Today's Private Equity Pulse
Blackstone closes $13.1B Asia fund, its biggest ever
Blackstone announced the closing of its third Asia private‑equity vehicle, Blackstone Capital Partners Asia III, at $13.1 billion, surpassing its $10 billion target and more than doubling the capital of its predecessor. The fund is the firm’s largest Asia‑focused raise and Blackstone has deployed over $7 billion across 12 deals in the region in the past two years.
Also developing:
By the numbers: Metatron Private Equity acquires Green Circuits Inc.
Avista Capital Partners Acquires Bentec From Greyrock and Hermitage in Healthcare Deal
Avista Capital Partners has completed the acquisition of Bentec, a provider of specialty medical devices, from Greyrock Capital Management and Hermitage Capital. The deal adds a new platform company to Avista’s growing healthcare and life‑sciences fund, underscoring ongoing consolidation in the sector. Transaction terms were not disclosed.
Deal with Certainty: Decisive, Cold, Never Flinching
being masculine in M&A: not: – apologising for your offer – softening your structure – backing down from your price – accepting bad terms to close being: – decisive on the NBIO – direct in the LOI – cold in due diligence – willing to walk the deal respects certainty not flexibility the...
AI‑savvy Firms Drive M&A Surge Amid Volume Slump
M&A is surging this yr, but it’s very specific activity. From RBC’s Vito Sperduto: "The U.S. market is up 43% YTD, but deal volume is down 30%. This isn't just a rebound; it's a consolidation of power by those who...
Eli Lilly to Acquire Kelonia Therapeutics for Up to $7 Billion, Boosting In‑Vivo CAR‑T Portfolio
Eli Lilly agreed to purchase Kelonia Therapeutics for up to $7 billion, adding an in‑vivo CAR‑T platform to its cell‑therapy portfolio. The acquisition, pending regulatory clearance, underscores Lilly’s push into next‑generation immunotherapies and marks one of the largest biotech deals of the...
Tech Due Diligence Becomes Deal‑Maker or Deal‑Breaker in Real‑Estate Private Equity
Private‑equity investors in real‑estate and property‑technology firms are making technology assessments a central part of deal underwriting. CBIZ warns that overlooked IT risks can erode value, while thorough tech reviews can unlock higher purchase prices and smoother integrations.
QXO to Acquire TopBuild in $17 Billion Deal, Creating Second-Largest Building Products Firm
QXO announced a $17 bn acquisition of TopBuild, propelling the combined entity to the No. 2 spot among publicly traded building‑products developers in North America. The deal, highlighted on the Motley Fool Money podcast, follows QXO's recent $2.25 bn purchase of Kodiak Building...
Boston’s Iconic Mullen Agency Shuts Down, Ending 50‑Year Era
Mullen, the Boston‑based advertising firm founded in 1970, closed its doors after its parent IPG was absorbed by Omnicom last fall. The shutdown, marked by a farewell gathering of roughly 200 industry peers, underscores a broader decline in large‑scale Boston...
Private‑Equity‑Backed Hospital Chain Shuts West Suburban Medical Center Amid Nationwide Trend
Pipeline Health’s former flagship, West Suburban Medical Center, announced a temporary shutdown, adding to the closure of Weiss Memorial and Westlake hospitals in Chicago. The moves illustrate a broader surge in private‑equity ownership of U.S. hospitals—now 488 facilities, or 8.5%...
From Coffee Kiosk To Billion-Dollar Business: How Scooter’s Became One Of America’s Top Franchises
Scooter’s Coffee, founded in 1998, now operates 912 locations—893 of them franchised—after a 2018 capital infusion from M‑One Capital. The system generated $859 million in sales last year, translating into roughly $80 million of revenue for the holding company and an estimated...
IHeartMedia and SiriusXM Enter Early Merger Talks, Apollo Advises
iHeartMedia and SiriusXM are in preliminary discussions about a merger that could combine the two largest U.S. audio‑media platforms. Music veteran Irving Azoff and private‑equity firm Apollo Global Management are reported to be advising the parties, while Bloomberg’s initial report...
Chapin Newhard Puts Founders First in Middle‑Market M&A Advisory
Chapin Newhard, managing partner of 48North Partners, is championing a founder‑first approach to middle‑market M&A advisory. By engaging owners early and aligning deal strategy with personal goals, the boutique aims to challenge large banks and reshape how founders navigate exits.
Related Digital Secures $16 B Financing for Oracle Data Center Campus in Michigan
Related Digital announced that equity from its own platform and Blackstone, plus long‑term debt anchored by PIMCO, has secured $16 billion in financing for a purpose‑built Oracle data center campus in Saline Township, Michigan. The deal, advised by Bank of America,...
Porsche Sells Bugatti Rimac Stake to HOF Capital‑Led Consortium
Porsche AG has signed an agreement to divest its 45% equity in Bugatti Rimac and its 20.6% stake in Rimac Group to a consortium headed by New York‑based HOF Capital, with BlueFive Capital as the lead investor. The deal, announced...
Amazon to Acquire Globalstar for $11.6B, Targeting Starlink Rivalry
Amazon announced a $11.57 billion deal to buy Globalstar, securing spectrum, satellites and global licenses. The move is aimed at building a next‑generation Leo network that can compete with SpaceX’s Starlink and extend Amazon’s e‑commerce logistics into remote areas.
Cohere Acquires Aleph Alpha to Form Transatlantic Sovereign AI Alliance
Cohere announced the acquisition of Germany’s Aleph Alpha, creating a transatlantic sovereign AI partnership. The deal, supported by a $600 million commitment from Germany’s Schwarz Group, positions the combined entity to target regulated sectors and pushes Cohere’s valuation toward $20 billion.
Google Commits up to $40 B in Anthropic, Pairing Cash with 5 GW of TPU Compute
Alphabet’s Google is ready to invest as much as $40 billion in Anthropic, starting with a $10 billion cash infusion at a roughly $350 billion valuation and a conditional $30 billion tied to performance milestones. The deal also secures 5 gigawatts of Google‑provided TPU compute...
Marketing Collective The Independents Explores $1bn Stake Sale
The Independents, a UK‑based collective of independent marketing agencies, is exploring the sale of a minority stake that could fetch about $1 billion. The group, which unites over 30 boutique firms under a shared technology platform, has seen revenue surge past...
The PE Board Red Flag Missed in Interview One
The article warns that executives often overlook a critical red flag when joining private‑equity‑backed companies: board composition. It outlines five essential questions—covering investment thesis, board makeup, sponsor‑operating partner dynamics, team turnover, and compensation structure—that should be asked before signing. A...
China PE Pivots to Hard Tech, Old Sectors Collapse
Yicai: "China’s private equity market is showing a sharp split. “Hard tech” industries such as robotics and advanced materials are attracting most of the capital, while previously popular areas such as second-hand e-commerce and apparel have seen funding drop by...
Warburg Pincus‑Led Investor Group Acquires ECN Capital for C$3.10 per Share
An investor consortium headed by Warburg Pincus and Goodview Capital closed on a C$3.10‑per‑share acquisition of ECN Capital, delisting its common equity from the Toronto Stock Exchange. The deal also transferred preferred shares at C$26 each and installed Goodview founder...
Madison Capital Buys Four Texas Convenience Stores for $13.2 Million
Madison Capital Group completed a cash purchase of four Texas convenience stores for $13.2 million, adding to its Fresh Stop portfolio. The deal, funded through a fully subscribed Delaware Statutory Trust, underscores the firm’s strategy to grow low‑risk retail assets amid...
ING Bank Śląski Completes $103 M Purchase of Goldman Sachs TFI, Securing Full Control
ING Bank Śląski has bought the remaining 55% stake in Goldman Sachs TFI for PLN 405 million (about $103 million), bringing its ownership to 100% and rebranding the firm as ING TFI. The deal adds roughly €13.4 billion of assets under management and a...
Denso to Withdraw Proposal to Take Over Rohm, Nikkei Says
Japanese automotive parts supplier Denso Corp. announced it will pull its proposal to acquire semiconductor maker Rohm Co., after failing to secure the target’s support. The two companies could not agree on terms, with Rohm reportedly concerned about becoming overly...
X+Y=?
Chenmark distinguishes between the number of operating companies (X) and total acquisitions (Y), noting that the gap reflects tuck‑in deals. The firm emphasizes long‑term value creation over rapid arbitrage, using a conservative underwriting model that still allows for upside. Cultural...
Chatham Financial to Acquire Hodes Weill, Expanding Commercial Real‑Estate Advisory
Chatham Financial has agreed to acquire Hodes Weill & Associates, a move that will extend its commercial‑real‑estate advisory services to a wider investor base. The deal, expected to close by year‑end, signals a strategic push into institutional CRE financing and...
Cyera to Acquire AI Data Startup Ryft in Deal Valued Up to $130 Million
Cyera, a data‑security company, announced the acquisition of Ryft, a two‑year‑old AI data startup, in a transaction valued at up to $130 million. The deal highlights the accelerating convergence of artificial‑intelligence capabilities with cybersecurity solutions.
Keurig Dr Pepper Posts 8.1% Net Sales Rise in Q1 FY2026, Completes JDE Peet's Deal
Keurig Dr Pepper announced an 8.1% year‑over‑year increase in net sales for the first quarter of fiscal 2026 and confirmed the closing of its JDE Peet's acquisition. The company also detailed its plan to separate into two independent public entities focused...
Episode 98: 12 Steps to Survive Due Diligence
In this eight‑minute episode of the Tech M&A Podcast, the host outlines 12 practical steps for CEOs to survive the increasingly rigorous due‑diligence phase of tech and private‑equity transactions. Key takeaways include mastering the buyer’s checklist, pre‑building a secure data...
Episode 97: Sell For Free Fallout
In this episode the Coram Group explains its new First Look program, a free‑to‑list deal‑origination platform that connects software and IT sellers with a curated pool of buyers from a 19,000‑member database. The hosts describe the unexpected “fallout” when many...
CinemaCon 2026: A Merger Splits the House
CinemaCon 2026 highlighted a resilient theatrical market while exposing deep fault lines over the approved Paramount‑Warner Bros. Discovery merger. Industry leaders like MPA chair Charles Rivkin emphasized the cultural value of cinema and pushed for a federal film‑tax incentive, but...
Alphabet’s Investment Engine Beats Buffett‑Style Value Play, Delivering $900 M SpaceX Gain
Alphabet’s strategic portfolio, highlighted by a $900 million early stake in SpaceX and a 48% surge in Google Cloud sales, is delivering returns that outpace classic value‑investing benchmarks. The tech giant’s approach is prompting wealth managers to rethink long‑term allocation models...
Private‑Equity Billionaire John Phelan Resigns as Navy Secretary, Raising Questions on PE Influence
John Phelan, a private‑equity billionaire appointed by former President Donald Trump, resigned as U.S. Navy Secretary on April 22, 2026, ending a 13‑month tenure. His abrupt exit underscores the increasing presence of private‑equity figures in senior government roles and fuels...
American Industrial Partners to Acquire Honeywell’s Warehouse Solutions Business for $935 Million
American Industrial Partners (AIP) announced a $935 million carve‑out acquisition of Honeywell’s warehouse and workflow solutions business. The deal, described as a revenue‑based transaction, adds a sizable logistics platform to AIP’s industrial portfolio and marks one of the larger private‑equity moves...
MoonPay Leads $76 M Investment in Korean Fintech Finger to Launch Won Stablecoin for Enterprises
MoonPay, Sungho Electronics and Pantos Holdings are jointly investing roughly $76 million in Korean fintech Finger to build a Korean‑won stablecoin infrastructure for enterprise payments. The deal makes Seoryong Electronics the largest shareholder and links MoonPay’s stablecoin platform with Finger’s ERP...
AI Rollups Must Drive Revenue, Not Just Cut Costs
The secret to pulling off a successful growth buyout / AI rollup strategy: "I could not be more aggressive about this statement. Cost synergy does not create durable growth in M&A. Any application of AI to an old-world business that focuses only...
StepStone Group Closes $1.58bn Credit Opportunities Fund
StepStone Group announced the closing of its Credit Opportunities Fund II at $1.58 billion, more than twice the original target. The fund will focus on secondary market purchases and co‑investment opportunities across the private credit spectrum. The oversubscription reflects strong investor...
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Industry Report: Transportation & Logistics Q1 2026 [Peakstone]
The Q1 2026 Peakstone Transportation & Logistics report shows that M&A activity remains robust, with hundreds of deals driven primarily by strategic buyers seeking scale and network expansion. Median EV/EBITDA multiples have settled between roughly 6x and 13x, indicating stable...
PE Treats Sports Teams Like Fund, LPs Await Returns
PE guys focusing on running sports teams while their LPs wait for distributions is the asset class in one sentence.
How Niche Specialist Managers Are Winning LP Capital
Cooley partner Jaclyn Rabin highlighted a growing shift among mid‑market private‑equity firms toward niche specialization as a way to win limited‑partner (LP) capital. By concentrating on specific industries or strategies, these managers can articulate a clear competitive edge and transparent...
PE Sells Top Assets, Forcing Redemptions and NAV Decline
As Geoffrey so eloquently puts it: The Private Equity boys go and liquify their best assets first. Why? Because they can liquidify those, then they serve redemptions. But as redemptions continue, they are running out of good assets and then the NAVs...
RECEIPTS: Why the Hell Does Trump Want to Buy Spirit Airlines?
In this episode of Receipts, JVL and Catherine Rampell dissect the political showdown over the Federal Reserve, focusing on Judge Jeanine Pirro’s halted investigation into Fed Chair Jerome Powell and the Senate’s blockage of a new Fed chair nomination. They...
Call Owners Directly for Off‑market Deals, Avoid Competition
STOP competing for listed deals START calling owners before the broker does off market no competition motivated seller you control everything
Big Firm Buying Small One—Unless Owned by Ellison
When a $9 billion company combines with a $900 million company, it is buying the $900 million company.* Use whatever language you like... *Unless the $900 million company is owned by David Ellison. https://t.co/nYS3D359sO
5 M&A Signals CPAs Should Be Watching for Their Clients in 2026
The 2026 M&A market is flush with private‑equity capital but selective in deal flow, forcing sellers to be transaction‑ready. Buyers now request pre‑letter‑of‑intent diligence, effectively doubling advisory work as a lightweight quality‑of‑earnings review precedes full due diligence. Corporate carve‑outs are...
United CEO Negotiating Purchase of Rival Airline Assets
United CEO Says He’s In Talks To Buy Assets From Another Airline - View from the Wing https://t.co/Ow68rGKOE9
AGM Alts & Wealth Weekly News Roundup | 4.24.26
The AGM Alts & Wealth weekly roundup highlighted a wave of capital inflows and strategic partnerships across private markets. EQT secured a record $15.6 billion for its Asia private‑equity fund, while OpenAI committed up to $1.5 billion to a new private‑equity joint...
American Industrial Partners to Acquire Honeywell Warehouse Automation
Private equity firm American Industrial Partners (AIP) announced it will acquire Honeywell’s Warehouse and Workflow Solutions (WWS) unit. WWS, which posted roughly $935 million in 2025 revenue and employs over 3,300 people, provides sortation, robotics and software under the Intelligrated and...
Olstein Capital Boosts Korn Ferry Stake by $2.8M, Echoing Activist Private‑Equity Tactics
Olstein Capital Management increased its Korn Ferry holding by 43,050 shares, an estimated $2.78 million transaction that lifts the position to 120,000 shares valued at $7.55 million, or 1.65% of its assets. The move, coupled with a recent $5.2 million sale of Kulicke...
Cerberus Closes $2.3 Billion Continuation Vehicle for SubCom
Cerberus Capital Management closed a $2.3 billion single‑asset continuation vehicle for SubCom, the U.S.‑based leader in subsea fiber‑optic cable systems. The vehicle, led by CVC Secondary Partners, secures additional capital while Cerberus retains a controlling stake. SubCom, carved out from TE...
Major SAP Partner Bristlecone Plans Acquisitions, New Investments To Grow Supply Chain Business
Bristlecone, a Mahindra‑owned SAP partner, announced its first acquisition plans and a major investment program to expand its end‑to‑end supply‑chain business. The firm reported 30% revenue growth last year, with 70% of earnings coming from U.S. customers. It will triple...