For deal sourcers, staying current on private company activity is critical to spotting active buyers, tracking market trends, and uncovering emerging investment opportunities ahead of competitors.
In November alone, we added more than 4,000 new private company transactions, bringing the total to over 13,000 searchable deals across sectors, industries, and transaction types in Dakota Marketplace.
Inside Dakota Marketplace, you’ll find the transactions tab that provides structured, filterable data on deal types, values, and dates, while our editorial team curates daily updates through the Dakota transactions newsletter, helping you cut through the noise and focus on what matters most.
To ensure the most comprehensive coverage of private market activity, Dakota monitors over 10,000 websites including company websites, newswires, and numerous third-party news providers to capture and verify transaction data as it happens.
Below are the top 10 consumer discretionary transactions.
1. Starbucks retail operations in China - Asset Purchase
- Transaction Date: 11/3/2025
- Industry: Hotels & Restaurants & Leisure
- Type: Acquisition / Merger
- Transaction Value: $4B
- Participants: Starbucks Corporation and Boyu Capital Advisory Co Ltd
Starbucks will form a new joint venture with Boyu Capital, which will acquire up to 60% of Starbucks’ China retail operations at a $4 billion enterprise value on a cash-free, debt-free basis. Starbucks will retain 40% ownership, continue licensing its brand to the JV, and expects the total value of its China retail business to exceed $13 billion through sale proceeds, its retained stake, and long-term licensing income.
2. Topgolf and Toptracer business - Carve-Out / Divestiture
- Transaction Date: 11/18/2025
- Industry: Hotels & Restaurants & Leisure
- Type: Buyout / Private Equity
- Transaction Value: $1.1B
- Participants: Moelis & Company, Topgolf Callaway Brands Corp, Leonard Green & Partners, Goldman Sachs & Co. LLC, Centerview Partners, Latham & Watkins LLP, and Ropes & Gray LLP
Topgolf Callaway Brands will sell a 60% stake in its Topgolf/Toptracer business to Leonard Green & Partners at a $1.1 billion valuation, generating approximately $770 million in net proceeds for the company. Topgolf Callaway will retain a 40% interest in the business and refocus on its core golf equipment and lifestyle brands, with the transaction expected to close in Q1 2026.
3. Dickies - Strategic Acquisition
- Transaction Date: 11/12/2025
- Industry: Textiles & Apparel & Luxury Goods
- Type: Acquisition / Merger
- Transaction Value: $600M
- Participants: Bluestar Alliance, LLC and V.F. Corporation
Bluestar Alliance has completed its acquisition of iconic workwear and lifestyle brand Dickies from VF Corporation in a deal valued at approximately $600 million. The transaction adds Dickies to Bluestar’s growing global brand portfolio and positions the century-old label for expanded international growth across workwear, streetwear, and lifestyle categories.
4. Spotawheel - Structured Credit
- Transaction Date: 11/6/2025
- Industry: Specialty Retail
- Type: Credit
- Transaction Value: $345M
- Participants: Pollen Street Capital
Spotawheel secured €300 million in new equity and debt financing, supported by a senior secured credit facility from Pollen Street Capital. The funding will expand Spotawheel’s European footprint and accelerate the growth of its used-car subscription fleet.
5. Skims - Growth Equity
- Transaction Date: 11/12/2025
- Industry: Consumer Durables & Apparel
- Type: Venture
- Transaction Value: $225M
- Participants: Goldman Sachs Alternatives and BDT & MSD Partners
SKIMS raised $225 million in new funding at a $5 billion valuation in a round led by Goldman Sachs Alternatives with participation from BDT & MSD Partners. The investment will support SKIMS’s physical retail expansion, international growth, and continued product innovation across intimates, apparel, and activewear.
6. Spyce business - Strategic Acquisition
- Transaction Date: 11/6/2025
- Industry: Hotels & Restaurants & Leisure
- Type: Acquisition / Merger
- Transaction Value: $186.4M
- Participants: Wonder, Sweetgreen Inc, New Enterprise Associates (NEA), and General Catalyst Partners
Sweetgreen agreed to sell its Spyce Infinite Kitchen robotics business to Wonder for $186.4 million, consisting of $100 million in cash and $86.4 million in Wonder Series C Preferred Stock. The deal allows Sweetgreen to reinvest in core growth priorities while still accessing Infinite Kitchen technology through new supply and licensing agreements.
7. Harbinger - Series C
- Transaction Date: 11/13/2025
- Industry: Automobiles
- Type: Venture
- Transaction Value: $160M
- Participants: FedEx Corporation, Ridgeline, Tiger Global Management, Leitmotif, Maniv Mobility, Schematic Ventures, Overture Climate VC, Ironspring Ventures, ArcTern Ventures, Litquidity Ventures, Greycroft, Capricorn Investment Group, and Thor Industries Inc
Harbinger raised $160 million in a Series C round co-led by FedEx, Capricorn, and THOR Industries, bringing its total funding to $358 million. As part of the investment, FedEx placed an initial order for 53 Harbinger medium-duty electric trucks, supporting its long-term fleet electrification strategy.
8. OYO - Direct Lending
- Transaction Date: 11/19/2025
- Industry: Hotels & Restaurants & Leisure
- Type: Credit
- Transaction Value: $150M
- Participants: Deutsche Bank AG
Deutsche Bank refinanced $150M of a $350M loan previously provided to Oyo (now Prism) founder Ritesh Agarwal’s RA Hospitality Holdings, replacing debt originally issued by Mizuho Bank. The remaining balance was repaid by the borrower, helping position the company for a potential IPO.
9. Vay - Minority
- Transaction Date: 11/10/2025
- Industry: Automobiles
- Type: Growth Equity
- Transaction Value: $60M
- Participants: Grab Holdings Limited
Grab will invest $60M for a minority stake in Vay, the remote-driving technology company, with closing expected in Q4 2025. The agreement also gives Grab the option to invest up to an additional $350M within a year — potentially becoming a majority owner — as it partners with Vay to advance remote-driven and autonomous mobility solutions in the U.S. and Southeast Asia.
10. Upway - Series C
- Transaction Date: 11/6/2025
- Industry: Specialty Retail
- Type: Venture
- Transaction Value: $60M
- Participants: A.P. Moller Capital, Ora Global, Sequoia Capital, and Galvanize Climate Solutions
Upway raised $60 million in Series C funding led by A.P. Moller, bringing its total funding to more than $125 million and accelerating its U.S. expansion and industrial-scale e-bike refurbishment operations. The company aims to build the world’s largest circular mobility network, targeting 1 million refurbished e-bikes by 2030 while expanding services such as financing, insurance, and subscriptions.
Transactions in Dakota Marketplace
At Dakota, we understand how important it is to stay current on deal activity as it happens. That’s why our editorial team continuously monitors the news for real-time updates on platform investments, add-ons, divestitures, and more to deliver daily highlights straight to your inbox through our transactions newsletter.
Inside Dakota Marketplace, the transactions tab provides structured, filterable data with deal dates, types, sectors, and financials, allowing you to build a customized feed that aligns with your focus areas.
Whether you're evaluating a new investment opportunity or tracking trends within a target sector, Dakota Marketplace helps you cut through the noise and focus on what matters most.
For more information on these transactions and a deeper dive into their industries and sub-industries, book a demo of Dakota Marketplace.
