PE Tech Report

Deals

Roark Capital, a US PE firm focused on leveraged buyout investments across franchise restaurant and food, health and wellness, and business services, has completed its acquisition of Subway in a deal valued at $9.6bn.
An affiliate of private investment advisory firm Sun European Partners has agreed to sell UK environmental risk reduction specialist Adler & Allan to the private equity business at Goldman Sachs Alternatives.  
Global investment company abrdn has completed the sale of its £7.4bn European-headquartered private equity operation to alternative investment firm Patria Investments for around £100m, with the business set to be renamed Patria Private Equity Trust.  
Blackstone has upped the ante in the bidding war to acquire troubled music rights business Hipgnosis Songs Fund with an improved $1.6bn offer, trumping a rival $1.5bn bid from Concord, a US-based music investment group backed by Apollo Global Management, according to a report by Reuters.
Software-focused investment firm Thoma Bravo has reached an agreement with the board of directors at Darktrace, a UK specialist in cybersecurity artificial intelligence, to acquire the business in an all-cash $5.4bn deal.
A number of private credit firms including Blackstone have held talks with KKR & Co over providing a debt package of at least $525m to support the buyout firm’s bid to acquire Perpetual’s corporate trust and wealth management units, according to a report by Bloomberg.
Blackstone and Goldman Sachs are lining up to provide around $1.6bn in funding to support a potential take-private deal for L’Occitane International by the company’s owner Reinold Geiger, which could value the skincare business at about $7bn including debt, according to a report by Bloomberg.
Private equity firm GTCR has agreed to acquire AssetMark Financial Holdings, a wealth management technology platform for financial advisors, in a take-private deal that values the business at approximately $2.7bn.
The energy transition powered a recovery in European venture capital in the first quarter of 2024, as investors directed more funds to startups focused on solving the climate crisis, according to Dealroom’s Europe Q1 report.
US middle-market private equity firm Vestar Capital Partners has closed a $1.2bn single-asset continuation vehicle for its stake in Circana, a global consumer behaviour adviser, with Blackstone Strategic Partners and HarbourVest Partners acting as lead investors in the transaction.

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