Keurig Dr Pepper Acquires JDE Peet’s
Keurig Dr Pepper (KDP) announced it has acquired 96.22% of JDE Peet’s shares, creating a combined coffee powerhouse. The deal will be followed by a detailed integration focused on operational excellence, synergy capture, and leadership alignment. KDP plans to separate into two independent, U.S.-listed companies – a Beverage Co. for refreshment drinks and a Global Coffee Co. for coffee – with the spin‑off targeted for the end of 2026. Rafael Oliveira has been appointed CEO of the coffee unit and will lead the future Global Coffee Co.
Blackstone and TPG Complete Take-Private Buyout of Women’s Health Firm Hologic
Blackstone and TPG have completed the take‑private acquisition of Hologic, a leading women's health diagnostics company. The transaction values Hologic in the multi‑billion‑dollar range, reflecting strong demand for health‑tech assets. A subsidiary of the Abu Dhabi Investment Authority and an...
Gilead to Acquire Tubulis for Up to $5B, Expanding Cancer ADC Capabilities
U.S. drugmaker Gilead Sciences announced a definitive agreement to acquire German ADC specialist Tubulis for up to $5 billion, including $3.15 billion upfront cash and up to $1.85 billion in milestones. The acquisition brings Tubulis’ next‑generation antibody‑drug conjugate platform, highlighted by the TUB‑040...
Liberty Mutual Investments Backs Square Nine Capital
Liberty Mutual Investments (LMI), the $124 billion investment arm of Liberty Mutual Group, announced a long‑term strategic partnership with Square Nine Capital, a private firm specializing in senior secured loans and structured capital for U.S. middle‑market companies. The alliance will allow...
Terns Rebuffed a Higher Bid Before Selling to Merck
Terns Pharmaceuticals accepted Merck & Co.'s $53‑per‑share, $6.7 billion buyout, a price roughly 15% below an earlier $61 offer from an unnamed Party C. Party C’s proposal included a contingent $9‑per‑share payout tied to FDA approval of TERN‑701, but it withdrew after updated...
H.I.G.-backed Vernacare Scoops up Eakin Surgical
Vernacare, backed by private equity firm H.I.G., announced the acquisition of Eakin Surgical, a UK manufacturer of single‑use surgical instruments and procedure solutions. The deal adds a proven line of disposable tools to Vernacare’s existing portfolio, strengthening its foothold in...
Gilead Continues M&A Surge with $3.1B Deal for ADC Specialist Tubulis
Gilead Sciences announced a deal to acquire German biotech Tubulis for $3.15 billion upfront, potentially rising to $5 billion with milestones. The purchase adds a next‑generation antibody‑drug conjugate (ADC) platform and two clinical candidates, TUB‑040 and TUB‑030, to Gilead’s oncology pipeline. This...
LPs Believe There Is Room for Improvement in Infra CVs – II Global Summit
At the PEI Group’s Infrastructure Investor Global Summit 2026, panelists noted that most infrastructure secondary transactions (CVs) close at or above fair market value. However, limited partners expressed skepticism that these prices represent the best possible outcomes. They argued that...
Agilitas Agrees to Sell Integris Composites to Triton Partners
Agilitas has agreed to sell its Integris Composites business to private‑equity firm Triton Partners. Integris specializes in custom, high‑performance lightweight composites designed for survivability in hostile environments. The transaction, though undisclosed financially, aligns with Agilitas’ strategy to streamline its portfolio...
Blackstone and Tinicum Agree £1.4bn Deal for UK Aerospace Supplier Senior
Blackstone and Tinicum have agreed to acquire Senior, a UK aerospace components supplier, for roughly £1.4 billion. The partnership blends Blackstone's private‑equity resources with Tinicum's sector expertise, aiming to accelerate Senior’s growth in high‑value aircraft and defence programmes. Financing is expected...
Entrepreneur Acquires Honey Creek Legacy, Rebrands As Legacy Maker Farms
Entrepreneur Steven Hershberger led an investor group to acquire Honey Creek Legacy and rebrand it as Legacy Maker Farms, a premium USDA‑Prime beef producer based in Fairmount, Indiana. The company is deploying the AI‑powered predictive intelligence platform ELI, developed by...
Sound Growth Partners Among PE Firms Finding Opportunities with Roofing Services; Yangge Seaman and Julia Wittlin Feature in Women in...
Sound Growth Partners is emerging as a leading private‑equity player targeting the roofing services sector, joining peers such as Norea Capital, Bertram Capital and Soundcore Capital Partners in a wave of 2026 deals. The firm’s focus reflects broader investor confidence...
Heartwood-Backed VitalSpace Acquires Manufacturer BIG Enterprises
Heartwood-backed VitalSpace announced the acquisition of manufacturing firm BIG Enterprises, expanding its modular solutions portfolio. The deal, terms undisclosed, adds BIG Enterprises' production capacity and established client base to VitalSpace's platform. VitalSpace aims to integrate BIG's manufacturing expertise to accelerate...
Gamut to Acquire Acousti Engineering Company From Ardian
Construction services firm Gamut announced the acquisition of Acousti Engineering Company from private‑equity owner Ardian. Acousti specializes in ceiling, drywall, and flooring solutions for institutional and commercial customers throughout the southeastern United States. The transaction broadens Gamut’s product portfolio and...
Gulf Coast Midstream Partners Inks Investment From Black Bay
Gulf Coast Midstream Partners announced a strategic investment from Black Bay Capital to fund the first phase of its Nash Energy Storage Hub. The capital will accelerate construction of a 100 MW battery facility in the Gulf Coast region, positioning GCMP...
The OG of Private Credit: (Smaller) Size Matters
The article examines how the post‑GFC zero‑interest environment let large private‑equity firms and direct lenders over‑leverage mega‑software acquisitions with borrower‑friendly terms. As the Secured Overnight Financing Rate (SOFR) climbed to roughly 5% in 2022, financing costs surged, turning those generous...
Deal Roundup: EQT Life Sciences Exits Tubulis to Gilead, Foresight Scores 4x Return Selling TES to Legrand
EQT Life Sciences has exited its minority stake in Tubulis, the German clinical‑stage biotech developing next‑generation antibody‑drug conjugates, selling the position to Gilead Sciences. The transaction adds a promising ADC platform to Gilead’s oncology portfolio. In a separate deal, private‑equity...
Fortenova Accepts Takeover Bid for Croatia Meat Group Pik Vrbovec
Croatia’s Fortenova Group has accepted Bosqar Invest’s binding offer to acquire 100 % of meat producer Pik Vrbovec, completing another step in its post‑Agrokor divestiture programme. The deal follows Fortenova’s debt‑cutting campaign that reduced gross debt to €650 m and its recent...
Modutec Acquires EOS Europe Stake
Modutec has acquired a majority shareholding in Aberdeen‑based EOS Europe, expanding its in‑house turnkey capabilities for energy and marine projects. The acquisition adds roughly 40 EOS employees, bringing the combined group to about 540 staff. EOS Europe’s portfolio includes hazardous‑area...
HIG Co-Founder Sami Mnaymneh Steps Back, Firm Veteran Brian Schwartz Named CEO
HIG Capital announced that long‑time executive Brian Schwartz will assume the role of chief executive officer, succeeding co‑founder Sami Mnaymneh who is stepping back from day‑to‑day operations. Schwartz has been with the firm for more than two decades, most recently...
Blue Owl Seals $2.9bn Hard Cap Close for Opportunistic Asset-Backed Credit Fund
Blue Owl Capital announced a hard‑cap close of $2.9 billion for its newest opportunistic asset‑backed credit fund, marking the final fundraising round for the vehicle. The fund will pursue distressed loans, structured credit and other asset‑backed opportunities across North America. Investor...
SBA Communications Is on the Block – Report
SBA Communications, owner of over 44,000 tower and small‑cell sites, is evaluating a sale after Bloomberg reported preliminary interest from large infrastructure funds. The company’s enterprise value is estimated at roughly $37 billion, debt included. The news sparked an 18 % surge...
Chart of the Week: Different Strokes
The latest chart from The Lead Left shows that the overlap between core (large‑cap) and lower‑middle‑market (LMM) investment portfolios has remained remarkably steady over the past ten years. The data, sourced from company filings and Raymond James research, indicates that...
Blackstone Backs Renewable Energy Infrastructure Platform Sunotec
Sunotec, a Bulgaria‑based integrator of utility‑scale solar and battery storage, secured a structured equity investment from Blackstone’s Tactical Opportunities fund. The capital will fund Sunotec’s expansion across core European markets such as Germany, the United Kingdom, Scandinavia, and Southeast Europe,...
Where Premiums Will Be Paid: Fashion and Beauty M&A Trends
2025 reshaped fashion and beauty M&A as brands pursued scale, supply‑chain resilience, and AI‑driven capabilities. Flagship deals—Prada’s €1.25 bn (≈$1.35 bn) purchase of Versace, Caleres’ $105 m acquisition of Stuart Weitzman, and e.l.f. Beauty’s $1 bn buyout of Rhode—highlighted a premium on tech‑enabled, culturally resonant...
LatAm Cuisine Firm El Latino Signs Private-Equity Deal
El Latino, a Doral‑based Latin American food producer, has partnered with private‑equity firm Apex Capital to accelerate its U.S. expansion. The deal brings Apex’s food‑industry expertise, derived from Grupo Mariposa, while keeping founder María Elena Ibañez as president. El Latino’s...
KKR Raises $23bn for Biggest PE Fund Solely Dedicated to North American Dealmaking
KKR announced the final close of its newest North America‑focused private equity fund, raising approximately $23 billion. The vehicle is now the largest PE fund dedicated exclusively to dealmaking on the continent. It will target mid‑market buyouts across sectors such as...
Hood River Distillers Buys Crater Lake Spirits
Oregon‑based Hood River Distillers announced the acquisition of the Crater Lake Spirits portfolio from Bendistillery for an undisclosed amount. The deal adds gin, flavored vodka and rye whiskey, along with the Timberline Vodka and Forthwest Whisky brands, to HRD’s existing...
Cybersecurity Unicorn Torq Is in Talks to Acquire This AI Startup for $50 Million
Cybersecurity unicorn Torq, valued at $1.2 billion after a $140 million funding round, is in advanced talks to acquire Boston‑based AI security assistant Jit for about $50 million. The deal would merge Torq’s large security command center with Jit’s automated tools to create...
Ambienta Backs Plant-Based Dairy Producer The Bridge to Accelerate European Growth
Ambienta has acquired a majority stake in Italian plant‑based dairy specialist The Bridge, marking its second investment from the Small Cap Fund. The Bridge, founded in 1994, generates about 80% of revenue from international markets and operates a fully vertical,...
Bed Bath & Beyond To Widen Offer In $150 Million Container Store Deal
Bed Bath & Beyond announced a $150 million acquisition of The Container Store, adding more than 100 physical locations to its portfolio. The deal, slated to close mid‑2026, will rebrand the stores as “The Container Store/Bed Bath & Beyond” and expand...
Pernod Ricard Completes California Wine Exits with Mumm, Kenwood Sales
Pernod Ricard has completed the sale of its Mumm sparkling wine operations in the United States to Trinchero Family Wine and Spirits, and simultaneously divested its Kenwood winery in Sonoma to F Korbel & Bros. Both deals, finalized in April 2026, remove...
The Pipeline: Nuveen Nears $2.5bn Target, Foresight Names New Real Assets Head and InfraVia Doubles up on Power
Nuveen’s EPIC II fund is approaching a $2 billion second close, moving toward its $2.5 billion fundraising target. The fund focuses on core infrastructure assets across Europe and North America. Meanwhile, Foresight has appointed a new head of real assets to steer...
Gallo Finalises $775m Buyout of Four Roses Bourbon
Gallo has completed a $775 million acquisition of Four Roses Bourbon from Japan’s Kirin Holdings, returning the iconic brand to U.S. family ownership after 83 years. The deal expands Gallo’s premium spirits portfolio and strengthens its presence in Europe and Japan....
Strabag Buys Structural Steelwork Specialist Crofton
Strabag has completed the acquisition of Crofton, a UK structural steelwork specialist founded in 1953. Crofton will continue operating under its own name from its Linton premises, retaining its senior management team. The purchase aligns with Strabag’s global‑local growth model,...
Liquidity Meets Reality
Claire Madden of Connection Capital says the surge in private‑market secondaries reflects both structural maturation and a cyclical response to constrained exits. She positions secondaries as a portfolio‑management tool that enables rebalancing and exposure to high‑quality assets, but not a...
Eagle Park Snaps up RTD Brand
Eagle Park Brewing & Distilling has acquired the ready‑to‑drink brand SoulBoxer Cocktail Co, marking its first major move into canned cocktails. The deal expands Eagle Park’s portfolio beyond beer and spirits to include RTD cocktails, with plans for non‑alcoholic and...
Pershing Square Proposes UMG Acquisition via SPAC Deal
Bill Ackman's Pershing Square Capital Management has proposed acquiring Universal Music Group through a SPAC merger that would move UMG’s listing from Amsterdam to New York. The offer provides €5.05 in cash plus 0.77 new shares for each UMG share,...
Neurocrine to Acquire Soleno in $2.9bn Transaction
Neurocrine Biosciences announced a definitive agreement to acquire Soleno Therapeutics for $53 per share, valuing the deal at $2.9 bn. The transaction brings Soleno’s FDA‑approved Vykat XR, a first‑in‑class treatment for hyperphagia in Prader‑Willi syndrome, into Neurocrine’s pipeline. Vykat XR posted $190 m revenue...
Opera Group Acquires Accuro and Meritus to Expand International Presence
Opera Group completed the acquisition of Accuro and Meritus Trust Company, marking the fourth and fifth deals in its five‑year Project Overture transformation. The purchases expand Opera’s footprint to eight jurisdictions, bringing total assets under administration to over $81 bn and...
A Corp Broadens Customer Base with LAN Creation MSP Client Portfolio Buy
A Corp Computers has agreed to acquire the managed‑services client portfolio of Newcastle‑based LAN Creation, adding a suite of small‑ and medium‑business customers to its roster. The deal brings LAN’s existing clients under A Corp’s broader suite of managed IT,...
Should This Trillion-Dollar "Magnificent Seven" Company Spend Billions to Buy Peloton in 2026?
Analysts are speculating whether Apple, a multitrillion‑dollar Magnificent Seven firm, could acquire struggling Peloton for roughly $3 billion, a 50 percent premium over its $2 billion market cap. Apple’s $42 billion quarterly net income makes the purchase a negligible expense, and the deal could...
LPs Go Direct for GP Stakes
Institutional limited partners are increasingly interested in bypassing traditional fund vehicles to acquire direct stakes in private‑equity general partners. This trend could reshape the nascent GP‑stakes market by creating a new class of shareholders who own a slice of the...
Size Matters for the Specialists
GP‑stakes investors are increasingly segmenting their strategies by the size of private‑equity firms they target. In a market flush with capital, mid‑market managers are becoming the focal point for many funds, while mega‑caps attract institutional investors seeking stable cash‑flows. Size‑based...
Emerging Managers Serve up Stakes
Emerging private‑equity managers are increasingly offering ownership stakes in their firms to secure anchor limited‑partner commitments. By selling a minority GP stake, new GPs provide investors with direct exposure to management fees and carried interest. Anchor investors, in turn, gain...
M&A Reshapes the GP Stakes Galaxy
The private‑equity GP‑stakes market is undergoing rapid consolidation, reshaping the landscape for both investors and fund managers. Larger platforms are acquiring smaller specialists, creating a more concentrated set of players with deeper capital pools. This wave of M&A intensifies competition...
Stakers Tap New Sources of Capital
The GP‑stakes market is entering a maturation phase as a broader range of limited partners seek exposure to private‑equity management economics. Institutional investors such as sovereign wealth funds, pension schemes and family offices are moving beyond traditional private‑equity funds, adding...
Getting Individual Investors in on the GP Stakes Action
General partner (GP) stakes are gaining traction among private‑wealth and retail investors as a way to capture cash‑flow distributions, soften the private‑equity J‑curve, and add diversification to portfolios. Recent market activity shows fund managers packaging GP equity into vehicles that...
Key Trends: A Mixed Outlook for a Growing GP Stakes Market
The GP‑stakes market continued expanding in 2025, driven by record inflows from institutional investors and a surge of interest from emerging managers. However, the sector faces headwinds including compressed valuation multiples, heightened regulatory scrutiny, and intensified competition for quality deals....
Meat-Free Restaurant Chain Clover Food Lab Seeks New Buyer to Avoid Closure
Clover Food Lab, a Boston‑based fast‑casual vegan chain, filed a WARN notice that could affect 182 employees unless a buyer is secured by the end of May. The company emerged from Chapter 11 bankruptcy in April 2024 after shedding 20...