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.
Mattress Firm Parent Somnigroup to Buy One of Its Suppliers for $2.5B
Somnigroup International, the parent of Mattress Firm, announced an all‑stock acquisition of longtime supplier Leggett & Platt for roughly $2.5 billion. The deal, approved by both boards, will combine two historic companies into a single entity with 175 manufacturing sites in 36 countries and over 36,000 employees. Together they generated $11.2 billion in net sales last year, and the merger is expected to deliver $50 million of adjusted EBITDA synergies within three years. Leggett & Platt will operate as a separate unit, preserving its existing customer relationships.
Osaic Raising Capital with Bain a Likely Investor
Osaic Holdings, the former Advisor Group now owned by Reverence Capital Partners, is launching a $3.7 billion continuation fund to extend its private‑equity ownership beyond the typical five‑to‑seven‑year horizon. The fund, valued at roughly $10 billion, would let early investors cash out...
Vann York Auto Group Acquires Hyundai, Kia Stores
In March, Vann York Automotive Group bought the Hyundai and Kia dealerships in High Point, North Carolina, expanding its footprint to eight rooftops and 11 franchises. Group president Greg York emphasized that scale improves human‑resources, compliance and finance capabilities, while...
From Philosophy to Finance: The Ultimate Corporate Raider
This philosopher quit dental school, became an options trader, then turned into one of the most ruthless corporate raiders of the 1980s before reinventing himself as an activist investor.
As Mergers and Acquisitions Soar, Agencies Point to a ‘Fragmented’ Market
Mergers and acquisitions are accelerating across the event‑marketing sector as agencies chase live‑event demand, AI capabilities, and private‑equity backing. Publicis Groupe bought 160over90 to cement a sports‑marketing platform, while Nth Degree merged with INVNT to offer end‑to‑end B2B event services....
The OG of Private Credit: You Are What You Eat
The article argues that in private credit, the quality of deal sourcing determines portfolio outcomes. It traces the asset class back to the core middle market, where lenders focused on SME loans backed by private‑equity sponsors with conservative terms. As...
Commvault Explores Sale Amid Private Equity Interest
Commvault Systems, a $3.5 billion data‑protection software firm, is weighing strategic alternatives, including a sale, after receiving interest from private‑equity players and strategic buyers. The company has hired Goldman Sachs to run the process, with Thoma Bravo reportedly re‑engaging after an...
Michael Ovitz Wants Back In. Will Hollywood Have Him?
Michael Ovitz, the former CAA co‑founder who left Hollywood two decades ago, may return as chairman of Universal Music Group if Bill Ackman's $64 bn takeover succeeds. Ackman is offering a 78% premium—$5 per share plus equity—to buy a controlling stake...
Big M&A Deals Roar Back to the Forefront
M&A activity surged in Q1 2026, with 12 mega‑deals worth $10 billion or more—a record for a first quarter and the strongest quarter since 2008. The total value of all transactions reached $438 billion, up 155% from a year earlier, while large...
Loan Note: ‘Asset-Light’ Model Under Scrutiny; Square Nine Teams with Liberty Mutual
The private‑equity‑driven “asset‑light” model, popular in private credit, is facing heightened scrutiny over risk concentration and valuation transparency. Meanwhile, debt platform Square Nine announced a strategic partnership with insurer Liberty Mutual to expand its capital‑raising capabilities. In the UK, pension...
Genesis Capital Raises Offer for Monash IVF in Heated Takeover Battle
Genesis Capital, together with partner Soul Patts, has lifted its bid for Monash IVF, the Australian fertility services group, after building a 19.6% stake. The improved offer, valid until April 21, comes as the board weighs advice from Macquarie Capital and...
Baker Hughes Sells Waygate to Hexagon for $1.45 B, Expanding Digital Workflow
Baker Hughes Co. agreed to sell its Waygate Technologies business to Swedish industrial firm Hexagon AB for roughly $1.45 billion in cash, with the deal slated to close in the second half of 2026. The divestiture includes Waygate’s remote visual inspection,...
Coforge Secures All Approvals for Encora Deal, Paving Way for $2.5 Bn AI Services Merger
Coforge Limited announced it has cleared every statutory and regulatory hurdle for its acquisition of U.S.‑based Encora, setting an April‑2026 close date. The merger will create an AI‑native engineering services company with an annualised revenue run‑rate of about $2.5 bn and...
CloudClevr Revives M&A Strategy to Accelerate Growth After Integration
CloudClevr announced it is re‑entering the mergers and acquisitions market as it exits FY26, leveraging a newly integrated operating model to drive organic and deal‑driven growth. Backed by Rigby Technology Investments and NatWest, the UK‑based managed service provider aims to...
Blackstone Files for Its New Data Center Acquisition Vehicle to Go Public
Blackstone has filed with the SEC to launch a new data‑center acquisition vehicle that will go public as a SPAC. The offering includes a sweetener: investors who purchase at least 100 shares will receive an additional 1% of their investment...
US HoldCos Leverage Aggressive Data Capture for Faster Value
Building a HoldCo in the US versus Europe Here is one specific example that shows how different it can be: I spoke with a European investor, entrepreneur, and now HoldCo builder who has experience operating in both markets. He said something that...
OpenGate-Backed S&G Sells Delaney Hardware
OpenGate‑backed private‑equity firm S&G has completed the sale of its portfolio company Delaney Hardware to Hillman Solutions Corp. The transaction, undisclosed financially, transfers ownership of the regional hardware distributor to Hillman, a growing player in the construction‑materials market. The move...
Hungry Private Equity Eyeing up Commvault
Private equity firm Thoma Bravo, among others, is evaluating a bid for data‑protection specialist Commvault, which is currently exploring sale options with Goldman Sachs. The company posted record Q3 FY2026 revenue of $314 million and surpassed $1 billion in annual recurring revenue,...
CIP Sells Summerfield Battery to Palisade
Copenhagen Infrastructure Partners has sold its 100% stake in the 240 MW/960 MWh Summerfield Battery Energy Storage Project near Adelaide to Palisade Investment Partners via Intera Renewables. Construction, which began in February 2025, is now substantially complete, with energisation slated for May 2026 and...
Aksia’s Fornaio Del Casale Strikes Trio of Food Deals
Fornaio del Casale, now owned by private‑equity firm Aksìa, has completed three add‑on acquisitions—Castelfood, Figulì and Dolciaria Ponte Vecchio—creating the new Equipe Del Casale Group. The combined entity will generate roughly €85 million ($99 million) in revenue and is targeting 10% growth...
Mirepa Invests in Ghanaian Food Company
Mirepa Investment Advisors has closed a strategic investment in Ghanaian food producer Uniik Foods through its Mirepa Capital SME Fund I. The capital will fund modernisation of Uniik’s production lines, boost manufacturing capacity, and enhance distribution networks for its shelf‑stable...
Ping An to Trim $1bn Software Private Equity Exposure via Secondary Sale
China's Ping An Insurance Group is arranging a secondary sale of roughly $1 bn of software‑focused private‑equity fund stakes, with placement agent Campbell Lutyens advising. The assets include late‑2010s Vista Equity Partners funds and a North America‑focused KKR vehicle. This follows...
STG Picks up Freight Management Software Firm Carrier Logistics Inc
STG announced the acquisition of Carrier Logistics Inc., a freight‑management software provider. The deal will embed advanced agentic AI frameworks into CLI’s platform, aiming to automate routing, capacity matching, and real‑time decision making. By combining STG’s capital and market reach...
Court Square Capital Hits $3.8bn for Oversubscribed Fund V, First Vehicle Since 2022 Succession Changes
Court Square Capital Partners closed its fifth flagship fund, Fund V, at $3.8 billion, surpassing its original target. The raise was oversubscribed, reflecting strong limited‑partner demand. It marks the first fund launched after the firm’s 2022 senior‑partner succession. The new capital...
Radiology Partners Reportedly Eyeing International Expansion
Radiology Partners, the United States' largest radiology group, is reportedly pursuing an acquisition of Australia’s I‑MED Radiology Network, which operates over 240 clinics and generated roughly AU$176 million (about US$116 million) in adjusted earnings last year. The move follows RP’s earlier bid...
ActivumSG Sells Majority Stake in VanWonen to Dutch Investor Consortium
ActivumSG, a Singapore‑based real estate investment manager, is selling a majority stake in Dutch residential platform VanWonen to a consortium of Dutch investors. The firm originally acquired VanWonen in February 2020, adding the landlord’s roughly 5,000 rental units to its...
Atomos to Acquire Flanders Scientific for $2.4 M and Shares, Expanding Pro Monitor Lineup
Melbourne‑based Atomos (ASX:AMS) signed a binding agreement to buy U.S. monitor specialist Flanders Scientific for $2.4 million in cash and over 5.6 million Atomos shares, with a performance‑based earn‑out. The deal is funded through a new CBA Finance Facility and is expected...
Bill Ackman's Pershing Square Launches Takeover Bid for Universal Music Group
Bill Ackman's Pershing Square has filed a takeover bid for Universal Music Group, planning to take the music giant private and later list it on a U.S. exchange. The move builds on Pershing Square’s existing sizable stake and follows the...
Occidental Petroleum's May 6 Earnings Call Spurs Buy Recommendations After $9.7B OxyChem Sale
Occidental Petroleum will host its Q1 earnings conference call on May 6, with analysts forecasting $0.70 adjusted EPS and highlighting a recent $9.7 billion OxyChem divestiture. The outlook has prompted several buy recommendations even as oil‑price volatility and Middle‑East tensions loom.
Louis Roederer Enters Talks for Burgundy Estate
Louis Roederer has entered exclusive talks to acquire Domaine Pierre Damoy, an eight‑hectare Burgundy estate in Gevrey‑Chambertin known for Grand Cru wines. The deal would give the Champagne house access to premier Chambertin, Chambertin‑Clos de Bèze and Chapelle‑Chambertin vineyards. This...
The Pipeline: Gigaclear Lenders’ Haircut, Church Commissioners Expands Timberland Strategy and Blackstone’s Rowan Minority Stake
Lenders have taken control of UK fiber‑optic provider Gigaclear after imposing a substantial debt haircut, effectively reshaping its balance sheet. The Church Commissioners are expanding their timberland portfolio through a value‑add strategy, adding new forest assets to diversify their pension...
Carve-Outs: Practical Tips for Improving Deal Certainty
The latest AURELIUS Carve‑Out Survey shows roughly 80% of executives anticipate a rise in non‑core divestitures in 2026, with 73% citing refocusing on core operations as the primary driver. Trade‑related uncertainties now affect 72% of respondents, while deleveraging has fallen...
Kornit Digital Acquires PrintFactory to Accelerate the Industry’s Transition to Digital, On-Demand Production
Kornit Digital announced the acquisition of Netherlands‑based PrintFactory, a cloud‑native workflow and color‑management software provider. The deal integrates PrintFactory’s automation platform with Kornit’s digital printing hardware, creating an end‑to‑end ecosystem that links demand generation, production workflow, and fulfillment. PrintFactory’s technology...
PolyPeptide Draws Takeover Interest From EQT and KKR
Swiss contract development and manufacturing firm PolyPeptide Group AG is drawing acquisition interest from private equity giants EQT and KKR, with Advent International also evaluating a bid. The potential deal could involve billionaire controlling shareholder Frederik Paulsen Jr, easing transaction...
EQT Joins Bidding Race for Royal Challengers Bengaluru
Swedish private equity firm EQT has entered the auction for the Indian Premier League franchise Royal Challengers Bengaluru (RCB). The firm is competing with existing owners and other suitors, with the sale rumored to exceed $1.5 billion. EQT sees the sports‑entertainment...
WPP Hires Advisors for Potential Burson Sale – Report
WPP has engaged financial advisers to evaluate a possible sale of its public‑relations arm, which includes the Burson communications agency. The move signals the first formal step in a potential divestiture of the PR division, a business segment that contributes...
Private Equity Is Already Taking over Your Industry
private equity is buying your industry. not next year. right now. • they're consolidating • they're raising prices • they're squeezing suppliers • they're coming for your customers you can join them at their game. or get rolled over by them.
China’s TCL Is Said to Consider Stake Sale in India TV Business
TCL Electronics Holdings Ltd. is exploring a sale of a stake in its Indian TV manufacturing unit, targeting at least $200 million from local investors. The move mirrors a recent transaction by fellow Chinese maker Haier, which sold 49% of its...
Ruttenberg Family Office Acquires UK Aerospace Group Senior Plc
Tinicum Incorporated, the Ruttenberg family office, teamed with Blackstone to acquire UK‑listed Senior plc in a cash offer valuing the aerospace and defense components maker at roughly £1.4 billion ($1.9 billion). The board unanimously accepted the 300 pence per share proposal, citing the...
BCW on the Block as WPP Weighs Exit From PR
WPP is reportedly preparing to sell its Burson Cohn & Wolfe (BCW) unit after a recent divestiture of a majority stake in FGS Global for roughly £1.3 bn ($1.65 bn). The move follows a 6% drop in PR revenue in WPP’s latest...
Thoma Bravo to Wind Down Growth Equity Strategy
Thoma Bravo, the software‑focused private‑equity powerhouse, announced it will wind down its growth‑equity strategy by running off its existing Growth Fund and will not raise a new vehicle. The decision follows the departure of the two co‑heads who ran the...
BlackRock’s Unprecedented Bid for a Stake in Millennium: A Defining Moment in Hedge Fund Institutionalization:
BlackRock is in advanced talks to acquire a minority stake in Millennium Management, marking the hedge fund’s first acceptance of outside equity in its 35‑year history. The partnership would give the world’s largest asset manager direct access to Millennium’s multi‑manager...
Zen Says Sale Talks Progressing Well, All Parties “Deeply and Strategically Aligned” On Renewables
Zen Energy, the Adelaide‑based gentailer focused on baseload renewables, says it is deep into sale negotiations with a preferred strategic buyer, amid reports that Swiss trader Gunvor Group is the exclusive contender. The company disclosed a $133.6 million AUD (≈$88 million USD)...
Partners Group Exits Green Tea Group Following Hong Kong IPO
Swiss private equity firm Partners Group is exiting its nearly nine‑year investment in Hong Kong casual‑dining chain Green Tea Group by selling its entire 15.96% stake, more than 106 million shares. The disposal includes a block trade of over 60 million shares...
Mortenson Acquires Nor‑Cal Controls to Bolster Renewable Energy Capabilities
Construction giant Mortenson announced Thursday that it has acquired California‑based energy‑management firm Nor‑Cal Controls. The deal, whose financial terms were not disclosed, adds control‑system engineering talent to Mortenson’s growing renewable‑energy portfolio and positions the builder to capture rising demand for...
M&A Surge Pushes Insurers to Tighten Risk Management Frameworks
Insurers are scrambling to upgrade due‑diligence, integration and capital‑allocation frameworks as a wave of megadeals reshapes the global M&A market. Analysts cite easing purchase‑price multiples, a rise in earn‑outs and heightened regulatory scrutiny as drivers of the new risk‑management focus.
Japan’s Pre‑deal Hype Misleads; Fundamentals
I'm always interested in these pre event M&A trades in Japan where some legit media outlet publishes about M&A... and then months pass with silence and the speculators are forced to unwind... in Japan sometimes the passage of time does...
Two Major Acquisitions Announced, Two SPAC Deals Terminated
Today's M&A and SPAC notes $SES.to to be acquired by $GFL.to for $4.95 cash + 0.3356x shares, 16.8% premium, $6.4 billion $LEG to be acquired by $SGI for 0.1455x shares, 13.7% premium, $2.5 billion $ETHM / The Ether Machine deal terminated $SPAC.to / Cube...
Business Valuation: How to Find Your Business’s Value
A business valuation translates a company’s history, brand and market position into a cash figure, serving investors, owners, banks and tax authorities. The article outlines why valuations are essential for M&A, shareholder buy‑ins, ESOP updates, divorce settlements and tax planning....
Roundhouse Capital Settles £251m Loans, Pays Moshiri £67m
Everton new parent company Roundhouse Capital publishes accounts. It paid Farhad Moshiri £25m up front with a further £42m due at future dates, as well as paying off £251m of existing loans. https://t.co/pS7qY8I1Wl