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Ardian launches Ardian Access Infrastructure SICAV-RAIF, providing diversified investment solutions for global investors*

Ardian

New investment solution to provide institutional and private wealth clients with exposure and access to Ardian’s global infrastructure and infrastructure secondaries platforms.

Ardian, a global private investment firm with $196bn in assets under management & supervision across its private equity, real assets, and private credit platforms, today announced the launch of Ardian Access Infrastructure SICAV-RAIF** (“Ardian Access” or “the Fund”), an evergreen*** vehicle domiciled in Luxembourg. The Fund will be available around the world to professional investors only. Ardian Access Infrastructure is part of the broader Ardian Access platform offering a wide range of dedicated solutions to access Ardian deal flow for institutional and private investors.

Ardian Access Infrastructure is a differentiated solution for investors looking to access private infrastructure and diversify their existing exposure, through both Ardian’s infrastructure and infrastructure secondaries platforms. Ardian’s Infrastructure team has over $45bn in AUM with a track record spanning over 20 years. The Secondaries team, one of the largest secondary infrastructure platform in the market, has $101bn in AUM.

This distinctive combination of direct, essential infrastructure with secondary exposure seeks to provide investors with access to high-quality assets aiming to offer recurring yield, potential inflation protection and resilient returns, and GP portfolios that support increased diversification and typically help to reduce J-Curve effects. This also means investors will have access to strong deal flow that is intended to be scalable, well diversified and of high quality.

Through Ardian Access Infrastructure, investors gain exposure to:

  • Ardian’s pioneering infrastructure strategy focused on essential, asset-intensive companies across three verticals: energy, digital infrastructure and transport. The team has over 70 dedicated investment professionals located across eight offices in Europe and the Americas. Ardian Access Infrastructure is aiming to allocate globally to investments alongside all Ardian’s infrastructure funds, including its recently close $20bn platform which will invest predominantly in Europe.
  • Strong diversification through the Ardian infrastructure secondary platform, which is part of the largest secondary platform globally with $101bn AUM and supported by a team of over 100 investment professionals in 14 offices, with 35 infrastructure specialists. The platform provides access to some of the leading GPs globally, offering a high-quality pipeline of infrastructure co-investment opportunities. Secondary investments will also aim at delivering strong cash flow generation and J-curve mitigation features supporting scalability.
  • Accessible investment minimums of €100,000, and immediate capital deployment from day one, aiming to maximise compounding and limit cash drag.

Ardian Access Infrastructure is designed to be well diversified across sectors and geographies and is expected to gain exposure to more than 20 underlying infrastructure assets within a short timeframe. This includes, among others strategic infrastructure assets like Heathrow airport, the largest airport in Europe and Verne, a sustainable data center platform.

Ardian launched the fund in partnership with iCapital, the global fintech platform shaping the future of investing. Ardian will leverage iCapital’s full suite of servicing and technology solutions for evergreen funds to provide wealth managers and their clients with efficient access to alternative investment opportunities via Ardian Access Infrastructure.

Important notice: This press release is provided for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities or interests in any fund, nor does it constitute investment advice. Investments in private equity involve risks, including the risk of partial or total loss of capital and illiquidity. Any investment decision should be made solely on the basis of the fund’s official offering documentation. The fund referenced herein is intended exclusively for professional investors within the meaning of Directive 2014/65/EU or equivalent investor categories under the laws of the relevant jurisdictions. There can be no assurance that the Fund will achieve its investment objectives. Past performance and historical data are not a reliable indicator of future results. The assets described above are presented for illustrative purposes only and may not be representative of the fund’s entire portfolio. Their inclusion does not imply future investment in similar assets or guarantee similar outcomes.

“Alongside private equity, we have seen growing demand among private wealth investors to access the full breadth of private markets, especially infrastructure. Ardian Access Infrastructure offers these clients with unparalleled exposure to the most attractive features of direct and secondary infrastructure. The fund benefits from full value and yield creation through direct investments, and additional diversification and J-curve mitigation through secondary exposure. With a high-quality, diversified seed portfolio of assets, the teams will continue to invest in major global trends such as digitalization, energy transition, and governmental infrastructure investment programs.” Erwan Paugam, Head of Private Wealth Solutions and Senior Managing Director, Ardian

“As one of the market leaders, what we have observed is that infrastructure is an asset class which can provide features to investors such as: recurring cash yield, inflation protection, resilience and historically lower correlation and volatility compared to some other asset classes. Therefore, we believe it is an attractive addition to investor portfolios.” Daniel Von Der Schulenburg, Head of Infrastructure Germany, Benelux & Northern Europe and Senior Managing Director, Ardian.

“Our infrastructure secondary platform brings together global scale with local insight. Through this latest evergreen vehicle, we are pleased to be able to allow more investors to benefit from the reach one of the world’s largest secondary platforms which is supported by an international team of over 100 investment professionals across 14 offices.” Marie-Victoire Rozé, Deputy Co-Head of Secondaries & Primaries and Senior Managing Director, Ardian.

* Terms such as global investors and around the world are generic descriptors for investors across multiple jurisdictions. Ardian Access Infrastructure. SICAV-RAIF will be marketed only in jurisdictions where it is duly registered, notified, or otherwise authorised under local laws and regulations.
**The Fund is managed by Carne Global Fund Managers (Luxembourg) S.A., with Ardian acting as delegated portfolio manager.
***With a term of 99 years.

List of participants

  • Ardian

    • Daniel von der Schulenburg, Marie-Victoire Rozé, Stéphane Guichard, Erwan Paugam, Philipp Meier, Clemence Sochet, Sabine Lefranc, Gabriel Robberecht, Valentine Parra, Storm Kurkomelis, Amédée Saudino, Archie Robertson, Xue Zhang

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

Press contact

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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Azul Acquires Payara, Strengthening Leadership in Enterprise Java Solutions

Thomabravo

Strategic acquisition bolsters Azul’s Java platform with complementary products, deep Java expertise and accelerated go-to-market capabilities

SUNNYVALE, Calif. & MALVERN, England—Azul, the only company 100% focused on Java, today announced the acquisition of Payara, a global provider of enterprise-grade solutions for Jakarta EE (Java EE)-based applications and microservices for hybrid and cloud-native deployments. The combination of Azul and Payara addresses some of the most pressing challenges enterprises face today: accelerating application modernization, achieving cloud-native agility, and reducing dependencies on proprietary platforms. The integrated offering provides customers with a unified, enterprise-grade Java platform based on open-source that can support an organization’s entire Java fleet – from business-critical applications to IoT, microservices and modern Java frameworks.

Complementary Products and Expertise

This acquisition marks a pivotal moment in enterprise Java innovation and builds on nearly eight years of collaboration between Azul and Payara, which began with the introduction of Azul Platform Core embedded into Payara Server Enterprise in 2018. Payara adds deep engineering expertise and proven go-to-market experience in the Jakarta EE (Java EE) space, strengthening Azul’s Java platform with complementary products and enhanced market reach. With this acquisition, Azul now provides commercially supported, open-source solutions across the Java application stack, delivering faster, more efficient, secure and cost-effective Java deployments compared to proprietary alternatives such as Oracle.

In addition to their complementary technologies, both companies share a deep history working with and participating in open-source communities, including the OpenJDK and Eclipse Jakarta EE Platform projects.

Driving Innovation and Value for Enterprise Java Customers

“This strategic acquisition is further testament to Azul’s commitment to support the needs of our global enterprise customer base,” said Scott Sellers, co-founder and CEO of Azul. “Payara delivers proven products that are naturally synergistic with our existing offerings and brings additional deep technical expertise to the world’s largest independent Java engineering team. Together, we will accelerate growth and innovation, expand our roadmap and deliver even greater value to our customers.”

“This is a major new chapter for Payara,” said Steve Millidge, founder and CEO at Payara. “After a strong and long-standing partnership with Azul, combining forces is the natural next step and positions us for accelerated growth. Together, we will strengthen mission-critical solutions for enterprise Java customers and deliver greater performance, security and innovation across the Java ecosystem.”

Adding Payara’s solutions to Azul’s Java portfolio expands its offerings in the application server segment and adds an estimated $26 billion total addressable market (TAM) projected to grow at a CAGR of 11–14%1. This announcement follows Azul’s recently completed majority investment from Thoma Bravo, a leading software investment firm, alongside renewed minority investments from the company’s existing private equity sponsors, Vitruvian Partners and Lead Edge Capital.

“The acquisition of Payara accelerates Azul’s growth and broadens the company’s reach across the global enterprise Java market,” said Adam Solomon, a partner at Thoma Bravo. “Azul’s category-defining innovations create a significant opportunity for global enterprises to leverage innovative and cost-effective open-source solutions to modernize their Java application fleets and reduce dependencies on proprietary platforms.”

Goodwin Procter LLP served as legal advisor and debt financing for the transaction was provided by funds affiliated with Ares Management LLC.

About Azul Systems (“Azul”)

Headquartered in Sunnyvale, California, Azul provides the Java platform for the modern cloud enterprise. Azul is the only company 100% focused on Java. Millions of Java developers, hundreds of millions of devices and the world’s most highly regarded businesses trust Azul to power their applications with exceptional capabilities, performance, security, value, and success. Azul customers include 36% of the Fortune 100, 50% of Forbes top 10 World’s Most Valuable Brands, 10 of the world’s top 10 banks and leading brands like Avaya, Bazaarvoice, BMW, Deutsche Telekom, LG, Mastercard, Mizuho, Priceline, Salesforce, Software AG, and Workday. Learn more at azul.com and follow us @azulsystems.

About Payara

Payara is a global provider of enterprise-grade solutions for Jakarta EE (Java EE)-based applications and microservices for hybrid and cloud-native deployments. With expert support and no vendor lock-in, the company powers mission-critical systems in finance, healthcare, and more. Trusted worldwide by leading organizations such as BMW Group, Rakuten, Swisscom, and KCB Bank Group, Payara enables modernization, migration, and scale with cloud-native, cost-effective Java solutions. Learn more at payara.fish.

1 IMARC Group – Application Server Market Size, Share, Trends and Forecast by Type, Deployment, End Use and Region, 2025-2033

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From Plans to Progress: Announcing the 8VC-Bobyard Partnership

8VC

We’re proud to announce our support of Bobyard: as lead investors in their $35mm Series A and as partners pursuing an American building renaissance.

The building trades turn design into reality, are integral to our civilization, and remain vastly underserved by technology. The chart below tells the story: US labor productivity has nearly tripled since 1950, while construction has flatlined, and then declined. This creates a natural win-win opportunity: the trades need modern tools, and Silicon Valley needs meaningful, real-world missions.

‍Bobyard addresses a defining challenge of construction: adding intelligence to plans and drawings in order to build faster. This requires pushing the state of the art forward – clever applications of existing AI aren’t enough. Bobyard is a deep talent bet, conducting foundational computer vision research and solving problems not well-articulated in literature today.

Specifically, Bobyard brings previously unheard-of speed and accuracy to takeoff (calculating material, labor, and equipment quantities from project plans) and estimation (using those quantities to assign costs and create project bids). Drawings are the source of truth for every project, but they’re inconsistent & non-standard, hard to interpret, and prone to errors that compound as they pass from GCs to subs.

Conventional takeoff + estimation requires headcount, and takes hours, often days, to complete. For smaller firms, this means stretched employees juggling too many hats; for larger ones, it caps bid volume and growth. Bobyard resets the timeline by optimizing for what modern AI does best (counting materials; extracting structured information; synthesizing data into decisions) and what humans do best (coordinating with subs and GCs; high-end labor; customer relationships).

Bobyard’s first focus is commercial landscaping, one of the toughest trades for takeoff and estimation. These drawings are dense and non-standard: planting sheets can include thousands of shrubs across dozens of species, with arbitrary symbols that vary from project to project. Estimators have traditionally placed color-coded dots on each item by hand, tracing polygons for sod, mulch, and pavers, measuring irrigation lines, and plugging it all into spreadsheets.

Bobyard replaces that workflow entirely. Contractors upload a PDF, select a legend, run analysis, and receive takeoff quantities in seconds. Under the hood, the platform runs dozens of proprietary computer vision models simultaneously—symbol counting, linear measurement, area detection, text parsing—each built from scratch and optimized for construction drawings. First-run accuracy exceeds 95%+ and automates 90%+ of the task, with fast inference times. Results are displayed visually for instant review, editing, or adjustment, keeping users in control.

The platform also handles the full estimation workflow: material costs, labor, customizable templates, and flexible export formats. Historical costs, vendor quotes, and completed assemblies are stored and organized for easy querying, replacing the paper-chasing that’s long defined document management in the trades.

The results speak for themselves: Bobyard customers see a 50–70% reduction in takeoff time, submit 5x more bids per estimator, and unlock an average of $1.1 million in additional revenue per employee annually.

Customers like Chopper Landscaping project manager/estimator John Barrett immediately see fewer mistakes, more accurate quantities, and more consistent margins. These advantages add up quickly, helping contractors win more bids, prevent costly change orders, and increase revenue an average of 27%, with no additional headcount.

Bobyard has scaled to hundreds of customers, with thousands more in sight. Contractors stay because the product automates their most tedious work, slashes errors, and frees them to spend time where it matters: onsite and with clients. Superusers log 30+ hours a week on the platform, and Bobyard has become their core workspace.

From landscaping, Bobyard will expand to framing, mechanical, electrical, plumbing, drywall, and more. The playbook mirrors Bedrock, another 8VC investment: win the hardest problem first, then use that technical and operational edge to scale across verticals. Each new trade is a greenfield opportunity, and a chance to compound network effects between subs and GCs.

At 8VC, we’ve long believed that building well is a moral responsibility. “The world is broken. Let’s fix it” is both a practical and aesthetic commitment: elevated spaces and elevated ideals are inseparable. As people who’ve built homes, offices, and a university, we’ve wanted a platform like Bobyard for years. Early in the AI wave, we explored building something ourselves, but CV capabilities weren’t ready, and we hadn’t yet found the right leader.

Then we met Michael Ding: a mathematician, scholar of history, and one of the youngest students to complete Stanford’s advanced AI coursework. He obsesses over details that conceal enormous value, and he’s assembled a team of CV PhDs, top-tier engineers, and high-performing salespeople that rivals the best AI companies.

This funding will allow Michael and the Bobyard team to advance their models, deepen landscaping capabilities, and expand into new trades. What’s needed now is talent to match these ambitions. If you’re passionate about solving hard problems at the intersection of AI and the physical world, Bobyard is hiring in engineering, sales, and customer success. And if you’re a contractor ready to transform how you bid and build, you can see it for yourself.

By mastering the critical stages between design and dirt, Bobyard is helping to reverse a 70-year productivity decline, and proving that the trades and technology can move forward together.

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Quilter Cheviot and KKR bring evergreen private markets solution to UK wealth market

KKR

London – Quilter Cheviot, the high-net-worth wealth management arm of Quilter, and global investment firm KKR today announced the introduction of KKR’s evergreen private equity strategy to Quilter Cheviot’s discretionary portfolio service.

From January 2026, Quilter Cheviot’s investment managers will be able to select KKR’s private equity evergreen strategy for discretionary portfolios where it is suitable for the client.

The new collaboration sees local share class structures of KKR’s evergreen private equity strategy made available, investing alongside KKR’s flagship private equity strategies and is designed to provide investors efficient access to a diversified global portfolio of investments. The structure has been designed to work seamlessly across Quilter Cheviot’s key jurisdictions – the UK, Jersey, and Ireland – ensuring clients in all locations can benefit from this enhanced private markets access.

KKR is the world’s largest private equity firm and an industry pioneer with a 49-year history of delivering private markets investments to institutional and individual investors.[i] The evergreen private equity strategy available to Quilter Cheviot’s eligible clients provides access to the full breadth of KKR’s Traditional, Core and Middle Market private equity, Impact and Growth equity investments in EMEA, APAC, and North America. KKR’s private equity platform employs a strong focus on value creation beyond capital and shared ownership. As of 30 September, KKR’s private equity strategies are invested in over 225 portfolio companies with over ~£166 billion ($222 billion) of assets under management.

The launch comes following increased client demand for private markets, as well as the offering increasingly aligning with high-net-worth clients’ needs and objectives.

Quilter Cheviot has worked closely with KKR to introduce an evergreen private markets option that can balance the advantages of private market exposure, such as the additional performance and diversification potential when compared with public markets, with improved operational feasibility and client suitability characteristics compared to the traditional closed-ended private markets strategies.

To help aid with client understanding around the risks associated with the offering and the purpose of allocating to private markets, Quilter Cheviot will also introduce additional suitability requirements and deliver educational content with support from KKR’s private markets experts.

Caroline Simmons, chief investment officer at Quilter Cheviot, said: “Access to high-quality private markets solutions has evolved at a rapid pace in recent years and clients and advisers are recognising the potential such an exposure can give to their portfolios. We have been long advocates of allocating to private equity, but it is important that we look at how we can build on that via new structures and funds to help bolster client portfolios, remaining cognisant of the risks and how these interact with existing investment exposures.

“This is an exciting enhancement for us, and we are delighted to be working with a proven, market leading private markets brand in KKR. By delivering access to KKR’s private equity strategy we are significantly enhancing our discretionary portfolio service and giving clients the option of a wider investible universe. This provides us with a real differentiator to our peers and we are excited to see how it develops over time.”

Alisa Wood, Partner and co-leader of KKR’s Evergreen Private Equity Strategies, said: “The UK wealth market deserves access to top-quality private investments and we are delighted to work with Quilter Cheviot to bring KKR’s private equity evergreen strategy to British investors in a more convenient and thoughtfully designed format. Most large companies aren’t investable through public markets and private equity strategies overseen by experienced managers can serve as powerful tools for investors increase their diversification, create a less correlated return stream, and allow for long-term compounded performance potential.”

Markus Egloff, Head of Global Wealth Solutions, International, at KKR said: “This launch is an important milestone in our efforts to deliver greater access to KKR’s strategies for eligible individual investors. It is especially meaningful because of our deep presence in the UK, where we have been investing locally since 1996 and have built a scaled local team of executives over the past 26 years. We are impressed by Quilter Cheviot’s commitment to education and delivering great outcomes for their clients and look forward to supporting them with these efforts.”

Ends.

For more information contact Gregor Davidson (Quilter) on +44 (0)7917 522784 or Miles Radcliffe-Trenner (KKR) at media@kkr.com.

Notes to Editors:

About Quilter plc

Quilter plc is a leading wealth management business, helping to create brighter financial futures for every generation.

Quilter plc oversees £134.8 billion in customer investments (as at 30 September 2025).

It has an adviser and customer offering spanning financial advice, investment platforms, multi-asset investment solutions and discretionary fund management.

The business is comprised of two branded segments: Quilter and Quilter Cheviot.

Quilter encompasses the financial advice network and national, Quilter’s investment platform and multi-asset solutions and Quilter Invest, the digital savings and investment app.

Quilter Cheviot is a discretionary fund management and financial planning business.

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.

[1] Based on Private Equity International’s 2025 PEI 300 Report which ranks world’s private equity firms by trailing 5-years private equity fundraising.

 

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Cooper Parry partners with US-based Lee Equity Partners to deliver transformational growth for the UK’s next-gen professional services group

Waterland

London, 10 December 2024 – Cooper Parry (“CP”), a leading provider of accounting and business advisory services to corporate SME and individual clients in the United Kingdom, today announced it received a majority investment from funds managed by Lee Equity Partners, LLC (“Lee Equity”).

• New strategic partnership aims to build on unprecedented organic growth and acquisitions.
• The new partnership will further accelerate CP’s creation of the UK’s next-gen professional services group.

Cooper Parry, the fast growing and disruptive firm of accountants and business advisers, is delighted to announce a ground-breaking investment partnership with New York-based Lee Equity.

Following two years of transformational growth, Lee Equity will succeed Waterland Private Equity (“Waterland”) as CP’s capital partner. Waterland has supported the business in its ambition to become a leading accountancy firm in the UK market by helping CP broaden its capabilities and expand its presence across the country.

The firm has successfully completed and integrated 11 transactions in two years, including the acquisition of Haines Watts London and its associated audit and advisory businesses across the South-East, Thames Valley and the Midlands, UHY Manchester, London-based Cloud Orca, the fast-growing Salesforce consultancy and MacroFin, the award-winning NetSuite Alliance Partner.

This M&A activity, coupled with a highly differentiated client experience and strong business development, has fuelled market-leading growth. Turnover has grown 4X over the last two years to £180m with sustainable organic growth exceeding 24% annually over the prior 3 years. (FY21-24). Cooper Parry’s entrepreneurial leadership and award-winning teams support like-minded clients across the UK and overseas, covering the spectrum of Audit, Tax, Innovation, Tech & High Growth, Outsourced Financial Services, Law, Deals (Corporate Finance, Transaction Services and Tax), Digital Transformation and Wealth Management.

As one of the UK’s mid-market heavyweights, CP serves the fastest growing market segment with an iconic, rebellious and powerful brand. It offers tech-enabled specialist services – delivered at scale – from five superhub locations across the UK (East Midlands, Birmingham, London, Thames Valley and Manchester).

Hailed as “the rebels of accountancy” with a determination to “Disrupt, Lead and Make Life Count”, CP is recognised as a leading employer in the UK and its sector. Headcount is 1450 people (including 128 Partners) and, for the past seven years, CP has been featured in The Sunday Times 100 Best Companies to Work For (including #1 Accountancy firm to work for in the UK). Amongst numerous accolades, it has been featured as #1 in Accountancy Age’s Mid-tier Power Index (2022) and in the Top 40 Global Inspiring Workplaces list (2024).

The largest UK accountancy firm to attain B Corp status, CP’s Glassdoor and NPS scores consistently out-perform peers as ‘best in class’, ensuring the continued recruitment and retention of the UK’s top talent.

Ade Cheatham, CEO of Cooper Parry commented: “This investment marks a monumental milestone in the CP journey, representing one of the largest deals of its kind in the global accountancy market. Following an incredible period of sustainable growth, partnering with Lee Equity Partners is the next level game-changer. The scale of this deal will propel us further forward over the next five years, giving us the financial resources to create the UK’s next-gen professional services group. After getting to know the Lee Equity team over the past few months, I’m so excited that we’re culturally aligned, share the same ambitious outlook and know that they really ‘get’ the opportunity we have in front of us. This is history-making news for everyone in the CP orbit – our people and clients alike. I can’t wait to bring our vision for 2030 to life.”

“For over three years, Lee Equity has been in search of the right type of accounting and business advisory services firm to partner with. We’ve found that in Cooper Parry, who has emerged as a market leader in the UK due to their exceptional management team, best-in-class organic growth rates, centralized business development function, and fully integrated approach to M&A,” said Danny Rodriguez, a Partner at Lee Equity. “We also found strong alignment with Cooper Parry’s entrepreneurial spirit and one-of-a-kind culture, which has attracted brilliant people who are disrupting the sector and who care deeply about their clients. We are extremely fortunate to partner with Ade and the rest of the Cooper Parry team as they embark on their next phase of growth.”

Additional terms of the transaction, which is expected to close in the first half of 2025 subject to regulatory approvals, were not disclosed.

Arcmont Asset Management Limited and its affiliated funds upsized their existing credit facility as part of the transaction, with additional committed financing to support Cooper Parry’s continued growth.

CP and Waterland were advised by Houlihan Lokey (M&A), Herbert Smith Freehills (Legal), Addleshaw Goddard (Legal), KPMG (Financial), Deloitte (Tax), Oliver Wyman (Commercial) and Liberty (Management). Lee Equity was advised by Proskauer Rose LLP (Legal) and PwC (Financial, Tax and Technology).

 

Press Contact:
Ellie Hallam
Phone: +44 7502 409118
E-mail: ellie@wearehollr.com

 

About Cooper Parry, The Rebels of Accountancy
Cooper Parry is one of the fastest-growing, culturally driven and rebellious firms of accountants and business advisers in the UK. Their award-winning teams support like-minded entrepreneurial businesses across the UK and overseas, providing tech-enabled services covering audit, tax, innovation, tech & high growth, outsourced financial services, law, deals (corporate finance, transaction services and tax) and wealth management.

The largest UK accountancy firm to attain B Corp status, Cooper Parry’s headcount is 1450 people (including 128 Partners) and, for the past seven years, has been featured in The Sunday Times 100 Best Companies to Work For (including #1 Accountancy firm to work for in the UK). Amongst numerous accolades, it has been featured as #1 in Accountancy Age’s Mid-tier Power Index (2022). and in the Top 40 Global Inspiring Workplaces list (2024). And Midlands Insider “Deal of the Year (£50m+)” Winner for Cooper Parry’s acquisition of Haines Watts London.

In December 2022, Cooper Parry’s growth was further accelerated by partnering with Waterland Private Equity. Over the last two years, the firm has completed 11 deals, including the acquisition of Haines Watts London and its associated audit and advisory businesses across the South-East, Thames Valley and the Midlands, UHY Manchester, London-based Cloud Orca, the fast-growing Salesforce consultancy and MacroFin, the award-winning NetSuite Alliance Partner.
www.cooperparry.com
www.cooperparrywealth.com

About Lee Equity Partners, LLC
Lee Equity Partners, LLC is a middle-market private equity firm that partners with businesses in the financial and healthcare services sectors. Over nearly two decades the firm has utilized its thematic based investment strategy and deep sector knowledge to identify and partner with talented management teams to accelerate growth and build market leading businesses.
www.leeequity.com

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Alliance Solution Group Announces Strategic Acquisition of Intramodal to Expand Warehousing Capabilities in Quebec

Novacap

Alliance Solution Group (“Alliance”), a Novacap portfolio company, is pleased to announce the acquisition of Intramodal Warehouses, a Quebec-based company specializing in warehousing services. This strategic transaction enhances Alliance’s footprint in Quebec and strengthens its ability to deliver integrated warehousing and logistics solutions to both existing and future customers.

The acquisition provides immediate access to warehousing infrastructure in Quebec and creates meaningful operational synergies with IntraPAK, a division of Alliance offering repackaging services in the beverage and food industries. This integration is expected to improve efficiency, reduce operational complexity, and streamline service delivery across the region.

“This acquisition marks a key milestone in Alliance’s continued growth,” said Dario Lopez, President of Alliance Solution Group. “Expanding our warehousing capabilities in Quebec supports our vision of offering comprehensive, value-added ancillary packaging and warehousing solutions to customers across Canada.”

“This partnership aligns perfectly with our long-term growth strategy,” said Christian B. Fabi, Partner at Novacap. “Alliance continues to build a strong and scalable platform, and this transaction reinforces its ability to deliver efficient and integrated services to its customer base.”

“We are excited about this next chapter,” said Michael-Anthony Rosati, COO at Intramodal Warehouses. “Joining Alliance opens new opportunities to scale our operations and continue delivering high-quality service with the support of a national platform.”

This transaction reflects Alliance’s continued investment in building a robust, responsive, and integrated network of value-added packaging and warehousing solutions across Canada.

About Alliance Solution Group

Founded in 1996, Alliance Solution Group is a leading Canadian value-added ancillary packaging and warehousing solution service provider.

Having delivered best-in-class services for more than 25 years to customers in the beverage and food industries, the company’s long-tenured staff brings a high level of industry knowledge, quality process controls, and expertise in club store and distribution regulations. Alliance’s differentiated services are upheld by its core values of quality, efficiency, reliability, and speed-to-market.

About Intramodal Warehouses

Founded in 2004, Intramodal Inc. specializes in intermodal transportation, providing reliable service from the Port of Montreal and major rail terminals including CN, CP, and CSX, as well as various container terminals. With a continuously growing fleet, Intramodal adapts to meet the evolving needs of its customers.

The Intramodal Group established Intramodal Warehouses Inc., which now operates over 500,000 square feet of food-grade warehousing space on the Island of Montreal. This expansion has allowed the company to provide comprehensive logistics solutions by integrating transportation and storage services.

About Novacap

Novacap is a leading North American private equity investor and one of Canada’s most experienced private equity firms. Founded in 1981 to partner with visionary entrepreneurs, Novacap focuses on middle market and lower-middle market companies in four core sectors: Technologies, Digital Infrastructure, Industries and Financial Services. Novacap combines deep sector specific expertise and strategic and operational excellence to partner with entrepreneurs and management teams. Since its inception, the firm has made primary and add-on investments in more than 250 companies. With over CDN $15 billion in assets in assets under management and a presence across offices in Montreal, Toronto, and New York, Novacap accelerates value creation through strategic growth initiatives and a strong focus on execution.

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IFCO welcomes Stonepeak as new co-investor alongside Triton

Stonepeak

 

The investment supports continued expansion of IFCO’s SmartCycle, digital services, and sustainability initiatives, helping customers strengthen fresh food supply chain resilience and accelerate the shift to reusable packaging.

Munich, Germany, December 9, 2025: IFCO, a leading global provider of reusable packaging solutions for fresh food, announces Stonepeak as a new co-investor following the divestment of Abu Dhabi Investment Authority (ADIA). Stonepeak invests alongside Triton, who has been a shareholder in IFCO since 2019.  The investment supports continued improvements in network capacity, service reliability, and digital capabilities for IFCO customers.

Stonepeak: a strong strategic fit for IFCO’s future

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets, with a portfolio that spans the breadth of the transportation and logistics sector, from supply chain and cold storage businesses to intermodal assets and environmental services. Their long-term investment approach and deep expertise in mission-critical infrastructure make them an excellent strategic partner for IFCO. This alignment supports IFCO’s ambition to continue to scale the circular economy business model globally, advance digital capabilities, and accelerate the adoption of reusable packaging solutions.

Supporting IFCO’s next phase of growth

Having Stonepeak as a co-investor provides added momentum for IFCO’s global strategy, including:

  • Supporting IFCO’s growth, in particular in the US, while advancing sustainability and circular economy initiatives
  • Scaling automation, digital tracking, and data-driven customer services
  • Strengthening IFCO’s global supply chain network for growers, producers, and retailers
  • Driving innovation in reusable packaging across the supply chain

Together, Triton and Stonepeak bring a strong combination of sector knowledge, financial strength, and long-term commitment that will support IFCO in delivering value for customers and driving circularity at scale.

“We are delighted to welcome Stonepeak as a new co-investor. Stonepeak’s expertise in critical infrastructure and their long-term, value-driven approach make them an ideal partner for IFCO. Their contribution will help us further strengthen the capabilities our customers rely on at scale. We thank ADIA for their partnership over the years, and value Triton’s continued support and expertise. We are pleased that Triton will continue to support IFCO in a value-creating way through their deep expertise in our growth strategy and areas such as digital transformation and M&A. Triton’s ongoing commitment is a strong sign of trust in IFCO and confidence in our potential.  We look forward to working closely with Triton and Stonepeak as we enter this exciting next chapter,” said Mike Pooley, CEO of IFCO.

Nikolaus Woloszczuk, Senior Managing Director at Stonepeak, added, “IFCO’s market-leading logistics network, strong customer relationships, history of innovation, and essential role in the global grocery supply chain give us tremendous confidence in the continued success of the business. We are excited to partner with Triton to support IFCO along this growth trajectory and deliver even greater value for its customers.”

Stephan Förschle, Partner and Co-Head of Business Services at Triton, added; “We would like to thank ADIA for the trustful collaboration up to this point. IFCO has seen an exceptional development in the previous five years and we continue to see significant growth potential for the company going forward. We are looking forward to further developing IFCO together with our advisory board, Stonepeak, and the management team.”

About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $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

 

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Stonepeak’s Infrastructure Debt Note Begins Trading on the ASX

Stonepeak

 

Stonepeak-Plus INFRA1 Note has commenced trading on the ASX under the ticker code “SPPHA”

Provides investors access to high-quality infrastructure debt

NEW YORK & SYDNEY – December 9, 2025 – Stonepeak (“Stonepeak”), a leading global alternative investment firm specializing in infrastructure and real assets, today announced that the Stonepeak-Plus INFRA1 Note (the “Note”), an unsecured, deferrable, redeemable floating rate debt security has commenced trading on the Australian Securities Exchange (“ASX”) under the ticker code “SPPHA”.

The Stonepeak-Plus INFRA1 Note provides Australian investors with access to regular monthly income generated primarily through a curated portfolio of high-quality infrastructure debt assets. This successful listing follows the strong initial demand Stonepeak received for the Note offering, which surpassed the A$300 million target in cornerstone commitments.

Debt investments for the Note will be sourced predominately from critical infrastructure assets in the transportation and logistics, energy and energy transition, communication and digital, and social infrastructure sectors in Australia, New Zealand, and other markets. The interest rate applicable to Stonepeak-Plus INFRA1 Notes is a benchmark rate of BBSW (1 month) + a margin of 3.25% per annum which accrues on a monthly basis, and the Note will have a target repayment date six years after the issue date.

“Today marks an exciting milestone for Stonepeak, as our first Australian listed note begins trading on the ASX. We’re proud to be broadening access to infrastructure debt given the benefits it can have for investors’ portfolios as an asset class that favors downside protection and risk-adjusted returns. We are excited to celebrate this important moment, and look forward to bringing a high-quality portfolio of infrastructure debt assets to our investors,” said Andrew Robertson, Senior Managing Director and Head of Australia and New Zealand Private Credit at Stonepeak.

“The launch of Stonepeak-Plus INFRA1 on the ASX builds on our success in infrastructure credit and is a testament to the talent of our global Stonepeak Credit team. We will continue to look for ways to deliver resilient, income-generating solutions for investors through compelling opportunities in the credit space, and create more equitable opportunities for investors to access the asset class,” said Stonepeak Co-President Jack Howell.

Today, Stonepeak Credit comprises nearly 30 investment professionals, counts more than 85 investments in its portfolio, and manages approximately A$2.9 billion in assets. Notably, this year Stonepeak completed the acquisition of Boundary Street Capital, a leading specialist private credit investment manager focused on the digital infrastructure, enterprise infrastructure software, and technology services sectors in the lower middle market. The launch of the Note also reflects the continued growth of Stonepeak+, Stonepeak’s dedicated wealth solutions platform.

E&P Capital, Westpac, Morgans, FIIG Securities, MST, and Shaw and Partners are serving as financial advisers to Stonepeak, with Corrs Chambers Westgarth acting as legal adviser.

About Stonepeak Credit
Stonepeak Credit is the credit investing arm of Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets with approximately A$121.1 billion (USD$80 billion) of assets under management. Stonepeak Credit targets credit investments across the transportation and logistics, energy and energy transition, digital infrastructure, and social infrastructure sectors that provide essential services with downside protection, high barriers to entry and visible, recurring revenue generation. It seeks to provide capital solutions that are flexible across the capital structure while generating cash yield through majority senior secured credit investments.

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

Important Notices

Stonepeak-Plus Infra Debt Limited (ACN 692 150 253) (Issuer) is the issuer of the unsecured, deferrable, redeemable, floating rate notes known as the Stonepeak-Plus INFRA1 Notes (Notes) which are quoted on the ASX. The Notes are redeemable by the Issuer and interest is deferrable by the Issuer in certain cases. Unless otherwise specified, any information contained in this material is current as at the date of publication and has been prepared by the Issuer.

The offer of Notes was made by a prospectus (Prospectus) which is available, along with a target market determination (TMD), at https://stonepeakplus.com.au/, which sets out important information about the Notes, including the related investment risks.

The Issuer appointed EQT Australia Pty Ltd (ACN 111 042 132) (Authorised Intermediary) as authorised intermediary to make offers to arrange for the issue of Notes under the Prospectus, pursuant to section 911A(2)(b) of the Corporations Act 2001 (Cth). The Authorised Intermediary is an Australian financial services representative (number 1262369) of Equity Trustees Limited (ACN 004 031 298; AFSL 240975). Stonepeak-Plus Infra Debt Management Pty Ltd (ACN 691 462 067, authorised representative no. 001318081) (Manager) provides investment management and other services to the Issuer.

The Issuer is not licensed to provide financial product advice in relation to the Notes. The information provided is intended to be general in nature only. This material has been prepared without taking into account any person’s objectives, financial situation or needs.  Any person receiving the information in this material should consider the appropriateness of the information, in light of their own objectives, financial situation or needs before acting.

Past performance is not a reliable indicator of future performance. Investments in the Notes are subject to investment risk, including possible delays in payment and loss of interest or principal invested. The Notes and their performance are not guaranteed by any member of the Stonepeak Group or any other person. The Notes are not bank deposits.

The material has not been independently verified.  No reliance may be placed for any purpose on the material or its accuracy, fairness, correctness or completeness.  To the fullest extent permitted by law, the Issuer, the Manager, the Authorised Intermediary or any other member of the Stonepeak Group and their respective associates and employees shall have no liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this material or otherwise in connection with the information.

The above AUM is as of June 2025 inclusive of subsequent committed capital. Certain of these investments have signed but are pending close, and there can be no assurance they will close or that if they close that it will be on the terms currently agreed. The AUM, employee and investment information relates to Stonepeak Group, and not the Issuer.

 

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Thoma Bravo Completes Acquisition of Verint, a Leader in AI-Driven Customer Experience Automation

Thomabravo

MELVILLE, N.Y, MINNEAPOLIS & SAN FRANCISCO—Thoma Bravo, a leading software investment firm, today announced that following the completion of its previously announced acquisition of Verint Systems, Inc. (“Verint”) on November 26, 2025, it has combined the global customer experience (CX) automation leader with its portfolio company, Calabrio, to create the industry’s most comprehensive AI-powered CX platform.

With the completion of the transaction, Verint Chairman and CEO Dan Bodner will transition to an advisory role. Effective immediately, Mike Lipps, an Operating Partner with Thoma Bravo, will become Chairman of the Board of the combined companies and serve as Verint’s interim CEO, with the Verint executive team reporting to him. Calabrio CEO Dave Rhodes will continue in his role, also reporting directly to Mr. Lipps.

“I am proud of our CX automation category leadership and the tremendous value our AI-powered solutions have delivered to leading brands around the world,” said Dan Bodner. “With Thoma Bravo’s support, I am confident Verint is poised for continued innovation and growth. As I transition to an advisory role, I look forward to supporting Mike and the team as they take Verint to the next level of success.”

“We look forward to bringing together the complementary strengths of Verint and Calabrio to lead the market as a CX Automation powerhouse,” said Mike Lipps. “The market demand for AI-powered solutions has never been stronger and continues to accelerate. By uniting these great teams and product portfolios, the combined company will be uniquely positioned to deliver transformative outcomes for organizations of all sizes.”

About Thoma Bravo
Thoma Bravo is the world’s largest software-focused investment firm, with over US$181 billion in assets under management as of September 30, 2025. Through its private equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo’s deep sector knowledge and strategic and operational expertise, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20+ years, the firm has acquired or invested in approximately 565 companies representing approximately US$285 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, Dallas, London, Miami, New York and San Francisco. For more information, visit Thoma Bravo’s website at thomabravo.com.

About Verint
Verint® is a leader in Customer Experience (CX) Automation, serving a customer base that includes more than 80 of the Fortune 100 companies. The world’s most iconic brands use the Verint Open Platform and our team of AI-powered bots to deliver tangible AI Business Outcomes, Now™ across the enterprise. Verint is uniquely positioned to help brands increase CX Automation with our differentiated, AI-powered Open Platform; driving enhanced customer engagement, increased efficiency and reduced costs across contact centers, back offices and digital channels. Verint, The CX Automation Company™, is proud to be Certified™ by Great Place To Work®. Learn more at Verint.com.

VERINT, VERINT DA VINCI, VERINT OPEN CCAAS, THE CX AUTOMATION COMPANY, THE CUSTOMER ENGAGEMENT COMPANY AND THE ENGAGEMENT CAPACITY GAP are trademarks of Verint Systems Inc. or its subsidiaries. Verint and other parties may also have trademark rights in other terms used herein.

About Calabrio
Calabrio is a trusted ally to leading brands. The digital foundation of a customer-centric contact center, the Calabrio ONE workforce performance suite helps enrich and understand human interactions, delivering business outcomes by optimizing every customer interaction. We maximize agent performance, exceed customer expectations, and boost workforce efficiency using connected data, AI-fueled analytics, automated workforce management, and personalized coaching. Only Calabrio ONE unites workforce optimization (WFO), agent engagement, and business intelligence solutions into a cloud-native, fully integrated suite that adapts to your business. Calabrio, Calabrio ONE, and the Calabrio logo are registered trademarks or trademarks of Calabrio, Inc. All other trademarks mentioned in this document are the property of their respective owners. Calabrio operates in Canada under Calabrio Canada, Ltd., based in British Columbia.

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Thoma Bravo Completes Acquisition of PROS Holdings, Inc.

Thomabravo

SAN FRANCISCO—Thoma Bravo, a leading software investment firm, today announced the completion of its acquisition of PROS Holdings, Inc. (“PROS”), a leading provider of AI-powered SaaS pricing and selling solutions, in an all-cash transaction valuing PROS at approximately $1.4 billion.

With the completion of the transaction, PROS shareholders will receive $23.25 per share in cash for each share of common stock they owned. The company’s common stock has ceased trading and will be delisted from NYSE.

As previously announced, with the closing of this transaction, Thoma Bravo will run PROS’ travel business as a platform investment (“PROS Travel”), while PROS’ B2B business will combine with Thoma Bravo’s existing portfolio company Conga, a leader for AI-powered innovation in configure, price, quote, contract lifecycle management and document automation. Conga’s acquisition of PROS’ B2B business is expected to close in Q1 2026, subject to customary closing conditions.

Sunil John will serve as the CEO of PROS Travel, and Jeff Cotten will transition to the PROS Travel Board of Directors and provide continued leadership. Sunil has more than two decades of experience at PROS, most recently serving as Chief Product Officer, and will be responsible for overseeing the strategic direction and continued growth of PROS Travel. “At a time when the airline industry stands at a pivotal turning point, we have an incredible opportunity to accelerate our innovation and empower modern airline retailing through intelligent, dynamic experiences that will define the future of travel,” said Sunil John.

“I am immensely proud of everything we have achieved to ready PROS for its new chapter and continued evolution delivering world-class AI-powered sales optimization software,” said Jeff Cotten, President and CEO of PROS. “As a private company with Thoma Bravo’s support and Sunil’s exceptional leadership, PROS Travel will gain the agility and flexibility needed to deliver on our strategic priorities and remain at the forefront of AI in the dynamic travel sector. At the same time, combining PROS’ B2B business with Conga will enable focused innovation and unlock broader and more powerful intelligent commerce solutions for B2B customers.”

“PROS has built a trusted portfolio of AI-driven solutions serving both the travel and B2B sectors, and we’re excited by the opportunities ahead for both businesses to strengthen their leadership positions in their respective categories,” said A.J. Rohde, a Senior Partner at Thoma Bravo. “We look forward to applying our sector and operational expertise to advance AI capabilities and propel growth.”

Advisors

Qatalyst Partners served as exclusive financial advisor to PROS, DLA Piper LLP (US) served as its legal counsel and Joele Frank, Wilkinson Brimmer Katcher served as its strategic communications advisor. Evercore served as financial advisor to Thoma Bravo, Kirkland & Ellis LLP served as its legal counsel and FGS Global served as its strategic communications advisor.

About PROS

PROS Holdings, Inc. is a leading provider of SaaS solutions that optimize omnichannel shopping and selling experiences, powering intelligent commerce. Leveraging leadership in revenue and pricing science, the PROS Platform combines predictive AI, real-time analytics, and powerful automation to dynamically match offers to buyers and prices to products. Businesses win more with PROS. Learn more at pros.com.

About Thoma Bravo

Thoma Bravo is the world’s largest software-focused investment firm, with over US$181 billion in assets under management as of September 30, 2025. Through its private equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo’s deep sector knowledge and strategic and operational expertise, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20+ years, the firm has acquired or invested in approximately 565 companies representing approximately US$285 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, Dallas, London, Miami, New York and San Francisco. For more information, visit Thoma Bravo’s website at thomabravo.com.

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