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Japan’s Sompo Holdings is making a bold insurance play in the US, agreeing to acquire Aspen Insurance from Apollo and others for $3.5B. The deal, which was announced less than four months after Aspen’s IPO, will expand Sompo’s property and casualty footprint by folding in Aspen’s specialty insurance and reinsurance operations.
The Sompo deal is just one of several major transactions in motion, as GTCR is lining up financing with KKR and other direct lenders for a potential $5.8B bid for Advent International-owned Zentiva, the Prague-based generic drugmaker that has also drawn interest from TPG and Aurobindo Pharma.
Elsewhere, the owners of the EPIC Crude pipeline are exploring a $3B sale of the Permian-to-Gulf asset, and Bain Capital is fielding bids from Advent, Boyu and Anta Sports for a potential $1.35B take-private of luxury parka maker Canada Goose.
In infrastructure, Blackstone is doubling down in Spain with a €4.3B ($5B) expansion of its Aragon data center hub, building on last year’s €7.5B commitment. In corporate developments, ByteDance is rolling out a new employee share buyback that values the TikTok parent at over $330B, up from $315B just six months ago, while Warren Buffett cooled rail merger chatter by confirming BNSF has no interest in an acquisition.
Read on for a full rundown of all the latest transaction news.
Tech & Telecom
M&A
ByteDance Boosts Valuation to $330B in Share Buyback Plan
ByteDance, the owner of TikTok, is reportedly launching a new employee share buyback program that will value the company at over $330B, more than its roughly $315B valuation in a similar program six months ago. The company plans to offer employees $200.41 per share, an increase of 5.5% from the previous offer. The new buyback is expected to launch in the autumn.
Vector Capital Buys Showpad, Plans to Merge With Bigtincan
Private equity firm Vector Capital agreed to acquire AI revenue enablement technology company Showpad, with plans to merge it with its portfolio company Bigtincan Holdings to form a new entity under the Showpad brand. Deloitte and Alvarez & Marsal advised Vector Capital, and TD Securities advised Showpad. Sidley Austin and Cleary Gottlieb Steen & Hamilton were legal counsel for Vector Capital and Showpad, respectively.
BMO, Others Seek Investors for Debt Linked to HIG’s IT Deal
Following a failed effort in March, a group of lenders led by Bank of Montreal is reportedly seeking to sell an approximate $850M leveraged loan linked to HIG Capital’s buyout of Converge Technology Solutions. Lenders previously tried to sell a $1.1B loan tied to the deal but had to fund it themselves after they could not find buyers due to deteriorating credit market conditions in April. The lenders will keep the remaining portion of the debt via a so-called second-out tranche.
K1 Investment-Backed MariaDB Reacquires SkySQL
MariaDB, a company that provides an open-source alternative to proprietary databases, acquired Milpitas, CA-based SkySQL for an undisclosed amount. The acquisition, which follows MariaDB's take-private transaction by K1 Investment Management in September 2024, brings SkySQL’s serverless database-as-a-service platform back into the MariaDB portfolio after it was spun off as an independent company in 2023. The integrated platform will be branded as MariaDB Cloud and the entire SkySQL team will join MariaDB.
Halma Buys Brownline for $173.8M to Expand Into Trenchless Drilling Tech
Halma, a UK-based group of safety and life protection technology companies, acquired Netherlands-based trenchless underground drilling technology company Brownline for an upfront consideration of €150M ($173.8M). The deal included the sale of Mentha Capital’s majority stake in Brownline, which owns technology that enables the accurate and less disruptive installation of critical underground infrastructure, such as power cables and fiber internet lines, without the need for extensive digging.
GTCR Acquires Innovative Systems, Taps Ex-Comcast Exec as CEO
Chicago-based private equity firm GTCR acquired enterprise software provider Innovative Systems from Alpine Investors for an undisclosed sum. The transaction combines GTCR's expertise in vertical market software with Innovative Systems' platform of operating and billing systems for regional broadband providers. Scott Alcott, former chief information officer of Comcast, will join Innovative Systems as CEO. Kirkland & Ellis served as legal counsel to GTCR, while Goodwin acted as legal advisor to Alpine Investors and Innovative Systems. Stifel, Stephens, and Shea & Company were financial advisors to GTCR, and Lincoln International advised Alpine Investors and Innovative Systems.
Columbia Capital-Backed Bluewave Technology Group Snaps up Cactus
San Clemente, CA-based Bluewave Technology Group, a portfolio company of Columbia Capital, acquired Abilene, TX-based Cactus Technology Solutions for an undisclosed amount. Cactus, founded by Amy Milam in 2017, provides IT planning and procurement for midsize and enterprise businesses and specializes in cybersecurity, connectivity and mobility solutions.
Accenture to Acquire Consulting Firm NeuraFlash
Accenture agreed to acquire Burlington, MA-based NeuraFlash, an independent consulting company known for its AI and Salesforce expertise. Terms of the transaction were not disclosed. NeuraFlash specializes in agentic AI solutions for sales, service and field service operations and has delivered more than 1,000 implementations for over 400 customers globally. The deal will add about 510 experienced professionals to Accenture's Salesforce Business Group. The transaction is subject to customary closing conditions, including antitrust clearance.
Venture & Growth
Aurasell Raises $30M for AI-Native CRM Platform
San Francisco-based Aurasell, which has developed an AI-native customer relationship management platform, raised $30M in a seed funding round led by N47. Menlo Ventures and Unusual Ventures also participated in the seed funding. The company's platform is designed to replace outdated and fragmented go-to-market software stacks with a single, intelligent solution where human teams and AI agents can work together.
AI Startup InstaLILY AI Raises $25M in Series A Funding
New York-based InstaLILY AI, which provides AI teammates for operationally intensive industries, secured $25M Series A funding round. Insight Partners led the funding with participation from Perceptive Ventures and Marvin Ventures. The company's platform deploys what it calls "InstaWorkers," vertical-specific AI agents that execute work autonomously within a client's existing software systems. Funding will be used for the expansion of the pre-trained InstaWorkers catalog across new industries, integration support for common enterprise systems and accelerating adoption.
Reframe Systems Secure $20M to Scale Automated Homebuilding
Boston-based Reframe Systems, a company that applies physical AI to homebuilding, raised a $20M Series A funding round to scale its network of microfactories. The round was co-led by Eclipse and VoLo Earth Ventures, with additional support from MassMutual Catalyst Funds, Cubit Capital, Planetary Health at RA Capital Management, Saga Ventures and Nor’easter Ventures. Reframe Systems is developing a network of local microfactories that utilize proprietary software and robotics to build a variety of housing types.
Vox AI Raises $8.7M to Scale Autonomous Voice AI
Vox AI, an Amsterdam-based startup that operates an autonomous voice AI platform for the restaurant industry, raised $8.7M in a seed funding round, bringing its total raised funding to $10M. Headline led the round, with additional participation from True, Simon Capital and returning investor Souschef Ventures. The funds will be used to accelerate the company's global expansion and further develop its multilingual voice technology.
Welcome Tech Raises $7.5M to Scale Immigrant Workforce Platform
Los Angeles-based Welcome Tech, a digital platform serving immigrant workforces, closed a $7.5M funding round to accelerate the development of its AI infrastructure. The investment was led by TTV Capital, with additional participation from Mubadala Capital, Westbound Equity Partners, CityRock Ventures Partners, Next Legacy Partners and BTN Ventures.
Bench IQ Raises $5.3M in Seed Round to Expand Judicial Dataset
Toronto-based Bench IQ, an AI-powered judicial intelligence platform for law firms, raised a $5.3M seed round led by Battery Ventures and Inovia Capital, with additional participation from CIBC Innovation Banking, MVP Ventures, Maple VC and Haystack VC. The new capital will be used to expand the company's proprietary judicial dataset, advance its AI agents and grow its team across the US and Canada.
Voima Ventures, Amadeus APEX Lead Seed Round for AI Research Lab Farang
Stockholm, Sweden-based Farang, an AI research lab developing foundational Large Language Models, raised €1.5M ($1.7M) in seed funding to scale its proof-of-concept models. The funding round was led by Voima Ventures and the Amadeus APEX Technology Fund. Angel investors Tero Ojanpera, Nilay Oza and Niraj Aswani also participated in the funding.
Other News
Integral Plans to Sell Stake in Tekscend Photomask in Potential $2B IPO
Tokyo-based private equity firm Integral is reportedly planning to sell its stake in Tekscend Photomask in a potential IPO of the Japanese company, which is aiming for a JPY 300B ($2B) valuation. The IPO, which could be approved by the Tokyo Stock Exchange as early as late September, will include both new and existing shares. Tekscend Photomask, formerly a division of Toppan Holdings, was carved out three years ago, with Integral taking a stake.
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Sports, Media & Entertainment
M&A
CSL Mindset to Acquire Majority Stake in Highlight Event and Entertainment
Highlight Event and Entertainment agreed to a capital increase that will result in CSL Mindset acquiring a majority stake in the event marketing and entertainment company. CSL Mindset, which is owned by the Clementy Schuman Legacy Foundation and a private investor, will make a CHF 300M ($332M) equity investment by purchasing 25 million new Highlight Event shares at CHF 12 per share. The company’s largest shareholders, including Chairman and CEO Bernhard Burgener, have approved the deal, which aims to strengthen Highlight Event’s balance sheet and reduce its liabilities. CSL Mindset is expected to hold a stake of approximately 62% to 67% in the company.
UserEvidence Acquires Zealot, Raises $7M From Existing Investors
UserEvidence, a customer evidence platform for B2B go-to-market teams, acquired advocacy and reference management platform Zealot for an undisclosed sum. UserEvidence, which in September 2023 raised $9M in Series A funding led by Crosslink Capital, secured an additional $7M funding from existing investors bringing the total to $21M. The deal adds key features to UserEvidence’s platform, such as proactive advocate activation and AI-powered matchmaking for references.
Venture & Growth
Korean Entertainment-Tech Startup BIGC Raises $14M Series A
Stonebridge Ventures and BonAngels Venture Partners co-led a $14M Series A funding round for Seoul, South Korea-based entertainment-tech company BIGC, with participation from Nextrans, NAU IB, Hana Ventures, Industrial Bank of Korea (IBK) and Alois Ventures, bringing BIGC's total capital to $25.4M. The investment will fuel the global expansion of the company’s "All-in-One Digital Venue" platform.
PodUp Raises $5.8M to Reinvent Podcasting With AI
PodUp, a Rexburg, ID-based AI-powered podcasting platform, raised $5.8M across two funding rounds from investors including North Texas Angels, Harvard Business School Alumni Angels and Donna Pope. The company aims to replicate Shopify's model by offering over 50 tools to create, grow and monetize podcasts.
Matiks Raises $3.1M to Expand Mobile Math Gaming Platform
Bengaluru, India-based Matiks, a mobile gaming platform focused on math, raised $3.1M in a pre-Series A funding round. The investment was led by Tanglin Ventures, with participation from Info Edge Ventures and several angel investors, including Aman Gupta and Gaurav Munjal. The new capital will be used to grow the company's team, expand its marketing efforts, enhance its product offerings and enter new geographic markets.
Other News
Valencia Partners With Elevate Sports to Secure Naming Rights for New Stadium
Spanish La Liga club Valencia partnered with New York-based sports and entertainment consultant Elevate Sports to secure a naming rights partner for its new stadium, Nou Mestalla. The collaboration is a strategic move for Valencia to generate additional revenue as it prepares to move into its new home in the summer of 2027.
Healthcare
M&A
GTCR Reaches Out to KKR, Others for Potential $5.8B Zentiva Acquisition
Private equity firm GTCR is reportedly in talks with direct lenders, including KKR, to secure financing for a bid to acquire Prague-based generic drugmaker Zentiva from its current owner, Advent International. The potential deal could value Zentiva approximately $5.8B. Advent previously hired Goldman Sachs Group and PJT Partners to assess a sale of Zentiva. In addition, other potential bidders for Zentiva include TPG and Aurobindo Pharma Ltd.
PSG-Backed mPulse Buys Clarity Software From Morgan Stanley Capital
Los Angeles-based health experience and insights company mPulse acquired Clarity Software Solutions, a health communications company based in Madison, CT, from Morgan Stanley Capital Partners for an undisclosed amount. The transaction was supported by PSG, mPulse's majority investor. The deal unites two key players in the health technology sector and expands mPulse's reach to over 450 healthcare organizations and more than 50 of the 60 largest health plans.
Nautic Partners Backs Rhode Island-based Infusion Pharmacy Network
Providence, RI-based private equity firm Nautic Partners made a significant investment in KabaFusion, a home and alternative site infusion company headquartered in Cerritos, CA, and Lexington, MA, with its founder and CEO Dr. Sohail Masood remaining a significant investor. Novo Holdings will exit its investment as part of the partnership, which aims to accelerate the growth of KabaFusion's network of 32 infusion pharmacies and 19 ambulatory infusion suites across 45 states. Goodwin Procter and Houlihan Lokey advised KabaFusion, while Kirkland & Ellis advised Nautic.
Venture & Growth
Brazil’s Axenya Nabs $12M Series A to Scale AI-Driven Care Platform
São Paulo-based health tech company Axenya, which specializes in corporate healthcare orchestration, secured a $12M Series A funding round co-led by Canary and Indicator Capital, with participation from Zentynel. The capital will fuel commercial expansion and advance its AI-driven technology platform.
Sarborg Closes $10M Seed Round to Advance AI-Driven Drug Repurposing
Sarborg Limited, a technology company that uses AI and cybernetics to optimize decision-making, closed a $10M seed funding round. The funding was led by third-party investor Corvus Capital. The company, which uses proprietary AI agents and algorithms to match drug and disease signatures without human intervention, will use the funds to scale AI-driven drug development, deploy its agents across more client portfolios and expand its intellectual property.
Financials
M&A
Japan’s Sompo Expands P&C Empire with $3.5B Aspen Takeover
Tokyo-based Sompo Holdings, through its subsidiary Sompo International Holdings, is acquiring Aspen Insurance Holdings from Apollo Global Management and others for approximately $3.5B, less than four months after the US-based company completed its IPO. Apollo kept a controlling stake in Aspen even after selling shares in the company’s IPO in May. The acquisition will expand Sompo's global property and casualty business by integrating Aspen's specialty insurance and reinsurance operations. Morgan Stanley and Skadden, Arps, Slate, Meagher & Flom advised Sompo, and Goldman Sachs, Insurance Advisory Partners and Sidley Austin advised Aspen.
MAI Capital to Acquire $27.7B RIA Evoke Advisors
Galway Holdings-backed $29.6B wealth manager MAI Capital Management agreed to acquire Evoke Advisors, a Los Angeles, CA-headquartered RIA with $27.7B in regulatory assets. Of the total, $12.4B are discretionary assets. The firm has a total of 99 employees, of which 32 are allowed to perform investment advisory functions, according to its latest Form ADV filing. The combined firm will manage $60B in assets across more than 30 offices nationwide. The terms of the deal, which is expected to close by the fourth quarter, remain undisclosed. AO Shearman served as legal counsel to MAI. Ardea Partners LP acted as exclusive financial advisor and Ropes & Gray was the legal counsel to Evoke.
OceanSound’s Kinective Targets Cash Devices in ESQ Takeover
OceanSound Partners-backed Kinective, an Austin, TX-based banking operations platform provider, acquired ESQ Data Solutions (ESQ), a global provider of ATM management software. The acquisition, which follows Kinective's recent purchases of Epic River, Datava, and Janusea, expands its platform to include cash device management, giving financial institutions unified control over their entire cash ecosystem.
Relation Insurance Buys Bridlewood to Bolster Medicare Expertise
Aquiline Capital Partners-backed insurance brokerage Relation Insurance Services acquired San Diego-based Bridlewood Insurance Services, a specialist in Medicare coverage, to expand its national footprint and services. Terms of the transaction were not disclosed.
Venture & Growth
Numerai Lands $500M JPMorgan Deal After Outsized 2024 Returns
San Francisco-based crowdsourcing hedge fund Numerai secured a commitment of up to $500M from JPMorgan Asset Management. The capital, which is expected to be deployed over the next year, will more than double Numerai's current $450M in assets under management. The deal, which came after the firm's track record of a 25% return in 2024, validates its unconventional model of sourcing stock-trading strategies from freelance quants.
Atlas Raises $18.1M to Help Banks Upgrade Legacy Tech
Singapore-based fintech firm Atlas Consolidated secured $18.1M in Series B funding led by Tin Men Capital, with follow-on investments from strategic investors Getz and Woodside Holdings Investment Management. The funds will be used to accelerate the global adoption of the company’s digital banking platform HugoHub, which is designed to help financial institutions modernize outdated legacy systems.
Aspire Secures Comvest-Backed Credit for Debt Refi & Expansion
Comvest Credit Partners, a direct lending platform and subsidiary of private equity firm Comvest Partners, provided a senior secured credit facility to Aspire General Holding Company, a Rancho Cucamonga, CA-based non-standard auto insurance provider. The investment, with Comvest acting as the sole lender and administrative agent, supports the refinancing of Aspire's existing debt, provides a dividend payment to owners and funds the company's growth capital needs.
Merchant Investment Stakes CA-based RIA Validus Capital
Sixth Street Partners-backed RIA investor Merchant Investment Management reportedly purchased a minority stake in El Segundo, CA-based RIA and multi-family office Validus Capital. Validus manages $2.2B in regulatory assets, of which $1.95B are from 152 high-net worth clients. Terms of the deal remain undisclosed.
Professional Services
M&A
South Africa Billionaire to Acquire Private-Education Group
The Jannie Mouton Foundation, founded by billionaire Jannie Mouton, is set to acquire Durbanville, South Africa-based private-education company Curro Holdings for an approximate ZAR 7.1B ($399.6M), in a deal that would delist the company from the Johannesburg Stock Exchange. The deal will be paid in cash and shares from Capitec Bank Holdings and PSG Financial Services, both also founded by Mouton.
H.I.G. Capital Exits EYSA, Tikehau Steps In
Global alternative investment firm H.I.G. Capital sold EYSA Group, a Madrid-based smart and sustainable mobility solutions provider, to Tikehau Investment Management SAS. The deal, completed through Tikehau's flagship private equity decarbonization strategy, aims to accelerate EYSA's growth and international expansion. Under H.I.G.'s ownership since May 2022, EYSA's EBITDA more than doubled. Its management, led by CEO Javier Delgado, will remain in place to drive the company's future development.
Gauge Capital Adds APHIX to Portfolio
Dallas-based private equity firm Gauge Capital acquired APHIX, a Frankfort, KY-based provider of commercial landscaping services and a former portfolio company of Caltius Equity Partners. The acquisition follows APHIX's "accretive acquisition strategy," positioning the company for future growth. Citizens Capital Markets & Advisory served as exclusive financial advisor to APHIX.
Liberty Service Partners Powers Growth With Restivo’s Acquisition
Liberty Service Partners, an Addison, TX-based provider of home upgrades, installations and services within the residential services sector, acquired Providence, RI-based HVAC provider Restivo's Heating & Air. The acquisition, backed by New York-based private equity firm NorthCurrent Partners, expands Liberty Service Partners' market to the Northeast.
Daybright Bolsters Retirement Services with Hessel Deal
The Vistria Group-backed Daybright Financial, a national provider of employee benefits, retirement plans and associated compliance services, acquired Hessel & Associates, a pension consulting firm based in Lincolnshire, IL. The acquisition strengthens Daybright's Private Sector Retirement Solutions segment and expands its Midwest presence. Brooke Hessel Cline, the company's current leader, will continue to serve as managing partner.
ALKEME Strengthens Benefits Reach in Virginia with D&S Agency Buyout
ALKEME, a GCP Capital Partners portfolio company, acquired D&S Agency, an employee benefits agency from Hardy, VA, strengthening the company’s presence and comprehensive benefits solutions in Virginia and beyond. ALKEME, which specializes in level-funded health plans and ACA compliance, has completed over 70 acquisitions.
Venture & Growth
Aurelian Raises $14M to Automate Non-Emergency 911 Calls
Aurelian, an AI company that automates non-emergency calls for 911 centers, announced a $14M Series A funding round led by NEA, with participation from existing investors Y Combinator, FUSE, Liquid 2 and Palm Drive Capital. The funding will help more emergency communications centers (ECCs) across the US cope with understaffing and high call volumes. The company’s AI platform, which can resolve calls for issues like noise complaints without involving a dispatcher, currently serves nearly 5 million Americans and automates an average of 74% of non-emergency calls.
Central Secures $8.6M to Bring Autonomy to Startup Back Offices
San Francisco-based venture capital firm First Round Capital led an $8.6M seed funding round for Central, an autonomous back-office platform for startups, with participation from Y Combinator, Ritual Capital, Multimodal Ventures, Alumni Ventures and Surgepoint Capital. Individual investors included Kulveer Taggar, JJ Fliegelman and Richard Aberman. The investment will be used to scale Central’s platform, expand its expert support team and continue to build features and integrations.
Matey Nabs $7.5M in Seed Funding Led by Timespan Ventures
Los Angeles-based early-stage investment firm Timespan Ventures led a $7.5M seed funding round for Matey, an Austin, TX-based company that develops the AI-powered CrimD platform for criminal defense. The capital will be used to expand the company's product suite, hire engineering and go-to-market teams and strengthen relationships with criminal defense organizations, public defenders and law firms. Returning investors Neo and new investor Streamlined Ventures also participated.
Consumer & Retail
M&A
Bain Capital Receives Bids to Take Canada Goose Private
Bain Capital, which holds a controlling stake in Canada Goose, reportedly received bids from companies, including Advent International and Boyu Capital, to take the luxury parka maker Canada Goose private in a deal valuing the firm at $1.35B. Potential buyers include Bosideng International and a consortium formed by Anta Sports Products and FountainVest Capital. New York-listed shares of Canada Goose jumped nearly 15% after an earlier report regarding the take-private deal. Goldman Sachs is acting as an advisor.
Zinrelo, TINT Merge to Form AI-Powered Loyalty Platform
Palo Alto, CA-based loyalty platform Zinrelo and San Antonio, TX-based marketing startup TINT merged to form TrueLoyal, a new AI-powered loyalty platform for multi-channel consumer brands. Zinrelo was acquired by Scaleworks in October 2024.
Balmoral’s Wilbur-Ellis Deal Marks Animal Health Push
Balmoral Funds, a Los Angeles-based private equity fund, acquired Wilbur-Ellis Nutrition, a Buhl, ID-based provider of animal nutrition products, for an undisclosed sum. The company will now operate as Rangen, led by new CEO Mark Essig. The acquisition, which includes its product lines Rangen, Ametza and Emmert, intends to accelerate innovation and growth in the pet, aquaculture and livestock markets. Blank Rome was legal counsel for Balmoral, while Wilbur-Ellis, advised by financial firm Lazard, used legal counsel from Pillsbury Winthrop Shaw Pittman.
City Brewing Completes Restructuring, Transfers Ownership to Lenders
City Brewing Company, a co-manufacturer of alcoholic and non-alcoholic beverages, completed a financial transaction that significantly reduces its debt and transfers ownership to a group of its existing lenders. Prior sponsors included private-equity firms Charlesbank Capital Partners and Oaktree Capital Management alongside Blue Ribbon Partners, which acquired the brewery in 2021. Serving as advisors were Sullivan & Cromwell for legal counsel, Evercore for investment banking, FTI for financial advisory and C Street Advisory Group for strategic communications on behalf of City Brewing. In addition, Gibson, Dunn & Crutcher and Perella Weinberg Partners provided legal and investment banking advice, respectively, to an ad hoc group of term lenders, while Freshfields and BRG served as legal and financial advisors, respectively, to an ad hoc group of revolving lenders.
Venture & Growth
Debut Raises $20M to Push AI Beauty Innovation
San Diego-based biotech beauty company Debut secured $20M in an investment round to expand its proprietary, AI-based ingredient discovery platform. The funding, supported by investors including Fine Structure Ventures, EDBI, Wealthberry, BOLD (L'Oréal's venture fund), GS Futures, Sandbox Industries and Material Impact, will be used to accelerate skin longevity innovation and scale the company’s formulation business in the US and Asia, starting in Singapore.
India’s BiofuelCircle to Raise $8.2M in New Funding Round
Indian biomass and biofuel marketplace BiofuelCircle is raising $8.2M in a new funding round at an expected valuation of $62M. The investment, which includes participation from existing investor Spectrum Impact and a group of angel investors, follows the Pune-based company's $5.4M Series A round last year.
Cumin Co Secures $1.5M to Expand Enamel-Based Coating Manufacturing
Cumin Co, a new kitchenware brand specializing in toxin-free enamel cast iron cookware, raised $1.5M in its first institutional funding round. The round was led by Fireside Ventures, with participation from Huddle Ventures. Cumin plans to use the capital to expand its enamel-based coating manufacturing in India and strengthen its supply chain.
Anmasa Raises $1.1M to Expand D2C Grocery Business
Anmasa, a direct-to-consumer (D2C) grocery startup, raised $1.1M in a pre-seed funding round, co-led by Snow Leopard Technology Ventures, Veltis Capital, Blume Ventures and Indigram Lab. The company operates an omnichannel model with a physical store and offers 90-minute online deliveries. It plans to use the funds to expand its category and open 10 new outlets and micro-processing centers in the Delhi-NCR region by the end of the quarter.
Painterland Sisters Closes Seed Round to Fuel Growth
Painterland Sisters, a dairy brand founded by two sisters and fourth-generation farmers, closed an undisclosed seed funding round led by The Angel Group, Supernatural Ventures and Spacestation Investments, with additional participation from professional athletes and lifestyle entrepreneurs. The company, known for its organic skyr-style yogurt, plans to use the capital to support operations and innovation.
Infrastructure
Blackstone Doubles Down on Data Centers with $5B Spain Expansion
Blackstone is reportedly planning to invest an additional €4.3B ($5B) to expand its data center project in Aragon, Spain, a developing cloud computing hub. The new investment is in addition to the initial €7.5B ($8.7B) investment announced in 2024, and the second phase will take seven years to complete. The project, which will be built by Blackstone-owned QTS Realty Trust, will include eight data centers, a substation and a photovoltaic power plant. Blackstone joins Microsoft and Amazon in establishing data centers in the region.
Buffett Shuts Down CSX Merger Speculation
Warren Buffett of Berkshire Hathaway, the parent company of railroad BNSF, ended speculation around the company’s merger with CSX Corp., saying he was not interested in an acquisition. Buffett confirmed his Aug. 3 meeting with CSX CEO Joseph Hinrichs but said they discussed operational cooperation, not a merger. His comments came after activist investor Ancora Holdings recently urged the CSX board to explore merger options with BNSF or Canadian Pacific Kansas City, which separately released a statement saying it was not interested in immediate rail industry consolidation.
OPTrust-backed Jaguar Transport Acquires 2 Washington Railroads
Montana-based transportation and logistics company Jaguar Transport Holdings acquired the Columbia Basin Railroad (CBRW) and the Central Washington Railroad (CWA). The deal, which was approved by the Surface Transportation Board and backed by investor OPSEU Pension Plan Trust Fund (OPTrust), expands Jaguar’s rail network to 13 short line railroads and 13 transload locations across 12 states.
Blastr Green Steel Secures Ecolab Investment, Plans to Launch Series A
Norwegian green steel producer Blastr Green Steel secured a strategic investment from Ecolab, a St. Paul, MN-based water and hygiene solutions company, to collaborate on a water management system for its steel plant in Inkoo, Finland. Ecolab's Nalco Water business will design, build and operate the system, aiming to reduce water intake and discharge by 85-90%. Blastr is also backed by Cargill Metals, Tesi and Vanir Green Industries, alongside new Finland-based investors Aurora Infrastructure, Onvest Oy and Security Trading Oy. The company plans to soon launch a Series A investment round with financial advisor Evercore.
Three Hills Takes Minority Stake in Sinewave
Private markets firm Three Hills invested in Sinewave, a UK-based provider of grid connection and maintenance services. The investment, consisting of preferred equity and senior secured debt, gives Three Hills a significant minority stake in Sinewave, which specializes in infrastructure for EV charging, solar and data centers. Advisors for the deal included Opus Corporate Finance and Eversheds for Three Hills, while KPMG and Thrings advised Sinewave.
Energy
M&A
EPIC Crude Pipeline Owners Explore Potential $3B Sale
The owners of the EPIC Crude pipeline are reportedly exploring a sale of the company, with a potential deal valuing the energy infrastructure at around $3B, including debt. The pipeline, which transports oil from the Permian and Eagle Ford basins to the US Gulf Coast, is owned by Ares Management (45%), Diamondback Energy (27.5%) and Kinetik (27.5%). The owners are working with investment bankers to gauge interest from potential buyers, with a pipeline company with existing Permian assets considered the most likely suitor.
Australian Energy Firm Sells Stake to Qatari Investor for $24.5M
Invictus Energy, an Australian oil and gas company, is selling a 19.9% stake to Qatar's Al Mansour Holdings for AUD 37.8M ($24.5M). The investment will help fund Invictus's Cabora Bassa project in Zimbabwe, with Al Mansour also committing up to $500M in future financing for the project. The two companies will also form a joint venture to acquire additional oil and gas assets across Africa.
Venture & Growth
Aware Super, UK NWF, Equitix to Invest in Eelpower Energy
Australia’s Aware Super joined hands with UK’s National Wealth Fund (NWF) and infrastructure investor Equitix to invest a total £500M ($674.4M) in UK-focused battery storage developer Eelpower Energy. Aware Super and NWF will invest £200M ($270M) each, while Equitix will provide the remaining £100M ($135M). Eelpower has three ready-to-build plants across Scotland and England, with each project having an output capacity of 50 MW of power and storage capacity of 100 MWh.
Yottar Raises $1M to Map Grid Capacity for EVs, AI
Energy asset development platform Yottar raised a $1M in a pre-seed round led by Haatch, with participation from Cape Capital and angel investors. The UK-based company maps electrical grid capacity to show companies exactly where they can connect power-hungry equipment.
Pacifico Energy Secures $28.5M for Vietnam Wind Farm
Pacifico Energy Vietnam (PEV) closed up to $28.5M in senior debt financing from VietinBank for its 30-MW Sunpro Wind Farm project in Vietnam's Mekong Delta, the company’s second project in the country and a key step in its expansion plans. The farm is expected to generate 89.5 GWh of electricity annually and has a power purchase agreement with Electricity of Vietnam (EVN).
Matterhorn JV Reaches Final Investment Decision on Eiger Express
Texas-based infrastructure company WhiteWater announced a final investment decision for the Eiger Express Pipeline, a new 450-mile natural gas pipeline designed to transport up to 2.5 Bcf/d from the Permian Basin to the Katy area. The pipeline is a joint venture owned by the Matterhorn JV (70%), ONEOK (15%) and MPLX (15%). WhiteWater, ONEOK, MPLX and Enbridge are partners in the Matterhorn JV, which is backed by investors FIC and I Squared Capital. The Eiger Express Pipeline will be constructed and operated by WhiteWater and is expected to be in service by mid-2028.
Industrials & Materials
M&A
NexCore Bolsters Northeast Presence With 2 Acquisition
NexCore, a commercial HVAC platform backed by private equity firm Trinity Hunt Partners, acquired Action Air Systems and Accutemp Engineering, marking its ninth and 10th acquisitions in just over two years. The additions, which strategically expand the company’s service footprint into Connecticut and Massachusetts, bring its total employee count to over 800.
Canyon Provides Funds for Advent's Carveout of Coherent’s Aerospace Biz
Canyon Partners, a global investment firm, provided a financing package to support private equity investor Advent International in its leveraged buyout of Coherent's Aerospace and Defense business. The newly independent company is a provider of optical components and high-powered energy laser modules for military aircraft, satellites and missiles.
Blackstone Eyes $997M Refinancing of EV Parts Maker Interplex
Blackstone is reportedly in discussions with banks to amend and extend a $957M loan for its 2021 buyout of Singaporean precision engineering firm Interplex Holdings Pte., which makes components for electric vehicles, medical devices and cloud computing. The firm is seeking to extend the maturity by five years to 2032 and increase the loan amount to $997M, amid a trend of private equity funds refinancing loans due to strong demand from banks in Asia.
Datacor Bolsters Digital Edge With Informetric Systems Buyout
Florham Park, NJ-based Datacor, a provider of process manufacturing and chemical distribution software backed by Pacific Lake Partners, Norwest Venture Partners and M2O, acquired Informetric Systems, a New Providence, NJ-based provider of manufacturing intelligence and digital transformation solutions. Informetric was advised by Westwood Advisory. The acquisition aims to enhance Datacor's data capture, reporting and compliance capabilities.
Buderus Edelstahl Sells 2 Units to GMH Group
Mutares SE subsidiary Buderus Edelstahl agreed to sell two business units to GMH Group, with the deal expected to close in the fourth quarter. The deal covers the hot rolling and mechanical processing divisions. Buderus Edelstahl is a specialty steel manufacturer with annual revenues of approximately $390M. The company's drop forging division will also be sold to FerrAl United Group, with the remaining division set to cease operations in the fourth quarter.
Investindustrial Bolsters Food Processing Capability With 3 Acquisitions
An independently managed investment subsidiary of private equity firm Investindustrial agreed to acquire three leading food-processing equipment manufacturers: Kiremko Group B.V., Idaho Steel Products and Reyco Systems. The companies, which have operated as a partnership since 1996, specialize in customized equipment for the potato processing industry, including systems for frozen french fries and potato flakes. Investindustrial was advised by Baird as financial advisor and Skadden, Arps, Slate, Meagher & Flom and Houthoff as legal advisors. The sellers were advised by Rabobank as exclusive financial advisor and DLA Piper as legal advisor.
Mill Point Capital Completes Sale-Leaseback for AeriTek
Mill Point Capital completed a sale-leaseback transaction for its portfolio company, AeriTek Global Holdings, a manufacturer of commercial refrigeration and foodservice equipment. The deal involves AeriTek's primary manufacturing facilities in Mexico and results in a significant distribution of proceeds to shareholders. According to Mill Point, the return on capital comes less than 10 months after its initial investment in AeriTek, which was formed through a corporate carve-out in 2024.
Venture & Growth
Copper Secures $28M to Expand Smart Appliance Line
Copper, which has developed the battery-equipped induction range, raised $28M in a Series A funding round. The funding, a mix of equity and debt, was led by Prelude Ventures, with participation from and Building Ventures, as well as existing investors Voyager, Collaborative Fund, Climactic, Designer Fund, Necessary Ventures, Leap Forward Ventures and Climate Capital. The new capital will help the firm to expand into new markets and products.
General Atomics Invests $20M in Fusion Fuel Cycles
General Atomics announced a $20M, 10-year strategic investment in Fusion Fuel Cycles (FFC), a joint venture between Canadian Nuclear Laboratories (CNL) and Kyoto Fusioneering. The funding accelerates the development of UNITY-2, a tritium fuel cycle test facility set to be operational by mid-2026. The facility, based at CNL in Ontario, is going to be the first to test the fully integrated deuterium-tritium (D-T) fuel cycle, a critical component for a commercial fusion power plant.
China’s SpeedBot Robotics Raises Over $13.7M to Advance Industrial AI
SpeedBot Robotics, a Chinese technology company specializing in AI-powered machine vision for industrial automation, raised more than CNY 100M (approximately $13.7M) in a Series B+ financing round led by V-Capital. The funding, which was backed by investors including Turing Ventures, Yicun Capital, MSA Capital, CCIG and Matrix Partners, is set to advance the company’s embodied industrial intelligence products and expand its market presence, particularly in the shipbuilding and lithium battery sectors.
Heave Raises $7M to Expand On-Demand Heavy Equipment Repair Platform
Heave, a platform that connects construction companies with on-demand heavy equipment mechanics, announced a $7M Series A funding round led by Outsiders Fund, with continued support from FJ Labs, Long Journey Ventures and Slow Ventures, bringing its total funding to $13M. The company, which operates like "Uber for heavy equipment repair," aims to solve costly equipment downtime by providing quick access to a network of over 300 vetted mobile mechanics.
EQT to Pare Stake in Beijer Ref
EQT Private Equity intends to sell approximately 20M Class B shares, or a 3.9% stake, in refrigeration technology company Beijer Ref AB. The sale, which will be conducted through an accelerated bookbuilding process for institutional investors, will reduce EQT’s holding in Beijer Ref to 8.2% of its share capital. Citigroup, DNB Carnegie, Jefferies, and Mizuho are acting as joint bookrunners.
Other News
Flexport, BlackRock Collaborate for $250M in Supply Chain Funds
Supply chain tech provider Flexport partnered with funds managed by BlackRock to provide up to $250M in supply chain financing for its customers. The funding, managed through Flexport Capital, offers customers flexible working capital for a variety of needs, including inventory and logistics finance, term loans and asset-based lines of credit. The collaboration allows Flexport to expand its financial services and provide a broader range of funding options to help businesses scale and manage cash flow, building on the more than $2B in financing that the firm provided since 2017.
Real Estate
Vornado Snaps Up Midtown Office Condo for $218M
New York-based REIT Vornado Realty Trust agreed to acquire the 623 Fifth Avenue office condo in Midtown Manhattan from local developer Charles Cohen for $218M. The 36-story building, which is 75% vacant, will undergo a capital improvement program to be completed by early 2027.
County Center Sells Cypress Point to Raintree in $100M Transaction
Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the $100M sale of Cypress Point, a 268-unit multifamily property in Ventura, CA, to Raintree Partners, a commercial real estate investment company. IPA's Kevin Green, Joseph Grabiec and Gregory Harris represented the seller, County Center.
CUNY to Buy Manhattan Campus for $40M
The City University of New York (CUNY) plans to purchase the Manhattan campus of the financially struggling Metropolitan College of New York for $40M. The sale, which is a win for bondholders, will help the college pay down a portion of its approximately $60M in outstanding debt. CUNY intends to use the commercial space as a temporary location for its Hunter-Bellevue School of Nursing.
Marc Bell Capital Expands Miami Footprint with Washington Ave Buy
Boca Raton, FL-based investment firm Marc Bell Capital Partners acquired its second commercial property at 1331 Washington Avenue in Miami Beach, FL. The property is located in the city's retail, dining and hospitality district and is a long-term investment in the growing Miami real estate market.
JSB Capital Offloads 200-Unit Naples Property to Interface Properties
Miami Beach, FL-based private real estate investment firm JSB Capital sold the Wild Pines of Naples apartment community, a 200-unit property in Naples, FL, to Interface Properties. Franklin Street represented both the buyer and seller in the transaction.
Partners Capital Buys Houston Hilton Galleria With Major Renovation Plans
Houston-based Partners Capital, the investment arm of Partners Real Estate, acquired the 162-room Homewood Suites by Hilton — Houston Galleria hotel from Magna Hospitality. The extended-stay hotel will have a multi-million dollar renovation after the 2026 World Cup, with plans to upgrade guestrooms, public areas and the building exterior. The hotel will be managed by Concord Hospitality under a 15-year licensing term from Hilton. This is the third acquisition for Partners Capital's Hospitality Fund I.
Activist Investor Takes Large Stake in Rexford REIT
Elliott Investment Management reportedly built a significant stake in Rexford Industrial Realty Inc, making the hedge fund one of the top five investors in the industrial REIT. The news, which sent Rexford's shares up nearly 15%, comes amid speculation that the company — which focuses exclusively on industrial properties in Southern California — could be an acquisition target.
SG Property Services Enters Charleston with First Medical Office Acquisition
Atlanta-based SG Property Services made its first Charleston, SC, market acquisition, purchasing a medical office building located at 1483 Tobias Gadson Blvd from Tobias. The property, brokered by Avison Young's Gary Lyons and Gregg Legerton, is 86% occupied with tenants including University Medical Associates (UM of SC), Anesthesia Associates, and Parkwood Pediatrics.
EQT Acquires Georgia Industrial Facility
EQT Real Estate acquired the Great Valley Commerce Center Building 4 in White, GA, from Core5 Industrial Partners. Completed in 2024 and fully leased to Vanderlande Industries (a Toyota Industries subsidiary), the Class A distribution facility is a prime location along the I-75 North industrial corridor. JLL Capital Markets represented the seller in the transaction.
9700 SW Capitol Closes $5.7M Capitol Park Acquisition
Portland, OR-based 9700 SW Capitol completed the $5.7M investment purchase of Capitol Park, an office property located at 9700 SW Capitol Highway. Representing the buyer were Raymond Duchek and Thomas McDowell of Norris & Stevens, while the seller was advised by Steve Bowers and Sean McCarthy of Kidder Matthews.
GTIS Partners Acquires Land for Industrial Development
New York-based global real estate investment firm GTIS Partners acquired a 24-acre industrial site in Savannah, GA, with plans to develop 297,163 square feet of Class A industrial space across two buildings on the site. Financial terms of the acquisition were not disclosed. The project, located in the Highway 21 corridor, is less than 10 miles from the Port of Savannah and is the firm's 16th industrial investment. The firm manages $4.6B in gross assets and has invested over $1.2B in US industrial projects.
Orion Real Estate Group Sells The Shoppes at Jupiter for $52.75M
Miami, FL-based Orion Real Estate Group sold The Shoppes at Jupiter shopping center to Ram Realty Advisors for $52.75M in an off-market transaction. The shopping center, which was built in 1981 and renovated in 2014, is anchored by Cinépolis Luxury Cinemas, Palm Beach Sports Club Gym, Staples, Bealls and others, and will soon add Whole Foods Market. Orion acquired the property in 2015 for $27.8M. Noah Jones and Dan Lynch from Atlantic Retail advised on the transaction.
MKS Global Leads $10M Investment in Blue222 to Fuel PropTech Expansion
Property technology company Blue222 finalized a $10M valuation investment led by MKS Global, its first venture studio investment. The funding round also included a series of rolling angel rounds to accelerate advancements in AI-enhanced marketplace technology. Blue222’s platform modernizes real estate due diligence by connecting professionals with over 200 types of inspection and due diligence services. The capital will be used to fast-track product upgrades.
Axis Partners Acquires 5.9-Acre Industrial Site in North Houston
Axis Partners purchased an industrial building situated on 5.9 acres in North Houston, TX, for an undisclosed amount. The property, located at 608 W. Richey Road, was sold by Superior Energy Services, an oilfield services company. Stream Realty Partners brokered the transaction with Jon Farris representing the seller. Andrew Laycock of Partners Real Estate represented Axis Partners.
Ellis Partners, The Baupost Group Acquire Santa Clara Office Campus From Clarion Partners
San Francisco-based commercial real estate investment firm Ellis Partners and The Baupost Group jointly acquired the Campus at Scott, a Class A office complex in Santa Clara, CA. The property, located at 3315, 3325 and 3355 Scott Blvd, was purchased from New York-based Clarion Partners for an undisclosed amount. The new owners plan to significantly upgrade the three-building campus with new fitness, food and outdoor amenities.
FCP Acquires 427-Unit Apartment Community in West Miami
Real estate investment company FCP acquired the 427-unit District West Gables apartment community in West Miami, FL. Financial terms of the transaction were not disclosed. The deal marks FCP's third investment in South Florida in the past nine months. FCP will implement a value-enhancement plan to modernize common areas and amenities while renovating unit interiors. Greystar was hired as the property manager to handle operations and leasing.
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