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.
InsideArbitrage Event Driven Monitor – April 1, 2026
Eli Lilly announced a $6.3 billion cash‑plus‑contingent‑value‑right acquisition of Centessa Pharmaceuticals, paying a 37.8% premium, while Biogen launched a $5.6 billion tender offer for Apellis at a 140% premium. Fidelity BancShares agreed to buy Affinity Bancshares for $142.8 million, offering a 17.3% premium, and several other deals—including United Homes, SkyWater Technology and DigitalBridge—are slated for completion in 2026. Activist investors are targeting Snap and Teladoc, and a wave of insider purchases spans biotech, fintech and semiconductor firms. Lender groups also revised terms on a $7.2 billion Sealed Air financing.
Spectator Made £6.6m Loss in Year Paul Marshall Paid £100m for Title
British weekly The Spectator posted a pre‑tax loss of £6.6 million ($8.4 million) for 2024 after Sir Paul Marshall’s Old Queen Street Ventures paid £100 million ($127 million) for the title. The 15‑month sale process cost the magazine £11.4 million ($14.5 million), turning a £2.6 million profit...
Lime Rock Unveils Succession Strategy, Co-Founders to Step Back After Almost 30 Years
Lime Rock Partners, a private‑equity firm specializing in oil and gas assets, announced a formal succession plan as its co‑founders step back after nearly three decades. Jeffrey Schofield has been appointed president and will assume day‑to‑day management responsibilities. The transition...
Carlyle Agrees Majority Investment in MAI Capital at $2.8bn-plus Valuation
Carlyle has agreed to a majority investment in MAI Capital, valuing the private‑credit manager at more than $2.8 billion. The deal underscores Carlyle’s push into high‑yield lending platforms as private‑credit assets surge. At the same time, peers such as Blue Owl,...
Blackstone Explores $500m IPO for AGS Health in India
Blackstone is in early talks to launch a Mumbai‑based IPO for its AGS Health unit, targeting up to $500 million in proceeds. The offering would combine primary shares and secondary sales, with a valuation goal of roughly $3 billion. AGS Health, founded...
Corum Advises Twikey in Majority Acquisition by Smile Sail
Corum Group announced that Smile Sail has taken a majority stake in Belgian fintech Twikey, a platform that streamlines recurring payments across Europe. The investment comes from Smile Sail’s €275 million (~$302 million) evergreen private‑equity fund and will finance Twikey’s next growth...
Nike Bats Away Converse Sale Talk as Authentic Brands Circles Struggling Label
Nike confirmed it is not currently negotiating a sale of Converse, even as Authentic Brands Group has signaled interest. Converse revenues have plunged, falling 35% in the third quarter to $264 million after consecutive quarterly drops. Nike’s overall third‑quarter revenue held...
Hapag-Lloyd Raises Baxi Stake to 50%
Hapag‑Lloyd has raised its equity in Indian logistics group JM Baxi to a 50 percent stake, confirming the move in its 2025 annual report. The carrier now controls the newly created JM Baxi Container Holdings through a board majority, while retaining...
Cooley Maintains Top Rankings in Global M&A and Private Equity
Cooley’s global M&A and private‑equity practices retained top positions in Bloomberg’s Q1 2026 league tables. The firm ranked #1 worldwide in both life‑science and technology deal counts, #3 overall M&A, and #2 in private‑equity transactions. It advised on high‑profile deals...
China’s Coffee Market Splits in Two as Luckin Moves Upmarket and Mixue Digs Deeper
Centurium Capital is acquiring Blue Bottle’s global retail stores for under $400 million, giving Luckin Coffee a premium brand to complement its low‑price model. Mixue Bingcheng is piloting freshly ground coffee in select outlets, installing $4,800 automatic machines to broaden its...
Popular Pizza Chain Sold During 80th Anniversary
Buddy's Pizza, the Detroit‑style pizzeria founded in 1946, has been acquired by a Detroit‑based investment group led by Saber Ammori, Andrew Dickow and Kevin Denha. The transaction closes as the brand celebrates its 80th anniversary, and the new owners stress...
Delaware Law: M&A Checklist
Morris Nichols has released the 2026 edition of its 192‑page “Mergers & Acquisitions: A Delaware Checklist,” available for free download. The guide compiles the most critical Delaware court decisions on fiduciary duties, poison pills, deal protections, appraisal rights, preferred stock...
European Lithium Adds Titanium Potential with Velta Acquisition
European Lithium’s Velta acquisition expands its critical minerals portfolio and adds new titanium production potential. https://www.metalnomist.com/2026/03/european-lithium-velta-acquisition.html
Covenant Trends – 3/30/2026
Covenant Trends released its March 30, 2026 update, spotlighting the latest share of loans that contain asset‑sale sweep step‑down provisions. The accompanying chart shows a modest but steady rise in the percentage of such loans over the past two years, signaling lenders...
The Pulse of Private Equity – 3/30/2026
Private equity exit activity in the United States has shifted toward fewer, larger deals. According to PitchBook data through December 2025, the number of exits exceeding $1 billion is 9.7 % below the pre‑pandemic average, even as total exit value stays near...
Remote Teams Can Depress Startup Acquisition Valuations
One impact of remote or partially remote teams - lower purchase price if startup goes for a smaller exit / M&A (or in some cases acquisition doesnt happen at all) Reason: fewer buyers want fully remote teams, or teams w key...
Nihon PMI Partners on Tapping Into Japan’s Home-Based Healthcare Market
Nihon PMI Partners announced a strategic push into Japan’s rapidly expanding home‑based healthcare sector. CEO Satoshi Hamada highlighted that the nation’s aging population and a policy‑driven shift from hospital to community care are creating sizable investment openings. The firm plans...
T Capital Partners on Unlocking Value in Japan’s Mid-Market
T Capital Partners, led by Koji Sasaki and Toshihide Matsuda, is targeting Japan’s small and mid‑cap companies, which they view as ripe for operational transformation. The firm believes the mid‑market segment, often overlooked by larger private‑equity funds, holds significant upside...
KKR on How Capital Solutions Are a Structural Growth Opportunity
KKR’s Strategic Investments Group is championing capital‑solutions strategies that pair companies with flexible, partnership‑oriented financing. Blaine MacDougald, co‑head of the group, stresses that these solutions are built on aligned value creation, allowing firms to pursue growth without the constraints of traditional...
CVC DIF on Europe’s Mid-Market Moment
CVC DIF’s Gijs Voskuyl highlights Europe’s mid‑market as a sweet spot for private‑equity investors, offering a blend of attractive entry points and strong value‑creation potential. The firm argues that investors with a genuine on‑the‑ground presence and repeatable execution capabilities can unlock...
Morgan Stanley Infrastructure Partners on Ample Opportunities and Diverse Exits
Morgan Stanley Infrastructure Partners (MSIP) says limited‑partner interest in mid‑market infrastructure is surging as the sector offers a broader array of deals and multiple exit pathways. Alberto Donzelli highlighted that the expanding pipeline spans renewables, transport and digital assets, giving...
Success in Mid-Market Infra Requires Disciplined Growth – Actis
Actis’s head of infrastructure for Central and Eastern Europe argues that the mid‑market infrastructure segment should be defined by the constraints investors face rather than by ticket size. Success, he says, depends on disciplined, incremental growth rather than relying on...
Ridgewood Infrastructure on Acquiring with Purpose, Growing with Precision and Exiting with Intent
Ridgewood Infrastructure’s Ross Posner highlights the lower mid‑market as a sweet spot for infrastructure investors. He argues that deals in this segment deliver compelling returns across acquisition, growth, and exit phases. Ridgewood’s strategy centers on purposeful acquisitions, precise operational scaling,...
Build a Deal Flow Engine for Successful Acquisitions
When acquiring a business, building a deal flow engine is key. Here are three things I've learned about building a deal flow engine:
The New Normal: Joint Ventures, Longer Commitments, and the Rise of Earn-Outs
Veterinary practice transactions are moving from outright buyouts to partnership‑focused structures. Joint ventures now outnumber full acquisitions, and sellers are expected to stay involved for four to five years after closing. Earn‑outs are increasingly linked to post‑closing EBITDA rather than...
Nobody Told Us This Was M&A Week
In this episode of Motley Fool Money, hosts Tyler Crowe, Matt Frankel, and Lou Whiteman dissect a wave of high‑profile M&A activity, focusing on two massive food‑industry deals—a $26 billion acquisition of Restaurant Depot by Cisco Food Services and a $44 billion...
Pharma Goes on $25.5B, Eight-Day Acquisition Spree
Pharmaceutical companies launched an eight‑day acquisition blitz, with six firms announcing deals worth about $25.5 billion. Two of those transactions involve upfront payments exceeding $5 billion each, underscoring the aggressive pace. The deals focus on securing biotech pipelines and specialty drug assets...
Top 3 SPAC Targets – Battery Makers
The SPAC market is re‑energizing, and battery manufacturers are emerging as prime targets. Amprius Technologies saw its share price climb to $14.72 after a CEO change, while South Korea’s SK On secured a 7.2 GWh BESS contract and a 100 GWh supply deal...
Pineal Capital Management Issues Open Letter to the Board of Teladoc Health, Inc.
Pineal Capital Management, a shareholder of Teladoc Health, issued an open letter urging the board to act on what it sees as a severely undervalued stock trading at roughly 4.18× EV/EBITDA. The firm highlights a 90% share price decline, doubled...
26North Buys Intermedia, Securing AI-Driven Cloud Scale
26North to Acquire Leading Cloud Communications Firm Intermedia The acquisition agreement between 26North Partners LP and Intermedia Intelligent Communications might look like another private equity move in a crowded communications market, but the dynamics here run deeper. For one, Intermedia has...
Trading Fixed Dollars for Insight Yields Millions
This is very useful. We've acquired several businesses at WP Engine, and I've invested in ~60, and this is _always_ a challenge. Being able to trade fixed dollars for that insight is worth millions.
AI Disruption Fears Hitting Secondaries Portfolios Along With War
AI‑driven disruption and heightened geopolitical risk are prompting secondary market investors to re‑evaluate private‑equity fund portfolios. Sellers face tighter pricing as buyers demand deeper due‑diligence on AI‑exposed assets. War‑related supply chain shocks further compress valuations, especially in consumer‑focused funds. The...
SAP‑Reltio Merger Challenges Non‑SAP MDM Users
When MDM Gets Absorbed: What the SAP-Reltio Deal Means for Customers Who Aren't SAP Shops https://t.co/pLHhNYHSPA
T‑Mobile, TPG Team up to Bid for Uniti Group
Hearing on $UNIT -- T-Mobile and TPG are partnering on a bid to acquire Uniti Group [NASDAQ: UNIT], according to sources. TMT FINANCE
Angeles Equity Partners Taps Derek Rush as VP for the Investment Team
Angeles Equity Partners announced the appointment of Derek Rush as Vice President of its investment team. Rush will lead the evaluation, execution, and management of investments across the industrials sector. The hire expands the firm’s senior investment bench as it...
Retirement Funds: Too Risky for Buying a Business
Should You Risk Your Retirement to Buy a Business? It might seem like a smart move—but the downside is bigger than most https://t.co/1IbSBmXNes #SmallBusiness & Deal Making #SMB
Autodesk to Add Rhumbix Workforce Platform to Construction Cloud, Rebranding as Autodesk Forma
Autodesk said it will acquire Rhumbix, a construction labor‑management platform, as it rebrands its Construction Cloud offering to Autodesk Forma. The deal, terms undisclosed, is intended to tighten field‑to‑finance data flows for general contractors, specialty firms and heavy‑civil contractors.
McCormick & Co., Unilever Reach Acquisition Agreement
McCormick & Co. announced an agreement to acquire the majority of Unilever’s Food business, creating a combined company with roughly $20 billion in annual sales. Unilever shareholders will receive shares representing 65% of the new entity’s equity, valued at $29.1 billion, plus...
Cuban Regrets Buyer, Not Selling Mavericks
.@mcuban on the Mavs sale: "I don't regret selling. I regret who I sold to." https://t.co/4psTnhP8a4
Merger Checklist: 34 Action Steps
The CPA Trendlines article outlines a 34‑step merger checklist aimed at CPA firms, emphasizing that full integration can take three to four years but critical administrative tasks must be tackled in the first months. It advises firms to begin integration...
Aurelius to Sell Airline Catering Business LSG APAC
Aurelius, the private‑equity firm that bought LSG Asia‑Pacific from Deutsche Lufthansa in 2023, announced plans to sell the airline catering subsidiary. The move follows a broader strategy to streamline Aurelius’ portfolio and capitalize on the post‑pandemic recovery in airline services....
Bankers Demand 3:1 Debt‑equity, You Fund 25%
“The banker [might demand] an ‘opening balance sheet debt to equity ratio of at least 3:1.’ What does this mean?... Basically 25% of the purchase price needs to come from you.” –Borrow from Biz Brokers https://t.co/l2EObkfURN #smallbiz #mergersandacquisitions https://t.co/z7HqTBPGvz
SAIL Leadership Buyout Signals New Growth Phase
Canadian outdoor retailer SAIL Outdoors completed a management‑led buyout, placing President Isabelle Lemay, CFO Stefania Cella and VP of Marketing Catherine Venne in majority control, backed by Fonds de solidarité FTQ. The transition follows a 2020 creditor‑protection filing, operational streamlining...
Consolidation, Partnerships and Growth: Supplement Industry Deals of Q1 2026
In 2025 the supplement sector experienced a surge of consolidation, with numerous mergers, acquisitions, and strategic alliances reshaping the market. At the same time, consumer preferences shifted toward personalized, convenient self‑care products, prompting brands to launch targeted formulations and messaging....
ArcLight in Deal to Buy 2.2 GW From InfraBridge, Mainly Gas
ArcLight Capital Partners announced a deal to purchase roughly 2.2 GW of primarily gas‑fired power assets from InfraBridge, including a 1,362‑MW stake in the Lackawanna plant and a 584‑MW Canadian facility. The acquisition would lift ArcLight’s PJM Interconnection portfolio from about...
Maven Exits AccessPay to Accel-KKR
Maven Capital has sold its stake in AccessPay to private‑equity firm Accel‑KKR. The transaction values the B2B payments platform at roughly $200 million. AccessPay provides software that links corporate back‑office finance systems directly to banking networks, automating payments and reconciliations. Maven’s...
CapVest Completes Majority Acquisition of Stada
CapVest Partners LLP has completed the acquisition of a majority stake in Germany’s STADA Arzneimittel AG, a leading consumer‑health, generics and specialty pharma group. The deal follows STADA’s record 2025 performance, with revenue of €4.3 billion (approximately $4.73 billion) and adjusted EBITDA of €961 million...
Carlyle to Buy Majority Stake in MAI Capital; Investcorp-Backed Resultant Picks up Liberty Advisor Group
Carlyle agreed to buy a majority stake in MAI Capital Management, a private‑credit specialist managing roughly $5 billion of loan assets. Investcorp‑backed Resultant acquired Liberty Advisor Group, a Chicago boutique that advises private‑equity firms and Fortune 500 companies on M&A transactions. Greenbelt...
Fidelity BancShares Acquires Affinity Bancshares for $142.8 Million in a Cash Deal
Fidelity BancShares announced a cash acquisition of Georgia‑based Affinity Bancshares for $142.8 million, paying $23 per share—a 17.35% premium to the prior close. Affinity contributes roughly $882 million in assets and a portfolio focused on commercial real‑estate, construction, and small‑business lending. The...
Closed Loop Partners Acquires Metal Processing Company
Closed Loop Partners, the New York‑based circular‑economy investor, has acquired a majority interest in Sutter Metals, a regional metal‑processing firm operating in Washington state. The partnership will fund expansion of processing capacity, geographic reach, and a buy‑and‑build M&A strategy targeting...