaries buyers now expect GPs to be fully “all‑in” on trophy, crown‑jewel assets, prompting...
Real Estate Often Outvalues the Underlying Small Business
The value of the land > the business itself I spoke with a family office that owns a portfolio of small businesses. One interesting point the son of the owner made was that, in several cases, the underlying real estate is...
Invest in the GP, Not Just the Fund
Most investors focus on deals. But some of the most sophisticated capital allocators invest somewhere else entirely. In The Holy Grail of Investing, Tony Robbins highlights a strategy used by institutional investors called GP stakes. Instead of investing in the fund, you invest...
Adams Street Calls for Greater Transparency From BDCs and Interval Funds
Adams Street Capital Management is urging business development companies (BDCs) and interval funds to adopt a new transparency framework. The firm outlined six concrete metrics—covering liquidity, portfolio concentration, leverage, valuation methods, cash flow, and redemption policies—to replace vague reassurances. By...
Buy $350K Business, Earn $158K Cash Flow
The U.S. small business market did $7.95 billion in transactions last year. Median sale price: $350,000 Median cash flow: $158,950 Median revenue: $703,000 Buy a business doing $158K in cash flow for $350K is what the numbers say. With 10% down and SBA financing, that's...
Corporate M&A Strategy: Exploit Admin
New full-cycle corporate approach to M&A — wait until the antitrust admin is out of office and then bribe the next admin: https://t.co/FpMfphr3vx
Private‑Equity Bid Worth $3.9 B Targets San Diego Padres, Raising CBA Stakes
Private‑equity investors Jose E. Feliciano and Kwanza Jones are poised to acquire the San Diego Padres for $3.9 billion. The bid arrives amid a succession dispute and just before MLB’s new TV contracts and collective bargaining agreement are finalized, prompting concerns...
Specializing in One Industry Boosts Brokerage Success
Live Thursday What happens when a business broker focuses on just one industry? Tune in as we discuss industry-specific business brokerage, how specialization can create real opportunity, and the biggest mistakes business owners make when preparing to sell. Set yourself...
QXO's $17B TopBuild Deal Offers 5.9% Arbitrage Yield
➡️ M&A Deal Sheet ⬅️ TopBuild Corp. $BLD to be acquired by QXO, Inc. $QXO for $227.25 cash per share + 11.11x shares, 23.1% premium, $17.0 billion, 14.7x EBITDA (2027E) Trading at a 5.9% arbitrage yield and an implied 92% odds of...
Blue Owl to Acquire Sila Realty Trust in a $2.4 Billion Cash Deal
Blue Owl Capital announced a definitive agreement to acquire Sila Realty Trust for $2.4 billion in cash, pricing the transaction at $30.38 per share, a 19% premium to the prior close. The acquisition values Sila at 11.89 times its funds from...
Venrock's Kelonia Bet Yields 45x Return, Potential 100x
Venrock landed a 45x return on Kelonia -- turned $20M into $900M, @ky_lahucik + I learned. Could grow to 100x if the milestones hit. https://t.co/09QgHeDRgw
LLY's Second in Vivo CAR‑T Deal via Kelonia Buyout
Kelonia turns #ASH25 late-breaker into buyout, with $LLY's second move into in vivo Car-T. Via @ApexOnco -> https://t.co/NPhdnuhPu3 $AZN $GILD
Honeywell to Sell Productivity Solutions and Services Business to Brady Corporation
Honeywell announced it will sell its Productivity Solutions and Services (PSS) business to Brady Corporation for $1.4 billion in cash. The PSS unit, which generated about $1.1 billion in 2025 revenue, provides mobile computers, barcode scanners and printing solutions for warehouse and...
Evergreen Private Market Funds Profit Managers and Advisors
Evergreen private markets funds have been lucrative for the firms that manage them, and the financial advisors who have steered their clients into the funds. @ameliajpollard @EricGPlatt @clarfel https://t.co/Dzjt1oAQ0y
Sideline Group Sees ‘Offline Economy’ Opportunity, Beats Target with $155m Debut Fund
Sideline Group announced the final close of its debut investment fund at $155 million, substantially topping its original target. The fund, aimed at the “offline economy” – businesses that operate primarily in physical locations – will be complemented by co‑investment and...
Repay’s Latest Proposal and Other Digital Transactions News Briefs From 4/20/26
Repay Holdings Corp. disclosed an unsolicited, non‑binding cash offer from Forager Capital Management at $4.80 per share, topping the $4.11 closing price. Nayax Ltd. announced the upcoming launch of Yellow Account, a business‑checking product aimed at small sellers with real‑time...
Accel Scores $5bn of New Late-Stage Capital Aimed at Leveraging AI Revolution
Accel announced a $5 billion raise of new late‑stage capital, primarily allocated to its growth‑stage Leaders Fund. The fund is positioned to back AI‑driven companies that are scaling beyond early development. By targeting the AI revolution, Accel aims to capture outsized...
Buying a Canadian Business: Complex, Risky for Americans
Can You Buy a Business in Canada? An American asked me this—and the answer is more complicated (and risky) than you think. Watch the full video here: https://t.co/vLaP5jaaF2 #businessbuying #entrepreneurship #smallbusiness #investing #canada #BDC #SBA #businesstips #acquisitions #finance
The (Missing) Relation Between Acquisition Announcement Returns and Value Creation
The paper by Ben‑David, Bhattacharya, Huang and Jacobsen shows that the cumulative abnormal return (CAR) around acquisition announcements does not predict actual deal outcomes. Analyzing over 47,000 deals from 1980‑2018, the authors find no correlation between CAR and goodwill impairments,...
Agnico Lines up $3B Multi-Deal to Build Finland Hub
Agnico Eagle is orchestrating a roughly $3 billion, three‑deal package to consolidate a 2,492‑sq‑km gold district in Finland. The core transaction is a $2.1 billion acquisition of Rupert Resources, adding the 3.5 million‑ounce Ikkari project adjacent to its Kittila mine. Additional cash deals...
REITs Own One‑Fifth of U.S. Senior Housing, Raising Care Quality Concerns
Real‑estate investment trusts have bought roughly 20% of the nation’s senior‑housing portfolio and a sixth of its nursing homes, prompting lawsuits over resident deaths and renewed scrutiny of their influence on care quality. Critics argue that rent‑focused lease terms and...
Loan Note: Nothing Wrong with Cautious Deployment, Korea LPs Urge; Mis-Selling Cited as Redemption Root Cause
Korean limited partners (LPs) cautioned investors to slow capital deployment during Japan Korea Week, warning that aggressive funding could exacerbate market volatility. They identified misleading marketing of evergreen funds as the primary driver of recent redemption spikes, with some managers...
UCB to Acquire Neurona Therapeutics for $650M, Adding Regenerative Epilepsy Asset
UCB announced a definitive agreement to acquire Neurona Therapeutics for $650 million upfront and up to $500 million in milestones, adding the regenerative cell therapy NRTX‑1001 to its epilepsy pipeline. The deal, expected to close by Q2 2026, expands UCB’s portfolio into advanced‑therapy...
Eli Lilly in Advanced Talks to Buy Kelonia Therapeutics for over $2 Billion
Eli Lilly is in advanced talks to acquire Kelonia Therapeutics for over $2 billion, according to the Wall Street Journal. The deal, which may include milestone payments, could be announced as early as Monday and would bolster Lilly’s oncology pipeline. Shares...
Cal AI’s Jake Castillo Shows How a Four‑Person Team Scaled to Millions and Sold to MyFitnessPal
Cal AI, an AI‑powered calorie‑tracking app, was acquired by MyFitnessPal less than two years after its April 2024 launch. Co‑founder and CMO Jake Castillo says the four‑person team reached millions in monthly revenue by leveraging influencer partnerships and relentless speed....
Amazon to Acquire Globalstar for $11.6 B, Expanding Satellite IoT Services
Amazon announced a $11.6 billion deal to buy Globalstar, securing 24 operational satellites, spectrum licenses and direct‑to‑device capability for its Leo network. The acquisition dovetails with an Apple partnership and positions AWS to offer satellite‑backed IoT solutions to remote enterprises.
Deal Follow-Up. April Michelin Additions. Critics & More.
Michelin’s April guide for the UK and Ireland added 18 new restaurants, including eight fresh entries in London such as Fan, Luso, and The Hart. The guide’s expansion highlights a growing appetite for diverse, high‑quality dining experiences across the region....
Brown-Forman: Stuck In The Middle Of A Potential Buyout And Rising Macro Pressure
Brown‑Forman Corp. (BF.A) is rated Hold as its shares hover between fair‑value and speculative buyout levels after recent acquisition interest. The company posted $628 M of free cash flow in the first nine months of FY 26, supported by strong cash balances,...
I'm a Wealth Manager: This Critical Issue Could Cost Wealthy Families Big-Time if No One Takes Control
Private‑equity firms are rapidly consolidating the accounting sector, with more than 100 CPA firm deals completed in 2025—up from roughly two dozen just two years earlier. The surge spreads tax preparation across larger, often offshore, teams, diluting the personal continuity...
Front Row Ag and Solstice Agriculture Merge to Create Unified Cultivation Supply Company
Front Row Ag LLC has merged with its longtime distributor Solstice Agriculture LLC, finalizing the deal on April 1, 2026. The combined entity will retain the Front Row Ag brand while Solstice operates as the dedicated distribution arm. By uniting...
Why Companies Make Big Acquisitions Before Markets Stabilise — And Why Most Get It Wrong
Companies often wait for market stability before pursuing large acquisitions, but this habit can forfeit pricing advantages. The article argues that the optimal window lies between disruption and recovery, when risk premiums have been priced in but valuations have not...
William Hill Owner Evoke in Takeover Talks With Bally’s Intralot
Bally’s Intralot SA has entered exclusive talks to acquire Evoke Plc, the parent of UK bookmaker William Hill. The proposal values Evoke at roughly £225 million (about $304 million) and translates to a 50‑pence‑per‑share offer. Evoke confirmed it is reviewing the bid,...
Amazon Buys Globalstar to Challenge Starlink – Merger Arbitrage Mondays
Amazon.com announced a definitive agreement to acquire Globalstar for $11.68 billion, adding roughly two dozen low‑Earth‑orbit satellites to its Project Kuiper constellation. Globalstar shareholders can elect $90 in cash or 0.321 Amazon shares per share, with cash elections capped at 40% of...
KKR’s Megafund Momentum: Are Private Equity Giants Pulling Away for Good?
KKR & Co. reported a 23% gross internal rate of return for its North American private equity funds, a standout performance amid tightening fundraising and higher interest rates. The result underscores the resurgence of megafunds—large‑capacity vehicles that leverage scale, deal...
U.S. Legal Support Buys American Reporting Services, Expands Northern California
U.S. Legal Support announced the purchase of American Reporting Services, a veteran court‑reporting firm in Northern California. The deal, whose financial terms were not disclosed, adds a regional specialist to a network that already spans more than 12,000 on‑demand offices...