Private Equity 3d Briefing
×Major Deals & Take-Privates
Global Infrastructure Partners and EQT pe-insights.com have agreed to acquire AES Corp. in an all-cash transaction valuing the equity at $10.7 billion and the enterprise at approximately $14.6 billion. The deal marks one of the largest infrastructure take-privates in recent months, combining GIP's energy transition focus with EQT's operational expertise. Meanwhile, Blackstone pe-insights.com is preparing a potential sale of Shya Hsin Packaging and has engaged Citigroup to advise on the process, with the Taiwan-based packaging company potentially valued at $1 billion.
Divestments & Portfolio Optimization
Advent International pe-insights.com is exploring a potential sale of Ultra Maritime that could value the naval defense business at approximately $4 billion. The firm is working with advisors to position the UK-based maritime defense specialist for a strategic exit. In another significant divestment, Main Post Partners pehub.com has agreed to sell haircare brand Not Your Mother's to Henkel, marking a successful exit from the consumer products sector. The brand, launched in 2010, has grown into a notable player in the haircare market.
Infrastructure & Industrial Investments
Lone Star pehub.com has agreed to acquire Lonza's Capsules and Health Ingredients division for $1.5 billion, expanding its portfolio in the pharmaceutical manufacturing sector. The deal includes Lonza's hard empty capsules, dosage form solutions, and health ingredients businesses across three manufacturing sites. Ambienta pehub.com has acquired Pieco, a provider of industrial water treatment and recycling services, further strengthening its position in the environmental services sector. The Italian private equity firm specializes in sustainability-focused investments across Europe.
Platform Builds & Add-Ons
HIG Capital pehub.com has launched Coriant, an industrial maintenance business combining Rainham, Zenith, and Tei, and is making strategic add-on acquisitions. The firm recently acquired CVS, marking Coriant's fourth acquisition since its formation. Wynnchurch Capital pehub.com-backed ORS Nasco has expanded its industrial distribution footprint by acquiring AD Member Supply and Alliance, two wholesalers of industrial MRO products. These add-ons strengthen ORS Nasco's position in the maintenance, repair, and operations distribution sector.
Fundraising & New Vehicles
Isembard sifted.eu has raised $50 million to bolster Europe's industrial base, focusing on companies that can enhance the continent's manufacturing capabilities. The London-based firm is targeting investments in industrial technology and advanced manufacturing. FFL Partners pehub.com has formed Pioneer HOA, a newly formed holding company for the firm's existing and future investments in homeowners association property management firms. This platform approach allows FFL to consolidate and scale fragmented HOA management businesses across the United States.
Secondaries & Liquidity
StepStone Group secondariesinvestor.com partner Matthew Roche noted that "DPI is IRR today" as the private equity industry grapples with slow exits following a challenging four-year period. The firm emphasized that distribution to paid-in capital has become the primary measure of performance as traditional IRR metrics become less meaningful in the current market environment. Robard secondariesinvestor.com from Dawson highlighted that limited partners are taking an increasingly proactive approach to the secondaries market, with continuation vehicles expected to represent 10-20% of private equity exits Sports & Entertainment
Robinhood techcrunch.com has launched a startup fund that recently stumbled in its NYSE debut, offering retail investors exposure to eight startups including Mercor, Ramp, and Stripe. The fund represents a novel approach to private market access for retail investors. Meanwhile, PE Hub pehub.com featured insights from sports investors including Ian Charles, Mark Cuban, José E. Feliciano, and Marc Lasry on why they like investing in sports assets, highlighting the sector's growth and unique characteristics.
Emerging Trends & Market Dynamics
Denmark's sifted.eu proposed wealth tax plan has raised concerns among startup founders, who warn it could devastate the country's entrepreneurial ecosystem. The policy debate underscores the tension between wealth redistribution and startup growth incentives. Sifted sifted.eu reports that SPACs are making a comeback, with European startups potentially benefiting from the improved structure and oversight compared to the previous cycle. The publication also highlighted 21 female founders and operators to watch in the Nordics, showcasing the region's growing diversity in technology entrepreneurship.