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3i Group plc Action Capital Markets Seminar and portfolio update

3I

Capital Market Seminars Image

3i Group plc (“3i”, or “the Group”) will be holding a capital markets seminar this morning, involving a presentation from the management team of Action, our largest portfolio company. A live webcast of the seminar will take place at 10:00 (UK time). To register for the webcast, please visit https://www.3i.com/investor-relations. An on-demand webcast of the seminar will also be available by the end of the day.

In its 2025 financial year Action generated net sales of €16,000 million and operating EBITDA of €2,367 million, 16% and 14% respectively higher than in 2024. Like-for-like (“LFL”) sales growth was 4.9% and the business added 384 stores in the year. The operating EBITDA margin for the year was 14.8%. After adding back the one-off payment of €26 million made to staff during the year to celebrate Action’s 3,000th store, the EBITDA margin was 15.0%.

In the period to the end of week 12, Action’s net sales were €3.7 billion, 14.5% ahead of the
same period in 2025. LFL sales growth in the first 12 weeks of the year was 4.0%, driven mainly by transaction growth in all markets. Both sales growth and LFL in the period to the end of
week 12 showed a positive trajectory compared to Q4 2025. The LFL sales growth ex-France to the end of week 12 was 5.8% (Q4 2025: 4.6%), with France delivering 0.9% LFL sales growth (Q4 2025: -2.7%). Performance ex-France YTD is above expectations, with France slightly below. Store traffic in Northern Europe was impacted by snow and cold weather at various points, particularly in P2. The business added 24 stores in the year to the end of week 12, in line with expectations but below prior year due to phasing which is more weighted to the second quarter of 2026. Cash and cash equivalents as at 22 March 2026 were €900 million. Action is planning to make another dividend payment to shareholders in the coming weeks.

The following guidance for Action’s year to December 2026 will be set out during the presentation.

Like-for-like sales growth  4-5%
Net store opening target At least 400
EBITDA margin expansion Maintained at 14.8%

During the presentation, Action’s estimate of white space potential in existing and identified in-scope countries in Europe will be updated to c.4,650 stores in addition to the 3,302 existing stores at the end of 2025. This represents an increase of c.200 from the European white space estimate given last year. Action has also completed an in-depth market study of the United States, which demonstrated clear potential for the Action format. The company aims to open its first store in the South-East of the United States by the end of 2027 or early 2028.

We recently completed our semi-annual portfolio company review meetings. Overall, portfolio performance was encouraging. Our other long term hold asset Royal Sanders, and the vast majority of our Private Equity portfolio companies, continue to trade well. Our Infrastructure portfolio is also delivering solid overall performance.

Across the portfolio, the repercussions of Middle East situation have the potential to present further challenges, but history suggests that Action and the broader 3i portfolio will continue to show resilience in the most likely scenarios. We also continue to monitor the development of AI in our portfolio but see little downside impact and continue to see opportunities to apply AI across a number of portfolio companies.

 

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Categories: News

Blackstone Names Courtney Reagan Senior Editor of Blackstone Insights

Blackstone

NEW YORK – March 23, 2026 – Blackstone (NYSE: BX) today announced that Courtney Reagan has joined the firm as Senior Editor of Blackstone Insights, responsible for helping drive the firm’s content and engagement efforts. In this newly created role, Ms. Reagan will help bring Blackstone’s proprietary data, insights and extensive network to life – translating complex market themes into clear takeaways for business and financial audiences.

Ms. Reagan joins Blackstone after 20 years at CNBC, where she served in on-air roles including Senior Retail Reporter and Business News Headline Anchor. Her reporting spanned business news, global economies, retail and consumer trends, and equity and commodity markets.

“As our platform continues to scale, so does our commitment to engaging with our growing client base in new and impactful ways,” said Christine Anderson, Global Head of Corporate Affairs at Blackstone. “Courtney is an exceptional storyteller with deep experience explaining markets and business trends to a broad audience. We’re thrilled to have her join the team as we work to deliver thoughtful, differentiated content for investors, wealth advisors, and the broader business community.”

About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Contact

Hallie Dewey
Hallie.dewey@blackstone.com

Categories: People

CVC welcomes Apollo as minority investor in Syntegon: partnership to accelerate next growth phase

CVC Capital Partners
  • CVC reaffirms confidence in Syntegon’s strategic direction and continued growth potential
  • Apollo acquires approx. 37% minority stake and adds valuable expertise – particularly to further advance US expansion
  • Continuation of Syntegon’s successful development: Since CVC’s investment, revenue has increased to a record EUR 1.75 billion; operating profit has quadrupled
  • Agreement provides the platform for accelerated growth under the leadership of CEO Torsten Türling
  • Focus on growing markets and service potential from approximately 72,000 installed systems worldwide in the pharma, biotech, and food industries
  • Closing of the transaction is subject to customary regulatory approvals

CVC Capital Partners (“CVC”) announced today that an investor group led by Apollo-managed funds (“Apollo”) is acquiring a 37% minority stake in Syntegon from CVC. Based on Syntegon’s outstanding development, CVC is reaffirming its commitment and maintaining its majority shareholding with the remaining 63% of shares.

Following the successful transformation of Syntegon, this transaction marks the starting point for the next growth phase. At the same time, it underscores CVC’s approach of driving sustainable, positive company development through long-term, partnership-based commitment and the targeted selection of strategic co-investors. The team at Apollo shares the strategic vision of CVC and Syntegon and strengthens the proven partnership with new momentum and local expertise for the important North American market.

Marc Strobel, Chairman of the Supervisory Board of Syntegon and Partner at CVC, says: “The team around CEO Torsten Türling has done an outstanding job establishing the company as a leading provider in highly regulated and technologically complex markets. Bringing on board a minority shareholder offers the best conditions to further accelerate Syntegon’s growth globally. We have great confidence in the company’s long-term prospects and its significant potential within a market characterised by strong structural growth. We are delighted to welcome Apollo as a new partner.”

Quotes

We have great confidence in the company’s long-term prospects and its significant potential within a market characterised by strong structural growth

Marc StrobelChairman of the Supervisory Board of Syntegon and Partner at CVC

Can Toygar, Member of the Supervisory Board of Syntegon and Partner at CVC, adds: “Syntegon’s development is an impressive success story and further proof of CVC’s sustainable investment approach. Through strategic acquisitions and targeted investments, we have worked alongside management and the whole team to transform Syntegon into a global market leader. The transformation has been successfully completed – now we look forward to continuing the momentum with a partner who shares our vision for the company and strengthens our capabilities for the next growth phase.”

Torsten Türling, CEO of Syntegon, says: “This transaction marks a milestone for Syntegon. CVC remains the ideal partner for us and we are pleased to continue our successful collaboration. At the same time, we are gaining valuable new momentum with Apollo. Our current position is the result of an outstanding performance of our global team. In recent years, we have expanded our product portfolio with outstanding innovations while improving our operational excellence. Today, we are the leading strategic partner for our customers and serve the industry’s largest installed base of approximately 72,000 technically highly complex systems.”

Jeremy Honeth, Partner, Hybrid Value at Apollo, comments: “Syntegon has established itself as a technology leader at the heart of mission-critical pharma, biotech and food supply chains. Together with CVC and management, we see a clear path to continue this strong growth trajectory, particularly in North America, and we are excited to support Syntegon in this next phase of its development.”

Global Performance Leadership Through Innovation and Line Competence

As a globally leading technology company, Syntegon is a strategic partner for the entire lifecycle of the pharmaceutical, biotechnology and food industries. Record revenue of EUR 1.75 billion in 2025 and a 27% year-on-year increase in EBITDA to EUR 282 million underscore Syntegon’s operational strength in highly regulated markets. With fully integrated line solutions along the entire value chain, a portfolio of approximately 2,000 patents and patent applications and groundbreaking innovations, Syntegon has established itself as the technological leader in the industry. One example is SynTiso, the world’s first gloveless high-speed filling line for liquid pharmaceuticals.

Successful Transformation and Global Expansion

Throughout the partnership with CVC, Syntegon has successfully transformed and established itself globally as an independent, strong brand. Through a consistent strategic focus on the service business as well as on the pharma and biotech sectors, the company has quadrupled its profitability since 2019. Key drivers were accelerated organic growth, strengthened competitiveness through modernization and the establishment of new plants, as well as targeted M&A activities. These include the acquisition of Telstar (2024) to strengthen the pharma liquid segment and the acquisition of a majority stake in Klenzaids (2023) to expand in the Asian market.

Focus on Expansion in the North American Market, Unlocking the Service Potential

In the next growth phase, Syntegon aims to gain further share in mission-critical and largely non-cyclical growing end markets. A focus is on the expansion in the USA, where Apollo’s strong expertise will provide new momentum. In addition, the enormous service potential of the world’s largest installed system base is to be systematically unlocked.

Employees, customers and partners, benefit from continuity and ongoing investments in development and service. Under the existing management, Syntegon continues to operate from its headquarters in Stuttgart and will consistently build its profitable growth trajectory.

The transaction is subject to customary regulatory approvals. The parties have agreed to maintain confidentiality regarding the financial details of the agreement

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3i-backed Evernex adds specialised telecom capabilities with the acquisition of Comptest

3I

3i Group plc (“3i”) announces that Evernex, a global leader in data centre maintenance services, has acquired Comptest Group (“Comptest”), a Poland-based company specialising in telecom and enterprise network equipment.

Founded in 1997, Comptest serves global telecom operators and carriers, with a technical focus on mission-critical network infrastructure. The company serves an international customer base of telecom operators and carriers, one of Evernex’s primary end-market segments, offering strong commercial synergies across the group’s existing customer base.

The acquisition marks the ninth since 3i’s investment in Evernex in October 2019. Comptest’s specialised expertise in telecom network equipment strengthens Evernex’s network capabilities and delivery footprint in the DACH region in a segment characterised by high barriers to entry and strong demand.

Stanislas Pilot, CEO, Evernex, said: “We are delighted to welcome Comptest to Evernex. The acquisition marks an important milestone as we expand our capabilities in telecom infrastructure, which is a natural extension of our capabilities. It also reinforces our technical expertise in network equipment and enhances our ability to serve telecom customers across Europe. Comptest’s strong technical expertise and customer relationships will enable us to further enhance the reliability, proximity and operational excellence we deliver to our customers.”

Patryk Sójkowski, CEO, Comptest, said: “Joining Evernex is an exciting opportunity for Comptest and our team. Evernex’s global platform will enable us to accelerate our development and bring our telecom capabilities to a broader international customer base. Together, we are well-positioned to support the growing demand for high-quality lifecycle services across telecom and enterprise networks.”

Marc Ohayon, Partner and Co-Head of France Private Equity, 3i, said: “This acquisition represents another important step in Evernex’s strategy as a global, integrated platform for IT lifecycle services. It also enables Evernex to deploy deep technical expertise in telecom network infrastructure across its global platform, further enhancing its value proposition to customers operating complex, distributed and mission-critical environments.”

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For further information, contact:

Kathryn van der Kroft
Communications Director
Tel: 020 7975 3021
Email: kathryn.vanderkroft@3i.com

Silvia Santoro
Group Investor Relations Director
Tel: 020 7975 3258
Email: silvia.santoro@3i.com

Notes to editors:

About 3i Group
3i is a leading international investment manager focused on mid-market Private Equity and Infrastructure. Its core investment markets are northern Europe and North America.

For further information, please visit: www.3i.com

About Evernex

Evernex is a leading global provider of data centre maintenance services, helping companies extend the lifespan of hardware, minimise downtime, and improve sustainability. Its solutions include maintenance, spare parts management, recycling, secure data disposal, relocation, hardware rental, and financing solutions.
Operating in more than 165 countries, Evernex maintains over 500,000 IT systems and offers 24/7 support through a network of global service centres.

For further information, please visit: www.evernex.com

About Comptest Group

Founded in 1997 and headquartered in Poznań, Comptest Group is a provider of repair and refurbishment services for telecom and enterprise network equipment. The company supports mission-critical infrastructure for international telecom operators and enterprises, with advanced technical expertise in optical transmission, core routing and access equipment.

For further information, please visit: https://comptest.pl/

Regulatory information
This transaction involved a recommendation of 3i Investments plc, advised by 3i France.

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IK Partners invests in Domek Group

IK Partners

IK Partners (“IK”) is pleased to announce that the IK Small Cap IV Fund (“IK SC IV”) has acquired a majority stake in Domek Group (“Domek” or “the Group”), a leading Dutch financial services intermediary focused on serving non-native communities in the Netherlands, Belgium and Germany. IK has invested in the Group from its dedicated pool of Development Capital, acquiring its stake from Capital A and partnering with Domek’s founders and management team, who have significantly reinvested as part of the transaction. Financial terms of the transaction have not been disclosed.

Founded in 2011 and based in ‘s-Hertogenbosch, the Netherlands, Domek has built a differentiated, multi-language platform offering a comprehensive suite of financial services products, including Property & Mortgage Advisory, Property & Casualty Insurance Brokerage, Life Insurance Brokerage, as well as Leasing & Lending solutions. The Group primarily serves non-native customers, addressing structural barriers to accessing financial services such as language constraints and local market complexity. Domek operates predominantly in the Netherlands but has recently expanded into Belgium and Germany. The Group has approximately 100 employees, serving over 40,000 clients across 12 different languages.

As a one-stop shop, Domek prides itself on supporting clients through every stage of their financial lives, from buying their first car to purchasing a property to taking out insurance. As such, the Group benefits from a unique market position, resulting in a loyal customer base, high customer lifetime value and a strong ability to cross-sell its products.

With the support of IK, Domek will accelerate its next phase of growth by introducing additional languages to its offering, launching adjacent service lines and pursuing further geographic expansion, alongside continued investment in technology and data-driven marketing. The Group will also selectively explore inorganic growth opportunities to broaden its platform, drawing on IK’s extensive and relevant experience in supporting Insurance and Financial Services companies, such as Yellow Hive (Benelux) and Ascentiel Group (France).

Dirk Swinkels, Founder and CEO of Domek, said: “Since founding Domek, our mission has been to remove barriers and make financial services products accessible to people who are often overlooked by traditional providers. Partnering with IK is a strong endorsement of our strategy, people and culture, with its team bringing deep sector expertise and a long-term mindset. My team and I look forward to working with them to further advance the Group’s growth while staying true to the values that define it. I would also like to thank the team at Capital A for their support over the past five years.”

Onne Tjerkstra, Partner at IK and Advisor to the IK SC IV Fund, commented: “Domek is a high-quality, founder-led business with a compelling and socially relevant proposition, addressing a structurally underserved segment of the Financial Services market. The Group combines strong growth and a differentiated, scalable platform with an exceptional level of customer trust. We are very pleased to partner with Dirk and his team to support Domek’s continued development.”

Friso Janmaat, Managing Partner at Capital A, added: “We are very proud of all that Dirk, Ilona and their team have achieved over the past five years and we thank them for trusting us during a pivotal point in Domek’s journey. We are confident that IK is the right partner to support the Group in the next phase of its growth and we wish them, together with Dirk and his team, all the very best for the years ahead.”

If you have any further questions, please contact:

Domek Group
Merijn Contant
Phone: +31 6 517 95 302
Merijn@domek.nl

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

Capital A
Friso Janmaat
Phone: +31 6 517 6360
friso.janmaat@capitalapartners.nl

About Domek Group

Domek Group (“Domek” or “the Group”) was founded in 2011. Over the past 15 years, the Group has grown to become the market leader in mortgages and insurance for non-native speakers living in the Netherlands, Belgium and Germany. With over 100 employees, Domek provides its financial services both online and through its office in ‘s-Hertogenbosch. For more information, visit domek-group.com

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About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €20 billion of capital and invested in over 210 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit ikpartners.com IK is an affiliate of Wendel. For more information, visit wendelgroup.com

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About Capital A

Capital A is one of the longest standing private equity firms in the Netherlands with a focus on investing in fast growing (both organically as acquisitively) companies in the Benelux. Having started in the 80s as an ABN AMRO investment fund focused on SMEs, Capital A since developed itself into an independent private equity firm backed by investors like Five Arrows, Alpinvest, Bregal, LGT and the Capital A team itself. From its offices in Amsterdam, Antwerp and Frankfurt, Capital A manages approximately EUR 1.5bn of assets under management and has a portfolio of over 30 companies active throughout Europe. For more information, visit capitalapartners.nl

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CVC Credit finances acquisition of Palletways by Waterland Private Equity

CVC Capital Partners

CVC Credit is pleased to announce that it has provided senior debt to support Waterland Private Equity’s acquisition of Palletways, a leading pan-European pallet distribution network.

Established in 1994 and headquartered in the UK, Palletways is a leading pan-European pallet distribution network, coordinating the pricing and logistics of small pallet deliveries across national and international routes by utilising local and regional delivery firms. Palletways operates a digitally coordinated hub-and-spoke network between member depots and its central and regional pallet network hubs, moving c.9.5m pallets each year across 25 countries, via c.400 members and 23 hubs.

This investment has been made through CVC Credit’s European Direct Lending strategy, which focuses on lending to established European medium and large companies, with a focus on the senior secured piece of the capital structure.

Tom Hayhurst, Managing Director in CVC’s Private Credit team, said: “Palletways has established a leading position in what is a structurally growing market in Europe, driven by its loyal member base and the ability to maintain pallet flow during variable market conditions. We are also proud to partner once again with Waterland, a high-quality European sponsor with deep logistics expertise to drive continued growth at Palletways.”

Andrew Davies, Head of CVC Credit, added: “We are pleased to announce this latest transaction for our European Direct Lending strategy. This is another example of our platform’s strong track record of originating senior secured financing solutions and supporting the highest quality businesses and sponsors, which enables us to build well-diversified portfolios for our clients.”

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Carlyle to sell KANAMEL to Nippon Television

Carlyle

Tokyo, Japan – 19 March 2026 – Global investment firm Carlyle (NASDAQ: CG) today announced that it has agreed to sell KANAMEL Inc. (“KANAMEL”), a leading Japanese creative production firm and consulting business, to Nippon Television Holdings, Inc. (“Nippon Television”), which owns one of major commercial television networks in Japan. The transaction, which is subject to regulatory approvals and is expected to close at the end of April 2026, will see Nippon Television acquire the remaining c.80% interest in the business, bringing its total ownership to 100% including the minority stake previously acquired in April 2025.

Carlyle acquired KANAMEL (then AOI TYO Holdings Inc.) in 2021 and has since worked closely with its management team to expand the business’ high-end content production capabilities and enter the customer experience (“CX”) consulting space. This includes helping companies in Japan design, build, and enhance the customer experience across digital, brand, and marketing touchpoints. Leveraging its strong content crafting capabilities, the company supports clients in redefining how they engage with customers and deliver differentiated brand experiences.

Carlyle accelerated this evolution through supporting KANAMEL’s acquisition of consulting firm FIELD MANAGEMENT STRATEGY (then Field Management), which enhanced KANAMEL’s capabilities in strategy and concept development. This broadened their solution offering, deepened client engagement and reinforced the business’ premium positioning.

Yasuhito Nakae, Representative Director and Group CEO at KANAMEL, said: “Carlyle has played a critical role in advancing our business transformation. Through this partnership, we successfully diversified our business by leveraging our long-established creative capabilities to expand into the consulting business, supporting our clients in new ways and strengthening the foundation for our long-term growth. This level of progress would have been unattainable without their global network and deep expertise. We are excited to be joining Nippon Television. By combining our creative and production capabilities with Nippon Television’s powerful media and content platform, we look forward to delivering greater value to audiences and clients not only in Japan but around the world.”

Jumpei Ogura, Co-Head in the Carlyle Japan advisory team, said: “It has been a privilege to work closely with KANAMEL’s exceptional management team through such a period of transformational growth. Together, we have repositioned the company as a diversified creative production and CX solutions platform. We are confident that Nippon Television is the right partner to continue the business’ success, and we look forward to watching KANAMEL thrive in its next phase.”

The sale of KANAMEL builds on Carlyle’s well-established track record of investing in the Consumer, Healthcare, Technology and Service sectors in Japan. Investments in this space include TRYT, kaonavi, Uzabase, and Simplex. Carlyle has invested more than 700 billion yen across over 40 Japanese companies since entering the Japanese market in 2000.

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About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $477 billion of assets under management as of December 31, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,500 people in 27 offices across four continents. Further information is available at carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

 

Media Contacts
Carlyle

Andrew Kenny
+44 7385 662334
andrew.kenny@carlyle.com

Kaede Haseda
+81 80 4209 1053
kaede.haseda@carlyle.com

Brunswick Group

Masato Ui
+81 80 6538 2109
carlylejp@brunswickgroup.com

 

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Realty Income and Apollo to Establish Strategic Partnership

Apollo logo
Funding Arrangement Will Advance Realty Income’s Private Capital Initiative with Leading Asset Manager
Initial Apollo Investment of $1.0 Billion for 49% Equity Interest in Portfolio of Existing U.S. Realty Income Retail Assets
Cost-Efficient Long-Term Equity with 100% Permanent Equity Treatment by Rating Agencies

SAN DIEGO, CALIFORNIA, and NEW YORK, NEW YORK, March 19, 2026 – Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, and Apollo (NYSE: APO) today announced that Apollo-managed funds and affiliates intend to provide a $1.0 billion investment to Realty Income to acquire a 49% interest in a new joint venture entity that is expected to own a diversified portfolio of single-tenant retail properties subject to long-term net leases. Realty Income will continue to manage the portfolio, which includes approximately 500 retail assets that benefit from stable, contractual cash flows and are supported by Realty Income’s operating platform and long-standing asset management expertise.

“We are pleased to announce Apollo’s targeted equity investment in a highly diversified, income-producing portfolio. As real estate partner to the world’s leading companies®, we expect this partnership will serve as a template for a multi-billion-dollar, programmatic co-investing relationship in the U.S. Our size, scale, and longstanding commitment to providing dependable monthly dividends to investors make this a natural fit with Apollo’s insurance capital. Realty Income has demonstrated the ability to attract scaled commitments from partners looking to invest in our operating platform, and this new joint venture will further expand our access to efficient sources of private funding from one of the world’s leading financial institutions,” said Sumit Roy, Realty Income’s President and Chief Executive Officer.

Apollo Partner Jamshid Ehsani said, “This transaction represents a landmark deal in the public REIT space. We believe the combination of Apollo’s long-term capital with Realty Income’s large, growing and diversified portfolio of high-quality net lease assets creates a highly complementary partnership. This partnership with Realty Income represents a programmatic framework for long-term alignment and repeatable capital deployment over time.”

The joint venture represents a cornerstone component of Realty Income’s private capital initiative, which is designed to diversify the Company’s sources of capital and complement its access to the public equity markets. Realty Income expects the long-term partnership with Apollo to provide a scalable source of equity to support investment activity in long-duration, stabilized assets, while maintaining balance sheet strength and financial flexibility.

Realty Income CFO Jonathan Pong said, “This structured equity funding arrangement with Apollo is expected to unlock a source of meaningful savings relative to our long-term cost of public equity capital. Further, the cost of future tranches of this capital is expected to flex commensurate with long-term interest rates and will be priced independent of public markets, supporting a more stable source of equity. We are pleased that this structure has received permanent equity treatment by both Moody’s and S&P.”

Apollo Partner Joseph Jackson commented, “Realty Income is a leading global net lease real estate player with a long track record of disciplined growth and portfolio performance. Apollo’s intention to make a substantial upfront and anticipated follow-on investments into Realty Income’s high-quality assets demonstrates our ability to deliver differentiated capital solutions tailored to our partner’s objectives.”

Since 2020, Apollo has originated over $100 billion of bespoke capital solutions for leading companies such as Intel, Keurig Dr Pepper, Air France-KLM, BP, Sony, AB InBev, Vonovia and more.

The transaction is expected to close on March 31, 2026, subject to finalization and execution of the documentation, and customary closing conditions.

Goldman Sachs & Co. LLC acted as exclusive structuring agent and financial advisor to Realty Income, and Wells Fargo Securities served as financial advisor to Apollo.

Transaction Highlights

Under the terms of the transaction, Realty Income is expected to receive $1.0 billion of gross proceeds in exchange for Apollo’s acquisition of a 49% interest in a joint venture that indirectly owns a diversified net lease portfolio comprised entirely of single-tenant retail properties. Realty Income will manage the properties under a long-term management agreement.

Realty Income will retain the right to exercise a call option to redeem Apollo’s equity interest after year 7 and through year 15 of the joint venture, with the future call price calculated to ensure a capped IRR of 6.875% to Apollo during its ownership period.

Key portfolio metrics of the anticipated portfolio, as of December 31, 2025, are as follows:

  • Number of U.S. retail properties: ~500
  • Cash annualized base rent: $140 million
  • Weighted average remaining lease term: 9.1 years
  • Investment grade exposure (as percentage of total portfolio base rent): 28%
  • Compound annual contractual growth rate: 1.0%
  • Top five industries: Dollar Stores (9.9%), Quick Service Restaurants (8.3%), Drug Stores (7.9%), Grocery (7.7%), Health & Fitness (7.5%)

Portfolio metrics are subject to finalization and may change based on the final composition of the portfolio.

Realty Income has published an investor presentation providing additional information on this transaction, which can be found at www.realtyincome.com/investors/investor-presentation.

About Realty Income

Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world’s leading companies®. Founded in 1969, we serve our clients as a full-service real estate capital provider. As of December 31, 2025, we have a portfolio of over 15,500 properties in all 50 U.S. states, the U.K., and eight other countries in Europe. We are known as “The Monthly Dividend Company®” and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our founding, we have declared 669 consecutive monthly dividends and are a member of the S&P 500 Dividend Aristocrats® index for having increased our dividend for over 31 consecutive years. Additional information about the company can be found at www.realtyincome.com.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2025, Apollo had approximately $938 billion of assets under management. To learn more, please visit www.apollo.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, the words “estimate,” “anticipate,” “expect,” “believe,” “intend,” “continue,” “should,” “may,” “likely,” “plans,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions of the joint venture with Apollo, including the execution and completion thereof, our ability to exercise the call right to redeem Apollo’s equity interest in the joint venture and the call price payable therefor, entry into subsequent joint ventures on a programmatic basis, our business and portfolio including management thereof, and the intentions of management and dividends, including the amount, timing and payment of dividends related thereto. Forward-looking statements are subject to risks, uncertainties, and assumptions about us, which may cause our actual future results to differ materially from expected results. Some of the factors that could cause actual results to differ materially are, among others, our ability to execute and close the joint venture on the anticipated terms, or at all, our and the joint venture’s financial performance; our continued qualification as a real estate investment trust; general domestic and foreign business, economic, or financial conditions; competition; fluctuating interest and currency rates; inflation and its impact on our clients and us; access to debt and equity capital markets and other sources of funding (including the terms and partners of such funding); volatility and uncertainty in the credit and financial markets; other risks inherent in the real estate business including our clients’ solvency, client defaults under leases, increased client bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments (including rights of first refusal or rights of first offer), and potential damages from natural disasters; impairments in the value of our real estate assets; volatility and changes in domestic and foreign laws and the application, enforcement or interpretation thereof (including with respect to tax laws and rates); property ownership through co-investment ventures, funds, joint ventures, partnerships and other arrangements which, among other things, may transfer or limit our control of the underlying investments; epidemics or pandemics; the loss of key personnel; the outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; the anticipated benefits from mergers, acquisitions, co-investment ventures, funds, joint ventures, partnerships, and other arrangements; and those additional risks and factors discussed in our reports filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are not guarantees of future plans and performance and speak only as of the date of this press release. Past operating results and performance are provided for informational purposes and are not a guarantee of future results. There can be no assurance that historical trends will continue. Actual plans and operating results may differ materially from what is expressed or forecasted in this press release and forecasts made in the forward-looking statements discussed in this press release may not materialize. We do not undertake any obligation to update forward-looking statements or publicly release the results of any forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.

Contacts

For Realty Income:
Jonathan Pong
Executive Vice President, CFO and Treasurer
+1 858 284 5177
jpong@realtyincome.com

For Apollo:
Noah Gunn
Global Head of Investor Relations
+1 (212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
+1 (212) 822-0491
Communications@apollo.com

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Blackstone Credit & Insurance Leads $1.3 Billion Financing to Support Combination of Paratek Pharmaceuticals and Radius Health

Blackstone

NEW YORK – March 18, 2026 – Blackstone Credit & Insurance (“BXCI”) today announced that it is leading a $1.3 billion financing in support of the combination of Paratek Pharmaceuticals (“Paratek”) and Radius Health (“Radius”) that creates a scaled, multi-asset specialty pharmaceutical company.

As announced today, the newly combined Company is a specialty pharmaceutical platform with a portfolio of diverse, innovative medicines well-positioned for long-term growth. Paratek is expected to generate nearly $1 billion in annual revenue in 2026, reflecting the scale and breadth of the platform. The transaction brings together two complementary organizations backed by B‑FLEXION Life Sciences, and further advances Paratek’s growth strategy of building a pharmaceutical platform in high-need, targeted therapeutic areas.

“We are pleased to support B-FLEXION and management in the creation of a scaled specialty pharmaceutical platform,” said Jonathan Brayman, Managing Director, BXCI. “This transaction reflects our ability to provide large-scale capital solutions to life sciences companies.”

“We are proud to partner with Blackstone on this next phase of growth for Paratek, as it is a transformative transaction for both the organization and the broader platform,” said Peter Agnes, Operating Partner at B-Flexion Life Sciences. “This also represents an exciting next step in Paratek’s ability to serve patients and communities across a growing number of therapeutic areas.”

About Blackstone Credit & Insurance
Blackstone Credit & Insurance is one of the world’s leading credit investors. Our investments span the credit markets, including private investment grade, asset-based lending, public investment grade and high yield, sustainable resources, infrastructure debt, collateralized loan obligations, direct lending and opportunistic credit. We seek to generate attractive risk-adjusted returns for institutional and individual investors by offering companies capital needed to strengthen and grow their businesses. BXCI is also a leading provider of investment management services for insurers, helping those companies better deliver for policyholders through our world-class capabilities in investment grade private credit.

About Paratek Pharmaceuticals, Inc.
Paratek Pharmaceuticals, Inc. is a specialty pharmaceutical company with a portfolio of differentiated medicines serving patients across multiple therapeutic areas. The company integrates and advances commercial-stage assets through disciplined commercial execution, lifecycle management, and clinical development initiatives designed to expand and strengthen its portfolio. Paratek’s products include NUZYRA® (omadacycline), XHANCE® (fluticasone propionate), and TYMLOS® (abaloparatide). Paratek is privately held by B-FLEXION Life Sciences. For more information, visit https://www.paratekpharma.com/ or follow us on LinkedIn and X.
 
About B-FLEXION Life Sciences
B-FLEXION Life Sciences is an investment manager and part of the wider B-FLEXION group, the private, entrepreneurial investment firm that has offices across Europe and the United States and which seeds, acquires and builds investment partnerships across a number of focused fields. Through B-FLEXION Life Sciences it also makes principal investments in operating businesses across biotech, therapeutics, diagnostics, physician practice management, and more. It is an active owner, applying the experience and skills of its investment and operations team to work closely with management at its portfolio companies with the shared goals of bringing safe and effective treatments to market while also moving towards and through key value inflection points. www.bflexion.com

Contact
David Vitek
(212) 583-5291
David.Vitek@blackstone.com

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Duravent Group, Venting and Air Quality Solutions Leader, Secures Strategic Growth Investment from Bain Capital

BainCapital

Investment to accelerate Company’s growth and further scale its industry-leading platform 

Detroit, MI – March 18, 2026 – Duravent Group™ (“Duravent” or the “Company”), a leader in the venting and air movement industries and trusted partner to HVAC professionals, today announced it has secured a significant strategic growth investment from Bain Capital.  Bain Capital will partner with Duravent’s leadership team, led by President and CEO Simon A. Davis, and Egeria, the Company’s existing investor, to accelerate the Company’s next phase of growth, deepen its category leadership, and expand its platform through both organic investments and strategic acquisitions.  Financial terms of the private investment were not disclosed.

Headquartered in Detroit, Michigan, Duravent traces its heritage back to 1901 and has been a pioneering leader in venting solutions for over six decades.  The Company operates 14 distinct brands in several locations across the United States, Canada, and Mexico.  With world-class manufacturing capabilities and distribution networks, Duravent remains at the forefront of venting technology, offering high-quality products designed to meet the evolving needs of both residential and commercial applications.

“This investment is a testament to the strength of our platform and the trust we have earned from customers as the leading provider of venting solutions that stand the test of time,” said Simon Davis. “Bain Capital’s extensive industry expertise and operational capabilities make them the ideal partner to accelerate our next phase of growth. We have been fortunate to have an active, strategic investor in Egeria that has enabled us to build the Duravent Group into the business it is today. Adding Bain further enables us to execute our strategic vision focused on accelerating growth, strengthening our category leadership, and enhancing the differentiated value and service we provide to customers and channel partners.”

The investment was made by Bain Capital’s Special Situations team, which has deep experience investing and partnering to support the growth of industrials companies around the world.

“With a market-leading platform in the venting, filtration, and air quality industries and a more than 100-year legacy of engineering excellence, Duravent is renowned for delivering the most reliable, cutting-edge HVAC systems for homeowners, contractors, and industry professionals,” said Matt Evans, a Partner at Bain Capital Special Situations.  “Simon and his team have done an impressive job of deepening the Company’s value proposition rooted in a customer-first mentality.

“We look forward to a collaborative partnership that builds on Duravent’s rich history of innovation and supporting the growth of the platform both organically and through strategic acquisitions while preserving its unwavering commitment to quality and safety,” added Chris Sun, a Managing Director at Bain Capital Special Situations.

“We are excited to have Bain Capital join us in Duravent’s next chapter,” said Egbert Prenger, Egeria’s CEO. “We see tremendous opportunity to combine our capabilities and resources to support Duravent’s continued expansion. This partnership is consistent with Egeria’s Evergreen investment approach to remain invested in companies over the long term and enable them to realize their full potential.”

Jefferies LLC acted as financial advisor, and Weil, Gotshal & Manges LLP served as legal advisor to Bain Capital.  J.P. Morgan and Baird acted as financial advisors, and Paul Hastings served as legal advisor to Egeria and Duravent.

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About Duravent Group 
Duravent Group™ is a climate technology leader in the venting and air quality industries and known for first-to-market innovations moving the industry into the future. Headquartered in Detroit, Michigan, Duravent Group operates 14 distinct brands in several manufacturing and distribution centers across Canada, Mexico, and the United States.

With superior manufacturing capabilities, world-class distribution networks, and customer-first service and support, Duravent Group ensures quality and drives safety through scientifically proven materials and unequaled engineering. For more information about Duravent Group, visit duraventgroup.com.

About Bain Capital 
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $215 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About Egeria
Established in 1997, Egeria is an independent pan-European investment company focused on mid-sized companies in the Benelux and DACH region. Egeria believes in building businesses jointly with entrepreneurial management teams (Boldly Building Together). Egeria’s private equity portfolio comprises investments in more than 20 companies with total revenues of around 3.0 billion euros and over 14,000 employees.

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