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.
Mortgage Advice Bureau Snaps up HomeOwners Alliance in Ambitious Move
Mortgage Advice Bureau (MAB) has acquired HomeOwners Alliance (HOA), a high‑traffic digital platform that offers tools and guidance to homeowners and prospective buyers. The purchase lets MAB engage consumers at the earliest stage of the home‑buying journey, well before they seek mortgage advice. By integrating HOA’s analytics and content, MAB expects to boost lead volume, cross‑sell protection and moving services, and strengthen its position ahead of upcoming UK housing‑policy reforms. The deal also ensures HOA will retain its independent brand while gaining MAB’s resources.
Kennedy‑Wilson Acquires Toll Brothers’ $2.2 B Apartment Platform to Speed Multifamily Build‑out
Kennedy‑Wilson Holdings bought Toll Brothers’ Apartment Living platform, taking $2.2 billion of assets and a $3.6 billion development pipeline, while hiring 85 of Toll’s in‑house developers. The deal positions the developer to accelerate unit delivery and lower costs, according to new president...
The Pulse of Private Equity – 4/13/2026
The latest Pulse of Private Equity chart shows software’s share of private‑equity deal value climbing to roughly 35% of total allocations by Q1 2026, while the HALO category has slipped below the 10% mark. Notable mega‑deals—Twitter/X at $44 B in Q2 2022, Electronic...
Leveraged Loan Insight & Analysis – 4/13/2026
Unitranche loan issuance in the United States slumped sharply in the first quarter of 2026, affecting both large‑corporate and middle‑market segments. The total volume, which typically oscillates between $40 billion and $80 billion, contracted markedly amid heightened concerns about AI‑driven disintermediation and...
US Airline M&A Speculation Grows: Do Market Realities Support a New Wave?
Recent chatter in the U.S. airline sector centers on possible consolidation, sparked by reports that JetBlue is evaluating a merger and comments from the Transportation Department about M&A headroom. Delta’s CEO recalled the 2008 fuel‑driven merger with Northwest, highlighting how...
GMS Adds Colorado Footprint with Frontier Drywall Supply Purchase
GMS Inc., a subsidiary of Home Depot‑owned SRS Distribution, bought the assets of Frontier Drywall Supply, adding three locations in Denver, Fort Collins and Colorado Springs. The deal, undisclosed financially, expands GMS’s Northwest Division and underscores a private‑equity‑style roll‑up of...
Dwelling Platform Dwelly Acquires Eden Harper, Adding 250 London Units
Dwelly, the UK‑based property‑management platform, announced the acquisition of Eden Harper, a south‑west London lettings agency, adding roughly 250 fully managed units to its portfolio. The deal follows Dwelly’s recent £69 million ($87.6 million) funding round and marks the firm’s first entry...
Cybersecurity Founder Nir Zuk Moves to Acquire California Bank Liberty Bank
Palo Alto Networks co‑founder Nir Zuk has entered a reported deal to purchase Liberty Bank, a regional lender headquartered in California. The transaction, whose price was not disclosed, is being watched as a potential bridge between cybersecurity expertise and traditional...
Palo Alto Networks Finalizes $400 Million Koi Acquisition, Expands AI Endpoint Security
Palo Alto Networks has closed a $400 million deal to acquire Israeli cybersecurity startup Koi, bolstering its AI‑driven endpoint security portfolio. The acquisition integrates Koi’s control‑layer platform into Prisma AIRS and Cortex XDR, creating a new “Agentic Endpoint Security” category for CIOs planning...
FB Financial CFO Michael Mettee Steers Earnings Growth and Merger Integration Across Four Quarters
FB Financial posted stronger earnings in each of the past four quarters, lifted net interest margin to 3.94% and completed its Southern States Banc acquisition. CFO Michael Mettee detailed how the bank is allocating capital, repurchasing shares and targeting cost...
Blue Ant Media Posts 82% Revenue Surge in Q2 2026 After Thunderbird Acquisition
Blue Ant Media Corp reported Q2 2026 revenue of C$69.96 million (≈US$51 million), an 82% increase year‑over‑year, driven by the recent Thunderbird Entertainment acquisition. The company posted a C$6.18 million net loss for the quarter but received a C$34.7 million (≈US$25 million) capital contribution from...
Atlantic International Corp (ATLN) Q4 2025 Earnings Call Transcript
Atlanticus Holdings (ATLC) completed the Mercury Financial acquisition, doubling its balance sheet to $7.0 billion and adding 1.3 million customers. Diluted earnings per share rose 23% in Q4 and 25% for the full year, while revenue surged 27% YoY. Managed receivables grew...
Choose Deal‑by‑deal for Low‑cost, Flexible REPE Startup
You want to start your own real estate private equity firm but you don’t know how much it’ll cost Here’s how to think about start-up costs: There are basically 2 ways to set up a real estate private equity firm 1. First way...
Afterburner Capital, Council Capital Exit Advanced Care Partners
Afterburner Capital and Council Capital have sold their stakes in Advanced Care Partners (ACP) after an eight‑year investment. During that period ACP broadened its footprint into Georgia and Florida and grew its clinical workforce and operational capacity. The exit underscores...
Nordstrom Und Drang
A year after its 2023 buyout, Nordstrom is emphasizing financial discipline while seeking new growth avenues. The department‑store chain announced a partnership with British basics retailer Marks & Spencer, introducing the UK brand to a limited number of U.S. locations....
British Business Bank Ups Pace for Emerging VC Funds
The British Business Bank announced that its Enterprise Capital Funds (ECF) programme will double the speed of capital commitments to emerging venture‑capital funds over the next few years. Mark Sims, head of development equity funds, said the acceleration aims to...
Investors Fly Blind Into Private Funds
A new Adams Street survey reveals that individual investors intend to increase allocations to private equity and credit funds, even though most lack a clear understanding of the underlying structures. The study shows a growing appetite for alternative assets among...
Eventbrite's New Owner Cuts Staff After Takeover
Italian tech firm Bending Spoons completed its March acquisition of Eventbrite, valuing the ticket‑selling platform at roughly $11 billion. Within weeks, the new owner cut a large portion of the U.S. workforce and rolled out product upgrades aimed at faster event creation,...
STG Acquires Carrier Logistics to Build AI-Driven Platform for LTL Shipping
Mid‑market private‑equity firm STG announced the acquisition of Carrier Logistics Inc., a leading transportation‑management software provider for less‑than‑truckload carriers. The deal, whose financial terms were not disclosed, is intended to embed advanced agentic AI into CLI’s platform, creating an AI‑native...
Tory Burch Seeks Loan to Buy Back General Atlantic’s Stake
Tory Burch LLC is arranging a $700 million leveraged loan to fund the repurchase of General Atlantic’s stake, allocating $346 million for the buy‑out. The loan, priced at 98.5 cents on the dollar, carries a 3.75‑4 percentage‑point spread over the benchmark and is accompanied...
Intertek Launches Strategic Review to Spin Off Testing & Assurance Unit
Intertek announced a strategic review to evaluate splitting its Testing & Assurance division into a standalone company, targeting accelerated growth and higher shareholder returns. The move follows a 5.4% like‑for‑like revenue rise in Q1 2026 and aims for completion by...
R2 Capital Buys Calgary's Wood Centre for $36 M, Securing Prime Class A Office Space
R2 Capital Partners announced the acquisition of Wood Centre, a 221,290‑square‑foot Class A office building in Calgary, for roughly $36 million at $163 per square foot. The deal, a 50% discount to the 2017 price, underscores continued confidence in high‑quality Canadian office...
Avanos Medical to Go Private in $1.27 B Deal with American Industrial Partners
Avanos Medical Inc. agreed to be acquired by affiliates of American Industrial Partners (AIP) in an all‑cash transaction valued at $1.272 billion. Shareholders will receive $25 per share, a 72.1% premium to the prior close, positioning the med‑tech firm for a...
Austrian BAWAG to Acquire Ireland's Permanent TSB for €1.6bn ($1.9bn) in All‑Cash Deal
Austrian lender BAWAG has signed an all‑cash agreement to purchase Ireland’s Permanent TSB for €1.62 billion (about $1.9 billion). The deal, backed by Ireland’s finance minister who controls 57.5% of PTSB, now awaits shareholder, regulatory and court clearance. The transaction could reshape...
Apple Chooses Amazon Satellites for iPhone, Years After Rejecting Starlink Offer
Amazon announced a $11.6 billion acquisition of Globalstar and a partnership that makes it the primary satellite service provider for iPhone and Apple Watch. The deal gives Amazon access to Globalstar’s existing low‑Earth‑orbit constellation, spectrum and Mobile Satellite Service licenses. Amazon...
Investcorp AI Acquisition Corp. (IVCA) to Combine with Blue Finance in $219M Deal
Investcorp AI Acquisition Corp. (IVCA) announced a definitive agreement to combine with Blue Finance, creating a public company valued at approximately $219 million. The transaction positions the new entity as an AI‑focused investment platform, leveraging IVCA’s SPAC structure and Blue Finance’s...
Amazon Stock Pops on Double Satellite Win
Amazon’s stock rose about 4% after the company announced plans to acquire Globalstar and to expand its low‑Earth‑orbit Leo satellite network. The deal will fold Globalstar’s assets into Leo and is paired with a separate agreement to provide satellite texting...
Tiny Podcast Nets $200M Thanks to Clip Economy
A podcast with just 7k viewers per episode just sold for $200M. My latest newsletter, “The Clip Economy”, dives into the details: bit.ly/ClipEconomy
CinemaUnited CEO Vows to Block WB‑Paramount Merger
If the #GameOfThrones saying “never attack a guest under your roof” was a real world thing, #CinemaCon 2026 would be our #RedWedding. Even though WB tonight & Paramount on THU are set for panels at the exhibition convention, its organiser, ...
Hyundai Returns to Raise $1.2 Billion From Prime Auto Leases
Hyundai Capital America is launching the Hyundai Auto Lease Securitization Trust 2026‑B, a $1.2 billion transaction backed by 45,321 prime auto leases. The deal issues five tranches of A‑ and B‑class notes, with AAA‑rated A2 and A3 tranches holding a base...
26North Partners Tops Target by Almost 50% in Fund I
26North Partners’ inaugural Fund I has closed at nearly 50% above its original fundraising target, according to PEI Group data. The fund, launched in late 2023, saw its capital commitments almost double after the second close in early 2025. This...
Globalstar Stock Rises on Amazon Takeover. The Impact on AST SpaceMobile and Iridium.
Amazon announced a takeover of Globalstar, offering $90 per share in cash or Amazon stock at a 0.3210‑to‑1 ratio, capped at $90. The proposal values Globalstar at roughly $3.5 billion and sent its stock up 9.2%, while Amazon rose 4.0%. Competitor...
New SPAC: General Catalyst Global Resilience Merger Corp.
General Catalyst announced the formation of General Catalyst Global Resilience Merger Corp, a new special purpose acquisition company (SPAC) filed for an initial public offering on April 14, 2026. The vehicle is positioned to raise roughly $200 million to pursue acquisitions...
M&A Surge: AVNS, GSAT Deals Lead $13B Activity
Today's M&A and SPAC notes $AVNS to be acquired by American Industrial Partners for $25.00 cash per share, 72.1% premium, $1.3 billion $GSAT to be acquired by $AMZN for $90.00 in cash + stock, 23.5% premium, $11.7 billion $SZZL announced a business combination...
Credo to Acquire DustPhotonics in $160 Million Cash‑and‑Stock Deal
Credo announced a $160 million cash‑and‑stock transaction to acquire Israeli silicon‑photonics specialist DustPhotonics. The deal, split roughly $90 million in cash and $70 million in newly issued Credo shares, is slated to close in Q3 2026 and is intended to accelerate Credo’s roadmap in...
AstroNova Posts 5.6% Revenue Drop in Q4 2025, CFO Flags Higher Expenses and Goodwill Hit
AstroNova (ALOT) posted net revenue of $37.4 million for Q4 2025, a 5.6% year‑over‑year decline, while CFO Tom DeByle highlighted a $13.4 million goodwill impairment and rising operating costs. The company issued FY 2026 guidance of $160‑$165 million revenue and an adjusted EBITDA margin of...
Eurofins Scientific to Sell MET Labs to UL Solutions for $627 M
Eurofins Scientific announced the sale of its Electrical & Electronic Testing business, MET Labs, to UL Solutions for an enterprise value of €575 million (about $627 million). The cash‑free, debt‑free deal, slated to close by year‑end 2026, trims Eurofins’ B2B offerings and...
Leeds Equity Closes Oversubscribed Fund VIII
Leeds Equity Partners announced the closing of its eighth fund, Leeds Equity Partners VIII LP, with $1.9 billion in capital commitments, exceeding its target and surpassing the previous fund by more than $500 million. The fund focuses on control buyouts in the...
Measuring How Long Competitive Advantages Last
We have a new report out today on the concept of "competitive advantage period." A company’s anticipated value creation is measured by how much its return on invested capital (ROIC) exceeds its cost of capital as well as how long...
TownCentreCapital Offers All‑Cash, 45‑Day Strip Center Acquisitions
Dear Retail Brokers: I'm reaching out because we're actively acquiring strip centers and wanted to be on your radar in case any of your retail landlord clients are considering a sale. We've purchased 40+ strip centers so far and are continuing to...
Thomas Riedel Acquires ARRI
Thomas Riedel, founder of Riedel Communications, announced the acquisition of ARRI, the German leader in cinema cameras, lighting, and workflow solutions. The deal, disclosed on April 14, 2026, aligns two family‑run enterprises and expands Riedel’s reach across the full production...
Due Diligence Saved Us: Globalstar Went Bankrupt
I did due diligence on a potential Globalstar acquisition in ~ 1999-2000. We passed for a number of reasons. Globalstar filed for Chapter 11 bankruptcy protection on February 15, 2002. Adding a mobile component to the Leonbroadband system improves scale. https://t.co/GVvgIb0cD4
Aging Firms Buy Startups to Stay Youthful
When a company starts to wrinkle and grey, they acquire a start up. That's their blood boy.
Instacart Acquires Instaleap to Expand Its Enterprise Platform Internationally
Instacart announced the acquisition of Colombia‑based grocery‑tech firm Instaleap, a move aimed at extending its enterprise platform beyond North America. Instaleap, founded in 2019, provides a fulfillment‑solutions platform used by retailers in roughly 30 countries across Latin America, Europe and...
Audubon Buys Alliance Engineering
Audubon Companies LLC, a subsidiary of Nobel Energy, announced the acquisition of Alliance Engineering, a Mobile, Alabama‑based engineering and construction‑management firm. The deal folds Alliance’s mechanical, electrical, structural, piping and process engineering capabilities into Audubon’s integrated service platform, extending its...
Adams Street Closes $7.5bn Private Credit Fund as Strategy Assets Reach $15bn
Adams Street closed a $7.5 billion private‑credit fund, pushing its strategy’s assets under management to $15 billion. Leonard Green is close to a $3 billion buyout of construction consultancy Cumming Group, while Thoma Bravo is merging HCSS with Nemetschek Build & Construct to create a global construction‑tech platform....
LPL’s Latest Deal? Buying Advisors From Mariner It Already Works With
LPL Financial announced it will purchase part of the Mariner Advisor Network, encompassing 367 independent advisors who collectively manage about $31 billion in assets. The deal includes 144 hybrid advisors moving to LPL’s Private Advisor Group model while 223 remain directly...
Delaware Supreme Court Reinforces the Importance of Precision in Drafting ADR Provisions in Merger Agreements
The Delaware Supreme Court upheld that an arbitration clause covering earn‑out calculations also encompasses bad‑faith claims about those calculations in the Fortis Advisors v. Stillfront merger dispute. The case involved Stillfront’s 2019 $90 million acquisition of Kixeye, with an earn‑out tied...
Adams Street Seals $7.5bn of New Private Credit Firepower Through New Fund Close
Adams Street Partners announced the closing of its third private credit fund with $7.5 billion of commitments, including leveraged capital. The fundraising round attracted both existing backers and new institutional investors, reflecting robust appetite for private credit exposure. The fund will...
Amazon's $13.7B Whole Foods Tops $11.6B Globalstar Deal
Amazon's M&A history-- Globalstar would be its second-biggest deal ever I think: Whole Foods — $13.7B Globalstar — ~$11.6B announced / pending MGM — $8.45B One Medical — ~$3.9B Zoox — ~$1.3B Zappos — ~$1.2B Ring — ~$1.0–1.2B Twitch — ~$970M Kiva Systems — $775M PillPack — ~$753M