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Blackstone and Phoenix Financial Announce Partnership

Blackstone

TEL AVIV and NEW YORK – December 17, 2025 – Phoenix Financial (“Phoenix”, TASE: PHOE), a leading Israel-based asset management and insurance company, and Blackstone (NYSE: BX), the world’s largest alternative asset manager, today announced a strategic partnership.

Under the agreement, Phoenix and Blackstone will collaborate across a range of credit strategies, including corporate, real estate and asset-based credit. Phoenix will invest up to $5 billion across these strategies, leveraging Blackstone’s global credit origination capabilities and additional co-investment opportunities for the benefit of its clients.

Jon Gray, Blackstone President & COO, said: “We’re thrilled to further support Phoenix and its clients through this partnership. We continue to see compelling opportunities to invest across the rapidly expanding private credit universe, leveraging Blackstone’s scale, origination capabilities and insights from across the firm.”

Blackstone has over $1.2 trillion in assets under management across a wide range of alternative investment asset classes. Specifically in credit, Blackstone is the largest third-party investment manager globally, with $508 billion in credit assets. This includes investment businesses across private corporate credit, liquid corporate credit, infrastructure and asset based credit, and real estate debt, as well as a team dedicated to serving the firm’s insurance clients.

Phoenix is the largest asset manager in Israel, with more than $180 billion in assets under management, and continues to expand internationally through partnerships with global investment leaders. Today’s announcement aligning Phoenix with Blackstone underscores this long-term strategy, strengthening its investment platform and broadening access for Israelis to differentiated global opportunities.

Eyal Ben Simon, CEO of Phoenix Holdings, said: “We are proud to broaden our global alternatives platform by partnering with Blackstone, a world-class leader in private credit and origination. This collaboration enhances the range of high-quality opportunities we bring to Israeli investors and reflects Phoenix’s strategy of working with the strongest partners globally. Blackstone’s exceptional capabilities represent another important step in delivering diversified, institutional-grade solutions to our clients.”

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 $1.2 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 Phoenix Financial
Phoenix Financial is a leading Israel-based asset management and insurance company traded on the Tel Aviv Stock Exchange (TASE: PHOE). Phoenix activities have demonstrated strong growth and performance across the cycle, and serve a significant portion of Israeli households and businesses with a broad set of financial solutions. Managing over $180 billion in assets, Phoenix accesses Israel’s vibrant and innovative economic activity through a robust investment portfolio, creating value for both clients and shareholders.

Contact
Thomas Clements
Thomas.clements@blackstone.com
646 482 6088

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Warburg Pincus Signs Agreement to Invest in Acclime, a Leading Tech-Forward Corporate and Business Services Provider in Asia Pacific

Warburg Pincus logo

Singapore / Hong Kong, December 17, 2025 – Warburg Pincus, the pioneer of global growth investing, today announced that it has signed an agreement to invest in Acclime, a leading provider of corporate and business services across Asia Pacific. Through this transaction, Warburg Pincus seeks to leverage its global track record in building leading business services platforms to support Acclime’s next phase of growth, international expansion, and innovation.

Founded in 2019 by industry veteran Martin Crawford, Acclime was established with a clear vision: to build a truly integrated professional services platform capable of supporting businesses operating across Asia’s most complex and fast-growing markets. From its inception, Acclime differentiated itself through a partner-led model that combines deep local expertise with global standards, enabling the firm to scale rapidly while maintaining strong governance, accountability, and client focus.

Since its founding, Acclime has executed an ambitious and disciplined growth strategy, completing more than 50 acquisitions to build a platform spanning 18 markets and employing more than 2,000 professionals. The firm today serves over 17,000 clients—including subsidiaries of multinational corporations expanding into Asia Pacific, regional businesses, family offices, private capital firms, and high-growth companies—with a comprehensive suite of services across accounting, tax, HR and payroll, fund services, corporate secretarial, and risk and advisory.

As part of its evolution into a scaled, multi-market platform, Acclime appointed Izzy Silva as Group Chief Executive Officer in early 2024. Since assuming the role, Mr. Silva has led the next phase of Acclime’s development, sharpening the firm’s strategic focus, strengthening its operating model, and accelerating investment across leadership, systems, and technology to support sustainable long-term growth. Under his leadership, Acclime has advanced its digital transformation agenda, including the development of Aura, the firm’s proprietary AI-enabled automation platform, enhancing service delivery, operational efficiency, and client experience at scale.

Martin Crawford, Founder and Chairman of Acclime, said: “Over the past several years, Acclime has evolved into a pan-regional leader by combining deep local knowledge with a commitment to high-quality service for our clients. What began as a plan on a page has grown into a scaled, multi-market platform that has exceeded our expectations, thanks to the dedication of our 60+ partners, Stem Financial as foundational investors, and our talented team. We are delighted to welcome Warburg Pincus as a partner. Its partnership-oriented culture, global network, and strong track record of supporting growth make it an ideal investor for our next chapter.”

Saurabh Agarwal, Managing Director and Head of Southeast Asia Private Equity at Warburg Pincus, said: “Acclime has built one of Asia Pacific’s most scaled and differentiated corporate and business services platforms, powered by strong leadership, disciplined acquisitions, and a clear commitment to technology-enabled excellence. In a region defined by regulatory complexity and rising cross-border activity, the demand for an integrated, tech-forward business services partner has never been greater. Acclime’s deep local expertise and scalable, technology-driven solutions position it to lead the next generation of corporate and business services across the region. We are excited to partner with Martin, Izzy, and the broader team to accelerate growth, expand capabilities, and create long-term value.”

“Acclime has reached an important inflection point in its journey,” said Izzy Silva, Group CEO of Acclime. “Warburg Pincus shares our conviction in the long-term opportunity to build a global, technology-enabled professional services platform, and brings deep experience in scaling complex, multi-market businesses. Together, we are well positioned to accelerate growth, broaden our capabilities, and create enduring value for our clients and partners.”

***

About Acclime

Acclime is a leading professional services firm providing integrated corporate services, fund services, accounting, tax, and advisory solutions across Asia Pacific and the Middle East. Founded in 2019 by Martin Crawford and Debby Davidson, Acclime was built on a partner-led model designed to prioritise client success. With over 2,000 professionals operating as one unified firm across 18 markets, Acclime serves a diverse range of private clients, regional enterprises, multinationals, funds, and family offices. The firm combines deep market knowledge, cross-border expertise and industry leading tech-enablement to help clients navigate complex regulatory environments, scale their operations and achieve their strategic objectives at every stage of success. For more information, please visit: www.acclime.com

About Warburg Pincus

Warburg Pincus LLC is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $85 billion in assets under management and more than 215 companies in its active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.

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

Media Contacts

Warburg Pincus

Lisa Liang

Senior Vice President, Asia Head of Marketing and Communications

lisa.liang@warburgpincus.com

Acclime

Joshua Konechny

Chief Marketing Officer

pr@acclime.com

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Stonepeak to Acquire Allgas

Stonepeak

NEW YORK & SYDNEY – December 17, 2025 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced that it has entered into a definitive agreement to acquire Allgas, a leading gas distribution network located in Queensland, Australia, from the APA Group (ASX: APA), Marubeni Corporation, and other shareholders.

Allgas is the provider of gas haulage infrastructure in the catchment area spanning Brisbane to the northern tip of New South Wales, and separately, Toowoomba and Oakey. Its extensive network includes approximately 3,900kms of distribution mains that supply approximately 120,000 households and businesses, nine gate stations, and 123,000 metering devices. Through its connection to major Queensland supply hubs and the extensive reserves available in the region, Allgas serves as a reliable source of energy distribution for its customers.

“This transaction underscores Stonepeak’s long-held conviction in natural gas as an essential component of the energy mix supporting global energy transition efforts, especially in Australia where it continues to play an important role for businesses and individuals,” said Darren Keogh, Senior Managing Director at Stonepeak. “Queensland, and South East Queensland in particular, is experiencing significant economic expansion underpinned by population and productivity growth that is supported by the Allgas network. We look forward to working with Allgas to help effectively capitalize on these meaningful tailwinds.”

The transaction is subject to regulatory approvals and is expected to close in the first half of 2026.

Gresham is serving as financial advisor to Stonepeak. Allens is serving as legal counsel to Stonepeak.

About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately US$80 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

Contacts

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

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

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Coller Capital opens Tokyo office, appoints Hisashi Tanaka as Head of Japan Private Wealth

Coller Capital

Tokyo, 17 December 2025 – Coller Capital, the world’s largest dedicated private market secondaries manager, has announced the establishment of its Tokyo office, marking its sixth location in Asia Pacific. Hisashi Tanaka has also joined the firm as Head of Japan Private Wealth within the Private Wealth Secondaries Solutions (PWSS) team, reporting to Pak-Seng Lai, Head of PWSS Distribution-APAC. The office began operations on 12 November 2025 with Mr. Tanaka appointed to his role on 1 May 2025.

Based in Tokyo, Mr. Tanaka leads the growth of the PWSS business in Japan, providing private wealth investors access to private equity and private credit secondaries through diversified, institutional-quality portfolios.

Led by Peter Kim, Partner and Head of Asia and RMB, Coller Capital has been present in Asia Pacific with offices in Hong Kong, Beijing, Seoul, Melbourne, Singapore and Tokyo as the latest addition. The firm has a long-standing presence in Japan, rooted in more than two decades of partnerships with the country’s most prominent institutional investors. The establishment of the Tokyo office reinforces the firm’s commitment to serving its expanding institutional and private wealth investor base.

Pak-Seng Lai, Head of PWSS Distribution – APAC, said: “Building on our growth trajectory, we look forward to deepening relationships with local clients and expanding our footprint in Japan’s private wealth market, where investors increasingly seek the kind of diversification and risk mitigation that secondaries can provide. We’re delighted to welcome Hisashi, whose fundraising and client service expertise strengthens our Asia Pacific PWSS team.”

Launched in 2023, PWSS provides eligible private wealth investors access to Coller Capital’s flagship evergreen funds, Coller International Secondaries Private Equity Fund (CollerEquity) and Coller Private Credit Secondaries (CollerCredit). Across Asia Pacific, Coller Capital will market funds to private wealth investors indirectly through licensed intermediaries such as brokerage firms and asset management companies. The funds’ clients are supported by Coller’s PWSS team, consisting of 65 dedicated professionals globally.

Hisashi Tanaka, Head of Japan Private Wealth, added: “The growing momentum of Coller Capital’s PWSS platform in Asia Pacific is testament to the robust outlook for private markets in the region. I look forward to building our presence and success in Japan as private wealth investors here are increasingly seeking diversified, high-quality investment opportunities. Coller’s leading position in the secondaries market allows us to meet this demand.”

Hisashi Tanaka has more than two decades of fundraising experience in Japan, with a particular focus on retail distribution. He joins Coller Capital from New York Life Investments, where he served as Head of Retail Distribution, overseeing both publicly offered mutual funds and private assets. Prior to this, he held senior retail sales positions at Schroders, BNP Paribas, PineBridge, and Deutsche AM. He began his career at SMBC Nikko Securities as a Japanese equity analyst, amassing extensive experience across both traditional and alternative investment distribution.

Mr. Tanaka is joined by Keisuke Kagawa, who joins as Vice President in the Japan PWSS team. He previously worked at StepStone Group where he served as Vice President in the Business Development division. Earlier in his career, Mr. Kagawa held positions at Mitsubishi UFJ Alternative Investments, PricewaterhouseCoopers Japan and Nomura Securities.

Coller Capital’s Tokyo office is located at the GranTokyo South Tower in the Marunouchi district.

 

Mentions
Hisashi Tanaka

Director, Head of Japan Private Wealth Distribution
Pak-Seng Lai

Managing Director & Head of Private Wealth Distribution APAC
Press contact
SEC Newgate

collercapital@secnewgate.hk+852 6105 5550

Categories: People

Cinven announces leadership update

Cinven

International private equity firm Cinven today announces a leadership update, including changes to its management structure to support continued delivery of the firm’s strategic priorities in the years ahead.

Supraj Rajagopalan, Co-Managing Partner, and Alex Leslie, Chief Operating Officer and Chief Financial Officer, have decided to step down from their roles and will be leaving the firm. Bruno Schick and Jorge Quemada remain Cinven’s Co-Managing Partners, with Bruno continuing to lead the firm’s portfolio, value creation, and exit activities and Jorge leading its investment activity. The Co-Managing Partners are jointly responsible for the strategic direction and development of the firm in collaboration with the Executive Committee.

Alexandra Hess has been appointed President and, in addition to her role as Head of Investor Relations, has taken on responsibility for Strategic Initiatives. Maxim Crewe has been appointed Head of Countries and Sectors to oversee Cinven’s sector and regional matrix, a longstanding differentiator for the firm, and to maintain deep connectivity and impact across the platform. Cinven’s Partner and former CFO, Mike Colato, who is currently serving as Senior Advisor to the firm, will assume the role of COO / CFO on an interim basis. They will all report to the Co-Managing Partners.

The firm is also announcing an evolution of its Investment Committee (IC). Jorge Quemada will remain Chair of the IC, and Bruno Schick, Pontus Pettersson and Thomas Railhac, who currently serve on the bench, will all become permanent IC members, alongside David Barker. These appointments broaden the senior leadership group contributing to our investment decision-making at a time of strong momentum in capital deployment.

In addition, Stuart McAlpine will be transitioning to the role of Chairman Emeritus, following two years as Chair since stepping down as Managing Partner. In this capacity, Stuart will continue to provide counsel and strategic insight to the firm.

Bruno Schick and Jorge Quemada commented:

“We thank Supraj and Alex for their dedication and valued contributions to Cinven, our people, portfolio and investors over the last two decades. We fully respect their decision to step down from the firm.

“The additional responsibilities being taken on by Alex Hess, Maxim, Pontus and Thomas will further strengthen the firm’s management structure and demonstrate the depth of our established leadership bench. We look forward to working closely with them and the wider partner group to continue advancing our strategic priorities.
“These changes come at a time of strong momentum for Cinven, as the firm continues to deploy capital across a range of attractive investments in Europe and the US, deepens its sector and geographic capabilities, and supports portfolio companies in delivering sustainable value. Since January 2024 Cinven has delivered c. €12 billion of realisations while investing more than €6 billion into high-quality businesses. We look forward to carrying this strong momentum into 2026 and beyond.”

Categories: People

Fortidia announces strategic partnership with BC Partners to accelerate global growth

BC Partners Logo

Fortidia (or the “Company”), a leading global platform providing shipping, fulfilment and marketing services, announced today that it has entered into a definitive agreement for BC Partners, a leading international investment firm, to acquire a majority stake in the Company from the founding Fiorelli family and funds managed by Oaktree Capital Management, L.P. (“Oaktree”).  Fortidia’s Chairman and CEO Paolo Fiorelli will retain a significant stake in the business and continue in his current role, working in partnership with BC Partners to accelerate the Company’s next phase of growth. Terms of the transaction were not disclosed. The transaction is subject to customary regulatory approvals.

Founded in 1993 and headquartered in Milan (Italy), Fortidia is a global leader in providing shipping, fulfilment, print, and marketing solutions, primarily to micro, small and medium-sized enterprises (“MSMEs”). Operating under multiple complementary franchised brands, including – among others – Mail Boxes Etc., AlphaGraphics, World Options and PostNet, Fortidia plays a pivotal role in the high-growth parcel, packing, shipping and fulfilment value chain, as well as providing outstanding marketing solutions. The Company acts as a key player in the end-to-end logistics and complementary business services arenas and is growing rapidly to serve its on-line and off-line customers in a highly fragmented global market.

Paolo Fiorelli, Founder and CEO of Fortidia, said: “This is an exciting new chapter for Fortidia. We take great pride in the global network and trusted brands we have established over the last thirty years. The team at BC Partners is the ideal strategic ally to accelerate our next phase of growth; they have a strong reputation and track record in Italy, and their values, deep knowledge, and operational expertise will be key to unlocking our full potential. We share a clear vision: to expand our global footprint, enhance our services, and deliver exceptional value to our customers through our global network of franchise partners. We would like to extend our sincere gratitude to Mario Adario and the Oaktree team for their partnership over the past years.”

Paolo Notarnicola, Partner, Co-head of Services and member of the Management Committee, BC Partners, said: “We are delighted by the opportunity to partner with Paolo and his team at Fortidia. This investment reflects our continued focus on partnering with exceptional entrepreneurs in the route-based services sub-sector – a space we know incredibly well through investments in companies such as GFL, GardaWorld, and GES, and where we see continued long-term tailwinds. Fortidia’s resilient business model, strong franchise network, and compelling growth trajectory makes it a definitive ‘defensive growth’ business and a natural fit within BC Partners’ portfolio.”

Marco Castelli, Partner, BC Partners, added: “This investment showcases how our differentiated sourcing model – anchored in deep sector expertise and local networks – enables us to source attractive, bilateral opportunities and position ourselves as the partner of choice. Looking ahead, we plan to work in close partnership with the Fortidia team and to apply the proven playbooks we have developed over the years to help grow the business both locally and internationally – enhancing the client offering, expanding Fortidia’s network internationally, and pursuing M&A opportunities in a highly fragmented market.”

Mario Adario, Managing Director, Oaktree, said: “Fortidia is an extraordinary company with still a lot of potential to be realized. We would like to thank Paolo Fiorelli and his team: it was a great honour to work with them to more than triple the profitability of the Company. This outcome is the result of a shared vision, strong alignment and mutual trust. We are confident that Paolo and team will continue this growth trajectory with their new partner”.

Fortidia will continue to operate under its existing management team and brand structure, maintaining its strong focus on serving customers worldwide, primarily through its network of franchise partners.

This transaction marks the first investment in BC Partners Fund XII, which will follow the same sector-led strategy as prior funds, focused on building a diverse portfolio of defensive growth companies in the mid-market. It also marks BC Partners’ fifth investment in 2025, following investments this year in Biogaran, IGS GeboJagema, PetLabCo., and GES, and builds on BC Partners’ extensive track record of investing in Italy, having deployed over €3.3bn across 17 transactions since its founding in 1986.

Jefferies acted as exclusive financial advisor to Fortidia and its shareholders, with a team led by Jefferies’ Head of Italy Investment Banking Mauro Premazzi. Fortidia was also advised by Sidley Austin LLP together with PedersoliGattai and Paolo Ludovici at GPBL. BC Partners was advised by Latham & Watkins, Kirkland & Ellis, Facchini Rossi Michelutti, PwC and Bain and Co.

 

-[ENDS]-

 

About BC Partners

BC Partners is a leading investment firm with circa €40 billion in assets under management across private equity, private debt, and real estate strategies. Established in 1986, BC Partners has played an active role for nearly four decades in developing the European buyout market. Today BC Partners’ integrated transatlantic investment teams work from offices in Europe and North America and are aligned across our four core sectors: TMT, Healthcare, Services & Industrials, and Food. Since its foundation, BC Partners has completed over 130 private equity investments and is currently investing its eleventh private equity buyout fund. For further information, please visit https://www.bcpartners.com/

About Fortidia

Fortidia is the brand identity of MBE Worldwide S.p.A. – a company headquartered in Italy – and its affiliates. Fortidia is a global commerce enabler for MSMEs and consumers thanks to its platform including brands providing fulfillment, shipping, marketing and print solutions: Mail Boxes Etc. (outside the U.S. and Canada.), World Options, PostNet, PACK & SEND, AlphaGraphics, Multicopy, Kwik Kopy Australia, Print Speak, GEL Proximity and Spedingo. In 2024, its platform – including 3,200+ Business Solutions Centers in 57 countries with over 14,000 associates – served 850k business customers worldwide generating €1.45 bln (US$1.65 bln) of System-wide Gross Revenue.

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Bain Capital and 11North Partners Close $1.6 Billion Capital Raise to Invest Alongside their Co-Owned Open-Air Retail Platform

BainCapital

Raise was anchored by two leading global institutional investors

BOSTON & NEW YORK – December 16, 2025 – Bain Capital Real Estate (“Bain Capital”) and 11North Partners (“11North”) today announced the close of a capital raise of up to $1.6 billion to invest alongside their co-owned, dedicated open air retail-focused operating platform (“the Platform”). The successful raise supports Bain Capital and 11North’s ability to distinctively invest in high-quality open-air retail centers throughout the United States and Canada and across the core plus and value add spectrum. The capital raise was anchored by two leading global institutional investors and includes commitments from existing and new Bain Capital investors. Together with participation from Bain Capital Real Estate Fund III, the Platform has access to more than $2 billion of investable equity.

Bain Capital and 11North formed the Platform in April 2024 to acquire grocery-anchored, open-air retail centers with high concentrations of necessity-based tenants and strong long-term consumer demand characteristics. Since launching, the Platform has acquired a diversified portfolio of assets with resilient and durable cash-flow profiles in markets benefiting from strong population and income growth.

“This Platform is a testament to Bain Capital’s more than 40-year heritage of thematic investing in the consumer sector, which has enabled us to build deep institutional knowledge and differentiated insight into how real estate can capitalize on and adapt to shifts in consumer behavior. It also reflects how we invest across Bain Capital Real Estate – thematically, with advantage, and with discipline in partnership with aligned operators who bring deep domain expertise,” said Ryan Cotton, a Partner and Head of Bain Capital Real Estate.

“From the beginning of 11North Partners, our shared vision with Bain Capital was to build a platform that could thoughtfully invest across both core plus and value add opportunities. This first capital raise delivers on that vision and positions us to scale with discipline,” said Brian Harper, Founder and Managing Partner of 11North. “We are grateful to be partnering with two of the largest and most respected investors in the world, and we will remain focused on acquiring generational grocery-anchored real estate across the United States. The structure of our Platform gives us the flexibility to pursue single assets, large portfolios, or company-level opportunities as we continue to build upon our existing, high-quality collection of assets.”

“We see open-air retail continuing to benefit from durable secular trends, including the growth of omnichannel shopping, healthy sales performance in essential categories, and evolving consumer patterns that keep daily needs closer to where people live. These dynamics create a supportive environment for necessity-based centers in strong, accessible locations, and with the right partnership in place, we believe we are well positioned to continue assembling a best-in-class portfolio that delivers lasting value for our investors,” added Martha Kelley, a Managing Director at Bain Capital Real Estate.

The Platform primarily focuses on investment opportunities in markets experiencing strong demographic tailwinds and exceptional sales productivity among target retailers. Most recently, Bain Capital and 11North completed the acquisition of a $395 million, 10-asset portfolio of Publix-anchored centers in infill markets across Florida and Charleston, South Carolina. That acquisition followed the purchase of three open-air lifestyle retail centers in Oklahoma City, Oklahoma for approximately $212 million. The transactions reflect the Platform’s continued momentum in high-growth, high-conviction markets.

About Bain Capital Real Estate

Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested and committed over $10.7 billion of equity across multiple sectors as of September 30, 2025. Bain Capital Real Estate focuses on assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. Bain Capital is one of the world’s leading private investment firms with approximately $205 billion of assets under management. For more information, visit https://www.baincapitalrealestate.com.

About 11North Partners

11North Partners is a real estate investment firm redefining the modern retail landscape through disciplined execution, strategic partnerships, and data-driven performance. We own a collection of market-leading retail assets diversified across geographies and formats, with a focus on quality, superior risk-adjusted returns and long-term value creation. For more information, visit https://www.11northpartners.com.

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Bain Capital Completes Acquisition of Service Logic

BainCapital

Strategic partnership will support Service Logic’s continued growth as a national leader in mission-critical commercial HVAC services

CHARLOTTE, N.C. & BOSTON – December 16, 2025 – Service Logic (or the “Company”), a leader in comprehensive commercial HVAC and building automation services, today announced the close of its acquisition by Bain Capital, in partnership with Mubadala Investment Company (“Mubadala”), from Leonard Green & Partners. Bain Capital and Mubadala will continue to support the Company in its next phase of growth.

Headquartered in Charlotte, NC, and operating from over 140 locations across North America, Service Logic specializes in mission-critical commercial HVAC services, including preventative maintenance, emergency service, unit replacement, and retrofit projects. With over 5,000 technicians across the organization, Service Logic combines a high-touch, local service model with the benefits of national scale, making the Company a trusted partner to thousands of customers across industries and geographies. The Company has a long track record of successful strategic acquisitions and continued collaboration with local owner-operators.

“We are excited to announce Bain Capital as our new investment partner to support us during this next phase of growth. Bain Capital’s deep expertise in supporting market leaders as they scale makes them an ideal business partner for Service Logic, but it is their shared vision and commitment to our technicians and local operators that makes them a great choice,” said Jason Richardson, Chief Executive Officer of Service Logic. “With Bain Capital’s support, we will continue delivering excellent service to our customers and meaningfully grow our business through a combination of organic growth and strategic acquisitions. We would also like to thank the Leonard Green team for their strategic partnership over the past five years, which supported us through a significant expansion in our footprint and continued optimization of our business.”

“Service Logic is the leading independent operator in a large and growing HVAC services market. Its durable organic growth, operational excellence, and disciplined approach to strategic acquisitions have created a differentiated platform with national scale,” said Joe Robbins, a Partner at Bain Capital. “We are excited to work alongside the management team to further strengthen the Company’s platform, accelerate M&A, and continue enhancing its capabilities in local markets. We believe Service Logic has significant runway to deepen its presence and serve customers across North America.”

“We are grateful for our partnership with the Service Logic team over several years of outstanding growth,” said Chris McCollum, Senior Partner at LGP. “Service Logic has made significant investments in the business, expanded its geographic reach, and broadened its service capabilities. We’re proud of the team’s achievements and are confident they are well positioned for continued success.”

The investment was led by Bain Capital’s North America Private Equity team, which has a long heritage of partnering with and accelerating growth at market-leading services and distributions businesses. Service Logic joins the firm’s portfolio of scale services platforms including Imperial Dade, US LBM, Frontline Road Safety, Dealer Tire, Guidehouse, and Harrington Process Solutions.

Barclays and Jefferies acted as joint lead financial advisors, Ropes & Gray served as legal advisor to Bain Capital. Harris Williams and Goldman Sachs & Co. LLC served as joint lead financial advisors to Service Logic, and J.P. Morgan and Morgan Stanley & Co. LLC also acted as financial advisors, and Latham and Watkins served as legal advisor to Leonard Green.

About Service Logic
Service Logic is the largest privately held commercial HVAC and mechanical services platform in North America, delivering preventative maintenance, emergency service, equipment replacement and retrofit services, and building-automation and energy solutions. The company supports 1B+ square feet of commercial square footage today, via its network of 140+ locations and 5,000+ technicians. For more information, please visit www.servicelogic.com.

About Bain Capital
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $205 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About Mubadala
Mubadala is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi. Mubadala’s $330 billion portfolio spans six continents with interests in multiple sectors and asset classes. Mubadala leverages its deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates. Mubadala’s investment philosophy is centered around investing in high quality companies operating in attractive markets with strong tailwinds. It seeks to identify and back strong management teams and provide capital to support their organic and inorganic growth strategies. For more information, please visit www.mubadala.com.

About Leonard Green & Partners
Leonard Green & Partners, L.P. is a leading private equity investment firm founded in 1989 and based in Los Angeles. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has invested in over 100 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. LGP primarily focuses on companies providing services, including consumer, business, and healthcare services, as well as retail, distribution, and industrials. For more information, please visit www.leonardgreen.com.

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Ardian announces the sale of its stake in Prosol to Apollo

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Ardian

Ardian, a global private investment firm, announces the sale of its majority stake in Prosol, the specialist in fresh products in France, to Apollo-managed funds (“Apollo”).

Founded in 1992 by Denis Dumont and headquartered in Chaponnay in the Auvergne Rhône Alpes region (France), Prosol has developed a unique model based on complete control of the food value chain – from upstream to retail. Thanks to long-term partnerships with nearly 2,300 French producers, the company selects, enhances, processes, and delivers a variety of products to the stores of its own brands, thereby guaranteeing origin, freshness, taste, and quality.

A renowned specialist in fruit and vegetables, dairy, seafood, and butchery, the company employs nearly 10,000 people and operates across the country through nearly 450 stores in France. Prosol operates the Grand Frais brand (in collaboration with Euro Ethnic Foods and Despi), as well as fresh., La Boulangerie du Marché, Mon Marché, BioFrais, and Banco Fresco and Panfé in Italy. The company generated revenues of more than €4.2 billion last year.

Since its investment in Prosol in 2017, Ardian has supported the company in accelerating its development, combining organic growth with strategic acquisitions. During this partnership, Prosol has more than tripled its revenues and carried out major operations, including the acquisition of Océalliance, France’s leading seafood wholesaler, in 2022, and the Novoviande butcher network in 2024.

Prosol today reaffirms its ambition to continue its growth momentum to establish itself as the leading player in fresh food retail. This momentum is based on its unique expertise in France, the expansion of its store network, the strengthening of its multi-brand model, and the reinforcement of its long-term partnerships with French producers.

The investment by Apollo alongside historical shareholders will enable Prosol to pursue its growth strategy under the leadership of its management team.
It will also strengthen the company’s positioning, values, and mission: to defend and promote the work of artisan producers, making good and healthy products available to as many people as possible – products that embody the pleasure of eating well, a key part of our country’s culture.

“It has been a real pleasure working alongside all the Prosol teams. We are proud to have supported the company in its transformation and acceleration. Prosol now has very solid foundations to pursue its growth trajectory.” Thibault Basquin, Co-Head & CIO of Buyout, Member of the Executive Committee, Ardian

“The partnership with Prosol is fully in line with Ardian’s value creation strategy alongside exceptional entrepreneurs and management teams. We are pleased to have contributed to Prosol’s long-term development and wish Prosol every success in the next stage of its growth.” Nicolas Trani, Managing Director Buyout, Ardian

“We are grateful to Ardian for its support and commitment over the past eight years. As we begin this new chapter of our story, we are delighted to partner with Apollo to continue our growth and further strengthen our commitment to promoting quality food.” Jean-Paul Mochet, CEO Prosol

The completion of the transaction remains subject to the usual regulatory approvals and customary closing conditions.

List of participants

  • Ardian

    • Thibault Basquin, Nicolas Trani, Pierre Casas, Anouk Daoudal, Gregory Buscayret
    • Advisor: JP Morgan (Kyril Courboin, Augustin d’Angerville) and Zaoui & Co (Yoel Zaoui, Serge Mouracade)
    • Legal advisor: Frieh, Brault & Associés (Michel Frieh, Paul Sautier)

  • Seller

    • Commercial, financial, legal, tax and social Due Diligence: BCG (Andrea Gondekova, François-Xavier Sallé), 8 Advisory (Sandrine Vouillon, Guillaume Roque), Deloitte (Antoine Larcena), 8 Advisory (Hubert Christophe), Weastem (Emmanuel Parmentier)
    • Addleshaw Goddard LLP (Anna-Christina Chaves)

ABOUT ARDIAN

In a world of constant evolution, Ardian stands out for its ability to anticipate, adapt, and turn challenges into opportunities. As a global, diversified private markets firm with 22 offices and more than 350 investment professionals worldwide, we provide investment and customized solutions that reflect new economic dynamics and help our clients remain resilient in a changing world.
We deliver multi-local expertise and long-term performance for our investors and partners as well as shared value for the broader society. Since Ardian’s inception in 1996, our pioneering approach to diversification and our ability to offer tailor-made solutions at scale have remained the heart of our strategy.
Through commitment, knowledge and technology, we bring lasting value to our companies and contribute positively to the whole industry.
Ardian currently manages or advises $196bn for more than 1,890 clients worldwide across Private Equity, Real Assets, and Credit.
Ardian. Mastering change for lasting value.

ardian.com

ABOUT PROSOL

A leading player in specialised food retail in France, PROSOL has been developing an integrated, fresh-food-focused model for more than 30 years. By exercising full control over the value chain — from agricultural sourcing to distribution — the company ensures freshness, quality and traceability, in support of better eating for all.
Designed as a true infrastructure dedicated to taste, PROSOL’s model is built on long-term partnerships with carefully selected producers, in-house expertise in product enhancement and maturation, proprietary production facilities, and a dedicated, high-performance logistics network.
With nearly 450 points of sale, PROSOL operates a portfolio of complementary retail brands, including Grand Frais, fresh., La Boulangerie du Marché, mon-marché.fr, BioFrais, and Banco Fresco in Italy. Within Grand Frais stores, the company directly operates the fruit and vegetable, fish, dairy and cheese departments, as well as butchery departments in the Paris region and Eastern France.

Media contacts

ARDIAN

HEADLAND

ardian@headlandconsultancy.com 

PROSOL

AGENCE HISTOIRE 2 Nadya Yazzaoui

n.yazzaoui@histoire2.com06 27 47 41 89

Categories: News

Kering and Ardian finalize a joint venture agreement for a landmark New York property

Ardian

Kering and Ardian today announced the execution of a joint venture agreement effective immediately regarding the Kering property located at 715-717 Fifth Avenue in New York City. This exceptional location on one of the world’s most iconic avenues comprises multi-level luxury retail spaces totaling approximately 115,000 sq. ft (10,700 sq. m.).

Following the partnership concluded earlier this year, Kering is contributing this asset to a newly created joint venture with Ardian, which will hold a 60% stake, with Kering retaining 40%. Kering’s interest in the joint-venture will be accounted for under the equity method as of today.

The transaction amounted to USD900 million (EUR766 million), with net proceeds for Kering USD690 million (EUR587 million).

Jean-Marc Duplaix, Kering Chief Operating Officer, declared: “As we continue to execute our strategy regarding the management of our real estate portfolio, we are pursuing our successful partnership with leading investment firm Ardian. Like the investment agreement already signed in Paris, this transaction allows us to secure another long term highly prominent retail location for our Houses while enhancing our financial flexibility”.

Stéphanie Bensimon, Member of the Executive Committee and Head of Real Estate at Ardian, commented: “We are thrilled to continue our partnership with Kering. 715-717 Fifth Avenue offers exceptional visibility and long-term value. This marks Ardian’s first real estate investment in the United States and our strategic expansion into this highly attractive market.”

Omar Fjer, Head of Real Estate France and Managing Director at Ardian, concluded: “This transaction reflects Ardian’s expertise in structuring innovative partnerships and securing assets with exceptional fundamentals. We are truly committed to acquiring and managing ultra prime assets in the most sought-after locations, which deliver lasting value for our stakeholders.”

List of participants

  • Ardian

    • Lawyers: Lacourte Raquin Tatar, Hogan Lovells, Arendt, Arsène Taxand
    • Lawyers – Financing: White & Case
    • Tax & Finance: PWC
    • M&A: Goldman Sachs
    • Commercial: EastDil

ABOUT KERING

Kering is a global, family-led luxury group, home to people whose passion and expertise nurture creative Houses across ready-to-wear and couture, leather goods, jewelry, eyewear and beauty: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, McQueen, Brioni, Boucheron, Pomellato, Dodo, Qeelin, Ginori 1735, as well as Kering Eyewear and Kering Beauté. Inspired by their creative heritage, Kering’s Houses design and craft exceptional products and experiences that reflect the Group’s commitment to excellence, sustainability and culture. This vision is expressed in our signature: Creativity is our Legacy. In 2024, Kering employed 47,000 people and generated revenue of €17.2 billion.

ABOUT ARDIAN

In a world of constant evolution, Ardian stands out for its ability to anticipate, adapt, and turn challenges into opportunities. As a global, diversified private markets firm with 22 offices and more than 350 investment professionals worldwide, we provide investment and customized solutions that reflect new economic dynamics and help our clients remain resilient in a changing world.
We deliver multi-local expertise and long-term performance for our investors and partners as well as shared value for the broader society. Since Ardian’s inception in 1996, our pioneering approach to diversification and our ability to offer tailor-made solutions at scale have remained the heart of our strategy. Through commitment, knowledge and technology, we bring lasting value to our companies and contribute positively to the whole industry. Ardian currently manages or advises $196bn for more than 1,890 clients worldwide across Private Equity, Real Assets, and Credit.
Ardian. Mastering change for lasting value.

ardian.com

Media contacts

KERING

Emilie Gargatte

emilie.gargatte@kering.com+33 (0)1 45 64 61 20

ARDIAN

HEADLAND

ardian@headlandconsultancy.com 

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