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CoolIT Employees Share in $4.75 Billion Transaction as KKR Agrees to Sell to Ecolab

KKR

KKR and its investors achieve 15x return

100% of CoolIT employees receive significant payouts

NEW YORK & CALGARY, Alberta–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that it has entered into a definitive agreement to sell CoolIT Systems (“CoolIT” or “the Company”), a global leader in liquid data center cooling, to Ecolab in a transaction valued at $4.75 billion. The sale will represent one of KKR’s largest recent realizations, generating approximately 15x the original equity invested, inclusive of distributions. At the close of the transaction, all CoolIT employees will receive a substantial cash payout on their ownership in the Company. Mubadala Investment Company (“Mubadala”) also served as a co-investor in CoolIT.

A 25-year pioneer in liquid cooling, CoolIT designs and manufactures advanced systems that enable sustainable data center growth as AI-driven compute demand increases. While cooling can account for up to 50% of total facility energy use in traditional air-cooled data centers, liquid-cooled data centers use ~30-40% less energy for cooling while also reducing water consumption as a closed-loop system. Today, leading hyperscalers and data center operators rely on CoolIT’s liquid cooling technologies to improve energy efficiency and support higher-density AI infrastructure across more than 300 data centers globally.

KKR acquired CoolIT in 2023 through its Global Impact Fund II, which helps scale innovative commercial solutions to global challenges. In 2025, CoolIT’s solutions delivered an estimated 2.18 billion kWh in energy savings, enough to power approximately 200,000 homes for one year.

“We acted early on the conviction that rapid growth in computing demand would pose a significant challenge for data center efficiency, as traditional air-cooled systems can be incredibly energy- and water-intensive. As a leader in liquid cooling, CoolIT delivers compelling solutions that strengthen this critical infrastructure while reducing resource consumption,” said Kyle Matter, Managing Director and Head of North America Global Impact at KKR. “This outcome reflects exactly the type of opportunity we seek in our Global Impact strategy. We are proud of the CoolIT team’s accomplishments and believe the business is very well positioned for sustained growth.”

At the time of acquisition, CoolIT employees became owners in the business through a broad-based ownership program, aligning the entire organization around long-term value creation. With this sale, CoolIT’s 650 employees will receive cash payouts, ranging from approximately one year of annual pay for employees to over eight years of annual pay. Employees will also be eligible to receive pre-paid personal financial coaching and tax preparation services.

With the support of KKR, CoolIT delivered significant operational improvements and growth across the business, driven by a strong ownership mindset, continued product innovation, and expanded relationships with hyperscale customers. Since 2023, the Company has:

  • Doubled its workforce, adding more than 300 jobs
  • Expanded its manufacturing footprint to more than 300,000 square feet and increased coolant distribution unit (CDU) capacity by 25x
  • Positioned the business to deliver projected ~4x revenue growth and ~10x EBITDA growth through 2026

“CoolIT demonstrates the power of a true ownership culture in driving meaningful results for both companies and employees. When employees are owners, they have a direct stake in the company’s success and help drive the innovation and execution that fuel long-term growth,” said Pete Stavros, Partner and Global Co-Head of Private Equity at KKR. “This result reflects the team’s dedication, and every employee gets to share in the upside.”

Following the close of the transaction, CoolIT’s leadership team, led by CEO Jason Waxman, is expected to remain in place and continue to run the business under the CoolIT name.

“This milestone is the result of the combination of CoolIT’s unique expertise and talent, KKR’s acumen in investing in high growth opportunities, and Ecolab’s track record of acquiring world-class technical capability,” said CoolIT CEO Jason Waxman. “I am grateful for KKR’s commitment and investment in our unprecedented growth. By combining CoolIT’s anchor technology with Ecolab’s proven strengths in water, chemistry, digital, and global service, we are creating holistic, end-to-end cooling capabilities. Together, we are positioning CoolIT and Ecolab as the industry’s most dynamic company in liquid cooling, one of the most important technologies for AI data centers.”

KKR focuses on employee engagement and broad-based equity participation as a key driver in building stronger companies and expanding financial opportunity. Since 2011, 85 KKR portfolio companies have awarded billions of dollars in equity to more than 190,000 non-senior management employees globally. This milestone represents KKR’s first broad-based ownership program payout in Canada and the first for its Global Impact strategy in North America.

“Our successful partnership with KKR and the CoolIT management team is a testament to the value that can be created through active management and aligned ownership, and we are proud of what has been achieved together. We are confident that CoolIT will continue to build on this momentum as it enters its next chapter,” said Abdulla Mohamed Shadid, Head of Energy and Sustainability, Private Equity at Mubadala.

The transaction, which is subject to customary regulatory approvals, is expected to close in Q3 2026.

Morgan Stanley & Co. LLC and Baird are serving as financial advisors and Kirkland & Ellis is serving as legal advisor to KKR and CoolIT.

About CoolIT Systems
CoolIT Systems specializes in scalable liquid cooling solutions for the world’s most demanding high-performance computing environments. Through its broad portfolio of modular direct liquid cooling (DLC) products, CoolIT enables dramatic increases in rack density, component performance and power efficiency across any high-density computing scenario. CoolIT collaborates with the top semiconductor manufacturers and cloud service providers to develop cooling technologies that enable ever greater computing performance and efficiency. Through its Liquid Lab™ R&D centers in Calgary and Taipei, global manufacturing operations in Canada, China, and Vietnam, and on-site support in more than 80 countries, CoolIT serves customers at scale worldwide. Together, CoolIT and its partners are leading the way for widespread adoption of efficient high-density, high-performance computing. For more information about CoolIT Systems, its products and technology, visit http://www.coolitsystems.com

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Media Contact
Lauren McCranie / Sarah Moon
media@kkr.com

Source: KKR & Co. Inc.

 

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Questel Appoints Frederic Beylier as New CEO

IK Partners

Seasoned Technology Entrepreneur Beylier Brings Extensive Experience in Leading Global Organizations Through Rapid Growth and Technology Transformation

PARIS, FRANCE and ALEXANDRIA, VA – March 25, 2026—Questel, a world leader in intellectual property (IP) solutions supported by Eurazeo and IK Partners, has appointed highly-respected technology executive Frederic Beylier as its new Chief Executive Officer (CEO). Based at the company’s Paris headquarters, Mr. Beylier is now responsible for leading Questel, one of the world’s largest IP technology and services companies.

Beylier has a proven track record of guiding international organizations through accelerated growth in demanding and fast-moving technology industries. With his background in execution, commercial expansion and innovation management, he is ideally positioned to further strengthen and consolidate Questel’s client-centric focus and global leadership position.

Most recently, he was CEO of Flowbird Group, a global force in urban mobility technology, and an advisor to the CEO of leading insurance brokerage technology company APRIL, another highly-respected private equity-owned business. Before that, he served for 6+ years as Group Chief Operating Officer and Executive Board Member at IDEMIA, creating a worldwide security technology leader in payments, telecom, transport, and government security solutions.

Beylier succeeds Questel’s longtime CEO, Charles Besson, who held the role for 25 years and will remain a significant shareholder of the Questel Group. Besson will continue to contribute his vision and expertise in the IP market as a member of the Group’s Supervisory Board.

“As I hand over to Frederic, I am confident that Questel is positioned for its next phase of growth,” commented Besson. “What makes this moment particularly exciting is the combination of two powerful strengths: the deep and unmatched expertise in IP that defines Questel, and Frederic’s proven ability to drive rapid growth and transformation in leading technology companies. Together, this creates a strong foundation to accelerate innovation and unlock significant new value.”

“Under Charles’s leadership, Questel has become one of the leading players in the market for IP software and technology services,” Beylier noted. “On behalf of all Questel Group shareholders, we would like to thank him for his commitment, vision, and decisive contribution over the years.”

“Questel intends to reinforce its position as a technological powerhouse at a time of major change in the IP sector, and I am excited to take the lead at such an ambitious and innovative company,” remarked Beylier. “My first priorities as CEO will be to reinforce Questel’s focus on strengthening its integrated IP ecosystem, so clients can seamlessly access unparalleled IP data quality and coverage, SaaS platforms, AI-driven workflows and use cases, along with tech-enabled expert services as the foundation for strategic decisions.”

“Questel has the potential to transform and lead the IP industry for clients by integrating further AI-augmented and agentic IP solutions that combine advanced digital capabilities with high-level human IP expertise, oversight, and control,” added Beylier.

Categories: People

Apollo Funds Announce Strategic Investment in NSG Group, a Global Leader in Glass Manufacturing

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Apollo logo

NEW YORK and TOKYO, March 23, 2026 (GLOBE NEWSWIRE) — Apollo (NYSE:APO) today announced that Apollo-managed funds (the “Apollo Funds”) have entered into definitive agreements to execute a series of transactions to acquire Nippon Sheet Glass Company, Limited (TSE:5202) (“NSG” or the “Company”), a global leading company in architectural, automotive and technical glass. Upon completion, the transaction will be Apollo Funds’ largest private equity investment in Japan to date, totaling nearly $3.7 billion (JPY ~590 billion) in enterprise value.

Under the terms of the agreement, Apollo Funds will invest equity to support the Company’s financial position and long-term growth. In conjunction with this investment, NSG’s principal lenders will effectively transition a portion of their outstanding loans to equity, reinforcing their commitment and enhancing the Company’s growth trajectory by providing for a more stable balance sheet structure for the Company.

NSG Group’s diversified manufacturing platform, industry heritage and deep customer relationships position the Company to capture accelerating demand for energy-efficient architectural glass, advanced automotive glazing and performance solar products. With Apollo Funds’ investment and strategic support, NSG Group will be able to accelerate growth initiatives, invest in next-generation technologies and continue delivering quality solutions to customers worldwide. The transaction requires NSG shareholder approval at the annual general shareholder meeting scheduled for late June and is subject to regulatory approvals.

“This investment unites Apollo’s scaled industry and operational expertise globally with NSG Group’s legacy of manufacturing excellence and innovation,” said Tetsuji Okamoto, Lead Partner, Asia Pacific Private Equity at Apollo. “NSG Group is a foundational player in the global glass industry, and this tailored financing reflects the collective commitment of stakeholders across Japan to the long-term success of NSG Group. We look forward to supporting NSG Group’s management team and employees through this transformational period to drive performance, innovation and sustainable value creation.”

NSG Representative Executive Officer, President and CEO Munehiro Hosonuma, added, “This partnership with Apollo Funds and our principal lenders enables us to reinforce our financial position, invest in our people and technology and lead the next era of glass manufacturing. With Apollo’s deep expertise in manufacturing and long-term partnership, we are prepared to continue delivering for our customers while building a stronger, more resilient enterprise.”

This is Apollo’s fifth private equity fund investment in Japan. A committed partner to Japanese corporates, Apollo Funds’ activity in Japan includes investments in Panasonic Automotive Systems, a leading global supplier of advanced in-vehicle technologies, Mitsubishi Chemical’s Polycrystalline Alumina Fiber Business “MAFTEC” and aluminum businesses from Resonac (formerly Showa Denko) and Mitsubishi Materials combined as ALTEMIRA Holdings.

Subject to satisfaction of customary closing conditions, including regulatory approvals, the transaction is expected to be completed by around March 2027.

For full details on this transaction, please refer to the disclosure materials NSG released today.

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 to private equity with a focus on three investing strategies: yield, hybrid, and 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 $938 billion of assets under management. To learn more, please visit www.apollo.com and www.apollo.com/japan.

About NSG Group
NSG Group is a leading supplier of glass and glazing systems in the business areas of Architectural, Automotive, and Creative Technology. Architectural manufactures and supplies architectural glass as well as glass for the solar energy and other sectors. Automotive serves the original equipment (OE) and aftermarket replacement (AGR) glazing markets. Creative Technology comprises several discrete businesses, including lenses for printers and scanners, specialty glass fibers and glass flakes, mainly glass cord, which is a reinforcing material for timing belts, and Fine Glass products. https://www.nsg.com

Contacts
Noah Gunn
Global Head of Investor Relations
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
communications@apollo.com

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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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-Ends-

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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Renta Acquires Nordjysk Lift

IK Partners

Renta Group Oy (“Renta Group” or “Renta”) has reached an agreement to acquire Nordjysk Lift ApS (“Nordjysk” or “the Company”). Nordjysk is a Danish general rental company operating throughout Denmark with a focus on Northern Jutland. Headquartered in Hjørring, Nordjysk operates 11 depots and employs more than 100 employees.

With the acquisition, Renta expands its network from 16 to 27 depots in Denmark, becoming a truly nationwide rental provider. The acquisition gives Renta access to Northern Jutland and broadens its offering in Denmark by adding site modules to the product portfolio. Nordjysk is an excellent strategic fit due to its complementary geographical presence, strong local business model, skilled workforce and solid profitability. As part of Renta, Nordjysk will benefit from implementing Renta’s digital solutions.

The acquisition is subject to approval by the Danish Competition and Consumer Authority, with closing expected shortly after clearance.

Lars Raagaard, Managing Director at Renta Denmark, said: “We are very pleased to welcome Nordjysk Lift and its talented team to Renta. Over the years, the company has built a strong position in its region, supported by high operational standards and close customer relationships. The acquisition is a great strategic fit for Renta and expands our presence in the Danish market. We look forward to working together with the Nordjysk Lift team and building on the strong foundation already in place. “

Enquiries: ir@renta.com

About Renta Group

Renta Group is a Northern European full-service equipment rental company founded in 2015. The Company has operations in Finland, Sweden, Norway, Denmark, Poland, and the Baltics, with 191 depots and more than 2,300 employees. Renta is a general rental company with a wide range of construction machines and equipment along with related services. In addition to operating a network of general rental depots, Renta is a supplier of specialty rental equipment and services within e.g. tunnelling infrastructure and pumping. For more information, visit www.renta.com

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About Nordjysk Lift

Nordjysk Lift ApS is a Danish general rental company, founded in 1998. The Company, headquartered in Hjørring, has more than 100 employees and 11 depots located throughout Denmark. For more information, visit www.nordjysklift.dk

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CapMan and CAERUS enter the European infrastructure debt market

Capman

CapMan and CAERUS enter the European infrastructure debt market

  • René Kassis to lead the new infrastructure debt strategy
  • Strong demand across Europe for financing investments in critical infrastructure, decarbonisation, and digitalisation
  • CapMan and CAERUS strengthen their Western European presence with the opening of an office in Paris

CapMan together with CAERUS expands its Real Asset Debt investment area into infrastructure debt. The Nordic private asset manager established Real Asset Debt with the acquisition of the majority of CAERUS Debt Investments in June 2025.

The new infrastructure debt strategy will be led by René Kassis, who brings more than 30 years of experience in building and developing infrastructure debt strategies. During his career, Kassis has established a European real estate and infrastructure debt platform exceeding €6 billion in assets under management for the international investment manager LBP AM and previously developed Dexia’s infrastructure business into one of the three largest infrastructure banks worldwide.

With this step, CapMan and CAERUS are entering a rapidly growing market segment. Recent market reports project a significant increase in financing demand for European infrastructure investments that strengthen the resilience, sovereignty and transition towards a low carbon economy across Europe. At the same time, CapMan and CAERUS are strengthening their Western European presence through the opening of an office in Paris led by Kassis.

“I’m proud to welcome René Kassis to CapMan. By combining his sector expertise with CapMan’s more than 35 years’ experience of investing in the mid-market we will be able to address an underserved, attractive market within infrastructure debt,” says Pia Kåll, CEO of CapMan. CapMan is a real asset focused private market expert that invests in real estate, infrastructure, natural capital and unlisted companies mainly across the Nordic region. Its clients are primarily institutional investors, as well as family offices. CapMan currently manages assets totalling €7.2 billion and aims to increase this figure to €10 billion.

Strategic growth step

“The expansion of our business into infrastructure debt and the associated regional growth with the opening of our Paris office represent a significant step forward for our company and for the group,” comments Michael Morgenroth, Managing Partner of CapMan Real Asset Debt and CEO of CAERUS. “We are witnessing very quickly how productive the partnership with CapMan has become.” CAERUS Debt Investments is among the pioneers in the real estate debt market in Germany and finances real estate projects and transactions across continental Europe and the Nordic countries. In the future, the firm will also finance infrastructure projects. In 2025, CapMan acquired a 51 percent stake in CAERUS.

“Infrastructure investments are a rapidly expanding market, driven by the need to transition towards a low-carbon and digital economy, and also enhance Europe’s strategic resilience. CapMan and CAERUS are the ideal partners to help investors seize these opportunities, especially in the mid-market segment, and I am thrilled to join them for this new challenge,” says René Kassis.

According to Preqin, infrastructure is now the second-largest asset class in the European capital market. Boston Consulting Group estimates that Europe will require around €12 trillion in infrastructure investment by 2040. This significant demand is driven by several factors: the need to refurbish aging infrastructure, the modernisation of critical infrastructure in response to geopolitical developments, the transformation of energy infrastructure, and the rapid expansion of digital infrastructure.

For more information, please contact:

Pia Kåll, CEO CapMan Group
+358 40 766 4446
pia.kåll@capman.com

Michael Morgenroth, CEO CAERUS
+49 211 41 61 33 – 11
m.morgenroth@caerus.ag

Christof Hardebusch
RUECKERCONSULT
T: +49 (0)221 292 956 314
M: +49 (0) 170 8317 991
hardebusch@rueckerconsult.de

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 CAERUS

Founded in 2012 and headquartered in Düsseldorf, CAERUS Debt Investments AG (CAERUS) is one of the leading providers of institutional real estate financing in continental Europe. CAERUS is a pioneer in the real estate debt market segment in Germany and finances real estate projects and transactions in continental Europe, with a focus on the DACH region and the Benelux countries. As an investment advisor, CAERUS acts on behalf of both Luxembourg-based multi-investor funds and individual mandates, offering institutional investors attractive access to real estate loans whilst taking their specific regulatory requirements into account. To date, CAERUS has launched seven real estate debt funds, which have received capital commitments of around €2.6 billion from institutional investors and financed a loan volume of around €2.7 billion. Its extensive expertise and long-standing experience in the fields of financing and real estate investment make CAERUS a reliable and trustworthy partner for institutional investors and borrowers alike. www.caerus.ag

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