Swander Pace Capital, a private equity firm specialising in consumer product companies, has sold Functional Formularies, a provider of organic, whole food, shelf-stable feeding tube formulas, to Danone.

Lower middle market-focused global private investor The Riverside Company has acquired Arbeidsmiljø og Energiteknikk, a Norwegian distributor of third-party consumables and laboratory cleaning equipment, from RA Service and management. 

European middle-market private equity firm Inflexion has sold its stake in UK automotive retailing solutions provider Automotive Transformation Group to global automotive technology company Keyloop. 

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.