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The Reggiani Family chooses CVC to accelerate Clevertech’s global expansion

CVC Capital Partners

The Reggiani Family and CVC Capital Partners (“CVC”), a leading international private equity investor, announce that they have agreed to make a strategic investment in Clevertech, an Italian group and global leader in industrial automation solutions. The transaction will support the company’s next phase of international growth and aim to further strengthen its market leadership.

Founded in 1987 and headquartered in Cadelbosco di Sopra (Reggio Emilia), at the heart of Italy’s “Packaging Valley”, Clevertech Group is a leading global partner in the design and manufacturing of advanced industrial automated packaging systems. With revenues of €236 million and EBITDA of more than €70 million in 2025, and a team of over 450 specialised professionals, the Group operates internationally, bringing Italian engineering excellence to some of the world’s most advanced markets.

The transaction will see CVC acquire 100% of the share capital of Clevertech S.p.A. from REFA S.r.l. (“REFA”), the Reggiani Family holding, while REFA will reinvest alongside CVC as a minority shareholder, ensuring full continuity in the management of the business and execution of the Group’s strategy.

Engineer Giuseppe Reggiani, founder of the Group, will remain Chairman and Chief Executive Officer. Umberto Reggiani will continue in his role as Chief Sales Director, Enrico Reggiani as Chief Financial Director, and Simone Cervi as Chief Technology Officer. The continued involvement of the current management team will be an important factor in supporting the Group’s next phase of development alongside its employees, customers and business partners.

The agreement with CVC will enable Clevertech to accelerate its growth, support its international expansion and make investments in innovation, all aimed at strengthening its leadership position in its target markets.

Completion of the transaction is expected by the end of 2026, subject to the receipt of customary regulatory approvals. CVC will invest in Clevertech through CVC Capital Partners IX.

Giuseppe Reggiani, founder and Chairman of Clevertech S.p.A., commented: “Our family believes it is essential to provide our management team, employees and long-standing partners with the resources needed to consolidate and accelerate Clevertech Group’s growth. In CVC, we have found the ideal partner to help us address the new challenges of the market. My family’s commitment continues with even greater enthusiasm and additional resources to foster the drive for innovation that has always distinguished us.”

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We are proud to invest in Clevertech Group, a global leader in industrial automation, and are excited to support the Reggiani family in its investment plans and international development.

Giorgio De PalmaPartner at CVC

Giorgio De Palma, Partner at CVC, commented: “We are proud to invest in Clevertech Group, a global leader in industrial automation, and are excited to support the Reggiani family in its investment plans and international development. Our goal is to help the Group continue delivering increasingly innovative and technologically advanced solutions to its customers, which are leading companies in their respective industries.”

REFA was advised by J.P. Morgan (Lead M&A Advisor), Baldi Finance (Financial and ESG) and Baldi Prati & Partners (Legal and Tax).

CVC was advised by UBS (M&A), Bain & Company (Commercial), EY (Financial and Tax), Cleary Gottlieb (Legal), FRM (Tax), Latham & Watkins (Antitrust), and Dabster and dss (ESG).

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CVC Capital Partners agrees to acquire Irca from Advent

CVC Capital Partners

CVC Capital Partners (“CVC”) and Advent today announced that CVC Capital Partners IX (“Fund IX”), has entered into an agreement to acquire Irca, a global B2B manufacturer of ingredient solutions for the food manufacturing, foodservice and artisanal channels, from Advent.

Irca produces value-added ingredients and semi-finished products for the pastry, bakery, chocolate and ice cream markets. The company operates a global manufacturing and distribution platform spanning 19 facilities and more than 7,000 products, serving customers in over 100 countries. Irca serves a broad customer base across artisanal, foodservice and food manufacturing channels, ranging from local bakeries and gelato shops to international foodservice operators and multinational food manufacturers.

Since Advent’s investment, IRCA has transformed into a global ingredients leader, increasing revenue from €370 million in 2021 to €1.5 billion today. The company is widely recognized by customers for its comprehensive product portfolio, strong innovation capabilities, and deeply customer-centric culture.

Following completion of the transaction, CVC will work closely with Irca’s management team to support the company’s next phase of growth, focusing on operational excellence across manufacturing and supply chain, selected add-on acquisitions, and continued international expansion. CVC will also support the acceleration of Irca’s growth ambitions across the US and EMEA, leveraging the expertise and network of its European and US teams.

Massimo Garavaglia, CEO of Irca, said: “Over the past years, Irca has strengthened its international platform and broadened its capabilities and today we are in a great position to continue to expand into new markets and segments. We look forward to working with CVC as we continue to invest in our business and pursue the next phase of growth for the company”

Giampiero Mazza, Managing Partner at CVC, said: “Irca combines a strong market position, a resilient business model and significant opportunities for further international expansion. Working alongside management, we will support the company’s continued development through operational excellence initiatives, selective acquisitions and investment in its global platform.”

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Irca combines a strong market position, a resilient business model and significant opportunities for further international expansion.

Giampiero MazzaManaging Partner at CVC

Massimiliano Mascolo, Managing Director at CVC, said: “The company has built an impressive business with a strong culture of innovation and customer focus. We are delighted to support them as they continue to execute on the company’s long-term growth ambitions.”

Francesco Casiraghi, Managing Director at Advent, said: “When we invested in Irca four years ago, we saw a strong Italian heritage brand with the potential to become a global ingredient solutions platform. Working closely with the management team, that is exactly what it has become, through targeted acquisitions, investment in manufacturing, and expansion into new markets and channels. We wish the entire Irca team every success in the next chapter.”

The transaction is subject to customary regulatory approvals and is expected to close in Q4 2026.

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Digital Realty Announces Purchase of Blackstone Interest in Three Northern Virginia Data Centers

Blackstone

Increases Ownership in New, High-Quality, Fully-Leased Hyperscale Assets in Top U.S. Market

AUSTIN, Texas and New York — Digital Realty (NYSE: DLR), the world’s largest cloud- and carrier-neutral data center platform, and Blackstone Inc. (NYSE: BX) today announced that Digital Realty has agreed to purchase from Blackstone-affiliated funds managed by Real Estate, Infrastructure and Tactical Opportunities (“Blackstone”) a stake in three fully leased data centers containing 288 megawatts of total IT capacity in Northern Virginia at a gross value of $7.8 billion, reflecting an expected initial stabilized capitalization rate of over 6.5%. Total consideration paid to Blackstone for their blended 64% equity interest in the assets will be $3.5 billion, including $1.2 billion of cash and $2.3 billion in shares of Digital Realty, based on the last reported sale price of the company’s common stock on the New York Stock Exchange on June 29, 2026. The portfolio comprises two data centers in Manassas and one on the Digital Dulles campus in Sterling, each with 96 megawatts of IT capacity, that are 100% leased to three distinct investment grade hyperscale customers. The purchase is expected to be completed on June 30, 2026, and is subject to customary closing conditions.

“We have developed a strong partnership with Blackstone through the successful ongoing development of these assets, and we continue to work together across the remaining data center investments in our joint ventures in Northern Virginia, Paris and Frankfurt,” said Greg Wright, Chief Investment Officer of Digital Realty. “This transaction reflects the next phase of that relationship, allowing us to increase our ownership in a portfolio of fully leased, high quality hyperscale assets that extend our runway for growth and pipeline of product for the continued expansion of our strategic private capital platform.”

Mike Forman, Global Head of Digital Infrastructure for Blackstone Real Estate and Greg Blank, Global Head of Digital Infrastructure for Blackstone Infrastructure, said: “We are thrilled with this transaction and the early success of our joint venture with Digital Realty. The Digital Realty team has been exceptional to work with, and we look forward to our continued partnership. The demand for digital infrastructure is even stronger today than when we established this joint venture in 2023, and we have deep conviction in the opportunity ahead.”

Digital Realty agreed to purchase Blackstone’s 80% interest in two 96 megawatt data centers in Manassas, Virginia and a 50% interest in one 96 megawatt data center in Sterling, Virginia for $7.8 billion, at 100% share, including assumed debt and remaining capex to complete the ongoing development. Two of the data centers are expected to stabilize in the first half of 2027, with the third anticipated to stabilize in the first half of 2028. Through this transaction, Digital Realty will increase its exposure to new capacity in the world’s largest data center market, supported by 15-year leases with a blended average AA- customer credit rating and 3.6% annual rent escalators, that are expected to enhance the Company’s growth and visibility.

“This transaction is expected to be accretive to Core FFO per share in each of 2027 and 2028, as development is completed and rents commence,” said Matt Mercier, Chief Financial Officer of Digital Realty. “We also expect it to be accretive to contractual organic rent growth and portfolio quality, given long term leases with premier hyperscale customers in newly constructed assets, in the largest and most sought-after data center market. We believe that our execution to date and the recently announced strategic transactions, position Digital Realty to extend its growth trajectory.”

About Digital Realty
Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation, and interconnection solutions. PlatformDIGITAL®, the company’s global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter Architecture (PDx®) solution methodology for powering innovation, from cloud and digital transformation to emerging technologies like artificial intelligence (AI), and efficiently managing Data Gravity challenges. Digital Realty gives customers access to the connected data communities that matter to them through a global footprint of 300+ facilities in 55+ metros across 30+ countries on six continents. To learn more, visit digitalrealty.com or follow us on LinkedIn and X.

About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

For Additional Information

Investor Relations
Jordan Sadler / Jim Huseby
Digital Realty
+1 737 281 0101
InvestorRelations@digitalrealty.com

Media Contact
Helen Bleasdale
Digital Realty
+1 737 267 6822
hcbleasdale@digitalrealty.com

Jeffrey Kauth
Blackstone
+1 212 583 5395
jeffrey.kauth@blackstone.com

Paula Chirhart
Blackstone
+1 646 583 6684
paula.chirhart@blackstone.com

Safe Harbor Statement
This press release contains forward-looking statements based on current expectations, forecasts, and assumptions that involve risks and uncertainties which may cause actual results to differ materially from those described. These include statements related to the Blackstone acquisition, completion of development and stabilization, expected benefits, and the company’s strategy. For a description of these risks and uncertainties, please refer to the company’s filings with the U.S. Securities and Exchange Commission. The company undertakes no obligation to update any forward-looking statements.

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Republic Finance agrees to be acquired by a J.C. Flowers-led investor group

CVC Capital Partners

Republic Finance (“Republic” or the “Company”), a leading consumer loan provider, today announced that it has entered into a definitive agreement to be acquired by an investor group led by J.C. Flowers & Co. (“J.C. Flowers”), a private investment firm dedicated to investing in the global financial services industry, alongside Nowlake Technology, LLC (“Nowlake”). Funds advised by CVC Capital Partners (“CVC”), Republic’s majority owner, will exit its investment, while the Phillips family, which retained a significant shareholding under CVC’s ownership, will continue to hold an equity interest in the Company. Republic’s management team will continue to lead the Company. Terms of the transaction were not disclosed.

Republic has over 70 years of experience in the U.S. consumer finance sector, specializing in personal loans and flexible lending options tailored to individual needs. The Company has built long-lasting relationships with its customers based on its reputation for a customer-first approach and responsible lending while operating across 17 states.

“Republic is committed to offering fair and transparent products with a focus on regulatory compliance,” said Thomas Harding, Managing Director at J.C. Flowers. “That discipline, combined with a deeply experienced management team and a loyal customer base, makes Republic a compelling platform. We look forward to partnering with the Company and Nowlake to build on its strong foundation and accelerate its growth.”

“Over more than seven decades, our team has built Republic Finance into a trusted, well-run company serving hundreds of thousands of customers, and today’s announcement is a strong endorsement of that work,” said Ian Rehmert, President and CEO of Republic Finance. “We are grateful to CVC for their partnership and support over the years, and we are excited to begin this next chapter with J.C. Flowers and the Nowlake Group of Companies. Their financial strength, deep financial services expertise, and shared commitment to responsible, customer-first lending position us to keep serving our customers and growing our business for years to come.”

“It’s been a privilege to partner with the Phillips family and Republic’s management team and we are very proud of what we have collectively accomplished,” added Daniel Brand, Partner at CVC. “We wish Ian and his team all the best for this next phase of their growth journey.”

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It’s been a privilege to partner with the Phillips family and Republic’s management team and we are very proud of what we have collectively accomplished

Daniel BrandPartner at CVC

“We are excited to partner with JC Flowers to work with Republic Finance. Republic Finance has built a strong, respected platform with deep customer relationships and a great track record,” said Ian Anderson, Group President of Nowlake. “We see opportunity to bring technology, scale, and additional products from the Nowlake Group of Companies to help accelerate Republic’s next phase of growth alongside J.C. Flowers.”

The transaction is expected to close in the second half of 2026, subject to customary closing conditions and regulatory approvals.

Wells Fargo served as exclusive financial advisor and Debevoise & Plimpton LLP served as legal counsel to Republic Finance and CVC. BMO Capital Markets served as exclusive financial advisor and Sullivan & Cromwell LLP served as legal counsel to the investor group led by J.C. Flowers.

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CVC Credit leads the refinancing and merger of Kanalservice Gruppe and Group Sasti

CVC Capital Partners

CVC Credit is pleased to announce that it has led the refinancing and merger of Kanalservice Gruppe (“KSG”) and Grupo Sasti, to create a leading pan-European critical infrastructure services platform. CVC Credit acted as sole lender on the financing for funds advised by Ufenau Capital Partners and has structured committed follow-on capital to support KSG’s systematic buy-and-build strategy.

Established in 1958 and headquartered in Switzerland, KSG is a provider of critical infrastructure services, primarily focused on the water vertical. The company delivers end-to-end inspection, cleaning and maintenance services to more than 35,000 customers across corporates, municipalities and private households. KSG operates across Switzerland, Germany, the Netherlands, Belgium and the UK. Through its merger with Grupo Sasti, the company will expand its one-stop-shop offering into the Iberian market, further diversifying its geographic footprint and strengthening its service capabilities.

Christine Weis, Managing Director in CVC’s Private Credit team, said: “This transaction reflects our continued focus on backing resilient businesses with strong growth strategies. KSG benefits from highly predictable cash flows, underpinned by recurring demand for essential, non-discretionary infrastructure services and a large base of repeat customers. We are also pleased to partner with Ufenau Capital Partners again, a well-established sponsor we have successfully supported across previous transactions.”

Andrew Davies, Head of CVC Credit, added: “KSG operates in an attractive market characterised by resilient demand, recurring revenues and underlying growth drivers – this is exactly what we are looking for in our core mid-market senior direct lending strategy. Given our integrated platform, once again the private credit team leveraged the breadth of the CVC network to support our due diligence, including insights from our global infrastructure team.”

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Given our integrated platform, once again the private credit team leveraged the breadth of the CVC network to support our due diligence, including insights from our global infrastructure team

Andrew DaviesHead of CVC Credit

This investment has been made through CVC Credit’s European Direct Lending strategy, which focuses on lending to established European medium and large companies backed by top Private Equity sponsors, with a focus on the senior secured piece of the capital structure.

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Bain Capital Acquires Everllence, a Globally Leading Engine and Turbomachinery Manufacturer

BainCapital

FOR IMMEDIATE RELEASE

MUNICH – June 25, 2026 – Bain Capital, a leading global private investment firm, today announced that it has agreed to acquire a majority stake in Everllence, a globally leading developer and manufacturer of 2-stroke and 4-stroke marine and power engines and turbomachinery, from Volkswagen Group.

Everllence has approximately €5 billion in revenues and around 16,000 employees across its operations in Europe, Asia, and the Americas. It holds leading positions in each of its principal businesses, serving customers in global shipping, naval defense, power generation, and industrial processing, and maintains one of the most extensive aftermarket service networks in the sector, with more than 140 locations worldwide.

The transaction, led by Bain Capital’s Private Equity teams in Europe and Asia, is structured as a carve-out from Volkswagen Group, which will retain a shareholding in the company and remain a long-term partner.

Bain Capital will work closely with Everllence’s management team and Volkswagen to support the company’s next phase of growth. Specific areas of focus include expanding the company’s service business with its global installed customer base; investing in the company’s growing role in naval defense, where demand across Europe and beyond is accelerating; supporting the continued development of alternative fuel platforms for the decarbonization of global shipping; and capturing the significant opportunity in behind-the-meter power generation for data centers and industrial infrastructure.

Bain Capital brings global industrial sector expertise and a wide operational support network to that effort, with a focus on creating lasting impact for Everllence’s customers, employees, and the communities it has long served.

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

“At Bain Capital, we have always believed that the right partnership is how exceptional outcomes are created. We invest in people as much as companies, and we take a long view. Under Volkswagen’s ownership, Everllence has developed into a global platform with a strong management team and a clear vision for where it is headed. We are glad to be working alongside them to help realize that vision,” said Dr. Michael Siefke, a Partner and Chair of Europe Private Equity at Bain Capital.

“We believe in Everllence as a global technology leader in maritime decarbonization, naval defense, and distributed industrial power. Everllence is uniquely positioned to enable energy transition in global seaborne trade and address increasing power needs from accelerating data center energy demand. Its products and services are supporting customers globally at the core of their operations. We are excited to partner with the team on the journey ahead,” said Florian Taufmann, a Partner at Bain Capital.

ENDS

About Everllence

Everllence is the world’s leading developer and manufacturer of 2-stroke and 4-stroke marine and power engines and turbomachinery, with revenues of approximately €5 billion and around 16,000 employees globally. The company serves customers across marine, naval, power generation and industrial end markets through a network of manufacturing facilities and more than 140 service locations worldwide. Everllence is headquartered in Europe and operates globally.

About Bain Capital

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

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CVC Capital Partners invests in Chess

CVC Capital Partners

CVC, one of the world’s leading private markets investment firms, with deep expertise investing in sports, video games and other community platforms, today announced that CVC Capital Partners IX (“Fund IX”) has agreed to invest in Chess.com, the world’s largest online chess platform. CVC joins longstanding investor General Atlantic, which will remain a shareholder, as Chess.com continues to expand its platform and strengthen its offerings for the global chess community.

Chess.com is the largest chess community in the world, with over 250 million members worldwide and 10 million daily active users. Its mission is to serve the global chess community by making the game accessible, enjoyable and rewarding for players of every level. Chess.com offers its members live play, game analysis, puzzles, and lessons, alongside live coverage of major tournaments, a thriving social community, and a library of courses.

With over 650 team members, Chess.com operates as a fully remote organization. Its growth has been exponential in recent years, driven by major cultural moments such as The Queen’s Gambit, an extensive creator community, and viral social media moments that have inspired millions of new people to try chess for the first time. Through every chapter of its growth, Chess.com’s mission has remained consistent: to be a steward of the game loved across the world.

Erik Allebest, Founder and CEO of Chess.com, said:

“Twenty years ago we set out to build a space for people who love chess. We see CVC as an incredible partner, who alongside General Atlantic, can help us continue driving this same mission into our third decade. Chess belongs to billions of people around the world. Our job is to keep building something worthy of their trust and support.”

Nick Clarry, Managing Partner and Head of Sports, Media & Entertainment at CVC, said:

“Chess is a game loved by many people and culturally important to many communities around the world. It is a privilege to join Erik and the team at Chess.com as custodians for this special game as they continue their journey to improve the platform for players and fans worldwide. CVC has built an appreciation of and relevant experience as investors in global community platforms over the last 25 years – in sports, video games and live events – that we look forward to contributing to the future success of Chess.com.”

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It is a privilege to join Erik and the team at Chess.com as custodians for this special game as they continue their journey to improve the platform for players and fans worldwide

Nick ClarryManaging Partner and Head of Sports, Media & Entertainment at CVC

Tanzeen Syed, Managing Director and Head of Consumer Internet and Technology at General Atlantic, said:

“Over more than four years of partnership together, our conviction in Chess.com has only deepened. Erik and the team’s genuine love of the game has helped grow an engaged global community, and we believe there is substantial opportunity ahead to continue delivering creative experiences to more players around the world. We are proud to support Chess.com’s mission and look forward to partnering with CVC as the company builds on its momentum.”

CVC brings deep experience in online entertainment and live events, from digital subscription platforms to major international sports leagues, and will work with the Chess.com team to keep improving the product and growing the game’s presence on the world stage. Their expertise in live events, media rights, and sponsorship opens real possibilities for chess to reach audiences it hasn’t reached yet.

General Atlantic has been a partner to Chess.com since 2022, knows the business extensively, and will continue to be invested in its success. Together with Erik and the Chess.com leadership team, this group is committed to building something that the chess community can continue to be proud of, for many years to come.

Goldman Sachs served as the exclusive financial advisor to Chess.com. Terms of the transaction were not disclosed.

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CapMan Real Estate completes Scandinavia’s largest integrated solar roof at Stationsparken, Glostrup

Capman

Stationsparken - Solar Roof after

CapMan Real Estate announces the completion of the landmark solar roof project at Stationsparken in Glostrup, Denmark — marking the final step in a large-scale transformation that positions the property at the forefront of renewable energy solutions in the Nordics.

The project replaces the building’s aging roof with 10,500 fully active integrated solar panels across 7,500 m², creating Scandinavia’s largest integrated solar roof of its kind. Unlike traditional addon panels, the new system is seamlessly built into the roof structure, preserving the building’s architectural integrity while significantly boosting its environmental performance.

A futureproof investment for long-term energy efficiency

The integrated solar roof will generate approximately 589,000 kWh of renewable electricity annually, covering over 60% of the building’s electricity demand. As a result, Stationsparken is expected to reduce its carbon emissions by 82 tonnes per year, equivalent to 3,300 tonnes of CO₂ over the system’s 40-year lifespan.

The investment also significantly enhances the property’s energy performance, improving its EPC rating from B to A and reducing total primary energy demand by 37%.

Financially, the project delivers strong returns by reducing annual operating expenses, positioning the asset as both environmentally and economically resilient.

Collaboration across the value chain

The solar roof project was delivered in partnership with Solar Lightning Consultants, Solartag, WERK Arkitekter, and Hovedstadens Bygningsentreprise, with close engagement from the Municipality of Glostrup and key public-sector tenants.

All solar panels and inverters were manufactured in Europe to support high quality standards and safeguard supply chain responsibility.

“From the beginning, this project has been a model of constructive cooperation between the municipality, CapMan, and all partners involved. We are proud to see such an ambitious renewable energy solution implemented right here in Glostrup,” says Søren Enemark, Chairman of the Environment, Technology, and Property Committee at Glostrup Municipality.

The installation process was executed across six phases, ensuring uninterrupted operations for tenants throughout the construction period.

A milestone for Nordic real estate

“Stationsparken proves that sustainability and strong returns can coexist,” says Anna Rannisto, Sustainability Director at CapMan Real Estate. “By integrating solar technology into the building’s design, we’ve secured long-term energy independence and reduced emissions – without compromising aesthetics or financial performance.”

“Completing the integrated solar roof at Stationsparken is a milestone not only for the asset, but for how we approach sustainable upgrades across our portfolio. The team has delivered a highly technical project with precision, all while maintaining full tenant operations. It shows what’s possible when innovation, engineering excellence, and long-term asset planning come together,” says Peter Gill, Head of CapMan Real Estate Denmark

The completion of the solar roof marks the final milestone in CapMan Real Estate’s ambition to future‑proof Stationsparken and showcase how the Nordic real estate sector can lead the transition to renewable energy.

For more information:

Peter Gill, Partner, Head of CapMan Real Estate Denmark, +45 20 43 55 63

About CapMan

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

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CapMan Infra announces first close of Nordic Infrastructure III fund

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Capman

CapMan Infra announces first close of Nordic Infrastructure III fund

CapMan Nordic Infrastructure III, the third vehicle in CapMan Infra’s Nordic infrastructure fund series, held its first close on 24 June 2026. The Fund has a target size of EUR 750 million and is on track to reach a final close during 2027, supported by existing and new investors, both from within and outside the Nordics.

The strategy of CapMan Nordic Infrastructure III is to invest in lower mid-cap infrastructure businesses and assets across the Nordics, focusing on energy and utilities, transportation, and digital infrastructure. Classified as an SFDR Article 8 product, the Fund targets infrastructure assets that provide essential services and benefit from long-term structural trends, including the energy transition, digitalisation and the need for more resilient societies.

With a target size of EUR 750 million, the Fund is set to be CapMan Infra’s largest infrastructure fund to date and twice the size of its predecessor, CapMan Nordic Infrastructure II, which closed at EUR 375 million.

The Fund’s first close was supported by more than 20 institutional investors, with around one third of commitments coming from outside the Nordics. This share is expected to increase significantly in later closings as international investor interest towards a Nordic infrastructure strategy executed by an experienced local team remains high. Around two thirds of commitments are coming from German and Finnish pension institutions.

Several first closing investors have also reserved capacity for further commitments as fundraising progresses, providing positive momentum towards the Fund’s final close. With a strong pipeline of opportunities across its target sectors, the Fund is well positioned to make its first investments during 2026.

“CapMan Nordic Infrastructure III builds on our established Nordic infrastructure fund series. We are pleased by the support from both existing and new investors at the first close and are confident in the Fund’s progress towards a final close at its target size. The Nordic infrastructure market continues to offer attractive opportunities that benefit from structural trends, and the Fund is well positioned to deploy capital during 2026,” says Ville Poukka, Managing Partner at CapMan Infra.

For more information:

Ville Poukka, Managing Partner, CapMan Infra, +358 50 572 9120

About CapMan

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

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padoa Announces Strategic Growth Investment from Thoma Bravo’s Europe Fund Alongside Co-Founders and Existing Shareholders, Five Arrows and Kamet Ventures

Thomabravo

PARIS, France – padoa, the European leader in occupational health, safety and prevention software, today announced a strategic growth investment from Thoma Bravo, the world’s largest software-focused investment firm. The investment is being made through Thoma Bravo’s Europe Fund, with significant participation from padoa’s co-founders and existing shareholders Five Arrows, the alternative assets arm of Rothschild & Co, and Kamet Ventures.

padoa is one of the leading next-generation prevention platforms dedicated to occupational health centres, employers, and employees. Its products enable more effective service delivery, health prevention, and compliance amid increasing structural and regulatory requirements.

This investment is designed to accelerate padoa’s mission to improve the health of millions of people and enable padoa to further invest in AI capabilities, customer service, international expansion, particularly in the DACH region, and product innovation.

Cédric Mathorel, Co-Founder, President and CEO of padoa, said: “We are excited to welcome Thoma Bravo as a new partner at a pivotal moment in padoa’s journey. As we accelerate our international expansion and navigate one of the most significant technological shifts our industry has ever experienced with the emergence of AI, we believe Thoma Bravo’s expertise will help us scale faster, innovate further, and continue delivering category-leading software to occupational health professionals across Europe.

At the same time, this new chapter is built on continuity. I would like to sincerely thank Five Arrows and Kamet for their unwavering support over the years and for renewing their confidence in padoa by continuing this adventure alongside us. Their commitment, together with our founders and management team, reflects a shared conviction in the strength of our mission and our long-term vision.”

Irina Hemmers, Partner, and David Tse, Principal at Thoma Bravo, said: “padoa is a compelling addition to our European partnerships, and we see a significant opportunity to support the company as demand for better care and supportive technology accelerates across Europe. This strategic growth investment reflects our continued commitment to backing the strongest software companies in the region and supporting them in becoming European champions.”

Stéphane Guinet, Chairman of Kamet Ventures, said: “As venture builders, we are incredibly proud to have conceived, incubated, and helped scale padoa alongside its outstanding founding team from day one. Having established itself as a leading technology platform for occupational health, padoa is exceptionally well positioned for its next chapter. We are more excited than ever about the company’s future and delighted to partner with Thoma Bravo to support its continued growth and ambition.”

Jean-Daniel Bertoncini, Partner at Five Arrows, added: “We are proud to have supported padoa’s talented founders and team through an exceptional growth journey over the past four years. We are strong believers in padoa’s mission to enable occupational health professionals to protect workers’ well-being through technology solutions that are both effective and easy to use. We are excited to partner with Thoma Bravo to fuel padoa’s ambition of bringing world-class AI into occupational health centres.”

Thoma Bravo has been investing in Europe for 15 years, having deployed over €14 billion of equity across 17 transactions in the region. Its dedicated €1.8 billion Europe Fund, which closed in 2025, focuses on middle-market software businesses across core European markets, with the goal of supporting founders and management teams in scaling their businesses into European industry leaders. Since 2023, the European team has made four investments across the Netherlands, Germany and Sweden, including the €400m take-private of EQS Group and growth investments in USU, Hypergene and LOGEX.

About padoa

Founded in 2016, padoa is a leading occupational health technology platform in France, serving occupational health services, healthcare professionals, employers, and employees through a fully integrated digital ecosystem. The company’s mission is to equip occupational health professionals with the best technology, enabling better prevention, improved care pathways, and healthier workplaces. Today, padoa supports millions of employees and thousands of healthcare professionals, helping transform occupational health through innovation, efficiency, and collaboration. Guided by a strong purpose and values-driven culture, padoa is committed to shaping the future of occupational health in France and across Europe. Learn more at padoa.fr.

About Thoma Bravo

Thoma Bravo is the world’s largest software-focused investment firm, with more than $172 billion in assets under management as of March 31, 2026. Partnering with some of the world’s most sophisticated investors, Thoma Bravo’s private equity and private credit platforms reflect a focused investment strategy, supported by disciplined execution, deep sector expertise and leadership continuity. Over the past 20-plus years, Thoma Bravo has acquired or invested in approximately 590 software and technology companies, representing approximately $320 billion of aggregate enterprise value (including control and non-control investments, as well as add-on acquisitions).  Learn more at thomabravo.com and on LinkedIn.

About Five Arrows

Five Arrows is the alternative assets arm of Rothschild & Co and has €33 billion in assets under management1, with offices in Paris, London, New York, Los Angeles, San Francisco, and Luxembourg.

With €13 billion of assets under management1, the corporate private equity business of Five Arrows is focused on investing in companies with strong management teams; business models with high visibility of organic unit volume growth and strong unit economics; and multiple operational levers that can be used to unlock latent value. Sectors are limited to healthcare, data and software, and technology-enabled business services.

For more information, please visit https://www.rothschildandco.com/en/five-arrows/corporate-private-equity/

Five Arrows Managers (USA) LLC is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Five Arrows Managers (USA) LLC, including our investment strategies, fees and objectives is available upon request.

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