Archives

AURELIUS Wachstumskapital opens offices in Amsterdam, Milan and Zurich

Aurelius Capital
  • Introduction of new brand AURELIUS Growth as part of international expansion
  • New hires in Amsterdam, Milan and Zurich
  • Focus to remain on buy-and-build in the European SME sector

Munich, 2 March 2026 – AURELIUS Growth (AURELIUS Wachstumskapital) is opening three new offices in Amsterdam, Milan and Zurich, thus establishing a local presence in strategically important markets.

Since its founding in 2016, AURELIUS Growth/Wachstumskapital has completed more than 80 transactions and grown its team to over 50 employees. In its 10th anniversary year, the buy-and-build business model it has successfully established is now being implemented directly from inside three further markets. These markets offer substantial potential within the local SME sector for building platform companies as well as for their operational and strategic development, international expansion and succession solutions.

Already in January, Kevin Alder joined the Swiss office in Zurich as an Investment Manager. He brings experience as a small‑cap investment professional as well as advisor on transactions in the SME segment.

From 2 March 2026, Irfan Sabotic will head the Amsterdam office as Managing Director Benelux. Irfan worked as a strategy consultant at Bain & Company for six years, and more recently spent four years as an Investment Director at a Dutch mid‑cap private equity firm.

From 1 April 2026, Marcello Maruelli will lead activities in Milan as Managing Director. Marcello worked at McKinsey in London and Milan for seven years. Since 2015, he has been active in the private equity industry, most recently as a Partner at an SME-focused firm in Milan.

“With Marcello Maruelli, Irfan Sabotic and Kevin Alder, we have been able to attract experienced and well‑connected investment professionals for our international expansion. Together with them, we will drive our growth internationally,” says Philipp Scheik, Managing Director at AURELIUS Growth/Wachstumskapital.

As part of the international expansion, AURELIUS Growth has been created as a new brand. It signals the ambition to support growth companies in the European SME sector in building international platforms.

“We have been observing the Dutch, Italian and Swiss markets for some time. Now we are launching directly on the ground there. Our core strength, the combination of investment and operational expertise, forms a strong foundation to successfully establish our strategy in these countries as well,” says Nico Vitense, Partner at AURELIUS Growth/Wachstumskapital.

AURELIUS media contact

Harald Kinzler
Head of Communications
harald.kinzler@aurelius-group.com
+44 7785 722 191

Categories: News

Global Eggs Receives Investment of Up to $1 Billion from Warburg Pincus

Warburg Pincus logo

Investment to support Global Eggs’ next phase of growth

New York, NY, March 2, 2026 – Warburg Pincus, the pioneer of global growth investing, today announced an agreement to invest up to $1 billion in Global Eggs (“the Company”), the largest multinational producer and distributor of table eggs. Valuing the Company at $8 billion, the investment underscores Warburg Pincus’ commitment to partnering with exceptional founders and investing in global companies with high growth potential. The equity for the transaction is being provided by Warburg Pincus Capital Solutions Founders Fund (“WPCS FF”).

Global Eggs is the world’s largest multinational producer and distributor of table eggs, with more than 45 million birds across its operations in the United States, South America, and Europe. Founded in 2018 by Executive Chairman Ricardo Faria, Global Eggs produces and distributes a full range of table eggs across conventional, cage-free, free-range, and specialty products, and is on track to produce over 15 billion eggs this year. The Company has expanded through both organic initiatives and strategic acquisitions and currently operates more than 50 farms across three continents. The Company takes a vertically integrated approach across pullet breeding, feed formulation, packaging, and logistics that enables it to deliver consistent, high-quality products that meet rigorous food safety standards for customers worldwide.

“In under a decade, we have scaled Global Eggs to become the largest multinational producer and distributor of table eggs, and with Warburg Pincus’ investment and ongoing support, we will accelerate our next chapter of growth in both new and existing markets,” said Ricardo Faria. “We have proven our ability to execute in the United States, South America, and Europe, and given Warburg Pincus’ global reach, we believe they are the right partner to advance our long-term ambitions.”

“Ricardo is an exceptional entrepreneur and we were aligned with his vision from day one to build on the Company’s strong foundation in a category supported by durable demand,” said Gaurav Seth, Managing Director, Head of Capital Solutions, Americas, Warburg Pincus. “Global Eggs has an exciting and significant opportunity ahead, and we look forward to leveraging our expertise to help the Company enter new markets, drive efficiencies, and strengthen its brands,” added Allison Ross, Principal, Warburg Pincus.

Warburg Pincus Capital Solutions Founders Fund closed in September 2024 with over $4 billion in commitments. Capital Solutions has a flexible mandate that allows it to partner with founders and existing shareholders to provide solutions for balance sheet optimization, shareholder liquidity, M&A, or growth. The group leverages Warburg Pincus’ global platform and firmwide resources across geographies to source and execute on hybrid capital transactions.

Allison Ross will join Global Eggs’ Board of Directors as part of the transaction.

Morgan Stanley is acting as sole placement agent to Global Eggs, and Davis Polk & Wardwell LLP is serving as its legal counsel.

Houlihan Lokey is acting as financial advisor to Warburg Pincus, and Latham & Watkins LLP is serving as its legal counsel.

About Warburg Pincus

Warburg Pincus LLC is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $100 billion in assets under management, and more than 215 companies in its active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,100 companies across its private equity, real estate, and capital solutions strategies.

Warburg Pincus’ Capital Solutions team collaborates closely with the firm’s 290+ investment professionals and approximately 75 value creation executives across Warburg Pincus’ global industry verticals, critical to sourcing and underwriting differentiated, attractive investments. Recent investments have included DriveCentric, Excelitas Technologies, MB2 Dental, Madison International Realty, MIAX, MyKaarma, Nord Security, Service Compression, and United Trust Bank.

The firm is headquartered in New York with more than 15 offices globally. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

About Global Eggs

Global Eggs is a leading multinational producer and distributor of table eggs, focused on meeting the evolving needs of consumers across its markets. Founded in 2018 by Executive Chairman Ricardo Faria, Global Eggs produces and distributes a full range of table eggs and operates trusted regional egg brands in the United States (Hillandale Farms), South America (Granja Faria), and Europe (Hevo Group). The Company takes a vertically integrated approach across pullet breeding, feed formulation, packaging, and logistics that enables it to deliver consistent, high-quality products that meet rigorous food safety standards for customers worldwide.

For more information, please visit www.globaleggs.com.

Media Contact

Warburg Pincus

Caroline Wise

Caroline.wise@warburgpincus.com

Back To News

Categories: News

Tags:

Consortium Led by Global Infrastructure Partners and EQT Agrees to Acquire AES

eqt

People Solar AES-Renewables Clover-Creek 00039

Transaction Positions AES to Accelerate Growth as a Leading Clean Energy Platform Across the Americas

  • AES stockholders to receive $15.00 per share in cash 
  • Transaction represents a 40.3% premium to the 30-day volume weighted average share price prior to July 8, 2025, the last full day of trading prior to the first media report of a potential acquisition 
  • AES to have increased financial flexibility as a private company to advance its strategy and meet the needs of its customers and communities with reliable, affordable and sustainable energy solutions
  • Acquisition to address AES’ significant need for capital to support its growth beyond 2027; absent this transaction, funding for future growth investments would likely require a reduction or elimination of the dividend and/or significant new equity issuances 
  • AES Indiana and AES Ohio will continue as locally operated and managed regulated utilities 
  • Transaction is expected to close in late 2026 or early 2027

The AES Corporation (NYSE: AES) (“AES” or “the Company”), Global Infrastructure Partners (“GIP”), a part of BlackRock, and the EQT Infrastructure VI fund (“EQT”), along with co-underwriters California Public Employees’ Retirement System (“CalPERS”) and Qatar Investment Authority (“QIA”) (collectively “the Consortium”), today announced they have entered into a definitive agreement under which the Consortium will acquire AES for $15.00 per share in cash, representing a total equity value of $10.7 billion and an enterprise value of approximately $33.4 billion, including the assumption of existing debt. The transaction represents a 40.3% premium to the 30-day volume weighted average share price prior to July 8, 2025, the last full day of trading prior to the first media report of a potential acquisition. 

This transaction will better position AES to drive long-term growth across its business units, including regulated electric utilities and competitive clean energy in the U.S. and critical energy infrastructure assets in Latin America. The Consortium has deep experience investing in energy infrastructure businesses and shares AES’ commitment to safety, affordability and customer service. With the support of the Consortium, AES will have improved access to capital to invest in critical energy infrastructure assets, deliver reliable energy solutions for its customers and create long-term value for all stakeholders, including its workforce and local communities. 

In the United States, AES’ electric utilities in Indiana and Ohio are experiencing significant demand growth and remain focused on maintaining reliable service and affordable rates for all customers. As a private company, AES will continue to invest prudently in utility assets to meet the growing energy needs of all 1.1 million customers. AES Indiana and AES Ohio will remain locally operated and managed regulated utilities, with continued community commitment and investment.

Through this acquisition, AES is expected to expand its leadership as a premier clean energy platform across the Americas. Underpinned by proven capabilities and one of the largest development pipelines in the industry, AES is the largest supplier of clean energy to corporations globally, including 11.8 GW of signed agreements to date to supply power to major technology firms. 

Under private ownership, AES will benefit from enhanced financial flexibility that will enable the Company to accelerate its growth strategy. The Consortium recognizes that AES’ employees and capabilities are central to the Company’s success and long-term value strategy and will support business continuity and stability with an emphasis on retaining and developing talent. In partnership with the management team, the Consortium will continue the Company’s disciplined capital allocation strategy and consistent operational excellence across the diversified businesses. The Consortium also expects to maintain an investment grade profile aligned with the Company’s financing strategy.

Executive Commentary

Jay Morse, Chairman of AES’ Board of Directors, said, “Following a rigorous review of strategic options, the AES Board determined that this transaction with the Consortium maximizes value for stockholders and provides compelling cash value. We ran a robust process that included several parties and evaluated the transaction with the Company’s standalone prospects in mind. AES has a significant need for capital to support growth beyond 2027, particularly given the significant new investments in both US generation and utilities businesses. In the absence of a transaction with the Consortium, the Company would likely require a plan that includes reduction or elimination of the dividend and/or substantial new equity issuances. After extensive work and deliberation, we concluded that this transaction is in the best interest of AES stockholders.”

Andrés Gluski, President and Chief Executive Officer of AES, said, “Over the course of our 45-year history of powering industries and shaping the future of energy, AES has built a diverse portfolio to meet the evolving power needs of our customers and communities. We believe this transaction maximizes value for existing stockholders and positions the Company for long-term success as we continue delivering on our commitments to customers, communities and people. We look forward to partnering with the Consortium, which has expressed an appreciation for the value of AES’ innovation, global reach and diverse portfolio.”

Bayo Ogunlesi, Chairman and Chief Executive Officer of Global Infrastructure Partners, a Part of BlackRock, said, “We are excited to announce our acquisition of AES, a market leader in the power generation and supply business with a long and storied history. AES is a leader in competitive generation, and at a time in which there is a need for significant investments in new capacity in electricity generation, transmission and distribution, especially in the United States of America, we look forward to utilizing GIP’s experience in energy infrastructure investing, as well as our operational capabilities to help accelerate AES’ commitment to serve the market needs for affordable, safe and reliable power.”

Masoud Homayoun, Head of EQT Infrastructure, said, “As one of the largest energy infrastructure investors globally, we are seeing first-hand the increasing need for a secure energy supply amid expanding power demand worldwide. EQT’s acquisition of AES will support the growth and modernization of essential energy infrastructure that underpins energy security, electrification, digitalization and resilient power systems across key markets. We look forward to working with the AES team to strengthen its operating platform, including enhancing reliability and long-term competitiveness, while supporting a responsible and sustainable energy transition.”

Sarah Corr, Managing Investment Director for Real Assets for CalPERS, said, “We are pleased to participate in this landmark investment in AES. The Company’s strong market position and exposure to long-term demand trends make it a natural fit within our Infrastructure portfolio, and we value the partnership with our consortium members.”

Mohammed Saif Al-Sowaidi, Chief Executive Officer of QIA, said, “QIA is committed to making energy transition a reality by providing long-term capital to companies with proven capabilities in delivering operational excellence to the communities they serve. We are proud to support AES as the Company grows and expands its leadership in the clean energy space across the Americas.” 

Transaction Details

The Consortium will fund 100% of the purchase price to acquire the Company with equity. 

This acquisition is not expected to impact customer rates in AES’ regulated utilities. Following the close of the transaction, AES’ regulated businesses, including AES Indiana and AES Ohio, will continue to be regulated by local, state and federal/national authorities.

For additional information and resources, including an investor presentation, please visit TheFutureofAES.com. 

With this transaction, EQT Infrastructure VI is expected to be 75–80 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication).

Fairness Opinions

J.P. Morgan Securities LLC and Wells Fargo Securities LLC provided fairness opinions to AES. 

Timing and Approvals

The transaction was unanimously approved by AES’ Board of Directors and is expected to close in late 2026 or early 2027, subject to approval by AES stockholders, the receipt of applicable federal, state and foreign regulatory approvals and the satisfaction of other customary closing conditions. 

Dividends payable to AES stockholders are expected to continue in the ordinary course until the closing, subject to approval by AES’ Board of Directors. Upon completion of the acquisition, AES common stock will no longer trade on the New York Stock Exchange and AES will become a private company.

AES Fourth Quarter and Full Year 2025 Financial Review Update

As a result of today’s announcement, AES has cancelled its previously announced conference call to discuss its fourth quarter and full year 2025 financial results, which had been rescheduled for Tuesday, March 3, 2026, at 10:00 a.m. ET. The Company expects to file its 2025 Annual Report on Form 10-K today.

Advisors

J.P. Morgan Securities LLC is acting as lead financial advisor to AES, and Wells Fargo Securities LLC is also acting as financial advisor to AES. Skadden, Arps, Slate, Meagher & Flom LLP acted as lead transaction counsel to AES. In addition, Davis Polk & Wardwell acted as legal advisor to AES with respect to certain debt matters.

Goldman Sachs & Co. LLC is acting as financial advisor to GIP, CalPERS and QIA, and Citi is acting as financial advisor to EQT. Kirkland & Ellis acted as Consortium counsel and legal advisor to GIP. Simpson Thacher & Bartlett acted as legal advisor to EQT. 

Important Information and Where to Find It

This communication may be deemed to be solicitation material in respect of the proposed transaction between AES and Horizon Parent, L.P. In connection with the proposed transaction, AES expects to file a proxy statement on Schedule 14A with the Securities and Exchange Commission (“SEC”). AES also may file other documents with the SEC regarding the proposed transaction. This communication is not a substitute for the proxy statement or any other document AES has filed or may file with the SEC and send to its stockholders in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY, BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders will be able to obtain free copies of the proxy statement (when available) and other documents that are filed or will be filed with the SEC by AES through the SEC’s website at www.sec.gov or through AES’ website at https://www.aes.com/investors/ or by contacting AES’ Investor Relations Team at invest@aes.com.

Participants in the Solicitation

AES, its directors and officers and other employees may be deemed to be participants in the solicitation of proxies from AES’ stockholders in connection with the proposed transaction. Additional information regarding the identity of the participants, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with the SEC in connection with the proposed transaction (if and when they become available). Information relating to the foregoing can also be found in the “Compensation Discussion & Analysis,” “Security Ownership of Certain Beneficial Owners, Directors, and Executive Officers” and “Proposal 1: Election of Directors” sections in AES’ proxy statement for its 2025 annual meeting of stockholders, which was filed with the SEC on March 19, 2025 (the “Annual Meeting Proxy Statement”). To the extent holdings of securities by potential participants (or the identity of such participants) have changed since the information printed in the Annual Meeting Proxy Statement, such information has been or will be reflected on AES’ Initial Statements of Beneficial Ownership on Form 3 and Statements of Change in Ownership on Form 4 that are filed or will be filed with the SEC. You may obtain free copies of these documents (when available) using the sources indicated above.

Cautionary Statement Regarding Forward-Looking Statements

This communication includes certain “forward-looking statements” within the meaning of, and subject to the safe harbor created by, the federal securities laws, including statements related to the proposed transaction between AES and Horizon Parent, L.P. (the “Transaction”), including financial estimates and statements as to the expected timing, completion and effects of the Transaction. These forward-looking statements are based on AES’ current expectations, estimates and projections regarding, among other things, the expected date of closing of the Transaction and the potential benefits thereof, its business and industry, management’s beliefs and certain assumptions made by AES, all of which are subject to change. Forward-looking statements involve a number of risks and uncertainties, because they relate to events and depend upon future circumstances that may or may not occur, such as the consummation of the Transaction and the anticipated benefits thereof. These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: (i) the completion of the Transaction on anticipated terms and timing; (ii) the risk that the conditions to the completion of the Transaction, including obtaining required stockholder and regulatory approvals, are not satisfied in a timely manner or at all; (iii) potential litigation relating to the Transaction, including resulting expense or delay, and the effects of any outcomes related thereto; (iv) the risk that disruptions from the Transaction will harm AES’ business, including current plans and operations; (v) the ability of AES to retain and hire key personnel; (vi) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Transaction; (vii) continued availability of capital and financing and rating agency actions; (viii) certain restrictions during the pendency of the Transaction that may impact AES’ ability to pursue certain business opportunities or strategic transactions; (ix) significant transaction costs associated with the Transaction; (x) the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (xi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Transaction, including in circumstances requiring AES to pay a termination fee or other expenses; (xii) competitive responses to the Transaction; and (xiii) the risks and uncertainties pertaining to AES’ business, including those set forth in Part I, Item 1A of AES’ most recent Annual Report on Form 10-K and Part II, Item 1A of AES’ subsequent Quarterly Reports on Form 10-Q, as such risk factors may be amended, supplemented or superseded from time to time by other reports filed by AES with the SEC. These risks, as well as other risks associated with the Transaction, will be more fully discussed in the proxy statement to be provided to AES’ stockholders in connection with the Transaction. While the list of factors presented here is, and the list of factors to be presented in the proxy statement will be, considered representative, no such list should be considered a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. These forward-looking statements speak only as of the date they are made, and AES does not undertake to and specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts 

AES Investor Contact:

Susan Harcourt 703-682-1204, susan.harcourt@aes.com

AES Media Contact:

Amy Ackerman 703-682-6399, amy.ackerman@aes.com

GIP Contact:

Mustafa Riffat, 917-747-4156, mustafa.riffat@blackrock.com

EQT Contact:

Mathilde Milch, 917-510-6626, mathilde.milch@eqtpartners.com

Categories: News

Tags:

CapMan Infra sells its stake in Finland’s leading fiber-to-the-home company Valokuitunen to Brookfield Infrastructure Structured Solutions and Telia

Capman

CapMan Infra sells its stake in Finland’s leading fiber-to-the-home company Valokuitunen to Brookfield Infrastructure Structured Solutions and Telia

CapMan Infra has entered into an agreement to sell its 60 percent stake in Valokuitunen Oy, Finland’s largest independent fiber-to-the-home (“FTTH”) network company, to Brookfield Infrastructure Structured Solutions and Telia, who together will assume full ownership of the business.

CapMan Nordic Infrastructure I (“CMNI I”) established Valokuitunen with Telia in April 2020 to accelerate the roll-out of high-quality FTTH connectivity in Finland. Since then, Valokuitunen has expanded rapidly to become the leading passive FTTH networks builder and owner in the country, enabling reliable high-speed fiber access to households nationwide. The business operates an open-access network model which today offers services via multiple service providers and continues to expand its coverage of over 400 000 households across Finland.

During CapMan Infra’s ownership, Valokuitunen has made significant progress in strengthening its operational capabilities through industry-leading construction and sales agreements, improving customer experience by building a high-quality open access platform, and creating a nationwide FTTH network supported by a market-leading brand. These actions have supported strong financial performance and positioned the company as a key enabler of Finland’s long‑term digital infrastructure development.

“Valokuitunen has successfully grown into Finland’s leading fiber‑to‑the‑home infrastructure platform,” says Harri Halonen, Partner at CapMan Infra. “Together with Telia and Valokuitunen’s management team, we have built a strong organisation, with industry-leading commercial and operational capabilities, and significantly expanded the network to both create and meet increasing fiber demand across the country. We are extremely grateful for the great cooperation with Telia and the management team. Under Brookfield and Telia’s ownership, the company is exceptionally well positioned for its next phase of growth.”

“CapMan Infra, together with Telia, built a strong foundation for Valokuitunen, enabling the company to grow and rise to become the market leader in Finland’s FTTH sector,” says Heikki Kaunisto, Valokuitunen’s CEO. “This transaction demonstrates that CapMan’s clear vision of the opportunities in the Finnish fiber market, along with the strategic partnership built with Telia, was key to success.”

“Starting with just 20,000 households, Valokuitunen has built both a nationwide fiber network and a market-leading position in only a few years,” says Patrik Hofbauer, Telia Company’s President and CEO. “Increasing Telia’s ownership is in line with our strategy to invest in our core, and shows our long-term commitment to taking Finland’s world-class digital infrastructure to the next level. We look forward to working with Brookfield, whom we know well from our successful Telia Towers partnership, and Valokuitunen’s dedicated management team to realise our high ambitions.”

The transaction is expected to close during the second quarter of 2026.

For more information:

Harri Halonen, Partner, CapMan Infra, +46 768 710 062

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 7.2 billion euros in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, real asset debt, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London, Luxembourg, and Düsseldorf. We are listed on Nasdaq Helsinki since 2001. www.capman.com.

About Telia

Telia Company (STO: TELIA) is a leading telecommunications operator in the Nordic and Baltic regions. Every day, we deliver world-class connectivity and communications services to millions of customers through our sustainable and secure networks – enabling people, businesses and societies to thrive and grow. Our unique position at the center of digitalization shapes our ambition to be a trusted and progressive partner and gives us our purpose: to reinvent better connected living. Find out more at www.teliacompany.com.

About Brookfield

Brookfield Asset Management Ltd. (NYSE: BAM, TSX, BAM) is a leading global alternative asset manager, headquartered in New York, with over $1 trillion of assets under management across infrastructure, renewable power and transition, private equity, real estate, and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world –  including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield’s heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles. For more information, please visit our website at www.brookfield.com. 

Categories: News

Tags:

Blackstone Credit & Insurance Announces Upsize to Midstream Joint Venture with EQT Corporation

Blackstone

NEW YORK – Blackstone Credit & Insurance (“BXCI”) announced that PipeBox LLC (“PipeBox”), a midstream joint venture between affiliates of BXCI and EQT Corporation (“EQT”), has exercised its option to acquire a portion of Consolidated Edison, Inc’s interest in Series A of Mountain Valley Pipeline, LLC (“MVP A”).  Upon closing, PipeBox’s ownership interest in MVP A will increase from 49% to 53%.

The total purchase price consideration for the interest is $201 million, subject to purchase price adjustments, which will be funded pro rata by the joint venture partners. This builds on BXCI’s original $3.5 billion investment in PipeBox, announced in 2024. The transaction is expected to close in the first half of 2026, subject to satisfaction of regulatory approval and closing conditions.

The expanded partnership underscores the high-quality nature of EQT’s midstream assets and BXCI’s focus on providing flexible high-grade capital solutions to the world’s leading corporations.

Barclays and Citi acted as financial advisors to PipeBox. Kirkland & Ellis LLP served as legal counsel to EQT and PipeBox on the transaction. Milbank LLP served as legal counsel to BXCI.

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.

Contact
Thomas.Clements@blackstone.com
(646) 482-6088

Categories: News

Tags:

Bain Capital Announces Investment in Tingstad a Leading Swedish Distributor of Non-food Consumables

BainCapital

LONDON – March 2, 2026 – Bain Capital, a leading global private investing firm, today announced an investment in Tingstad, a leading Swedish family-owned specialist distributor of non-food consumables. The investment is made by the firm’s Private Equity team in Europe.

Headquartered in Gothenburg, Sweden, and founded by the Jigberg family in 1959, Tingstad serves a broad and diversified customer base across hospitality, culture, facilities management, grocery, and retail. The company offers a comprehensive range of non-food consumables through a fully integrated omnichannel platform. With more than 700 employees, Tingstad has built deep, long-standing customer relationships anchored in strong category expertise, an entrepreneurial and decentralized salesforce, a differentiated private label portfolio, in-house production capabilities supporting its offering, and a best-in-class warehousing and logistics infrastructure.

Bain Capital will acquire a majority stake in Tingstad partnering with owner Paul Jigberg, who will retain a minority ownership stake, as well as the leadership team and employees, to support the company’s next phase of growth. Bain Capital Private Equity has been investing in Europe for more than two decades, with its European investment team based in London and Munich as part of a globally integrated private equity platform. The team has deep expertise in the Nordics through its current portfolio companies Eleda and Ahlstrom, and in non-food consumables distribution through Imperial Dade, which operates in the US market.

“I am proud of what Tingstad has built over decades, and I believe Bain Capital is the right partner for the company’s next chapter,” said Paul Jigberg, owner of Tingstad. “Their approach is grounded in collaboration, and I am confident they will support the management team and employees as Tingstad continues to grow and evolve for customers across Sweden and the Nordic region.”

“Tingstad is a standout Nordic distributor with deep category expertise and a world-class logistics model that customers rely on every day,” said Halvor Meyer Horten, a Partner and Co-Head of the European Industrials vertical at Bain Capital. “We’re excited to partner with Paul and the Tingstad team to build on a strong foundation, strengthening and investing in the team and the platform, and supporting continued growth across Sweden and the wider Nordic region.”

Ivano Sessa, a Partner and Co-Head of Europe Private Equity, added, “We’re investing behind Tingstad with deep experience in B2B distribution and a strong Nordic track record, and we aim to be a partner of choice for founder- and family-owned businesses. Across Europe, we work closely with management teams to help scale platforms – bringing sector expertise, operational resources, and a globally integrated network. We look forward to supporting Tingstad’s next chapter as it deepens customer relationships, expands its capabilities, and continues to strengthen its position across the Nordics.”

Financial terms of the transaction were not disclosed.

Bain Capital was advised by Jefferies, Danske Bank, Kirkland & Ellis and Advokatfirman Vinge. Tingstad was advised by DNB Carnegie Investment Bank AB and Setterwalls Advokatbyrå AB.

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, portfolio companies, 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 1,900 employees, and approximately $215 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About Tingstad 
Tingstad is a family-owned company founded in Gothenburg in 1959. From a small one‑person operation, the company has grown into one of the leading suppliers in the Nordic region. With more than 700 employees and sales offices in 13 cities, Tingstad still puts the family feeling – and the customer – first. The business serves customers in everything from the restaurant industry and specialty retail to the grocery trade. Its vision is clear: To create an easier everyday life for your business.

Categories: News

Tags:

Stonepeak Announces Investment in Aura Holdings

Stonepeak

SYDNEY & BRISBANE – March 1, 2026 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced an investment in Aura Holdings (“Aura”), a leading retirement village developer and operator in Queensland, Australia. Stonepeak’s investment, together with a committed development facility with senior domestic lenders, constitutes up to A$1 billion of available capital to support Aura’s extensive development pipeline and propel its next phase of growth.

Founded in 2016 by seasoned retirement sector executives Tim Russell and Mark Taylor and led by Sean Graham as CEO, Aura specializes in developing state-of-the-art retirement apartments and community facilities in highly sought-after, infill locations. To date, Aura has completed six retirement villages with nearly 800 units across southeast Queensland, with six in the near-term pipeline and more than 10 in early development. Stonepeak’s investment in Aura marks its second platform investment in Australia and New Zealand’s retirement village sector, following its acquisition of Arvida Group Limited, one of New Zealand’s largest retirement and aged care providers, in November 2024.

“We are pleased to partner with the Aura team and utilize our flexible, long-term capital to expand Aura’s development platform by executing on their significant pipeline of new retirement village projects,” said Darren Keogh, Senior Managing Director at Stonepeak. “Aura is well-positioned to serve Australia’s retirees given its premium portfolio spanning desirable retirement destinations, proven development track record, and experienced leadership team, who bring a deep understanding of what matters most to seniors.”

“We are delighted to welcome Stonepeak as our capital partner in this exciting new chapter for Aura. Stonepeak see the value in a first-class and growing operating platform,” said Aura Co-Founder Tim Russell. “Stonepeak’s investment gives Aura the runway to accelerate its strategy of adding much-needed, age-appropriate housing in areas grossly lacking suitable downsizing options for locals.”

“Stonepeak’s long-term approach to partnering and working with its portfolio companies, deep experience and relationships in the retirement sector, and clear plan for value creation give us tremendous confidence in Aura’s future. Together, we are poised to continue setting the standard in retirement living in Australia,” added Sean Graham, Chief Executive Officer of Aura Holdings.

Additional terms of the transaction were not disclosed, and the transaction has already closed.

About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately A$120 billion (US$84 billion) of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

About Aura Holdings
Aura Holdings was founded in 2016 by Tim Russell and Mark Taylor.  Focused on developing medium to high end retirement living communities on premium sites throughout South-East Queensland and Northern New South Wales, Aura is a vertically integrated retirement living platform comprising of 40 personnel with headquarters located in Brisbane, Australia.   Aura’s villages are predominantly found in metropolitan locations and/or on sporting club land.  With a pipeline growth of 2,000+apartments over the next five years, Aura has six fully operational villages and an additional development which broke ground September 2025.

Media Contacts

Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (646) 540-5225

Jack Gordon
jack.gordon@sodali.com
+61 478 060 362

Categories: News

Tags:

CapMan Natural Capital completes divestment of Baltic forest portfolio to Inter IKEA and continues with new European Forest Fund IV

CapMan Natural Capital completes divestment of Baltic forest portfolio to Inter IKEA and continues with new European Forest Fund IV

CapMan Natural Capital has completed the sale of approximately 24,000 hectares of forest assets in Latvia and Lithuania from Dasos Timberland Fund II to Inter IKEA Group following the transaction announced on 3 December.

The divested assets have undergone more than a decade of active and sustainability‑driven forest management. During the ownership period, CapMan Natural Capital implemented operational improvements, secured FSC® certifications across the portfolio and enhanced commercial value through long-term wood supply agreements and opportunities related to renewable energy.

“We are pleased that the process with Inter IKEA Group was smooth, professional and concluded quickly,” says Sami Veijalainen, Partner at CapMan Natural Capital. “Following the successful execution of the assets’ value creation strategies, we are happy to return funds to our investors in line with the Fund’s target returns.”

As CapMan Natural Capital exits these assets, the team continues in the Baltic region through its fourth main fund, the CapMan Dasos European Forest Fund IV, which held its first close in December. The close of the Inter IKEA Group transaction coincides with the beginning of a new investment cycle for the team, allowing CapMan Natural Capital to continue its long-term strategic presence in Latvia and Lithuania and maintain its role as a major independent forest owner in Europe.

“With Dasos Fund IV now launched, we are well positioned to continue our work in these regions,” says Jyri Hietala, Managing Partner at CapMan Natural Capital. “The close of the previous fund’s assets supports the natural progression into a new investment cycle, where we aim to deploy capital in high-quality forests that offer both long-term value creation and tangible natural capital outcomes.”

For more information, please contact:

Sami Veijalainen, Partner, CapMan Natural Capital, +358 40 516 5794

About CapMan Natural Capital

CapMan Natural Capital is a specialist natural capital asset manager focused on sustainable forestry investments across Europe. The team acquires and actively manages forest and land assets with the objective of delivering long-term risk-adjusted returns alongside measurable environmental outcomes, including climate change mitigation and biodiversity enhancement. CapMan Natural Capital is part of CapMan Plc, formed after acquisition of Dasos Capital in 2024.

CapMan Natural Capital manages approximately 215,000 hectares of land across eight EU countries with a market value of 1.5 billion euros, reinforcing its position as one of Europe’s leading independent forest asset managers. The investment team has established a total of 8 forest investment funds and co-investment vehicles since 2009. CapMan Dasos European Forest Fund IV represents the next phase of growth for the platform, scaling proven strategies across a broader asset base.

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 7.2 billion euros in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, real asset debt, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London, Luxembourg, and Düsseldorf. We are listed on Nasdaq Helsinki since 2001. www.capman.com.

Categories: News

Tags:

Bain Capital Specialty Finance, Inc. Announces December 31, 2025 Financial Results and Declares First Quarter 2026 Dividend of $0.42 per Share

BainCapital

BOSTON–Bain Capital Specialty Finance, Inc. (NYSE: BCSF, the “Company”, “our” or “we”) today announced financial results for the fourth quarter and fiscal year ended December 31, 2025, and that its Board of Directors (the “Board”) has declared a dividend of $0.42 per share for the first quarter of 2026.

“BCSF delivered strong fourth quarter and full year 2025 results driven by attractive levels of net investment income that continued to cover our dividend,” said Michael Ewald, Chief Executive Officer of BCSF. “Credit fundamentals remained strong across our highly diversified portfolio with stable credit metrics and low non-accruals. We believe the Company is well-positioned to navigate the current market environment given our longstanding, disciplined investment approach in the core middle market.”

QUARTERLY HIGHLIGHTS

  • Net investment income (NII) per share was $0.46, equating to an annualized NII yield on book value of 10.6%(1);
  • Net income per share was $0.43, equating to an annualized return on book value of 9.9%(1);
  • Net asset value per share as of December 31, 2025 was $17.23, an increase of 0.1% compared to September 30, 2025, excluding the impact of the special distributions totaling $0.18 per share during the fourth quarter;
  • Gross and net investment fundings were $167.9 million and $(25.3) million, respectively; ending net debt-to-equity was 1.24x, as compared to 1.23x as of September 30, 2025(2);
  • Investments on non-accrual were relatively unchanged quarter-over-quarter and represented 1.5% and 0.8% of the total investment portfolio at amortized cost and fair value, respectively, as of December 31, 2025;
  • On December 22, 2025, the Company’s Board of Directors declared a special dividend of $0.15 per share to stockholders of record as of December 31, 2025. This special dividend was in addition to the Company’s previously declared special dividend of $0.03 per share for the fourth quarter;(3)
  • Subsequent to quarter-end, the Company’s Board of Directors declared a dividend of $0.42 per share for the first quarter of 2026 payable to stockholders of record as of March 16, 2026(4); and
  • On January 29, 2026, the Company closed an offering of $350.0 million aggregate principal amount of 5.950% unsecured notes due 2031. The net proceeds of the offering were primarily used to repay outstanding secured indebtedness under its financing arrangements and for general corporate purposes.

SELECTED FINANCIAL HIGHLIGHTS

($ in millions, unless otherwise noted)

Q4 2025

Q3 2025

Net investment income per share

$

0.46

$

0.45

Net investment income

$

29.7

$

29.2

Earnings per share

$

0.43

$

0.29

Regular dividends per share declared and payable

$

0.42

$

0.42

Special dividends per share declared and payable

$

0.18

$

0.03

($ in millions, unless otherwise noted)

As of


December 31, 2025

As of


September 30, 2025

Total fair value of investments

$

2,508.4

$

2,534.1

Total assets

$

2,662.6

$

2,716.0

Total net assets

$

1,117.4

$

1,128.5

Net asset value per share

$

17.23

$

17.40

PORTFOLIO AND INVESTMENT ACTIVITY

For the three months ended December 31, 2025, the Company invested $167.9 million in 93 portfolio companies, including $68.3 million in 11 new companies and $99.6 million in 82 existing companies. The Company had $193.2 million of principal repayments and sales in the quarter, resulting in net investment fundings of $(25.3) million.

Investment Activity for the Quarter Ended December 31, 2025:

($ in millions)

Q4 2025

Q3 2025

Investment Fundings

$

167.9

$

340.1

Sales and Repayments

$

193.2

$

296.1

Net Investment Activity

$

(25.3

)

$

44.0

As of December 31, 2025, the Company’s investment portfolio had a fair value of $2,508.4 million, comprised of investments in 203 portfolio companies operating across 30 different industries.

Investment Portfolio at Fair Value as of December 31, 2025:

Investment Type

$ in Millions

% of Total

First Lien Senior Secured Loan

$

1,598.7

63.8

%

Second Lien Senior Secured Loan

30.0

1.2

Subordinated Debt

95.7

3.8

Preferred Equity

157.2

6.3

Equity Interest

226.7

9.0

Warrants

1.0

0.0

Investment Vehicles

399.1

15.9

Subordinated Note in ISLP

190.7

7.6

Equity Interest in ISLP

43.6

1.9

Subordinated Note in SLP

157.9

6.3

Preferred and Equity Interest in SLP

6.9

0.1

Total

$

2,508.4

100.0

%

As of December 31, 2025, the weighted average yield on the investment portfolio at amortized cost and fair value were 10.8% and 10.9%, respectively, as compared to 11.1% and 11.2%, respectively, as of September 30, 2025(5)(6). 92.2% of the Company’s debt investments at fair value were in floating rate securities.

As of December 31, 2025, six portfolio companies were on non-accrual status, representing 1.5% and 0.8% of the total investment portfolio at amortized cost and fair value, respectively.

As of December 31, 2025, ISLP’s investment portfolio had an aggregate fair value of $733.1 million, comprised of investments in 40 portfolio companies operating across 17 different industries. The investment portfolio on a fair value basis was comprised of 94.3% first lien senior secured loans, 0.7% second lien senior secured loans and 5.0% equity interests. 100% of ISLP’s debt investments at fair value were in floating rate securities.

As of December 31, 2025, SLP’s investment portfolio had an aggregate fair value of $1,536.3 million, comprised of investments in 99 portfolio companies operating across 26 different industries. The investment portfolio on a fair value basis was comprised of 99.7% first lien senior secured loans and 0.3% second lien senior secured loans. 100.0% of SLP’s debt investments at fair value were in floating rate securities.

RESULTS OF OPERATIONS

For the three months ended December 31, 2025 and September 30, 2025, total investment income was $68.2 million and $67.2 million, respectively.

Total expenses (before taxes) for the three months ended December 31, 2025 and September 30, 2025 were $37.7 million and $37.2 million, respectively.

Net investment income for the three months ended December 31, 2025 and September 30, 2025 was $29.7 million or $0.46 per share and $29.2 million or $0.45 per share, respectively.

During the three months ended December 31, 2025, the Company had net realized and unrealized losses of $1.9 million.

Net increase in net assets resulting from operations for the three months ended December 31, 2025 was $27.8 million, or $0.43 per share.

CAPITAL AND LIQUIDITY

As of December 31, 2025, the Company had total principal debt outstanding of $1,473.0 million, including $251.0 million outstanding in the Company’s Sumitomo Credit Facility, $272.0 million outstanding of the debt issued through BCC Middle Market CLO 2019-1 LLC, $300.0 million outstanding in the Company’s senior unsecured notes due March 2026, $300.0 million outstanding in the Company’s senior unsecured notes due October 2026, and $350.0 million outstanding in the Company’s senior unsecured notes due March 2030.

For the three months ended December 31, 2025, the weighted average interest rate on debt outstanding was 4.6%, as compared to 4.8% for the three months ended September 30, 2025.

As of December 31, 2025, the Company had cash and cash equivalents (including foreign cash) of $26.2 million, restricted cash and cash equivalents of $32.7 million, $26.7 million of unsettled trades, net of receivables and payables of investments, and $604.0 million of capacity under its Sumitomo Credit Facility. As of December 31, 2025, the Company had $464.8 million of undrawn investment commitments.

As of December 31, 2025, the Company’s debt-to-equity and net debt-to-equity ratios were 1.32x and 1.24x, respectively, as compared to 1.33x and 1.23x, respectively, as of September 30, 2025(3).

Endnotes

(1)

Net investment income yields and net income returns are calculated on average net assets, or book value, for the respective periods shown.

(2)

Net debt-to-equity represents principal debt outstanding less cash and cash equivalents and unsettled trades, net of receivables and payables of investments.

(3)

The fourth quarter $0.15 per share special dividend was paid on January 26, 2026 to stockholders of record as of December 31, 2025. The fourth quarter $0.03 per share special dividend that was previously announced was paid on December 30, 2025 to stockholders of record as of December 16, 2025.

(4)

The first quarter dividend is payable on March 30, 2026 to stockholders of record as of March 16, 2026.

(5)

The weighted average yield is computed as (a) the annual stated interest rate or yield earned on the relevant accruing debt and other income producing securities plus amortization of fees and discounts on the performing debt and other income producing investments, divided by (b) the total relevant investments at amortized cost or fair value. The weighted average yield does not represent the total return to our stockholders.

(6)

For non-stated rate income producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending amortized cost or fair value, as applicable. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annualized.

CONFERENCE CALL INFORMATION

A conference call to discuss the Company’s financial results will be held live at 8:00 a.m. Eastern Time on February 27, 2026. Please visit BCSF’s webcast link located on the Events & Presentations page of the Investor Resources section of BCSF’s website at http://www.baincapitalspecialtyfinance.com for a slide presentation that complements the Earnings Conference Call.

Participants are also invited to access the conference call by dialing one of the following numbers:

  • Domestic: 1-800-343-4136
  • International: 1-203-518-9843
  • Conference ID: BAIN

All participants will need to reference “Bain Capital Specialty Finance – Fourth Quarter and Fiscal Year Ended December 31, 2025 Earnings Conference Call” once connected with the operator. All participants are asked to dial in 10-15 minutes prior to the call.

Replay Information:

An archived replay will be available approximately three hours after the conference call concludes through March 13, 2026 via a webcast link located on the Investor Resources section of BCSF’s website, and via the dial-in numbers listed below:

  • Domestic: 1-844-512-2921
  • International: 1-412-317-6671
  • Conference ID: 11161100

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share data)

As of

As of

December 31, 2025

December 31, 2024

Assets

Investments at fair value:

Non-controlled/non-affiliate investments (amortized cost of $1,891,513 and $1,784,019, respectively)

$

1,905,297

$

1,773,742

Non-controlled/affiliate investments (amortized cost of $7,504 and $77,269, respectively)

18,674

75,733

Controlled affiliate investments (amortized cost of $603,650 and $585,702, respectively)

584,470

581,714

Cash and cash equivalents

23,092

51,562

Foreign cash (cost of $2,477 and $2,640, respectively)

3,151

1,963

Restricted cash and cash equivalents

32,667

45,541

Collateral on derivatives

10,993

9,755

Deferred financing costs

3,543

4,591

Interest receivable on investments

38,023

39,164

Interest rate swap

7,976

—

Receivable for sales and paydowns of investments

28,856

37,760

Prepaid insurance

489

197

Unrealized appreciation on forward currency exchange contracts

—

4,690

Dividend receivable

5,354

5,745

Total Assets

$

2,662,585

$

2,632,157

Liabilities

Debt (net of unamortized debt issuance costs of $10,110 and $4,929, respectively)

$

1,470,796

$

1,390,270

Interest payable

12,376

13,860

Payable for investments purchased

2,110

29,490

Collateral payable on derivatives

12,907

—

Unrealized depreciation on forward currency exchange contracts

9,061

1,185

Base management fee payable

9,408

9,160

Incentive fee payable

5,877

4,696

Accounts payable and accrued expenses

12,910

14,771

Distributions payable

9,730

29,053

Total Liabilities

1,545,175

1,492,485

Commitments and Contingencies (See Note 11)

Net Assets

Common stock, par value $0.001 per share, 100,000,000,000 and 100,000,000,000 shares authorized, 64,868,507 and 64,562,265 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively

65

65

Paid in capital in excess of par value

1,161,110

1,159,493

Total distributable loss

(43,765

)

(19,886

)

Total Net Assets

1,117,410

1,139,672

Total Liabilities and Total Net Assets

$

2,662,585

$

2,632,157

Net asset value per share

$

17.23

$

17.65

See Notes to Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Operations
(in thousands, except share and per share data)
(Unaudited)

For the Year Ended December 31,

2025

2024

2023

Income

Investment income from non-controlled/non-affiliate investments:

Interest from investments

$

172,277

$

179,956

$

184,921

Dividend income

6,093

1,958

62

PIK income

29,234

22,680

20,536

Other income

9,760

18,597

10,561

Total investment income from non-controlled/non-affiliate investments

217,364

223,191

216,080

Investment income from non-controlled/affiliate investments:

Interest from investments

135

3,140

9,890

Dividend income

—

920

4,815

PIK income

30

461

2,308

Other income

118

—

—

Total investment income from non-controlled/affiliate investments

283

4,521

17,013

Investment income from controlled affiliate investments:

Interest from investments

39,420

39,145

33,739

Dividend income

16,163

25,796

30,957

PIK income

10

—

—

Total investment income from controlled affiliate investments

55,593

64,941

64,696

Total investment income

273,240

292,653

297,789

Expenses

Interest and debt financing expenses

80,585

74,688

80,008

Base management fee

37,163

35,644

36,095

Incentive fee

18,144

28,872

25,456

Professional fees

2,855

3,494

2,561

Directors fees

720

695

716

Other general and administrative expenses

8,424

10,108

7,981

Total expenses, net of fee waivers

147,891

153,501

152,817

Net investment income before taxes

125,349

139,152

144,972

Income tax expense, including excise tax

3,753

4,475

3,357

Net investment income

121,596

134,677

141,615

Net realized and unrealized gains (losses)

Net realized loss on non-controlled/non-affiliate investments

(13,469

)

(18,174

)

(62,903

)

Net realized gain (loss) on non-controlled/affiliate investments

(14,759

)

7,727

19,006

Net realized gain (loss) on foreign currency transactions

761

(320

)

(5,134

)

Net realized gain (loss) on forward currency exchange contracts

(5,817

)

2,304

(407

)

Net change in unrealized appreciation on foreign currency translation

1,435

(251

)

4,050

Net change in unrealized appreciation on forward currency exchange contracts

(12,566

)

5,765

(2,322

)

Net change in unrealized appreciation on non-controlled/non-affiliate investments

24,061

11,424

49,524

Net change in unrealized appreciation on non-controlled/affiliate investments

12,706

(16,857

)

(24,271

)

Net change in unrealized appreciation on controlled affiliate investments

(15,192

)

(6,877

)

4,217

Total net loss

(22,840

)

(15,259

)

(18,240

)

Net increase in net assets resulting from operations

$

98,756

$

119,418

$

123,375

Basic and diluted net investment income per share of common stock

$

1.88

$

2.09

$

2.19

Basic and diluted increase in net assets resulting from operations per share of common stock

$

1.53

$

1.85

$

1.91

Basic and diluted weighted average common stock outstanding

64,821,087

64,562,265

64,562,265

See Notes to Consolidated Financial Statements

About Bain Capital Specialty Finance, Inc.

Bain Capital Specialty Finance, Inc. is an externally managed specialty finance company focused on lending to middle market companies. BCSF is managed by BCSF Advisors, LP, an SEC-registered investment adviser and a subsidiary of Bain Capital Credit, LP. Since commencing investment operations on October 13, 2016, and through December 31, 2025, BCSF has invested approximately $9,809.3 million in aggregate principal amount of debt and equity investments prior to any subsequent exits or repayments. BCSF’s investment objective is to generate current income and, to a lesser extent, capital appreciation through direct originations of secured debt, including first lien, first lien/last out, unitranche and second lien debt, investments in strategic joint ventures, equity investments and, to a lesser extent, corporate bonds. BCSF has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended.

Forward-Looking Statements

This letter may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this letter may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the U.S. Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this letter.

Contacts

Investor Contact:
Katherine Schneider
Tel. (212) 803-9613
investors@baincapitalbdc.com

Media Contact:
Scott Lessne
Tel. +1 (212) 300-1800
slessne@apcoworldwide.com

Categories: News

EQT exits remaining stake in Azelis Group

eqt

Azelis

  • EQT completes final selldown in Azelis Group NV, a leading global innovation service provider for the specialty chemicals and food ingredients industry
  • Under EQT’s ownership, Azelis has delivered significant topline and EBITA expansion through organic growth, attractive bolt-on M&A, and margin expansion. Azelis has expanded geographically, delivered new digital solutions to customers and suppliers, and progressed its sustainability initiatives – positioning the business for continued long-term value creation
  • The sale resulted in aggregate gross proceeds of c. EUR 190 million, of which EQT VIII received c. EUR 173 million

Akita I S. à r. L., an entity indirectly controlled by an affiliate of the EQT VIII fund (“EQT VIII”) is pleased to announce the completion of the sale (the “Sale”) of its remaining stake in Azelis Group NV (EBR:AZE) (the “Company”), comprising c. 24 million shares or c. 10% of the share capital of the Company, for aggregate proceeds of c. EUR 190 million. As part of the Sale, EQT VIII will receive gross proceeds of c. EUR 173 million. The Sale was completed on 26 February, 2026. Goldman Sachs International, J.P. Morgan SE, and BNP PARIBAS acted as joint global coordinators for the Sale.

The exit marks the end of a successful seven-year investment, during which time Azelis has expanded to become one of the leading global innovation service providers for the specialty chemicals and food ingredients industry.

Headquartered in Antwerp, Belgium, Azelis supports more than 65,000 customers who benefit from its application know-how, technical support, and access to a wide portfolio of products from more than 2,800 specialty raw material producers. Azelis operates an extensive network of application laboratories and its technical staff help customers develop and improve formulations.

Since being acquired by EQT in November 2018, and particularly since its IPO in September 2021, the Company has further scaled its global platform while navigating a more challenging chemicals market environment. It has expanded its application lab footprint, driven operational excellence, and executed various attractive bolt-on acquisitions. Digital has been a core pillar of Azelis’ strategy with a strong technology backbone enabling the delivery of a differentiated experience to Azelis’ customers and principals. Finally, Azelis continues to strive to be the industry leader in sustainability, maintaining an EcoVadis Gold status and retaining strong sustainability rankings globally.

Disclaimer
The shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, US persons, absent registration or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offer of the shares in the United States or in any other jurisdiction. The shares were offered outside the United States in transactions that are not subject to the Securities Act pursuant to Regulation S under the Securities Act (“Regulation S”) to persons other than US persons (within the meaning of Regulation S) and in the United States to “qualified institutional buyers” (“QIBs”) pursuant to an exemption from, or in transactions not subject to, the registration requirements of the Securities Act.

Contact
EQT Press Office, press@eqtpartners.com

Downloads

About EQT

EQT is a purpose-driven global investment organization with EUR 270 billion in total assets under management (EUR 141 billion in fee-generating assets under management) as of 31 December 2025, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

 

About Azelis

Azelis is a leading global innovation service provider for the specialty chemicals and food ingredients industry. The Company serves more than 65,000 customers who benefit from its application know-how, technical support and have access to a wide product portfolio from more than 2,800 specialty raw material producers. The company has more than 4.100 employees and is present in over 65 countries, with 70 application laboratories globally.

Categories: News