Private Equity 24 Hours

Last updated: September 7, 2026, 10:07 PM ET

Deals & Take-Private

A Toscafund-led consortium has clinched a £1.03bn take-private of Spire Healthcare, ending the private-hospital operator's decade on the London market. The offer represents a premium that underscores persistent private-market appetite for UK healthcare assets. Meanwhile, Waterland is preparing a rival bid for Gamma Communications, threatening the £1.08bn takeover already agreed with Epiris. A competitive auction could push the final price higher for the UK-listed telecoms firm.

Warburg Pincus had its A$1.9bn proposal for Ingenia Communities rebuffed, after the Australian land-lease operator's board defended its existing agreement to merge with Peet. The unsolicited approach, worth roughly $1.4bn, failed to sway directors who argued the Peet tie-up delivers superior value. Across Europe, EQT is advancing its acquisition of McGill & Partners for $2bn, betting on long-term structural tailwinds in insurance broking. The deal adds a major UK insurance platform to EQT's expanding portfolio.

Consumer & Growth

L Catterton is close to acquiring a controlling stake in Hyrox, the fitness race sensation, at a valuation near €600m according to sources. The workout brand has exploded in popularity. Separately, MBK Partners is paying about 430bn won ($320m) to take a minority position in vegan K-beauty brand AXIS-Y, backing the global expansion of its cruelty-free cosmetics line. The deal values the business at roughly $320m, according to a person familiar with the matter.

Musinsa, the KKR-backed K-fashion platform, is preparing a Kospi IPO that could value it at $6bn, per KED Global. Timing appears clouded by a tax probe, potentially delaying the widely anticipated listing.

Funds & Exits

Claret Capital has raised €575m for its fourth debt fund, saying "less sexy" startups require dedicated access to growth capital outside equity financings. The close reflects rising appetite for private credit. Separately, the UK government wants a manager for its £150m northern scale-up fund, seeking mandates that will deploy capital across the region.

People & Market Signals

Matt Clifford has left ARIA after conflicts of interest emerged regarding his work at Anthropic. His departure raises governance questions for the UK's advanced research agency. Deep Mind veteran Thore Graepel has also departed Google. He's launching a new AI reasoning venture, adding to the UK's AI talent churn.

In startups, Jack & Jill has raised £30m led by Air Street Capital. Elsewhere, Hugging Face's sale at $12.9bn reflects both inspiration and frustration for European tech. The city guides of Stockholm earned focus with 17 startup hotspots while Nordic data sorted by revenue shapes the region's growth leaderboard.

Deals in Focus

Altor completed an exit, selling Flex IT to Eurazeo's T1A Group, creating a $540m-and-strong circular IT platform serving some 13,000 customers across 35+ countries. The transaction highlights the scale-tapping trend in reused devices and managed IT.