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September 09
Investors in August prioritized durable yield and scaled innovation, with over $2.7B committed to private real estate and $8.3B raised by OpenAI alone. The August 2025 Dakota Monthly Roundup tracks allocator moves across real estate, private credit, and venture capital; highlighting how institutions are positioning for late-cycle stability and long-term growth.
Download the full report to see where capital is moving, and why.
Elon Musk’s SpaceX is dialing up its ambitions with a $17B spectrum grab from EchoStar, securing AWS-4 and H-block licenses to fuel its “direct-to-cell” service and reduce reliance on partners like T-Mobile. For EchoStar, the deal offers a lifeline, helping chip away at $25B in debt, just weeks after it inked a separate $23B spectrum sale to AT&T.
Meanwhile, M&A heat appears to be increasing, as Blue Water Acquisition lobbed a surprise $10B bid for Citgo’s parent PDV Holding, throwing a curveball into a court-supervised auction where Elliott’s Amber Energy had been tagged the frontrunner. And Permira is weighing a $4B sale of Cambrex, as drugmakers boost US manufacturing capacity ahead of potential new tariffs.
In the UK, Spurs fans can breathe (for now): ENIC Sports rebuffed takeover approaches for Tottenham Hotspur, valued at about £3.5B, after Daniel Levy’s exit stirred speculation. Elsewhere, TDR is keeping control of David Lloyd Leisure via a $2.7B continuation fund; Thoma Bravo is exploring a $2B sale of school safety software firm Raptor Technologies; and, Sonoco is offloading its ThermoSafe unit to Arsenal Capital for up to $725M.
Elsewhere, Advent and Cinven are dusting off plans to float TK Elevator in what could be one of Europe’s largest 2026 listings, just as Saudi’s wealth fund swooped in as a cornerstone investor at a €23B valuation.
Read on for a full rundown of all the latest transaction news.
SpaceX to Acquire Wireless Spectrum from EchoStar for $17B
SpaceX agreed to acquire wireless spectrum licenses from EchoStar Corp. for about $17B in cash and stock. The acquisition, which includes the AWS-4 and H-block spectrum, will allow SpaceX to advance its "direct-to-cell" satellite service, giving it more independence from partners like T-Mobile. For EchoStar, the deal helps resolve a regulatory probe from the FCC and will be used to pay down a significant portion of its $25B debt. The announcement came less than a month after AT&T agreed to acquire certain spectrum licenses from EchoStar for about $23B in an all-cash transaction.
Infleqtion to Merge With Churchill Capital Corp. X in SPAC Deal
Quantum computing firm Infleqtion agreed to merge with Churchill Capital Corp. X, a publicly traded special purpose acquisition company led by Michael Klein. The deal is expected to provide more than $540M in new capital while valuing the company at $1.8B pre-money. The transaction also includes a co-investment from institutional investors, including Maverick Capital, Counterpoint Global, Glynn Capital, BOKA Capital and LCP Quantum. The proceeds will be used to strengthen Infleqtion's balance sheet, accelerate investment in its neutral atom quantum computer and scale customer adoption.
SentinelOne Intends to Acquire Observo AI in Cash, Stock Deal
AI-powered cybersecurity platform SentinelOne intends to acquire Observo AI, a data streaming platform, for an undisclosed amount in a cash-and-stock deal. The strategic move aims to complement SentinelOne's existing AI SIEM and data offerings and streamline security operations for customers. Observo AI is backed by Felicis and Lightspeed Venture Partners.
Attalis Capital Acquires Majority Stake in Vision Intelligence
Sydney-based private equity firm Attalis Capital acquired a majority stake in advanced smart site technology company Vision Intelligence. Financial terms of the deal were not disclosed. The partnership will bring fresh capital and expertise into Vision Intelligence and enable it to accelerate innovation, expand its service capabilities and deliver solutions "as-a-service" with the support of AI.
Databricks Closes $1B Series K Funding Round at More Than $100B Valuation
Data and AI company Databricks closed a $1B Series K funding round, which valued the company at over $100B. The investment was co-led by Andreessen Horowitz, Insight Partners, MGX, Thrive Capital and WCM Investment Management. The San Francisco-based company plans to use the capital to accelerate its AI strategy, including expanding its products "Agent Bricks" and "Lakebase." The funding will also support future acquisitions and deepen AI research efforts.
Netomnia Adds £300M Debt to Fuel Broadband Push, Total Funding Hits £1.2B
UK-based alternative network provider Netomnia completed a £300M ($406M) junior debt raise, bringing its total debt funding to £1.2B ($1.6B). The investment includes £160M ($216.7M) from existing investors I Squared Capital and Palistar Capital, with an additional £140M ($190M) from increased commitments by these investors and new lenders Rand Merchant Bank and Bain Capital. Netomnia, along with YouFibre and brsk, now serves 2.7M premises and aims to reach 5M by the end of 2027, supported by financial advisors Advencap, DigitalBridge and Soho Square Capital.
Mojo Vision Secures $75M to Expand Micro-LED Platform
Mojo Vision, a high-performance micro-LED platform company, closed an oversubscribed $75M series B Prime funding round led by Vanedge Capital, with participation from Edge Venture Capital, New Enterprise Associates, Fusion Fund, Knollwood Capital, Dolby Family Ventures, Khosla Ventures, Keymaker, Ohio Innovation Fund, Hyperlink Ventures and imec.xpand. The new capital will be used to support the commercialization of Mojo Vision’s platform and accelerate the development of micro-LED applications that can power AI.
DataCrunch Secures $64M in Equity, Debt Financing
Helsinki, Finland-based AI cloud platform DataCrunch raised $64M in a series A funding round led by byFounders, Skaala, Varma Mutual Pension Insurance and Tesi. The round, which included a combination of equity and debt financing, featured investment from J12 Ventures and select angel investors. The debt portion was led by Nordea and Armada Credit Partners, with participation from Danske Bank, Norion Bank and LocalTapiola. The funding will be used to expand DataCrunch’s infrastructure and roll out new features.
Scale Venture Partners Leads Series C Investment in Motion
Motion, which is building an end-to-end agentic work suite, raised $60M across its series B, C and C2 funding rounds. The $38M series C round was led by Scale Venture Partners, while HOF Capital, 468 Capital and SignalFire pre-empted series B and C2. Other investors included Y Combinator, Valor Equity Partners, Fellows Fund and Leonis Capital. The company has raised a total of $75M with the latest valuation of $550M. The new capital will be used to expand the team, particularly in engineering and product, and to further develop the suite with new applications and agents.
Dazl Emerges from Stealth with $10M Seed Funding
AI creation platform for building production-ready applications Dazl emerged from stealth with a $10M seed funding round led by 40RTY Fund, with participation from Wix and Wix co-founder Nadav Abrahami. The new capital will support Dazl's launch and enable it to deliver a single platform where creators can build with confidence.
Hypt Closes Oversubscribed $2.1M Seed Round
Swiss SaaS firm Hypt closed an oversubscribed CHF 1.65M ($2.1M) seed round led by German venture capital Venpace, with participation from SixThirty Ventures, COREangels, SICTIC, NCA and Gateway Ventures. The company has developed a proprietary Word-of-Mouth Manager that helps brands, particularly in the banking, insurance, and FMCG sectors, systematically activate satisfied customers to generate recommendations and reviews. The new capital will be used to accelerate product development and expand the company's footprint.
AI-Powered Energy Forecasting Startup Renewcast Raises €1M in Funding
Rome-based startup Renewcast raised €1M ($1.2M) in a SAFE investment from 2C Ventures Fund I. The company, which develops AI-powered forecasting technology for renewable energy operators, plans to use the funds to consolidate its technology team and accelerate its global rollout. Renewcast is targeting expansion into Europe, the US, Latin America and Asia.
Enate Secures Growth Equity Investment from Scottish Equity Partners
UK-based software company Enate secured a significant growth equity investment from Scottish Equity Partners. Financial terms were not disclosed. The company provides a process orchestration and AI solution that helps global service providers run complex operations with greater efficiency and control. The new capital will be used to double down on AI and orchestration research and development.
ElevenLabs to Allow Staff to Sell $100M in Shares at $6.6B Valuation
ElevenLabs, a startup specializing in AI-generated audio, is reportedly allowing its staff to sell up to $100M in shares in a tender offer that values the company at $6.6B, doubling from its previous valuation of $3.3B in the $180M series C funding round in January. The deal is being led by Sequoia Capital and Iconiq Growth, with participation from Andreessen Horowitz and others. The tender offer is a strategy for ElevenLabs to reward its long-term employees and attract talent in the competitive AI market.
Netskope Seeks to raise $813M in Nasdaq IPO
Cybersecurity firm Netskope, which is backed by Lightspeed Venture Partners, Accel and Iconiq Capital, is reportedly seeking to raise up to $813M in an IPO on the Nasdaq Global Select Market. The Santa Clara, CA-based company plans to sell 47.8M shares at a price range of $15 to $17 per share, giving it a valuation of about $6.5B at the top range. The company's Netskope One platform uses AI to help businesses secure sensitive data and protect against threats. Morgan Stanley and JPMorgan Chase are serving as lead underwriters for the offering.
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Tottenham Hotspur’s Owners Reject 2 Takeover Bids
ENIC Sports & Developments, the investment company controlling Tottenham Hotspur, reportedly rejected separate expressions of interest from PCP International Finance (PCP) and Firehawk Holdings, an investor consortium led by Roger Kennedy and Wing-Fai Ng, to acquire the club. PCP is an investment fund controlled by Amanda Staveley, former co-owner of Newcastle United. The announcement follows the recent departure of longtime Executive Chairman Daniel Levy, which fueled speculation of a potential takeover. PCP also issued a statement confirming it does not intend to submit an offer at this time, but left the door open for a future bid. The London-based football club has been valued at approximately £3.5B ($4.7B) and is advised by Rothschild & Co.
Inflexion-Backed Nodor Acquires Automated Scoring Platform Autodarts
Nodor, a manufacturer of darts equipment backed by private equity firm Inflexion, acquired Autodarts, a technology company that uses camera-based systems for automated scoring. Financial terms of the deal were not disclosed. The acquisition is a significant move to merge traditional sports with modern technology, aiming to enhance the global darts community by providing advanced playing, training and competition experiences. The merger combines Nodor's brands, including Winmau and Red Dragon, with Autodarts' platform.
Blue Jeans Golf Closes 1st Round of $20M Series B Funding
Blue Jeans Golf closed the first round of its $20M Series B fundraising to fuel the national expansion of its Golf Ranch brand. The round was led by Old Tom Capital and Creator Sports Capital. The new equity capital, combined with a recently closed debt facility, will be used to acquire and develop new sites nationwide, with a goal of expanding to 10 to 12 Golf Ranch locations by the end of 2026.
Unrivaled Secures Series B Investment Led by Bessemer Venture Partners
Professional women's basketball league Unrivaled closed an oversubscribed Series B investment round, increasing its valuation to $340M. The round was led by Bessemer Venture Partners and other investors included Serena Ventures, Warner Bros. Discovery and Alex Morgan's Trybe Ventures. The league, which has a player-first business model that includes equity stakes for its athletes, will use the new capital to accelerate its strategic growth and expand operations ahead of its second season.
OranAI Secures Multi-Million-Dollar Angel Funding
AI marketing company OranAI completed a multi-million-dollar angel financing round. The new capital accelerates the company’s expansion and enhances its AI Marketing Agent, PhotoG, which automates content generation and publishing for businesses.
Permira Plots $4B Sale of Cambrex as Pharma Rebuilds in America
Permira is reportedly seeking buyers for Cambrex, an East Rutherford, NJ-based contract drug manufacturer that provides drug substance development, manufacturing and analytical services. Permira, which acquired Cambrex in 2019 for about $2B, is reportedly targeting a valuation of up to $4B. The move comes as global drugmakers are increasing domestic US manufacturing capacity and inventory, benefiting companies like Cambrex, in response to looming import tariffs proposed by President Donald Trump.
Phreesia Buys AccessOne in $160M Deal to Boost Patient Financing
Wilmington, DE-based patient activation solutions provider Phreesia agreed to acquire Fort Mill, SC-based AccessOne Parent Holdings, a healthcare receivables financing firm backed by Frontier Growth, for $160M in cash. The acquisition is expected to add approximately $35M in annualized revenue. Goldman Sachs and Lowenstein Sandler advised Phreesia, while Houlihan Lokey and Womble Bond Dickinson (US) represented AccessOne.
Hedepy Snaps Up HearMe to Bolster Workplace Mental Health Services
Hedepy, a Prague-based mental health platform backed by Hungarian Impact Ventures, Purple Ventures, Fund Nation 1 and angel investor Leoš Navrátil, acquired Polish workplace mental health support provider HearMe for an undisclosed sum, with the combined entity operating under the Hedepy brand. The acquisition adds over 80 corporate clients and more than 120 professionals, with HearMe founders Adam Radzki and Katarzyna Gryzło joining Hedepy's leadership team. Hedepy is also currently preparing for a new investment round.
Riverside Reshapes A.forall, Sells Business Unit to Abacus Medicine
Global investment firm The Riverside Company is selling the retail and hospital business unit of its Belgian portfolio company A.forall to European pharmaceutical company Abacus Medicine. Riverside originally invested in A.forall in December 2017, and the company, which is a global specialty pharma group, expanded with the acquisition of Eco Pharma Supply (EPS) in April 2022. Riverside will retain ownership of A.forall's generics business unit, which operates in over 60 countries and markets more than 30 in-house developed products.
Stella Mental Health Expands in LA with Bespoke Treatment Buyout
Sterling Partners-backed interventional psychiatry provider Stella Mental Health acquired Bespoke Treatment, a mental health facility in Los Angeles. The acquisition expands Stella's services in Los Angeles and Santa Monica, CA, to include Bespoke's treatments like psychotherapy and TMS, and adds Stella's Dual Sympathetic Reset Stellate Ganglion Block (DSR-SGB) to the offerings.
KKR’s Heartland Dental Expands Network With Smile Design Dentistry Acquisition
Illinois-based dental support organization (DSO) Heartland Dental, majority owned by KKR, acquired Florida-based Smile Design Dentistry, expanding its network to over 1,880 locations across 39 states and the District of Columbia. The transaction, which adds 60 practices in Central Florida and the Tampa Bay area to Heartland's portfolio, was advised by legal counsel Ropes & Gray for Heartland Dental and Willkie Farr & Gallagher for Smile Design Dentistry. Financial advisors for Smile Design Dentistry were Bailey & Company, B. Riley Securities and Edgemont Partners.
Cigna’s Evernorth Pours $3.5B Into Shields for Sycamore Takeover
St. Louis-based health solutions provider Evernorth Health Services, a subsidiary of The Cigna Group, invested $3.5B in preferred stock in Shields Health Solutions, a specialty pharmacy management company. The investment followed Sycamore Partners' acquisition of Shields from Walgreens Boots Alliance, an action that established Shields as a standalone private company. Greenhill, an affiliate of Mizuho, served as Evernorth's financial advisor, with Wachtell, Lipton, Rosen & Katz as corporate counsel and Holland & Knight as regulatory counsel.
NRG Snags £50M Series B to Advance ALS Treatment
SV Health Investors' Dementia Discovery Fund led an oversubscribed £50M ($67.7M) Series B financing for NRG Therapeutics, a UK-based neuroscience company focused on mitochondrial dysfunction. The funding round, which was also joined by British Business Bank, M Ventures, Novartis Venture Fund, Criteria Bio Ventures, Omega Funds and Brandon Capital, will fund clinical proof of concept studies for the company’s lead candidate, NRG5051, for amyotrophic lateral sclerosis (ALS)/motor neurone disease (MND).
Ronovo Surgical Secures $67M From JJDC, Others
JJDC, Johnson & Johnson's corporate venture capital arm, led a $67M Series D financing round for Chinese medical technology company Ronovo Surgical, with participation from Lilly Asia Ventures, INCE Capital and Granite Asia, bringing Ronovo's total funding to over $100M for the year. The funding coincides with a collaboration agreement between Ronovo Surgical and Johnson & Johnson Medical (Shanghai) to expand access to Ronovo's flagship product, the Carina modular robotic surgery platform, in the China market.
Epigenic Bags $60M for Hepatitis B, Cholesterol Therapies
Beijing-based venture firm Lapam Capital led a $60M Series B financing round for Chinese clinical-stage biotech company Epigenic Therapeutics, with participation from existing investors Qiming Venture Partners and OrbiMed, and new investor IFSC. The funding will advance Epigenic's clinical programs for chronic hepatitis B and hypercholesterolemia.
Integra Nets €10.7M to Rewrite the Future of Genomic Medicine
Barcelona-based Integra Therapeutics, a spin-off from Pompeu Fabra University, closed a €10.7M ($12.6M) pre-Series A round for its gene writing technologies. The funding, which will support preclinical validation and expansion of its FiCAT platform, was led by the EIC Fund and CDTI Innvierte, investing €4M ($4.7M) and €2.7M ($3.2M), respectively. The round also saw participation from AdBio Partners, Columbus Venture Partners, Invivo Partners and Takeda Ventures.
Chicago MedTech Madison Scientific Expands Oversubscribed Seed to $10M
Chicago-based medical technology company Madison Scientific, which develops the SmartShunt Hydrocephalus Management System, increased its seed round target proceeds by $3M for a new total of $10M due to oversubscription. The round, co-led by WARF Ventures, now includes investments from mHUB Ventures, Heinz Ventures, Endeavor Health Ventures, Isthmus Project, Princeton Alumni Angels, Stateline Angels, Impact Foundation, the MedTech Angels, Central Illinois Angels and many family offices and angels.
BoobyBiome Lands €2.8M Seed to Launch Breast Milk Storage Breakthrough
UK-based investment firm Empirical Ventures led a €2.8M ($3.3M) seed funding round for BoobyBiome, a London-based biotech company focused on infant feeding solutions through breast milk microbiome research, with participation from The Helm, XFactor Ventures, Lavender Ventures, Kayan Ventures and Evenlode Investment, plus angels Dominic Hollamby, Lord Ara Darzi, Yael Cohen and Vanessa Colomar. The funding will be used for international scaling and the commercial launch of the company’s proprietary storage device.
TPG Invests in $290M Continuation Vehicle for Earnix
Private equity firm TPG GP Solutions invested in a $290M single-asset continuation vehicle for Israeli insurtech company Earnix. The deal, which involved a US regulatory-approved conversion of an early-stage fund from Jerusalem Venture Partners (JVP), gives the new vehicle a 54% stake in Earnix. The investment provides an exit opportunity for earlier investors and positions the company for future growth toward a potential IPO. JVP will continue to manage the fund as general partner, with TPG GP Solutions and Insight Partners as limited partners alongside Partners Group, HighVista Strategies, Committed Advisors and Hollyport Capital. Earnix was valued at $1B in a 2021 funding round.
Cresso Health Buys Florida’s GPS Insurance, Boosts National Reach
Cypress Ridge Capital-backed Cresso Health, a New York-based technology-enabled provider of sales and marketing solutions for health insurance carriers, acquired Florida-based health insurance and related products distributor GPS Insurance. The acquisition aims to expand Cresso Health's field presence, establishing it as a leader in insurance distribution with a combined platform of over 250 agents.
JAB Insurance Seals Prosperity Deal, Adds 1M Clients
JAB Insurance, a Miami-based subsidiary of JAB Holding Company, finalized its acquisition of Prosperity Life Group from Elliott Investment Management. The deal integrates Prosperity's nearly $30B in assets and 1M policyholders into JAB's insurance business, which also includes Family Life. The acquisition positions JAB Insurance, now with a presence in New York, to create a global life insurance platform.
KKR-Backed Aiwyn Expands with QuickFee US Payments Deal
Aiwyn, a Charlotte, NC-based accounting firm backed by KKR and Bessemer Venture Partners, acquired the US payments business of Northleaf Capital Partners-backed QuickFee. The partnership expands Aiwyn's product suite to include QuickFee's 'pay later' finance offering, while QuickFee's customers gain access to Aiwyn's integrated platform.
Global Stablecoin Player WSPN Buys Dutch EMI Aplauz NL
Singapore-based global digital payments company Worldwide Stablecoin Payment Network (WSPN) acquired Aplauz NL BV, a licensed Dutch Electronic Money Institution (EMI) and subsidiary of Aplauz Financial Services. The acquisition strengthens WSPN's European presence and commitment to advancing compliant stablecoin payment ecosystems. WSPN’s backers include Folius Ventures, Foresight Venture, Hash Global, Generative Ventures, RedPoint Capital and a consortium of investment companies, exchanges and foundations.
Parkwoods Wealth Grabs IN-based $350M Shoreline Wealth Advisors
St. Louis, MO-based Parkwoods Wealth Partners acquired Shoreline Wealth Advisors, an RIA in New Castle, IN, with $350M in assets under advisement. The deal, which closed on Aug. 1, also includes Shoreline’s affiliated tax preparation firm Shore & Co. Shoreline is led by founder Bud Shore, and co-owner Jay Bumbalough.
EverBank Closes $261M Sterling Deal, Adds 26 Branches in CA & NY
EverBank, a Jacksonville, FL-based national specialty bank whose private owners include Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street and Bayview Asset Management, completed the conversion and rebrand of Sterling Bank and Trust FSB, which it acquired on April 1, 2025. The integration expands EverBank's retail network with 25 financial centers in California and one in New York, adding to its existing Florida presence. Sterling Bank and Trust was acquired for a fixed cash price of $261M with legal counsel for Sterling Bank being Arnold & Porter and financial advisors being Keefe, Bruyette & Woods and Hovde Group. EverBank's legal counsel was Simpson Thacher & Bartlett.
Kin Locks in $50M Equity at $2B Valuation, Secures $200M Debt
QED Investors and Activate Capital co-led an oversubscribed $50M Series E funding round for direct-to-consumer digital home insurance company Kin at a pre-money valuation to $2B. Additionally, Kin secured a $200M debt facility led by Wellington Management, with $145M allocated to refinance existing debt.
San Francisco’s Portal Secures $50M to Expand Bitcoin-Native Tech
Portal to Bitcoin, a San Francisco-based Bitcoin-first protocol, secured $50M in new financing, bringing its total funding to $92M. The funding round was led by Paloma Investments and will be used to expand BitScaler, the company's adapter for native Bitcoin scaling, and to grow the firm's grants program.
Community Financial Makes $37M Leap into Rental Housing Insurance
New York-based Community Financial System announced a $37.4M minority investment in Leap Holdings, a Delaware-based tech-first managing general agent backed by Nexa Equity. Leap, through its subsidiary Leap Insurance Agency, provides insurance solutions for the rental housing sector, including Agile Rent Guaranty and Leap Deposit Replacement.
Rainforest Raises $29M in Oversubscribed Series B Funding
Rainforest, an embedded payment provider for software platforms, raised $29M in an oversubscribed series B funding round led by Matrix Partners and Infinity Ventures, with participation from Accel and Tech Square Ventures. The company provides a purpose-built solution that allows vertical SaaS platforms to seamlessly embed payments, helping them drive revenue and retention. The capital will be used to boost hiring, expand geographically into Canada and accelerate product development.
Kea Secures €6M, Eyes UK, UAE Licenses in Fintech Push
Cyprus-based fintech company Kea closed a €6M ($7M) extended seed funding round, raising its post-money valuation to €40M ($47M). The new round, led by an undisclosed Switzerland-based private investor, builds on a prior €2.5M ($2.9M) seed round from Mark Carnegie. The company will use the capital to accelerate licensing applications in the UK, UAE and EU, expand crypto-processing features and develop its fintech mega-app.
Thoma Bravo Considers $2B-Plus Sale of School Safety Software
Private equity firm Thoma Bravo is reportedly exploring a sale of Houston-TX-based school safety software provider Raptor Technologies. With more than $80M in annual EBITDA, Raptor, which provides crisis and emergency response software to 60,000 schools globally, could fetch more than $2B in a sale. Thoma Bravo reportedly hired JPMorgan to advise on the sale process, which is expected to kick off later this year.
Guild Garage Group Closes Purchase of Door Serv Pro
Guild Garage Group, a New York-based alliance of residential garage door service firms that functions as a private equity firm, completed its 22nd acquisition with the purchase of Door Serv Pro (DSP), a family-owned garage door firm based in Inwood, WV. As a part of the transaction, Guild Garage Group will add six additional locations across Virginia, Maryland and Pennsylvania.
Louisiana A&E Investor Acquires Michigan-Based AMDG Architects
Lafayette, LA-based architecture and engineering (A&E)-focused private investment firm The Stonewall Group purchased Grand Rapids, MI-based AMDG Architects, marking the firm’s sixth acquisition. The partnership, which was first announced in August, is set to aid AMDG in expanding its reach and capabilities. AMDG will continue to operate independently under the leadership of Principal Peter Baldwin.
Ohio-based IBP Expands Manufacturing Operations with CPF Acquisition
Columbus, OH-based Installed Building Products (IBP), an installer of insulation and building products, acquired Carolina Precision Fibers (CPF), a Ronda, NC-based manufacturer of cellulose-based insulation previously supported by Holding Capital Group and Advantage Capital Partners. The acquisition, which adds $20M in annual revenue, expands IBP’s manufacturing capabilities and provides clients direct access to an alternative to fiberglass insulation.
Actis Exits South African Private Higher Education Network
Old Mutual Private Equity (OMPE), the private equity arm of South African financial group Old Mutual, will acquire a majority stake in private higher education network Honoris United Universities from British firm Actis. The acquisition, made possible by Old Mutual Private Equity Fund VI, follows OMPE’s recent acquisitions including Much Asphalt. Honoris will be largely Black-owned upon acquisition. Rede Partners and Clifford Chance provided financial and legal counsel to Actis for the transaction.
Ardian Arranges Financing for Implid LBO
Global private equity firm Ardian arranged a unitranche facility to support the leveraged buyout of implid, a French accounting, legal and business firm. The financing package also included a committed line to support implid's external growth strategy. In the deal, EMZ Partners entered as a minority shareholder, with over 50 implid managers also reinvesting in the company.
City Elevator of Michigan Acquires Elevator Technology
Carroll Capital-backed Elevator Service, Inc. (ESI), the parent company of City Elevator of Michigan, acquired Detroit-based service provider Elevator Technology. The acquisition expands City Elevator's presence in the Detroit metro area and allows for the retirement of Elevator Technology's owner, Wayne Bolen.
Hg Capital Invests in Canada’s Payworks
Hg Capital invested in Canadian workforce management solutions Payworks to aid Payworks in its growth and expansion within the Canadian human capital management (HCM) sector. Payworks will continue to operate with its existing team and offices across the country.
Signal Hill Makes Investment in A&E Firm in Illinois
Signal Hill Equity Partners is partnering with Kluber Architects + Engineers, an integrated architecture and engineering firm based in Aurora, IL. The move expands Signal Hill's national A&E platform, which already includes CSArch and ZMM Architects. The new partnership combines over 160 professionals across nine offices, providing A&E services to clients in the Northeastern and Midwestern United States. Kluber's leadership team will continue to lead the firm and its growth objectives. Signal Hill Equity received legal support from Taft Stettinius & Hollister. Kluber Architects + Engineers was advised by AEC Advisors, through its registered broker-dealer affiliate AEC Transaction Services, with legal support provided by Lawson & Weitzen.
TDR Capital Sells Stake in David Lloyd Leisure
London-based TDR Capital agreed to sell its stake in David Lloyd Leisure, a health and fitness club chain, to a new continuation vehicle it has formed, reportedly valuing the company at over $2.7B. TDR's new fund, TDR Capital Titan, will take a majority stake and commit over £100M ($135M) to support the company's growth. TDR Capital initially acquired David Lloyd Leisure in 2013 for £750M ($1B).
Regent Set to Acquire Children's Brand Petit Bateau
French lifestyle conglomerate Groupe Rocher selected US-based private equity firm Regent as the preferred buyer for its children’s fashion brand, Petit Bateau. Regent specializes in revitalizing heritage brands and aims to accelerate Petit Bateau's growth while preserving its French craftsmanship and identity. The potential sale is subject to the approval of employee representative bodies.
JetBlue Ventures Rebrands as SKY VC After Acquisition
JetBlue Ventures announced its rebrand to SKY VC after its acquisition by San Francisco-based aviation alternative asset manager SKY Leasing in May. The acquisition aims to evolve JetBlue Ventures into an independent platform to expand its capabilities to back founders and scale technologies by leveraging SKY's global network and capital. Advisors on the deal were Kirkland & Ellis for SKY Leasing, Cooley for JetBlue, and DJL Corporate Law for JetBlue Ventures.
UK Electric Bike Firm Maeving Raises $11M
UK-based electric bike manufacturer Maeving secured £8M ($11M) in new funding to develop new models and boost international sales, particularly in key markets like France, Germany and the US. Maeving's funding round included investments from venture capital firms Venrex, Elbow Beach Capital, and Future Planet Capital, as well as several angel investors such as Links of London co-founder John Ayton and Sweaty Betty founder Simon Hill-Norton.
Avelo Airlines Closes New Funding Round to Fuel Expansion
Low-fare airline Avelo Airlines secured a significant new round of growth capital. The undisclosed investment is the largest single funding round since the company launched in 2021 and will be used to support its continued expansion across the US and Caribbean. According to CEO Andrew Levy, the capital will strengthen Avelo's financial position and allow it to invest in new technology, enhance the customer experience and serve communities that are currently underserved by other carriers.
New York-Based StubHub Aims to Raise $851M in IPO
StubHub Holdings, a New York-based ticket selling platform supported by Madrone Capital Partners, WestCap Management, and Bessemer Venture Partners, is seeking to raise up to $851M in an IPO. At the top of the range, the company's market value would be approximately $9.2B. The offering is expected to be finalized on Sept. 16. The ticket selling platform, which also operates Viagogo, reported a net loss of $76M on $827.9M in revenue for the first six months of the year.
The Beauty Tech Group to Pursue London IPO
British at-home cosmetics tech company The Beauty Tech Group announced its intention to launch an IPO on the London Stock Exchange. The offering, which could reportedly value the company at £350M ($473.5M), would include new shares to pay off debt and existing shares from current holders. The potential IPO offers a boost to the UK's capital markets, which have seen a significant decline in new listings.
RWE Partners with Apollo to Fund German Grid Expansion
RWE formed a long-term partnership with Apollo Global Management to secure funding for its 25.1% stake in Amprion, one of Germany's four Transmission System Operators (TSO). Apollo will invest €3.2B ($3.8B) into a new joint venture with RWE, which will hold the Amprion stake. The funds are set to support Amprion's major grid expansion projects over the next decade, which are critical for Germany's energy transition. RWE will retain operational control of the joint venture. The transaction is expected to close in the fourth quarter.
PIF and Macquarie Partner to Invest in Saudi Infrastructure
Saudi Arabia's Public Investment Fund (PIF) and Macquarie Asset Management (MAM) signed a memorandum of understanding to explore joint investments in the Kingdom. The partnership will focus on infrastructure and energy transition, including digital infrastructure, electric vehicle charging and energy storage. The agreement aims to attract foreign investment and enhance Saudi Arabia's asset management industry. MAM plans to establish a regional office in Riyadh as part of the collaboration.
WaterBridge Kicks Off IPO on NYSE
WaterBridge Infrastructure is launching its IPO (IPO) of 27M Class A shares. The company, which was supported by Five Point Infrastructure, GIC, and Barclays Capital, applied to list its shares on the New York Stock Exchange under the ticker symbol WBI. JPMorgan and Barclays are acting as the lead book-running managers for the offering.
Blue Water SPAC Submits $10B Bid for Citgo Parent PDV Holding
Special purpose acquisition company Blue Water Acquisition submitted a $10B bid for PDV Holding, the parent company of the Venezuela-owned refiner Citgo Petroleum. The offer, which includes a $3.2B settlement for holders of a defaulted Venezuelan bond, was submitted to a US court overseeing a bidding round for PDV Holding's assets. The unsolicited bid comes after a court-organized auction closed last month, where a court officer recommended Elliott Investment Management’s affiliate Amber Energy as the frontrunner. A Delaware court is expected to hold a procedural conference next week to decide on the auction's winner.
Strathcona Resources Raises Bid for MEG Energy to Block Cenovus’ Offer
Strathcona Resources, an oil and gas company controlled by Adam Waterous, reportedly raised its bid for MEG Energy to 0.8 of a share for each MEG share. The new offer values MEG at CAD 7.8B ($5.64B) and attempts to thwart Cenovus Energy’s planned acquisition of the company. MEG's board previously rejected Strathcona's advances, arguing the offer was too low and exposed its shareholders to "inferior assets." The new bid is about 10% higher than Strathcona’s original offer and surpasses the value of the competing cash-and-stock deal from Cenovus. Strathcona, which holds a 14.2% stake in MEG, has pledged to vote its shares against the Cenovus deal.
Redtail Renewables, Pacolet Milliken Form Joint Venture RPM Holdings
Indianapolis, IN-based renewable natural gas developer Redtail Renewables, which is backed by Inyarek Partners, formed a joint venture with Pacolet Milliken, named RPM Holdings. The partnership launched with the acquisition of a renewable natural gas project located at the West Daviess County landfill near Owensboro, KY. Redtail Renewables also acquired a second project at a New York landfill as part of the transaction. Skadden, Arps, Slate, Meagher & Flom acted as legal counsel to Redtail and RPM.
CVC DIF to Acquire Grenergy's Gabriela Solar, Battery Project
CVC DIF, the infrastructure investment strategy of global private markets manager CVC, agreed to acquire the large-scale hybrid solar PV and battery storage facility Gabriela from Grenergy for an undisclosed amount. The project, which is currently under construction, features 272 MW of installed solar capacity and 1,100 MWh of battery storage. The deal is expected to be finalized after Gabriela’s commercial operation date in the first half of 2026. BNP Paribas was the financial advisor to CVC DIF, while Cuatrecasas, KPMG, Valgesta, DNV, and Marsh acted as the legal, tax, commercial, technical and insurance advisors, respectively.
Deep Fission Nuclear Secures $30M in Private Placement for Go-Public Merger
8VC-backed Deep Fission Nuclear completed a $30M private placement offering as part of a go-public reverse merger transaction with Surfside Acquisition. The private placement was heavily oversubscribed with participation from 8VC, Deep Future, Wave Function, Ed Eisler of EE Holdings, and Mark Tompkins of Montrose Capital Partners. The new capital will be used to build the company's pilot reactor, with a target of criticality in 2026.
Abu Dhabi National Oil Consortium Seeks $10B Debt to Finance Santos Takeover Bid
A consortium led by Abu Dhabi National Oil and its investment arm XRG PJSC is reportedly considering raising more than $10B in debt to back its proposed $18.7B takeover of Australian fossil fuel producer Santos. The group also includes Abu Dhabi Development Holding and Carlyle Group. JPMorgan Chase is leading the debt financing and is also the financial advisor. The discussions are ongoing as the parties work toward a binding agreement by the Sept. 19 exclusivity deadline.
Otovo USA Launches with $4M in Initial Funding
Home energy service company Otovo USA launched with more than $4M in initial funding led by EIC Rose Rock. The capital raised will be used to support the company's service launch in the Texas market. Otovo USA, founded by clean-energy pioneer John Berger, is introducing an AI-driven platform to provide homeowners with a single, integrated solution for their energy needs, including solar systems, batteries, and EV chargers. The company plans to expand its offering across America to help millions of consumers with home energy services.
United Beren Closes Senior Loan for Rio Grande E&P II, Atlantic Pearl Partners
Houston-based direct lender United Beren Energy Capital (UBE), along with investors EnTrust Global and an unnamed international commodities trader, closed a senior secured term loan facility for Rio Grande E&P II and Atlantic Pearl Partners. The loan, led and originated by UBE, will provide development capital for the South Texas-focused oil and gas companies' drilling programs.
Sonoco to Sell ThermoSafe Business for Up to $725M
Sonoco Products Company agreed to sell its ThermoSafe business to private equity firm Arsenal Capital Partners for up to $725M, including a $650M payment at closing and a potential $75M in additional consideration. ThermoSafe provides temperature-controlled packaging for pharmaceuticals, generating over $240M in sales in 2024. Morgan Stanley & Co. acted as financial advisor to Sonoco. Freshfields acted as Sonoco’s legal advisor. Kirkland & Ellis acted as legal advisor to Arsenal.
Safran Explores Sale of Aircraft Interiors Business
French aerospace and defense group Safran is reportedly exploring the sale of a significant portion of its aircraft interiors business. The assets, which include items like overhead bins and galleys, could be valued at up to €1.5B ($1.8M). The company's cabin seat business is not part of the potential sale.
Survitec Sells Aerospace, Defense Division to Capitol Meridian, Stellex Capital
Survitec, a provider of survival technology, agreed to sell its aerospace and defense division, Beaufort, to investment firms Capitol Meridian Partners and Stellex Capital Management. Beaufort supplies survival equipment such as flight jackets, liferafts and immersion suits to defense ministries and militaries around the world.
Union Park PortCo Purchases Environmental Monitoring Firm
Maryland-based AEM, a Union Park Capital portfolio company providing environmental insights, acquired Van Essen Instruments, a Dutch company specializing in groundwater and surface water monitoring systems. The acquisition integrates Van Essen's sensors and data tools into AEM's Elements platform, creating a unified solution for monitoring water, weather and other environmental risks.
Minnesota-based Horizon Commercial Purchase of Aqua Source
Minnesota-based Horizon Commercial Pool Supply, a portfolio company of Northrim Horizon, completed its acquisition of Elk Grove, CA-based Aqua Source, a provider of commercial aquatic facility solutions. Through the acquisition, Horizon gains Aqua Source’s expertise in water safety and regulations. Texas-based M&A advisory firm Generational Group provided counsel for the transaction.
AEVEX Acquires Assets from RapidFlight
AEVEX, an unmanned systems provider backed by Madison Dearborn Capital Partners, acquired select assets and intellectual property from Tracker Capital-backed RapidFlight, a manufacturer of uncrewed aircraft systems (UAS). The acquisition strengthens AEVEX's portfolio by adding new platforms and advanced additive manufacturing capabilities, allowing AEVEX to accelerate production timelines and expand domestic manufacturing of its combat-proven UAS, which are used by defense and national security clients.
Decks & Docks Snaps Up Pennsylvania-based Service Wholesale
Decks & Docks Company, a specialty distributor of outdoor living products supported by CCMP Growth Partners, acquired Service Wholesale Inc. (SWI), a Pennsylvania-based distributor of building and remodeling materials. The acquisition marks Decks & Docks' first location in Pennsylvania and adds roofing and siding to its product offerings. The employees of SWI will continue to operate under the Decks & Docks banner, with co-owners Eric and Matthew Schmidt joining the new team.
Quantum Systems Expands Into UK With $59M Investment
Germany-based drone specialist Quantum Systems is making a strategic expansion into the UK with a commitment of €50M ($59M) over the next five years. The move includes the full acquisition of Nordic Unmanned UK, which will serve as Quantum's local hub. The company plans to invest in UK infrastructure and partnerships to support the UK Ministry of Defence, with an initial focus on establishing local service, support, training, and logistics capabilities.
Hydrosat Raises Over $17.8M in New Funding
Hydrosat Inc., a Washington DC-based startup that uses satellites to provide climate and surveillance data, raised over $17.8M in new funding from 14 undisclosed investors. The company, which is seeking to raise a total of $50M, uses thermal infrared imagery to monitor crop yields, irrigation and detect industrial activity. The new capital follows a recent investment from Source Agriventures and a $20M funding round in April 2023 joined by Statkraft Ventures, Blue Bear Capital and Hartree Partners.
Canadian Waste Management Firm Receives Investment From TorQuest
Private equity firm TorQuest, through its TorQuest Partners Fund VI, completed an investment in Waste Solutions Canada (WSC), a tech-enabled waste and recycling management company. As part of the deal, WSC's co-founders will retain significant ownership and partner with TorQuest to drive future growth. Based in London, Ontario, WSC offers waste and sustainability solutions to commercial and industrial clients across Canada.
TK Elevator Plans 2026 IPO
Advent International and Cinven are reportedly in discussion with banks for the planned 2026 IPO of TK Elevator, a former unit of Thyssenkrupp AG, in a deal that could be considered one of Europe’s largest listings for the year. The plan comes after an arm of Saudi Arabia's sovereign wealth fund recently invested in TK Elevator, a deal that valued the company at over €23B ($27B), including debt.
KNDS Preparing for Potential 2026 IPO
KNDS NV, the Franco-German tank manufacturer backed by the Bode and Braunbehrens clans of Germany, is preparing for a potential IPO in 2026. According to CEO Jean-Paul Alary, the listing would broaden the company's shareholder base beyond its current French government and German family ownership. The move would provide KNDS with greater flexibility to pursue investments and acquisitions.
Blackstone Seals £489M Takeover of Warehouse REIT, Outbids Tritax
Blackstone acquired UK industrial property landlord Warehouse REIT for approximately £489M ($660M) after its offer crossed the unconditional threshold. The deal concludes a months-long pursuit that saw a rival bid from Tritax Big Box REIT. Warehouse REIT was advised by Jefferies International Limited, Peel Hunt and legal counsel Reed Smith.
Leaf Home Buys Erie Home to Create Largest DTC Residential Services Provider
Direct-to-consumer (DTC) home solutions provider Leaf Home acquired Erie Home to create the largest DTC residential services and products provider in North America. The transaction was supported by majority owner Gridiron Capital, with Ares Management leading a preferred equity investment and Apollo funds leading debt financing. The combined company, which will be led by new CEO Jenilee Common and President and COO Rocco Mango, will have over 300 field offices. Goldman Sachs and BofA Securities served as financial advisors to Leaf Home, while Ropes & Gray was the legal advisor. Harris Williams served as financial advisor to Erie Home and Benesch Law acted as its legal advisor.
Morgan Stanley Closes $900M Japan Real Estate Fund
Morgan Stanley Real Estate Investing (MSREI), the private real estate investment arm of Morgan Stanley Investment Management (MSIM), closed its North Haven Real Estate Japan Strategy Fund I (JSF), raising JPY 131B ($900M) and exceeding its JPY 75B ($508M) target. The fund, which will invest in residential, office and industrial properties in major Japanese markets, is backed by foreign sovereign wealth funds, along with Japanese pension funds and financial institutions.
Sila Realty Trust Snaps Up $70M Rehab Facilities in Texas, Arizona
Tampa, FL-based net lease REIT Sila Realty Trust acquired two inpatient rehabilitation facilities for $70.3M. The facilities, located in Plano, TX, and Peoria, AZ, were built in 2023 and are leased to Reunion Rehabilitation Hospitals, which partners with Nobis Rehabilitation Partners as the exclusive operator. The properties have 48 and 40 licensed beds at the Plano and Peoria facilities, respectively.
Rise48, Elevest Buy Garland, Texas, Complex for $33.5M
Arizona-based firms Rise48 Equity and Elevest Capital partnered to purchase the 248-unit Shiloh Oaks apartment complex in Garland, TX, for $33.5M. The undisclosed, California-based seller was represented by Northmarq. The new ownership will implement capital improvements and rebrand the property to Rise Apollo Heights.
Terreno Realty Buys Industrial Property in South San Francisco for $10.2M
Terreno Realty purchased an industrial property in South San Francisco for about $10.2M. The 1.1-acre property is at 258 Littlefield Avenue and consists of an industrial distribution building strategically located between the San Francisco International Airport and the City of San Francisco. The building is fully leased on a short-term basis until October.
Capital Commercial Grabs Houston Energy Corridor Office
Austin, TX-based investor Capital Commercial Investments purchased the Energy Crossing I, a three-story building property in Houston's Energy Corridor. The transaction was arranged by JLL, with Kevin McConn and Rick Goings serving as advisors for the undisclosed seller.
Brinkman Offloads 98%-Leased Sundance Plaza to Denver-Based REIT
Colorado-based real estate investment company Brinkman Real Estate sold Sundance Plaza, a multi-tenant mixed-use property in Steamboat Springs, CO, to a private REIT based in Denver. The 98% occupied asset, located at 225 Anglers Drive, consists of retail and office space. The seller was represented by Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield.
Gelt Venture Partners Lands 142-Unit Utah Complex
Los Angeles-based real estate investment firm Gelt Venture Partners (GVP) acquired the 142-unit apartment property Alvera at the Meadows, developed in 2021 in American Fork, UT. Details like seller and sale price were not disclosed. Institutional Property Advisors (IPA) represented both the buyer and the seller in the transaction. The deal marks GVP’s second acquisition in under 30 days, following the purchase of The Commodore in August.
FirstLight Acquires Columbia’s Stephenson Center in Major CRE Play
Greenville, SC-based commercial real estate investment firm FirstLight Investments acquired the Stephenson Center, an office portfolio in Columbia, from RealOp Investments for an undisclosed sum. The three-building portfolio, which includes a half-acre of industrial outdoor storage (IOS), is currently 91% leased. Colliers facilitated the transaction, with Henry Roe and Allen Wilkerson of Colliers also spearheading the new ownership's leasing efforts.
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