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Bain Capital and Tillman Global Holdings Announce $1.5 Billion Investment in Eaton Fiber to Power the Expansion of Verizon Fiber Broadband across the United States

BainCapital

Supported by the acquisition of Ripple Fiber, Eaton Fiber will bring Verizon fiber broadband to over a million locations outside Verizon’s current fiber footprint over the next few years

BOSTON and NEW YORK – July 29, 2026 – Bain Capital and Tillman Global Holdings (“Tillman”) today announced a $1.5 billion investment in Eaton Fiber, an affiliate of Tillman, to accelerate the expansion of Verizon fiber broadband through fiber network deployment across the United States. The investment, which was led by Bain Capital’s Special Situations team, fully funds the acquisition of Ripple Fiber and the next phase of Eaton Fiber’s network expansion.

In connection with the investment, Eaton Fiber has entered into a definitive agreement to acquire Ripple Fiber, a leading 100% fiber-optic internet provider and network operator. The acquisition is the first step in Eaton Fiber’s buy-and-build strategy to bring Verizon fiber broadband to over a million locations outside Verizon’s current fiber footprint through organic construction and disciplined acquisitions. Ripple Fiber’s existing shareholders, Platform Investment Partners and KLT, will continue to back the Eaton Fiber platform alongside Tillman and Bain Capital.

The investment builds on the commercial agreement between Verizon and Eaton Fiber announced in October 2025, further advancing Verizon’s broadband and mobility convergence strategy. Under the agreement, Eaton Fiber funds, builds, maintains, and operates the network. Verizon serves as the exclusive retail provider of residential and small business fiber services and is responsible for sales, marketing, and end-user customer service, expanding fiber broadband availability into new areas.

“The U.S. fiber market is at a critical inflection point. Higher interest rates and tighter capital markets have constrained supply for standalone fiber-to-the-premise platforms, even as demand for high-quality broadband continues to grow. Wholesale fiber platforms have emerged as the most capital-efficient way to close that gap at scale,” said Angelo Rufino, Head of North America Special Situations and Head of Corporate Special Situations in Europe at Bain Capital. “Eaton Fiber sits at the center of that opportunity, combining a proven build engine with a committed Tier 1 anchor partner in Verizon. We are excited to invest alongside Tillman and the Verizon teams to grow this platform and bring essential connectivity to markets with growing demand for fiber connectivity.”

“Fiber is the critical backbone of digital infrastructure required to meet the evolving needs of our customers and power the rapid expansion of AI,” said Dan Schulman, Verizon CEO. “Expanding the reach of Verizon fiber is central to our growth and convergence strategy, and this partnership gives us a highly capital-efficient model to extend Verizon’s award-winning fiber broadband experience to more customers outside of our core footprint. We are excited to welcome Ripple Fiber’s customers to Verizon and provide them with an outstanding customer experience from day one.”

In connection with the transaction, Verizon will acquire Ripple Fiber’s existing customers, who will transition to Verizon’s fiber broadband platform over a period of time following closing, with uninterrupted service throughout the transition. Verizon will also acquire a small portion of Ripple Fiber’s network and related assets adjacent to or partially within Verizon’s existing fiber footprint in North Carolina and South Carolina.

“This transaction marks an important milestone in the evolution of Eaton Fiber,” said Sachit Ahuja, Co-President of Tillman and Co-Founder of Eaton Fiber. “The acquisition of Ripple Fiber meaningfully strengthens Eaton Fiber’s relationship with Verizon, while the partnership and long-term capital from Bain Capital provide additional resources to accelerate its fiber deployment. Together, these steps position Eaton Fiber to further enhance its strong build momentum and expand its geographic reach.”

“As a wholesale fiber network platform, we will do what we do best, working within communities to deliver state-of-the-art fiber connectivity at scale across the U.S. Through our acquisition by Eaton Fiber, we are well positioned, with our wealth of knowledge on operating wholesale networks, to accelerate our mission of connecting millions of homes and businesses to reliable, future-proof fiber for generations to come,” said Greg Wilson, Founder and CEO, Ripple Fiber.

The transaction is expected to close before the end of 2026, subject to customary closing conditions and regulatory approvals.

Eaton Fiber has secured committed debt financing in connection with the transaction from a syndicate led by Societe Generale and SMBC, alongside longstanding financing partner Future Standard Digital Infrastructure.

Lazard is serving as lead financial advisor to Ripple Fiber.

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About Eaton Fiber
Eaton Fiber is a wholesale fiber infrastructure platform established by Tillman Global Holdings to develop, own and operate high-capacity fiber networks. The company provides wholesale network infrastructure that enables communications providers to expand broadband availability and deliver next-generation connectivity to homes and businesses across the United States. For more information, visit eatonfiber.com.

About Ripple Fiber
Founded in 2021 by CEO Greg Wilson, Ripple Fiber® is a Charlotte, NC-based 100% fiber-optic network operator serving hundreds of thousands of homes and businesses. Powered by a 10-gig, 100% fiber-optic network, Ripple Fiber is redefining connectivity for communities across 10 states and nearly 300 municipalities while expanding access to reliable, future-proof internet. Ripple Fiber believes the biggest wave starts as a ripple. For more information, visit ripplefiber.com.

About Bain Capital
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 2,000 employees, and approximately $225 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About Verizon 
Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $138.2 billion in 2025. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores.

About Tillman Global Holdings 
Tillman Global Holdings is a U.S.-based holding company that builds and scales leading businesses in essential digital and energy infrastructure. Founded in 2013 by Sanjiv Ahuja, the firm operates with a long-term, operator-led approach, leveraging deep expertise and disciplined capital allocation to address evolving customer and connectivity needs. Tillman applies its hands-on management model to create robust infrastructure platforms that support economic growth and deliver long-term value across the territories in which it operates.

Tillman’s current portfolio companies operate premier fiber networks, mobile tower platforms, hyperscale data centers, in-building connectivity systems, and energy infrastructure. For more information, visit tillmanglobal.com.
Tillman Global Holdings is a U.S.-based holding company that builds and scales leading businesses in essential digital and energy infrastructure. Founded in 2013 by Sanjiv Ahuja, the firm operates with a long-term, operator-led approach, leveraging deep expertise and disciplined capital allocation to address evolving customer and connectivity needs. Tillman applies its hands-on management model to create robust infrastructure platforms that support economic growth and deliver long-term value across the territories in which it operates.

Tillman’s current portfolio companies operate premier fiber networks, mobile tower platforms, hyperscale data centers, in-building connectivity systems, and energy infrastructure. For more information, visit tillmanglobal.com.

Media Contacts

 Eddie de Sciora

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Carlyle Announces Acquisition of Secturion Systems

Carlyle

WASHINGTON, D.C. — July 27, 2026 — Global investment firm Carlyle (NASDAQ: CG) today announced that it has acquired Secturion Systems (“Secturion”), a leading provider of high-speed, NSA certified hardware encryption solutions that protect sensitive and classified information. The transaction marks the first investment by Carlyle’s dedicated middle-market Aerospace, Defense & Government and Industrials platform.

Founded in 2012 and headquartered in Centerville, Utah, Secturion develops high-assurance hardware encryption products that safeguard sensitive mission data across airborne, maritime, and ground systems. The company’s technology products enable customers to securely store, process, and transmit rapidly growing volumes of classified information at industry-leading speeds, while meeting the stringent security requirements of modern national security missions.

The acquisition builds on Carlyle’s nearly 40 years of investing across the aerospace, defense and government sectors. Carlyle continues to partner with innovative businesses and talented leadership teams to advance national security, defense modernization, and industrial resilience.

Sean Berg, a technology industry leader with more than 25 years of experience, spanning both the military and private sectors, will join Secturion as Chief Executive Officer. Mr. Berg previously served as Chief Executive Officer of Everfox (formerly Forcepoint Federal), where he successfully built it into a leader in the cross-domain security market and delivered new capabilities and products that supported government organizations’ high-assurance cybersecurity requirements. Mr. Berg will lead Secturion alongside Josh Falslev, who will continue as its Chief Operating Officer, and Derek Owens, who will continue as its Chief Technology Officer.

“Secturion has developed industry-leading hardware encryption capabilities that protect some of the nation’s most sensitive information,” said Ian Fujiyama, Chairman of Carlyle’s middle-market Aerospace, Defense & Government and Industrials platform and Head of Aerospace, Defense & Government at Carlyle. “Secturion is a compelling fit as the first investment for the middle-market platform, bringing alignment with long-term industry tailwinds, mission-critical products, and a deeply technical team.”

“We are pleased to partner with Sean Berg and the entire Secturion team,” said Dayne Baird, Partner on Carlyle’s Aerospace, Defense & Government team. “Secturion has built a remarkable business based on its exceptional engineering talent, innovation, and commitment to its customers. We look forward to investing in Secturion to accelerate its growth and mission impact, leveraging Carlyle’s resources, relationships, and experience advancing government technology platforms to help build a unique industry leader in the defense hardware encryption market.”

“Carlyle shares our long-standing commitment to technical excellence, mission execution, and the people who make it possible. Carlyle’s deep understanding of the national security market and experience supporting mission-driven technology businesses makes the firm a natural partner to help us execute on our long-term vision,” said Josh Falslev, Chief Operating Officer of Secturion. “Innovation has always been at the core of what we do. With Carlyle’s support, we will be able to accelerate the development of next-generation encryption technologies that help our customers stay ahead of their evolving security challenges,” added Derek Owens, Chief Technology Officer of Secturion.

Sean Berg added, “I am thrilled to join Secturion at such a critical moment for national security. As quantum computing advances and AI-enabled threats grow more sophisticated, the need for hardware-based, high-assurance encryption has never been greater, and Secturion is uniquely positioned to address those needs. The team at Secturion has built best-in-class products that are truly differentiated in the market and provide interoperability and processing speeds that enable missions that would otherwise not be feasible. I look forward to partnering with Josh, Derek, and the broader Secturion team to build on that foundation and continue serving the customers who depend on us.”

D.A. Davidson & Co. acted as the exclusive financial advisor to Secturion in connection with the transaction. Wilson Sonsini Goodrich & Rosati acted as legal advisor to Secturion. Latham & Watkins LLP acted as legal advisor to Carlyle.

About Secturion

Secturion develops hardware-based cybersecurity and data protection technologies for defense and intelligence applications. The company’s portfolio includes NSA certified hardware encryption products designed to help protect classified data across mission-critical airborne, maritime, ground, and intelligence platforms. For more information, please visit www.secturion.com

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $475 billion of assets under management as of March 31, 2026, Carlyle’s purpose is to connect people, ideas, and capital to fuel growth for companies and performance for investors. Carlyle employs more than 2,500 people in 28 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

Media Contacts:

Brittany Bensaull
Brittany.Bensaull@carlyle.com
+1 (212) 813-4839

Isabelle Jeffrey
Isabelle.Jeffrey@carlyle.com
+1 (212) 332-6394

 

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Kuwait Oil Company Signs US$ 16.0 Billion Infrastructure Partnership Involving Its Crude Oil Pipeline Network With a Consortium Comprising Blackstone, Brookfield and KKR

KKR
  • Kuwait Oil Company (“KOC”) is establishing a new joint venture (“JV”) with three leading global investors in a lease and leaseback structure for a 20.5 year period that includes a volume-based tariff
  • Following a competitive selection process, Blackstone, Brookfield and KKR will collectively hold a 49% stake in the JV, with each investor holding an equal one-third share of that interest on equal terms; KOC will retain a 51% stake and full ownership and operational control of the network
  • Kuwait’s largest energy infrastructure partnership to date, and the largest foreign direct investment ever in Kuwait
  • Marks the first time leading global institutional investors have deployed long-term capital into Kuwait’s midstream infrastructure
  • Underscores – amidst ongoing regional geopolitical challenges – international trust in KPC’s ability to deliver on its 2040 Strategy to reach 4 million barrels of crude oil production capacity per day by 2035
  • Supports Kuwait’s economic diversification goals in a partnership with leading international investors, expected to generate US$ 7.85 billion of proceeds to support broader capital expenditure plans
  • Preserves the State of Kuwait’s full flexibility over its production and refining volumes


KUWAIT CITY, Kuwait–(BUSINESS WIRE)–Kuwait Petroleum Corporation (“KPC”), the state-owned corporation overseeing Kuwait’s oil and gas sector, today announced that its wholly owned subsidiary, Kuwait Oil Company (“KOC”), responsible for the exploration, production and transportation of crude oil on behalf of the State of Kuwait, has signed a US$ 16.0 billion lease-and-lease-back agreement involving its entire domestic and export pipeline network with a consortium of international infrastructure and institutional investors led collectively by Blackstone, Brookfield and KKR.

As part of the transaction, a newly formed Kuwaiti-incorporated JV will lease from KOC the usage rights to all of its 13 pipelines, spanning a total of approximately 320 kilometers of Kuwait’s pipeline network. Under the terms of the agreement, the JV will grant back to KOC the exclusive use, operational and maintenance rights in the pipeline assets for a 20.5 year period, in exchange for a volume-based tariff.

KOC and the consortium, comprising Blackstone, Brookfield and KKR, will establish the new joint venture, with KOC holding a 51% majority stake and the consortium collectively holding the remaining 49%, with equal stakes and on equal terms. KOC will continue to maintain full ownership and operational control of the pipeline network. The JV will not impose any restrictions on Kuwait’s refining throughput or production volumes, all of which remain subject to decisions made by the State of Kuwait.

The JV is expected to generate upfront proceeds of US$ 7.85 billion for KOC upon closing, supporting KPC’s capital expenditure plans, including KPC’s target of 4 million barrels per day of crude oil production capacity by 2035, and supporting Kuwait’s broader efforts to diversify sources of capital and deepen engagement with global investors.

The commitment represents the largest foreign direct investment in Kuwait’s history. Its scale reflects the quality of KOC’s asset base, the strength of KPC’s operational stewardship, and the enduring appeal of Kuwait as an investment destination.

The agreement ranks among the first major inward investments in the Arabian Gulf region since the onset of recent tensions, and it bears testament to Kuwait’s resilience and agility, and the sustained confidence of global institutional investors in Kuwait and KPC.

Beyond its immediate proceeds, the JV is intended to serve as a catalyst for deeper participation by global investors in the national economy, in keeping with KPC’s development plan and Kuwait’s long-term diversification agenda.

Shaikh Nawaf Saud Al-Sabah, Deputy Chairman and CEO of KPC, said:

“Project Peregrine represents the largest foreign direct investment in Kuwait’s history and a defining milestone for our country’s economic development. It delivers on the commitment announced by His Highness the Prime Minister Shaikh Ahmad Abdullah Al-Ahmad Al-Sabah at the Kuwait Oil & Gas Show (KOGS) in February 2026 to attract world-class international investors into Kuwait’s strategic infrastructure while preserving full national ownership and operational control.

We are pleased to welcome Blackstone, Brookfield and KKR as long-term partners in this landmark transaction. Their investment reflects confidence in Kuwait’s resilience, the quality of KPC’s assets and our long-term vision for the country’s energy sector.

This transaction sends a powerful signal that Kuwait continues to rise as an attractive destination for global capital, even amid a challenging regional environment.”

Joe Bae and Scott Nuttall, Co-CEOs of KKR, said:

“Kuwait has established itself as one of the world’s leading energy producers through decades of disciplined investment and prudent stewardship. We have greatly valued our partnership with Shaikh Nawaf and his team. This investment reflects our confidence in Kuwait and our commitment to providing long-term capital in support of strategic infrastructure, and we look forward to deepening our partnership and identifying further opportunities to invest alongside Kuwait in the years ahead.”

Bruce Flatt, CEO of Brookfield Corporation, said:

“Kuwait is a long-standing and highly valued partner of Brookfield’s, and we have long admired the way it has built a globally leading energy industry. We are proud to support Kuwait as it continues to build out its vital energy infrastructure, and honored to invest alongside our partners for the long term.”

Stephen Schwarzman, Chairman, CEO and Co-founder of Blackstone, said:

“Kuwait’s leadership, vision and resources have made it a compelling destination for international capital, built on its strength in the energy sector and remarkable efforts to diversify its economy. We are proud to support this critical infrastructure, helping meet rising global energy demand while deepening Blackstone’s nearly four-decade partnership with Kuwait.”

Additional transaction details

The transaction will be governed by Kuwaiti law and is subject to customary closing conditions and regulatory approvals.

Centerview Partners, HSBC and J.P. Morgan acted as financial advisors to KPC.

About KPC

Kuwait Petroleum Corporation is the national oil company of the State of Kuwait. Through an integrated supply chain managed by its six wholly owned subsidiaries, KPC oversees upstream, downstream, petrochemical, midstream and international operations. KPC is committed to the responsible production and global distribution of hydrocarbons, embedding innovative energy solutions across its business while serving as a trusted and reliable global supplier of hydrocarbons. For more information, please visit www.kpc.com.kw and follow @kpcofficialkw on X and Instagram.

About KOC

Kuwait Oil Company is responsible for all exploration, production, and transportation of crude oil on behalf of the State of Kuwait (itself the owner of the oil).

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 over $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.

About Brookfield

Brookfield is a leading global investment firm with more than $1 trillion in assets under management headquartered in New York that owns and operates real assets and essential service businesses that form the backbone of the global economy. We invest on behalf of institutions and individuals around the world across infrastructure, renewable power and transition, private equity, real estate, and credit—sectors critical to supporting economic growth and productivity. With a heritage spanning more than a century and operations in over 30 countries, we deploy long-term, patient capital to build the foundational assets and businesses that power a more connected, resilient, and sustainable future—seeking to build long-term wealth for our clients while delivering strong risk-adjusted returns for our shareholders.

For more information, please visit our website at www.brookfield.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.

 

Contacts

Media Contacts

KPC/KOC
Shahad Al-Rashidi
corporaterelations@kpc.com.kw

Blackstone
Dafina Grapci-Penney / Tom Clements
pressinquiries@blackstone.com

Brookfield
Simon Maine: simon.maine@brookfield.com
Shveta Singh: shveta.singh@brookfield.com

KKR
Annabel Arthur
media@kkr.com

 

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Bain Capital to Acquire Vitabiotics, the UK’s No.1 Vitamin Company

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BainCapital

Planned international expansion for one of the world’s leading independent vitamin, mineral and supplement businesses, with a presence in over 70 countries

London – July 24, 2026 – 2026: Bain Capital, a leading global private investment firm, today announced that it has agreed to acquire Vitabiotics, the UK’s No.1 Vitamin Company*, including its UK operations and the wider VB Group** (including Meyer Organics in India, and its operations in Africa, including VB Egypt), marking a significant milestone in Vitabiotics’ 55-year history and signalling the next phase of planned rapid international growth and expansion.

The transaction brings together one of the world’s leading healthcare and consumer investors with one of the most recognised independent vitamins, minerals and supplements businesses globally, creating a platform for accelerated international growth.

The UK will remain central to Vitabiotics’ brand, innovation, and category leadership. There will be no immediate changes to day-to-day operations, and the company will continue to focus on delivering for customers, partners and consumers, while investing in areas including digital capabilities, e-commerce, international distribution, supply chain resilience and new product development.

Given Vitabiotics’ global footprint, the investment will be led by Bain Capital’s Asia Private Equity team and supported by the firm’s global platform. Bain Capital will bring local market knowledge in India, together with sector expertise, portfolio resources and global capabilities, to support Vitabiotics as it continues to scale its brands, strengthen its international platform and invest in long-term growth within key markets such as MENA and China.

Vitabiotics was founded in 1971 by visionary scientist and entrepreneur, Professor Kartar Lalvani OBE, who pioneered the nutraceutical field and innovative science-based formulas, leading to whole new categories of supplements and sector-leading brands supporting specific health and life-stage needs, resulting in a unique portfolio of sector-leading products, including several household names.

Over the last decade under the leadership of his son, Tej Lalvani, Group Chief Executive Officer, the business has significantly accelerated its growth and leadership through product launches and partnerships. Having dedicated more than 30 years to working in the business, Tej Lalvani has played a central role in transforming Vitabiotics into one of the world’s leading independent science-led nutraceutical companies. Outside Vitabiotics, he is widely recognised as one of the UK’s leading entrepreneurs and as a Dragon on BBC TV’s Dragons’ Den. As founder of the Group and in recognition of his life-time contribution and leadership in the supplement sector, Professor Kartar Lalvani will assume the honorary role of Chairman Emeritus on completion of the transaction. Professor Kartar Lalvani’s elder son, Professor Ajit Lalvani, has contributed his medical and scientific expertise to the business as non-executive director over three decades, alongside his distinguished clinical academic career.

The Vitabiotics Group has built leading positions across several of the world’s most attractive VMS markets, including India, China, Egypt and the wider MENA region, supported by a unique combination of consumer trust, healthcare professional credibility and local market expertise. As the UK’s leading vitamin company, its portfolio of trusted brands includes Pregnacare, Perfectil, Wellman, Wellwoman, Osteocare, and the Ultra range, supported by strong consumer trust, healthcare professional credibility and a growing international presence.

Tej Lalvani, Group Chief Executive Officer of Vitabiotics, said: “This marks a defining moment in Vitabiotics’ journey. I’m incredibly grateful to have had the opportunity to build on my father’s vision to harness the power of science and nutrition to improve everyday health and, together with our exceptional team, help transform Vitabiotics from a British family business into one of the world’s most trusted vitamin and wellness companies. This direction is not about changing who we are; it is about accelerating what we can become. With Bain Capital’s global expertise and investment behind us, we have a unique opportunity to expand internationally, accelerate our innovation and take our trusted brands to millions more consumers, while staying true to the science, quality and values that have defined Vitabiotics for more than 55 years.”

Pawan Singh, a Partner at Bain Capital, said: “Vitabiotics is exactly the type of business we support: a trusted, science-led brand platform with category leadership, strong healthcare professional credibility and meaningful presence across the UK, India, the Middle East, Africa and China. Our India team has deep experience partnering with healthcare and consumer businesses, and we look forward to supporting Vitabiotics’ next phase of growth.”

Rishi Mandawat, a Partner at Bain Capital added: “We see a compelling opportunity to help Vitabiotics build on its UK leadership and strengthen its global platform. Across Bain Capital, we will bring sector expertise, portfolio resources and local market knowledge to support investment in innovation, e-commerce, international distribution and operational capability.”

Completion of the transaction remains subject to applicable closing conditgions, including customary regulatory approvals. Houlihan Lokey acted as exclusive corporate finance advisor to the selling party, advising on all aspects of the preparation, structuring, and negotiation of the transaction. Macfarlanes acted as lead legal adviser to the selling party, advising on all legal aspects of the sale and coordinating a large cross-border team. Rothschild & Co. acted as exclusive corporate finance adviser to Bain Capital. Kirkland & Ellis acted as lead legal adviser to Bain Capital, and Khaitan & co. acte4d as co-counsel advising Bain Capital on Indian law aspects of the transaction.

ENDS

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 $225 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About Vitabiotics

Vitabiotics’ mission is to empower wellness and healthy living through innovation in nutritional healthcare. The company has pioneered advances in nutritional healthcare for 55 years, with a portfolio that includes some of Britain’s leading and most trusted supplement brands such as Perfectil, Pregnacare, Wellman, Wellwoman and Menopace.

Vitabiotics is the leading British nutraceutical company founded in 1971 by Professor Kartar Lalvani, with a heritage deeply rooted in family entrepreneurship and scientific research. Built on a foundation of clinical insight into nutritional science, the company developed some of the UK’s most trusted supplement brands, including Perfectil, Pregnacare, Wellman, Wellwoman, and Menopace. It has grown into a category-defining business in vitamins and mineral-based food supplements, with products spanning key health areas and life stages, including pregnancy, men’s and women’s health, beauty, and family nutrition.

In 2013, Vitabiotics became the UK’s largest vitamin company by sales value, reflecting its strong market position and sustained consumer trust.

As the UK’s No.1 vitamin company *, Vitabiotics UK exports to over 70 countries worldwide. Alongside its international export business, the Group has established operations in key global markets including India, China, Egypt and West Africa, reflecting its evolution into a leading international nutritional healthcare company. Vitabiotics is the only vitamin company to have received the Queen’s Award for Enterprise on four occasions, including twice for Innovation (in 2013 for Pregnacare and in 2018 for Perfectil). Vitabiotics also supports ongoing research and original clinical trials in collaboration with universities and leading medical centres in the UK and internationally.

About Professor Kartar Lalvani OBE

Professor Kartar Lalvani’s Doctorate of Science in Medicinal Chemistry (University of Bonn) underpinned his mission to transform preventive healthcare through scientifically formulated vitamins and minerals. At a time when supplementation was often dismissed as unnecessary, he founded Vitabiotics, UK (1971) and Meyer Organics, India (1982) to combine research-led innovation, pharmaceutical-grade quality manufacturing and clinical validation. He appointed his former mentor from King’s College London, the renowned Professor Arnold Beckett OBE, as Vitabiotics’ first Chairman (see picture).  Professor Lalvani’s entrepreneurial talent drove innovation across the whole product development process, from patented formulations to unique brand names, product design and marketing. Now in his 95th year, his many accolades include Ernst & Young Master Entrepreneur of the Year (2008), Honorary Professorship of the University of Franche-Comte, France (2014), and the Lifetime Achievement Award of the Federation of Obstetricians and Gynaecologists of India (2025), as well as Vitabiotics’ winning the Queen’s Award for Enterprise on four occasions. Having pioneered the new paradigm of nutraceutical therapy, Professor Lalvani poignantly observes that “while the last century was the century of antibiotics, this is the century of vitamins”.

About Professor Tej Lalvani

Tej Lalvani has served as Chief Executive Officer of Vitabiotics for the last decade, having worked within the family business for more than 30 years, including previously as Chief Operating Officer. Under his leadership, Vitabiotics has rapidly scaled its position as the leading VMS player in the UK and on a global scale.

Outside of Vitabiotics, Tej Lalvani is widely recognised as an entrepreneur and investor, having appeared for five seasons as a Dragon on BBC’s Dragons’ Den. He has received multiple business and entrepreneurship awards, holds an Honorary Doctorate and Visiting Professorship for entrepreneurship and business from the University of Westminster, and was recently inducted into the Great British Entrepreneur Awards Hall of Fame.

Notes to Editors: 
*Nielsen GB ScanTrack Value and Unit Sales 52 w/e 4th October 2025
**Certain group entities operating in jurisdictions outside the scope of this transaction will continue to trade under the existing beneficial ownership structure and are not part of the acquisition.

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 Europe

 Jason Lobo

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Street Group secures a strategic growth investment from Hg, at a valuation of more than £200m, to accelerate its AI-led product vision for UK estate and letting agents

HG Capital

Manchester, UK – 22nd July 2026 – Street Group (“Street”), a leading provider of vertical software and AI to the UK residential property sector, today announced a strategic growth investment from Hg, the leading investor in European and transatlantic software and services businesses, valuing the company at more than £200m.

Founded and led by siblings and co-CEOs Tom and Heather Staff, and headquartered in Manchester, Street has built an integrated operating system for estate and letting agents. This spans its core CRM (Street.co.uk), its prospecting and lead-generation platform, Spectre, and a growing suite of AI-native products including Cortex, which allows customers to build and orchestrate their own AI agents.

Today, the business serves thousands of estate and letting agency branches across the UK and has established itself as one of the fastest-growing and most innovative players in UK PropTech.

Tom and Heather remain majority controlling shareholders and will continue to lead the business. Hg will make a strategic growth investment, enabling the founding team to accelerate product innovation, deepen Street’s AI capabilities and continue to delight its customers; supporting the company’s ambition to become the category-defining software and AI platform for UK estate and letting agents.

Heather and Tom Staff, co-CEOs and co-founders of Street Group, said: “We built Street to fundamentally change how estate and letting agents work, and AI is central to that mission. In Hg we have found a partner who shares our long-term ambition, our product focus, and brings genuine depth of experience and operational expertise in scaling software and AI businesses. This partnership allows us to invest even more in our products, our technology and our people, while staying true to the culture and obsessive customer focus that have defined Street from the start.”

Louis Kinsella, Partner, Hg, said: “Street is exactly the kind of business we love to back. It’s a category leader with a technical edge, loved by its customers, and is deeply embedded in their daily workflows. Heather and Tom are an exceptional founding team who have built something rare, combining genuine product innovation with accelerating growth, as the industry moves towards them and away from legacy solutions. We are excited to support the next phase of their journey.”

Conor Stewart, Principal, Hg, said: “Tom and Heather have built a fantastic business. The depth and ambition of its AI capabilities and its culture of innovation were clear to see as we got to know the business, and we were deeply impressed by the strength of Street’s technology and product leadership. We see a significant opportunity to build on that foundation, leveraging Hg’s capabilities to help Street accelerate its product development to bring even more value to customers.”

Street Group was previously backed by Manchester-based PXN Group, a venture capital firm known for backing high-growth Northern businesses.

Street Group was advised by Alvarez and Marsal. Terms of the transaction were not disclosed.

For further information, please contact:

Street Group:

Dave Smithbury, dave.smithbury@street.co.uk

Hg:

Tom Eckersley, tom.eckersley@hgcapital.com

Sam Ferris, sam.ferris@hgcapital.com

About Street Group

Headquartered in Manchester, Street Group builds software that powers the UK residential property market. Founded in 2015, its products include the Street.co.uk CRM for estate and letting agents, the Spectre prospecting platform, and a growing suite of AI-native tools designed to help agents win more business and work more efficiently. With a growing team of more than 200 employees, the company is a repeat winner of the industry’s most respected awards, including Best Overall Supplier at the EA Masters.

About Hg

Hg is an investor in European and transatlantic technology and services businesses. We are an AI leader in private equity, helping to build sector-leading enterprises that supply critical applications or workflow services to deliver intelligent automation for their customers.

We take an active approach to value creation, combining deep end-market knowledge with world class operational resources to support entrepreneurial leaders looking to scale and drive AI transformation.

With a vast European network and strong presence across North America, Hg has over $110 billion in assets under management and more than 400 employees. Our portfolio spans around 60 businesses worth over $190 billion in aggregate enterprise value, employing more than 140,000 people and consistently growing revenues at more than 16% annually.

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EQT enters global partnership with Emirates Great Britain SailGP Team

eqt

EQT and the Emirates GBR sailing team form a multi-year partnership spanning the global SailGP championship calendar through to 2030, featuring prominent branding on the team’s F50 race boat and premium hospitality engagement SailGP is one of the world’s fastest-growing sports championships, combining advanced technology with a relentless focus on performance, which closely aligns with EQT’s philosophy of continuous betterment As private markets become more accessible to individual investors, building brand awareness with audiences beyond EQT’s traditional institutional base is becoming increasingly important – the Emirates GBR partnership aims to help advance this strategic priority

SailGP is a global racing championship featuring national teams competing in F50 catamarans at races across EMEA, the Americas and Asia Pacific. Since launching in 2018, SailGP is one of the fastest-growing sports championships globally with a 12x audience increase(1).

As part of the partnership with the Emirates GBR, EQT becomes the sailing team’s official private markets partner across all global SailGP championship events through 2030. The partnership includes prominent branding on the Emirates GBR F50 catamaran, alongside access to premium hospitality and stakeholder engagement opportunities.

The partnership coincides with EQT’s refreshed global brand platform, ‘Better Never Ends’ – a philosophy of continuous improvement that mirrors Emirates GBR SailGP Team’s relentless focus on precision and performance.

Peter Beske Nielsen, Head of Global Wealth Solutions, at EQT said: “We believe that an ever-larger share of value creation in the global economy is happening in private markets, and individual investors want access to that opportunity. As we continue to broaden EQT’s investor base, building brand awareness of our firm is a strategic priority. SailGP – also known as the ‘F1 on water’ offers a truly global platform that reaches audiences across our key markets. We are proud to partner with Emirates GBR, a team that shares EQT’s commitment to continuous improvement.”

Steve Nutbeam, CMO at EQT said: “At EQT, we believe that better never ends. It’s a mindset that shapes how we invest, how we build businesses, and how we continue to evolve as a firm. Emirates GBR shares that same mindset, making this a natural partnership as we continue to build the EQT brand and deepen our connection with audiences around the world.”

Sir Ben Ainslie, CEO and Team Principal of Emirates GBR SailGP Team, said: “We’re delighted to welcome EQT to the Emirates GBR SailGP Team. At the heart of both our organisations is a drive to keep getting better through innovation, performance and teamwork. That reflects EQT’s ‘Better Never Ends’ philosophy and perfectly captures what it takes to succeed in SailGP, where marginal gains, constant innovation and performing under pressure make all the difference. We’re proud to partner with an organisation that shares that mindset, and we look forward to working together to create value both on and off the water as we compete on the global stage.”

Read more here.

(1) SailGP, 2026

Contact

EQT Press Office

press@eqtpartners.com

About EQT

EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of more than three decades of developing companies across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT has €‌​​270​‌ billion in total assets under management (€141​‌ billion in fee-generating assets under management) as of 31 December 2025, within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in more than 25 countries across Europe, Asia and the Americas and has more than 1,900 employees.

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

About Emirates GBR

The Emirates Great Britain SailGP Team was a formidable force both on and off the water in the 2025 Season, becoming the first ever team to complete the treble – winning the Season Championship, SailGP’s environmental and social-focused Impact League and topping the season leaderboard on points. Emirates GBR is led by the most successful Olympic sailor of all-time, Sir Ben Ainslie, as CEO. The team’s F50 is driven by Olympic gold medallist, former Moth World Champion and America’s Cup Helm, Dylan Fletcher MBE. The crew alongside him features sailing’s top talent, including Olympic gold medallists Hannah Mills OBE, Stuart Bithell MBE and Ellie Aldridge MBE, as well as America’s Cup athletes Neil Hunter, Nick Hutton, Luke Parkinson and Ben Cornish. Kai Hockley, a 20-year-old from Tottenham, London, completes the squad as a development sailor who is part of the team’s Athena Pathway programme.

Visit emiratesgbrsailgp.com to find out more

CONTACT // sjenkins@emiratesgbrsailgp.com

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Carlyle Provides Financing to Support Francisco Partners’ Acquisition of Blackline Safety

Carlyle

NEW YORK, NY and CALGARY, Alberta – July 22, 2026 – Global investment firm Carlyle (NASDAQ: CG) today announced that its Global Credit platform has provided financing to support Francisco Partners’ take-private acquisition of Blackline Safety Corp. (“Blackline”), a provider of connected safety technology for industrial workforces. Carlyle served as Administrative Agent and Lead Arranger for the transaction.

Headquartered in Calgary, Blackline provides connected wearable devices, personal and area gas detection, cloud-connected software and data analytics that help organizations protect workers and respond to safety risks across industrial environments.

“We are pleased to support Francisco Partners in its acquisition of Blackline Safety,” said Ari Mazo, Managing Director, Direct Lending at Carlyle. “This financing reflects Carlyle’s ability to provide scaled, tailored capital solutions in support of experienced sponsors and their portfolio companies.”

This investment is being led by Carlyle’s Direct Lending team within its Global Credit platform. The strategy pursues investments in privately negotiated debt and capital solutions by partnering with sponsors and family or entrepreneur-owned companies. Carlyle’s Global Credit platform has $209 billion in assets under management as of March 31, 2026.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $475 billion of assets under management as of March 31, 2026, Carlyle’s purpose is to connect people, ideas, and capital to fuel growth for companies and performance for investors. Carlyle employs more than 2,500 people in 28 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

About Blackline Safety

Blackline Safety is a connected safety technology company that provides wearable devices, personal and area gas detection, cloud-connected software and data analytics for organizations operating in industrial environments. The Company’s solutions are designed to support worker protection, incident response and operational visibility. Further information is available at www.blacklinesafety.com.

About Francisco Partners

Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch over 25 years ago, Francisco Partners has invested in over 500 technology companies, making it one of the most active and longstanding investors in the technology industry. With over $75 billion in capital raised to date, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit franciscopartners.com.

 

Media Contacts

Prosek for Carlyle

Ben Howard

Bhoward@prosek.com

914-552-4281

Blackline Safety Corp.

Christine Gillies, Chief Product & Marketing Officer

cgillies@blacklinesafety.com

+1-403-629 9434

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Bain Capital Acquires SupplyOn, a Leading European Supply Chain Network for Complex Manufacturing

BainCapital

LONDON – July 20, 2026 – Bain Capital, a global private investment firm, today announced that it has agreed to acquire SupplyOn, a supply chain collaboration platform serving the automotive, aerospace and defense, and other advanced manufacturing sectors across Europe, from its shareholders AUMOVIO, Bosch, Schaeffler, and ZF.

SupplyOn operates a technology platform connecting more than 200 large manufacturers and tier-1 suppliers with 140,000+ suppliers globally. The platform helps manufacturers and suppliers collaborate across the entire supply chain and procurement lifecycle – from sourcing and purchasing, through quality management, logistics, invoicing, and ESG compliance – on a single, integrated platform. SupplyOn was founded in 2000 and has since evolved into a market-leading platform serving the broader European manufacturing ecosystem.

Bain Capital will work closely with SupplyOn’s management team to support the company’s next phase of growth. The investment will strengthen product investment, including bringing new AI capabilities into the platform to drive customer outcomes. There will also be increased focus on sales and marketing to accelerate customer adoption across manufacturers and the defense sectors where SupplyOn has a developing footprint today.

The investment, made by Bain Capital’s Tech Opportunities business in Europe, reflects the firm’s deep experience investing in European technology and industrials businesses, combined with the firm’s long-standing expertise in aerospace and defense. European supply chain digitalization remains significantly underpenetrated, particularly in complex manufacturing where supply chain coordination is critical to production operations amidst growing supply chain complexity. Bain Capital is committed to maintaining SupplyOn’s European operational footprint, data residency, and governance structure, ensuring continuity for customers who rely on the platform’s sovereignty and compliance standards. SupplyOn’s product quality, established customer base, and network reach position the company to capitalize on this opportunity.

The transaction is subject to customary closing conditions and regulatory approvals. Financial terms of the transaction were not disclosed.

“SupplyOn represents a rare combination of product quality, network strength, high customer advocacy and market leadership in supply chain coordination across Europe,” said James Stevens, a Partner on Bain Capital’s Tech Opportunities team. “The company has built a deeply embedded platform that customers rely on for day-to-day operations. We see real runway to expand into adjacent sectors and invest in product capabilities that matter to manufacturers and suppliers alike.”

“SupplyOn builds on our long-standing footprint in Europe and Germany specifically. Through our industrials portfolio we are customers of SupplyOn and understand the critical role it plays. We have long-standing relationships with the shareholders of SupplyOn and look forward to continuing to support their businesses into the future,” said Dr. Michael Siefke, a Partner and Chair of Europe Private Equity at Bain Capital.

“We are pleased to partner with Bain Capital, which shares our long-term vision for SupplyOn as a strategic asset in the supply chain ecosystem across Europe,” said Markus Quicken, CEO of SupplyOn. “This partnership will enable us to accelerate our product roadmap, expand our market reach, and build on the strong foundation our shareholders have created.”

ENDS

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. We have 24 offices on four continents, more than 2,000 employees, and approximately $225 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About SupplyOn
SupplyOn is a leading cloud-based supply chain collaboration platform connecting manufacturers with their global business partners. Founded in 2000 and headquartered in Hallbergmoos near Munich, SupplyOn’s network connects over 140,000 companies worldwide across automotive, aerospace, railway, and other manufacturing industries. The platform enables structured digital collaboration across purchasing, sourcing, quality management, logistics, and finance—helping manufacturers strengthen collaboration, transparency, and execution across complex, multi-tier supply chains.

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CVC DIF to acquire a majority stake in EcoEridania

CVC|DIF

CVC DIF to acquire a majority stake in leading Italian integrated waste management operator Eco Eridania S.p.A. (“EcoEridania”)

  • EcoEridania is Italy’s leading fully integrated medical waste management operator and one of the country’s largest and growing industrial waste management platforms
  • With this investment, CVC DIF will support EcoEridania’s next phase of growth, further strengthening its leading position in the Italian industrial waste management sector and by pursuing selected organic and inorganic growth opportunities
  • The transaction marks CVC DIF’s first investment in Italy since the opening of its Milan office

CVC DIF, the infrastructure division of the leading global private equity manager CVC, has agreed to acquire a majority stake in EcoEridania. The investment will be made through DIF Infrastructure VIII and is expected to close in the fourth quarter of 2026, subject to customary conditions.

Founded in 1988 in Genoa, EcoEridania is Italy’s leading fully vertically integrated medical waste platform and one of the largest diversified industrial waste management operators in the country. EcoEridania provides end-to-end waste collection, transportation, storage, treatment, recovery and disposal services to healthcare institutions and industrial customers nationwide. In 2025, the Group served around 27,000 clients through a nationwide network of 22 treatment and disposal facilities, with around 1,600 vehicles and managed around 1.3 million tons of waste.

As part of the transaction, Andrea Giustini, founder and CEO of EcoEridania, will increase his significant minority stake in the business, underscoring his continued commitment to the company’s long-term growth strategy and ensuring strong alignment with CVC DIF. With this investment, CVC DIF will partner with EcoEridania’s management team to support the company’s continued growth, leveraging its expertise to further enhance operational capabilities, strengthen its nationwide platform and pursue strategic expansion opportunities in key waste management segments.

The transaction involved the indirect disposal of a 75% interest in EcoEridania by iCON Infrastructure Operations (UK) Limited, an investment company affiliated with iCON Infrastructure LLP (“iCON”).

Tom Goossens, Co-Head of DIF Infra Funds, commented: “EcoEridania is a clear leader in the Italian medical waste management sector, and this investment reflects our conviction in the long-term value of essential infrastructure. We are equally positive about EcoEridania’s fast-growing industrial waste platform, which broadens the company’s activities and offers meaningful further growth potential. We are delighted to partner with Andrea Giustini and the management team to support the company’s continued growth as it further strengthens its nationwide platform. This transaction marks our first investment in Italy since opening our Milan office in 2024 and reflects our strong commitment to backing high-quality infrastructure businesses across the country.”

Quotes

Eco Eridania is a clear leader in the Italian medical waste management sector, and this investment reflects our conviction in the long-term value of essential infrastructure.

Tom GoossensCo-Head of DIF Infra Funds

Roberta Battaglia, Head of CVC DIF Italy, commented: “Italy is a strategic market for CVC DIF, and EcoEridania is exactly the type of high-quality, essential infrastructure business that we set out to invest in when we opened our Milan office. We have been impressed by the Company’s nationwide footprint, integrated operating model and strong track record. Building on these foundations, we are excited to work alongside Andrea Giustini and the management team to support the next stage of EcoEridania’s growth.”

Andrea Giustini, founder and CEO of EcoEridania, commented: “With the signing of this agreement, a new chapter begins for EcoEridania. We are delighted to be partnering with CVC DIF, which shares our long-term vision and will enable us to accelerate the Group’s growth and international expansion. Our objective remains unchanged: to continue investing, innovating and strengthening our presence in Italy, while pursuing new opportunities in international markets. I would also like to sincerely thank everyone at EcoEridania: the value of our Company is built on their daily commitment. Together, we have achieved these results, and together, we will continue to reach new milestones. I would also like to thank iCON for believing in our capabilities, vision and initiatives over the past eight years, and for supporting us throughout this growth journey with expertise and trust.”

Ivana Semeraro, Partner of iCON, commented: “We have been delighted with our partnership with Andrea Giustini since our investment in EcoEridania more than eight years ago, during which the company has grown and diversified its business substantially. With the support of CVC DIF, the company is well positioned for future growth under Andrea Giustini’s continued strong leadership and the dedicated management team.”

CVC DIF was assisted by Citi and Jefferies as financial advisers, and by Clifford Chance as legal adviser.

iCON Infrastructure Operations (UK) Limited was advised by JP Morgan as financial adviser and by Chiomenti as legal adviser.

Andrea Giustini (Roccaforte S.r.l.) was assisted by Lazard as sole financial adviser, and by Hogan Lovells Cadwalader as legal adviser.

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EQT Consortium Raises Tender Offer Price for Kakaku.com to JPY 3,450 Per Share

eqt

EQT

  • Increased tender offer price exceeds the JPY 3,384 price in the competing proposal and aims to reduce uncertainty and facilitate the timely completion of the transaction
  • Amended tender offer price reflects the Consortium’s continued commitment to supporting Kakaku.com’s long-term growth and development
  • The Consortium has already obtained all necessary regulatory clearances required, further underscoring the certainty of the transaction for the Company and its shareholders.

EQT today announced that Kamgras 1 K.K. (the “Offeror”), a member of the consortium led by BPEA Private Equity Fund IX (“BPEA IX” or “EQT”) and Digital Garage, Inc. (“Digital Garage”, and together with EQT, the “Consortium”), has decided to amend the terms and conditions of its ongoing tender offer (the “Tender Offer”) for the common shares of Kakaku.com, Inc. (“Kakaku.com” or the “Company”; TSE: 2371), including raising the tender offer price from JPY 3,000 per share to JPY 3,450 per share (the “Revised Tender Offer Price”).

The Revised Tender Offer Price exceeds the JPY 3,384 per share price contained in the competing proposal announced on July 1, 2026.

The original tender offer price of JPY 3,000 per share represented a compelling offer for shareholders and reflected Kakaku.com’s intrinsic value and included a reasonable premium over Kakaku.com’s unaffected market share price prior to the publication of speculative media reports regarding the Tender Offer. Following developments in the process and further careful consideration, the Consortium decided to increase the tender offer price in order to further enhance execution certainty and reflect its continued conviction in the Company’s long-term potential. 

The Revised Tender Offer Price is intended to facilitate the timely completion of the transaction and enable Kakaku.com to focus on long-term growth and value creation. The Consortium has already obtained all necessary regulatory clearances required, further underscoring the certainty of the transaction for the Company and its shareholders. In contrast, the competing proposal contemplates a tender offer only commencing in September 2026 at the earliest and remains subject to various conditions, including regulatory approvals. 

Tetsuro Onitsuka, Partner in the EQT Private Capital Asia team, said: “Our proposal provides Kakaku.com shareholders with an attractive combination of value, certainty and timing. By combining EQT’s global digital and AI expertise with Kakaku’s strong brands and data assets, we believe Kakaku can accelerate platform development and pursue long-term value creation. We remain excited about Kakaku.com’s long-term potential and look forward to working alongside management and Digital Garage to support the Company’s next phase of growth and value creation.”

EQT brings long-term capital and global experience supporting digital and platform businesses. It has a track record of partnering with leading digital marketplace and classified businesses, including PropertyGuru, idealista and Casa.it, and working with management teams to support platform development, operational improvement and sustainable long-term growth. This experience, combined with Kakaku.com’s strong brands and data assets, would position it to support the continued development of the Company’s platforms and its next phase of growth.

Japan remains a strategically important market for EQT. Since establishing its Tokyo office in 2006, EQT has steadily expanded its presence and activity in the market, including through recent take-private transactions involving Fujitec, CareNet and Mamezo. This commitment is supported by the scale of EQT’s broader Asia Pacific platform. In April 2026, EQT closed BPEA IX with USD 15.6 billion in total commitments, making it Asia Pacific’s largest private equity fund to date. Together, EQT’s longstanding local presence, regional scale and global capabilities position it to continue partnering with leading Japanese companies to achieve their long-term growth ambitions.

For details regarding the amendment, please refer to the announcement issued by the Offeror today titled “Notice Regarding Amendment to the Terms and Conditions of the Tender Offer for Share Certificates, Etc. of Kakaku.com, Inc. (Securities Code: 2371)”.

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of BPEA IX will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein 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 in the United States without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document obtainable from the issuer or its agents and would contain detailed information about the issuer and its management, as well as financial statements. The securities may not be offered or sold in the United States absent registration or an applicable exemption from registration.

Regulations on Solicitation

This press release is intended to provide information relating to the Tender Offer to the public and has not been prepared for the purpose of soliciting the sale of shares. If shareholders wish to sell their shares, they should first carefully read the Tender Offer Explanation Statement concerning the Tender Offer and make their decision at their own discretion. This press release does not constitute, or form a part of, an offer to sell or a solicitation of an offer to sell or a solicitation of an offer to purchase securities, and neither this press release (in whole or in part) nor its distribution will form the basis of, or be relied on in connection with, an agreement related to the Tender Offer.

US Regulations

The Tender Offer will be conducted in accordance with the procedures and information disclosure standards provided in Japanese law, and those procedures and standards are not necessarily the same as the procedures and information disclosure standards applicable in the United States. In particular, Section 13(e) or Section 14(d) of the U.S. Securities Exchange Act of 1934 (as amended, the “Securities Exchange Act”) and the rules promulgated thereunder do not apply to the Tender Offer, and the Tender Offer does not conform to the procedures or standards therein. All financial information included or mentioned in this press release and the documents referenced herein is not based on U.S. accounting standards, and such accounting standards may not be equivalent to or comparable with financial information prepared in accordance with U.S. accounting standards. Because the tender offeror is a corporation established outside the United States and all or some of its directors and officers are not residents of the United States, it may be difficult to exercise rights or make claims against them that can be asserted based on U.S. securities-related laws. In addition, it may not be possible to initiate legal proceedings against a non-U.S. corporation and its officers in a non-U.S. court on the grounds of violation of U.S. securities laws. Furthermore, there is no guarantee that a non-U.S. corporation and its affiliates will be subject to the jurisdiction of a U.S. court.

The respective financial advisors of the tender offeror, the Company, Digital Garage, Inc. and KDDI Corporation, the tender offer agent, and their respective affiliates may, in the ordinary course of their business, to the extent permitted by the financial instruments exchange-related laws and regulations of Japan and other applicable laws and regulations, and in accordance with the requirements of Rule 14e-5(b) under the Securities Exchange Act, purchase, or engage in activities directed at purchasing, shares of the Company for their own account or for the account of their clients, either prior to commencement of the Tender Offer or during the Tender Offer Period, outside the Tender Offer. If information concerning any such purchase is disclosed in Japan, disclosure will be made in English on the website of the person making such purchase (or in another manner).

Unless otherwise specified, all procedures relating to the Tender Offer will be conducted in the Japanese language. While some or all documents related to the Tender Offer may be prepared in English, the Japanese-language documents will prevail in the event of any discrepancies between the English and Japanese documents.

This press release contains “forward-looking statements” as defined in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Known or unknown risks, uncertainties, or other such factors could lead to outcomes that may differ markedly from the projections and other information explicitly or implicitly indicated in such forward-looking statements. Neither the tender offeror nor its affiliates guarantees that the projections and other information explicitly or implicitly indicated in such forward-looking statements will materialize. The forward-looking statements in this press release were prepared based on information in the possession of the tender offeror as of the date of this press release, and unless required by laws or regulations or the rules of a financial instruments exchange, neither the tender offeror, the Company, nor any of their respective affiliates will be obligated to change or revise such statements to reflect any future events or circumstances.

Other National Regulations

The release, issue or distribution of this press release may be subject to legal restrictions in certain countries or regions. In such cases, please be aware of and comply with any such restrictions. The release, issue or distribution of this press release does not constitute a solicitation of an offer to purchase or sell share certificates in connection with the Tender Offer and is to be deemed solely as the distribution of materials for informational purposes.

 

Contact:
EQT Press Office, press@eqtpartners.com

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About EQT

EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of more than three decades of developing companies across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT has €‌​​291​‌ billion in total assets under management (€‌​​‌155​‌ billion in fee-generating assets under management) as of 30 June 2026, within three business segments – Private Capital, Infrastructure and Real Estate. 

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

 

About Digital Garage

Digital Garage, Inc. is the leading payment service provider in Japan. With the corporate purpose of “Designing ‘New Context’ for a sustainable society with technology,” Digital Garage operates payment business services for various comprehensive payment platforms in Japan. Digital Garage also runs a marketing business providing one-stop solutions in both the digital and real worlds, as well as a startup investment and development business for approaching promising startups and technologies in Japan and overseas. Digital Garage is listed on the Tokyo Stock Exchange Prime Market (TSE Prime: 4819). 

For more on Digital Garage, visit garage.co.jp/e

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