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Ardian signs agreement with I Squared Capital to acquire Energia Group, a leading energy utility in Ireland

Ardian

Positions Energia Group for continued investment in the energy transition

Ardian, a world-leading private investment firm, today announced that it has entered into a definitive agreement to acquire 100% of Energia Group (“Energia”), one of the largest energy utilities on the island of Ireland, from I Squared Capital (“I Squared”), a leading global infrastructure investor. The transaction is expected to be completed in Q1 2026, subject to customary regulatory approvals.

Energia operates across the entire energy value chain in the Republic of Ireland and Northern Ireland, serving almost 900,000 homes and businesses. It is one of the longest established providers of renewable electricity in Ireland, supplying approximately 17% of the island of Ireland’s total electricity requirements and 20% of its total wind power. Energia combines renewables, flexible generation, and customer solutions, and has a strong track record of successful renewable energy developments, with an attractive pipeline of new wind, solar and BESS capacity.

The Group is well positioned to meet Ireland’s increasing demand for secure, low-carbon electricity to sustainably power the country’s growing digital economy. Energia has also entered into a strategic partnership with a global technology partner for the development of a 165MW data center in Dublin and its corresponding supply of renewable energy, solidifying its leadership in the energy transition.

Under I Squared’s ownership since 2016, Energia has undergone a significant transformation into a modern, diversified utility underpinned by a strong renewables pipeline, modern customer solutions, and critical grid infrastructure. This included commissioning a green hydrogen project, expanding onshore wind and into solar, and investing in batteries and grid stability services. Energia today offers a compelling combination of regulated and long-term contracted earnings, alongside exposure to Ireland’s strong structural growth in electricity demand.

Ardian’s acquisition reflects long-term confidence in Energia’s strategic position and future growth. Energia combines the earnings stability of regulated and contracted assets with exposure to structural growth in demand, with highly secured projects ready to meet rapidly increasing energy demand. Ardian will leverage its expertise in essential infrastructure and across the energy value chain to support Energia in its next phase of growth, particularly through its experience developing and managing renewables platforms, alongside its track record in data centers.

The transaction will have no impact on Energia’s customers, employees, partners or suppliers. The company remains committed to delivering on its strategy and supporting Ireland’s sustainable energy future.

“Energia’s focus remains on transforming Ireland’s energy system by deploying renewables and other low carbon solutions at scale, while continuing to deliver secure and affordable energy to our domestic and commercial customers. We are grateful for I Squared’s support over the past nine years and the strong, future-ready platform we have built together.”

“Ireland is at a pivotal point, with rapid electrification, growing demand from new technologies, and global investment in digital infrastructure all accelerating. Energia is ideally placed to meet these needs, and with Ardian’s long-term backing, we’re excited to continue scaling our business to help power this next phase of Ireland’s growth for our customers, partners and employees.” Ian Thom, CEO of Energia

“We are proud to be investing in Energia, which marks Ardian’s first investment in Ireland. The company has demonstrated its market leadership in Ireland and Northern Ireland over many years and has ambitious plans to grow, driven by secured capital projects and increasing energy demand. Ardian is a highly experienced investor in essential infrastructure and European utilities. We have been impressed by Energia’s strong growth and resilience in the context of a volatile energy market, and look forward to sharing our expertise to further develop its renewable generation portfolio, flexible capacity and enhance the efficiency of the whole company.” Juan Angoitia, Co-Head of Infrastructure Europe & Senior Managing Director, Ardian

“Energia is at the forefront of the convergence between energy utilities and digital infrastructure. The company’s pioneering approach to combining hyperscale data center development with new renewable energy generation, will unlock significant opportunities for growth in Ireland. We look forward to working with the management team on their ambitious plans to support the decarbonisation of the entire economy.” William Briggs, Managing Director, Ardian

“This sale represents one of I Squared’s largest exits and is a testament to the hard work and dedication of the whole Energia team. Since our initial investment in Energia in 2016, I Squared has deployed over USD 3 billion in portfolio companies with Irish operations, underscoring our deep confidence in Ireland’s economy and supportive investment environment. Ireland continues to attract leading global companies and offers exceptional opportunities for infrastructure investors like I Squared. We remain committed to Ireland and look forward to building on our strong track record of investing in its growth and innovation.” Mohamed El Gazzar, Senior Partner, I Squared Capital

Participants

  • Ardian

    • Juan Angoitia-Grijalba, William Briggs, Alexis Ballif, Alvaro Sanz Carrasqueño, Matthias Hübener, Niranjan Bhardwaj, Angel Sanchez-Cantalejo
    • Financial: Evercore
    • Legal: Kirkland & Ellis, Matheson
    • Financial, Tax, Technical and Environmental Due Diligence: Alvarez & Marsal
    • Commercial Due Diligence: Afry, Timera
    • Regulatory Due Diligence: NERA

  • I Squared

    • I Squared’s financial advisers were Morgan Stanley, Barclays and Santander. Legal advice for I Squared was provided by Simpson Thacher & Bartlett. Irish legal advice was provided by Arthur Cox.

ABOUT ENERGIA

Energia Group is a leading integrated Irish energy business with substantial operations in both the Republic of Ireland and Northern Ireland. The Group primarily operates across three business units: Renewables, Flexible Generation and Customer Solutions, and is committed to powering the energy transition across the island of Ireland.
The Group owns and operates 16 wind farms on the island, with two further projects almost complete, and also has two gas-fired power stations in north County Dublin that are critical to security of supply. The Group’s ongoing investments in new renewable electricity projects will play an important role in the achievement of Ireland’s renewable electricity and wider decarbonisation goals for 2030.
Energia supplies almost 17% of the island of Ireland’s total electricity requirements and 20% of the island’s total wind power meeting the energy needs of almost 900,000 homes and businesses with competitive electricity and gas services provided through its two retail brands Energia and Power NI.
With offices in Dublin, Belfast, Antrim, and Omagh, Energia employs over 1,100 people and is one of only a small number of companies to have achieved the Business Working Responsibly mark from Business in the Community, the leading independently audited standard for CSR and Sustainability in Ireland.

energiagroup.com

About Ardian

Ardian is a world-leading private investment firm, managing or advising $192bn of assets on behalf of more than 1,850 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT I SQUARED CAPITAL

I Squared Capital is a leading global infrastructure investor managing $50 billion in assets. We build and scale essential infrastructure businesses that deliver critical services to millions of people worldwide. Our portfolio includes over 90 companies operating in more than 70 countries and spanning sectors such as energy, utilities, digital infrastructure, transport, environmental and social infrastructure. Headquartered in Miami, our team of over 300 professionals is based across offices in Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney and Taipei.

isquaredcapital.com

Press contact

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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Telmai + Atlan unify trust and context to scale autonomous enterprise AI systems

.406 Ventures

AI pilots fail not because models don’t work, but because data systems lack reliability and context. To scale AI responsibly, enterprises need validated data at the source and metadata enriched with health and governance signals. This article shows how Telmai and Atlan close this gap. Telmai validates data as it lands, while Atlan’s Metadata Lakehouse adds lineage and governance to create the trusted foundation for scaling AI.

Telmai + Atlan

 

Anoop Gopalam October 3, 2025

With a surge in AI investment, enterprise leaders are under mounting pressure to deliver reliable, scalable AI solutions that create measurable business impact. A recent MIT study found that 95  percent of generative AI projects failed to produce measurable outcomes, as many organizations struggle to move beyond experimentation and into reliable execution. AI pilots are failing to deliver, not because the models don’t work, but because the underlying foundational data systems upon which they are built lack reliability and context.

Autonomous systems and AI agents act on data in microseconds, so there’s no time for late-stage downstream fixes where most companies focus their data quality efforts today. To power AI-native ecosystems at scale, organizations must build trust at the source as data is ingested and ensure that data quality metadata is pushed to data catalogs and metadata systems, allowing agents to evaluate fitness before consumption. This creates the trusted foundation that Autonomous AI products need to operate reliably and at scale.

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Image source – The AI Value Chasm

By combining Telmai’s AI-first data quality platform with Atlan’s AI-native metadata and governance platform through Atlan’s App Framework, enterprises gain a seamless way to detect, resolve, and govern data issues directly within the tools their teams already use.

In this article, let’s dive deeper into how they together create a single fabric of trust + context that allows enterprises to move beyond pilots and scale AI responsibly.

Why is real-time validation at ingestion critical for reliable AI?

The failure point for most AI initiatives isn’t in the model, but rather it’s in the underlying data pipeline feeding it. Business Intelligence (BI) is inherently deterministic and descriptive, working with structured historical data to explain what happened through predefined reports and dashboards. AI, in contrast, is non-deterministic and predictive. It consumes both structured and unstructured data to learn patterns, forecast outcomes, and make autonomous decisions.

The old adage “garbage in, garbage out” takes on far higher stakes here. AI and LLMs always identify patterns from the inputs they receive and derive insights without context or judgment. If those inputs are incomplete, drifting, or biased, the model confidently reproduces those flaws at scale.
Traditional data quality approaches were designed for a reporting world, where errors could be corrected after a dashboard broke or a KPI looked suspicious. AI-native workloads break this model entirely. AI and autonomous systems operate at machine speed, where thousands of micro-decisions are made every second. Waiting until the BI or monitoring layer to enforce quality is simply too late, as the damage has already propagated through to downstream business-critical applications.

That’s why ingestion-layer validation has become non-negotiable. Data quality must be ensured before Agentic workflows can access or read the data, not after the data lands in the access layer, at the data lake, or before it enters the lake through event streams. Reliability must be enforced as data is ingested into the lake, especially in open formats like Apache Iceberg and Delta Lake, where it is profiled and validated before being published to production tables.

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This is exactly where Telmai comes in. Purpose-built for AI-first architectures, Telmai continuously monitors and validates data through your data pipeline, irrespective of volume or velocity. Telmai’s ML-driven and rule-based checks automatically detect anomalies, schema changes, and data drift before they impact production. Further, Telmai can publish data health KPIs into data catalogs and metadata systems like Atlan, enriching lineage and governance with real-time data quality context.

Agentic AI systems don’t have the luxury of waiting for late-stage fixes. They act in microseconds. That means trust must be built into data at ingestion, and that trust must travel with context across the enterprise, “ said Mona Rakibe, Co-Founder and CEO of Telmai. “With the App Framework, Telmai and Atlan will give teams a trusted data layer ready to power applications and integrations that let AI move beyond pilots and deliver at scale.”

How Atlan extends this trust with context

Trust in data is only half the story. For enterprises to scale AI responsibly, trust must travel with context so every consumer, whether human, system, or AI agent, knows what the data means, where it came from, and how it can be used.

As part of Atlan’s new App Framework, Telmai is now integrated directly into Atlan’s Metadata Lakehouse. For the first time, enterprises can unify monitoring within the same foundation that powers column-level lineage, business-ready data products, AI governance, and policy & compliance monitoring.

With this integration, customers using Telmai and Atlan can:

  • Unify trust and context in the Metadata Lakehouse – Telmai’s data quality signals, such as freshness, anomaly detection, schema changes, and volume drift, are automatically surfaced inside Atlan, enhancing lineage and metadata with actionable insights that empower data consumers and AI agents alike.
  • Enable true interoperability for agentic AI – For agentic systems to truly scale, interoperability is critical. The tools and services that agents depend on,  whether for validation, access, enrichment, or downstream action, must be accessible through a common layer. Atlan delivers this through its open Metadata Lakehouse by providing consistent, versioned context across raw ingestion data and curated data products, ensuring data fitness can be evaluated at every step.
  • Enforce policy and compliance at scale – With Telmai’s data quality metadata embedded in the context layer, data trust signals can flow downstream via column-level lineage and bidirectional tag management to other platforms like Databricks, Snowflake, or data access systems. When Data Quality issues are encountered, they can trigger automated governance workflows, ensuring policy compliance and reducing risk across autonomous AI pipelines.

Enterprises can’t scale AI responsibly without a foundation of trust and context. Telmai brings real-time, ingestion-level validation, and Atlan serves as the context layer, ensuring that trust travels with context across every system, workflow, and AI agent.” said Marc Seifer, Head of Global Alliances at Atlan. “Together, Telmai and Atlan are enabling organizations to move beyond pilots and build AI systems that operate reliably, responsibly, and at scale.”

Get AI-Ready—Now

For enterprises to successfully transition AI pilots into production, they need real-time, low-latency access to validated data, along with metadata that carries context about its health, lineage, and governance. Without this foundation, AI agents operate blindly, lacking visibility into whether the data they consume is fit for use, where it originated, or whether they are authorized to access it.

Telmai and Atlan close this gap. Telmai continuously monitors and validates data in open table formats, such as Apache Iceberg and more, as it lands in the lake layer, detecting anomalies and data quality issues before they propagate downstream. It then generates rich observability metadata, which flows into Atlan’s Metadata Lakehouse. There, these signals are combined with lineage, policies, and business glossaries, providing a complete picture of data health and context for both humans and AI agents.

By bringing Telmai’s data quality signals into Atlan’s Metadata Lakehouse, enterprises can now drive measurable impact on their AI implementation with reliability and context fabric that enables AI to scale responsibly.
Want to learn how Telmai and Atlan can work together to scale your existing data infrastructure to be AI-ready? Click here to connect with our team for a personalized demo.

Want to stay ahead on best practices and product insights? Click here to subscribe to our newsletter for expert guidance on building reliable, AI-ready data pipelines.

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Novacap Announces Partnership with FyberCom to Accelerate Fiber Expansion in Idaho

Novacap

Novacap, a leading North American private equity firm, is pleased to announce that it has successfully closed its investment in FyberCom. The transaction marks the sixth platform investment by Novacap’s Digital Infrastructure Sector.

Headquartered in Idaho Falls, Idaho, FyberCom is a broadband service provider delivering high-speed fiber and fixed wireless internet to rural homes and businesses across Eastern Idaho. Since 2014, FyberCom has been committed to connecting underserved communities, with a strong focus in recent years on expanding its fiber network to meet the growing demand for reliable, high-speed connectivity.

“This partnership reflects our continued conviction in the rural broadband opportunity,” said Francois Laflamme, Senior Partner at Novacap. “FyberCom has built a strong local presence and a meaningful impact in the communities it serves. We are pleased to support the team as they continue to grow their network and expand access to essential digital infrastructure across Idaho.”

“This partnership with Novacap represents an important step forward for FyberCom,” said Jared Stowell, CEO of FyberCom. “We remain committed to delivering fast and reliable internet to rural communities and are excited to accelerate that mission with Novacap’s support.”

The investment reflects a shared commitment to supporting broadband expansion in underserved markets and aligns with a strategy of Novacap Digital Infrastructure Fund of partnering with companies that deliver essential connectivity across North America.

About FyberCom

Founded in 2014, FyberCom provides high-speed fiber and fixed wireless internet services to residential and commercial customers throughout Eastern Idaho. With a focus on rural and underserved communities, the company is dedicated to expanding reliable digital access across the region.

For more information, visit: fybercom.net

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 US $10 billion 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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Partners Group and CVC agree partnership to drive next phase of growth at International Schools Partnership, a leading global K-12 school platform

CVC Capital Partners
  • CVC will acquire a significant minority stake in ISP
  • ISP educates over 110,000 students in 111 schools across 25 countries
  • ISP follows a proven growth strategy, adding high-quality schools to its platform in locations with strong demand

Partners Group, one of the largest firms in the global private markets industry, acting on behalf of its clients, is to welcome CVC Strategic Opportunities (“CVC”), a leading global private equity manager, as a significant minority shareholder in International Schools Partnership (“ISP” or “the Company”). CVC will acquire a 20% stake in the Company. Partners Group will remain the majority shareholder and OMERS, which acquired a minority stake in ISP in 2021, will also remain a shareholder.

Partners Group and the ISP management team founded the Company in 2013 and have since built it into one of the largest K-12 school platforms globally, educating over 110,000 students in 111 schools across 25 countries. ISP follows a proven growth strategy, adding high-quality schools to its platform in locations with strong demand and enhancing them with the Company’s differentiated learning approach. ISP aims to provide a holistic education and develop all aspects of a student’s learning experience, with a strong focus on academic progress, as well as the development of language, digital, and life skills.

During its ownership, Partners Group’s transformational investing approach has focused on helping ISP’s schools to deliver high quality education. In ISP’s next phase of growth, the new shareholder group and management team will work together on further driving the Company’s successful strategy. Key value creation initiatives will include adding new schools to the platform, investing in the development and implementation of proprietary technology solutions as part of teaching, and further expanding the infrastructure of schools to improve the student experience and provide room for future growth.

Steve Brown, Chief Executive Officer, International Schools Partnership, comments: “ISP’s schools seek to be the ‘school of choice’ in their area. We seek to cultivate lifelong learners who possess the resilience, adaptability, and self-belief to navigate a changing world and future working environments. Partners Group has always shared our fundamental belief in putting students and their education first. As we reflect on our growth to-date, we look forward to welcoming our new shareholders at CVC on board and continuing our mission.”

Andrew Deakin, Partner, Partners Group, says: “ISP is one of our proudest achievements as a private equity platform. We started with just an idea, a team, and a thematic conviction that the global education market would continue to grow. After over a decade of hard work, strategic planning, and careful execution alongside the talented management team, we stand as a global leader in K-12 education with a differentiated learning approach. The tailwinds driving our growth are strong and we are excited about the next chapter for ISP. We look forward to welcoming CVC as a new shareholder.”

Quotes

We are excited to embark on our partnership with ISP, one of the world’s leading K12 education platforms. The K-12 sector, and ISP in particular, is an excellent fit for our Strategic Opportunities strategy, which focuses on supporting value creation in long-term partnership investments.

Jan Reinier VoûteManaging Partner and Co-Head of CVC Strategic Opportunities

Jan Reinier Voûte, Managing Partner and Co-Head of CVC Strategic Opportunities, CVC, added: “We are excited to embark on our partnership with ISP, one of the world’s leading K12 education platforms. The K-12 sector, and ISP in particular, is an excellent fit for our Strategic Opportunities strategy, which focuses on supporting value creation in long-term partnership investments. We believe ISP is exceptionally well placed for continued growth and, most importantly, provides high-quality education to more than 110,000 students worldwide, creating long-lasting value for families and communities. We look forward to supporting this mission over the coming years, alongside Partners Group having successfully built the group since inception.”

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White Mountains to sell Bamboo to CVC

CVC Capital Partners

White Mountains Insurance Group, Ltd. (NYSE: WTM) (“White Mountains”) announced today that it has signed a definitive agreement to sell a controlling interest in Bamboo, a data-enabled insurance distribution platform providing homeowners’ insurance and related products to the residential property market in California and Texas, to funds advised by CVC Capital Partners (“CVC”). The transaction values Bamboo at $1.75 billion.

White Mountains expects the transaction will result in a gain of approximately $310 to its book value per share and net cash proceeds of approximately $840 million.  White Mountains will retain an approximately 15% fully-diluted equity stake in Bamboo post-closing, valued at $250 million based on the transaction.

“It has been our privilege to partner with Bamboo.  Its rapid growth is a testament to the value and innovation it is bringing to the homeowners’ insurance market,” said Manning Rountree, Chief Executive Officer of White Mountains.  “This transaction is a win-win for both White Mountains shareholders and Bamboo management and employees.  We want to thank John and the entire Bamboo team for all of their hard work, and we look forward to continued partnership with them and CVC,” added Liam Caffrey, President and Chief Financial Officer of White Mountains.

“We are extremely gratified by the success of Bamboo during our ownership.  This is a prime example of our approach to partnering with highly talented management teams in the insurance sector and supporting them with value-added resources and expertise to drive superior results for all stakeholders.  We look forward to working with our new partners at CVC to support Bamboo’s next chapter of growth,” added Chris Delehanty, Head of M&A of White Mountains.

“We thank the White Mountains team for their valuable guidance and support throughout our partnership.  They have been instrumental in making our vision a reality,” said John Chu, Chief Executive Officer of Bamboo. “This milestone represents the result of years of dedication and hard work by the entire Bamboo team and was only achieved with the support and confidence of our valued partners.  We could not be happier with the outcome.  While I’m incredibly proud of the growth we’ve achieved while staying true to our client-first values, we’re still in the early innings.  We are thrilled to welcome CVC on as our new majority capital partner alongside White Mountains as we embark on the next phase of Bamboo’s growth journey.”

“Bamboo is a one of a kind asset, deploying differentiated technology, speed and underwriting to serve the insurance needs of homeowners in California and Texas,” said Daniel Brand, Partner at CVC. Lorne Somerville, Managing Partner and Co-Head of CVC US added, “We believe Bamboo’s mix of high growth, recurring revenue and value to its partners make it an optimal fit for CVC’s US portfolio.”

Quotes

We believe Bamboo’s mix of high growth, recurring revenue and value to its partners make it an optimal fit for CVC’s US portfolio.

Lorne SomervilleManaging Partner and Co-Head of CVC US

The transaction is expected to close by the end of the fourth quarter of 2025.  The closing is subject to regulatory approvals and other customary closing conditions.  The closing is not subject to a financing condition.

White Mountains will file a current report on Form 8-K with the U.S. Securities and Exchange Commission containing a summary of terms and conditions of the proposed transaction.

Evercore Group L.L.C. acted as lead financial advisor, Piper Sandler & Co. acted as financial advisor, and Cravath, Swaine & Moore LLP served as legal counsel to White Mountains and Bamboo.  Willkie Farr & Gallagher acted as legal advisor to Bamboo management.  Latham & Watkins LLP acted as legal advisor to CVC.

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I Squared Capital Appoints Grant Allen as Partner for InfraTech® Strategy

Isquared

MIAMI–(BUSINESS WIRE)–I Squared Capital today announced that Grant Allen has joined the firm as a Fund Partner for its InfraTech® strategy.

With two decades of technology investing experience and strong ties to Silicon Valley, Grant brings deep expertise in scaling emerging technologies across energy transition, applied AI, and industrial automation—capabilities that will be instrumental in advancing I Squared’s InfraTech® platform.

InfraTech® is I Squared’s proprietary venture strategy targeting growth-stage companies that transform core infrastructure. The platform focuses on technologies at the intersection of physical and digital—such as AI-enabled energy optimization, robotics for logistics, and intelligent inspection systems—enhancing the resilience, efficiency, and productivity of real assets.

“We are operating at the intersection of seismic technological disruption—led by AI—and an infrastructure super-cycle driven by macroeconomic complexity,” said Gautam Bhandari, Global Chief Investment Officer and Managing Partner at I Squared Capital. “Grant brings a rare blend of venture discipline and infrastructure technology experience, precisely what is needed to capture today’s opportunities in global infrastructure reinvention. His track record in identifying and scaling category-defining platforms will significantly strengthen our InfraTech® strategy.”

Grant most recently served as a Venture Partner at Giant Ventures, focusing on climate, deep tech, and physical AI. Previously, he was a founding General Partner of SE Ventures, a $1 billion growth fund created with Schneider Electric, and CEO of ABB Ventures, the corporate VC arm of ABB, where he led investments in advanced robotics, industrial IoT, cybersecurity, and power systems.

He began his career at Core Capital Partners, a $400 million enterprise software fund, and later founded Keybridge Venture Partners, which now counts more than 50 investments including Antora, Carta, Dexterity, juna.ai, OpenAI, and Wagestream.

Grant holds a civil and environmental engineering degree from Duke University and an MBA from The Wharton School at the University of Pennsylvania.

About I Squared
I Squared Capital is a leading global infrastructure investor managing $50 billion in assets. We build and scale essential infrastructure businesses that deliver critical services to millions of people worldwide. Our portfolio includes over 90 companies operating in more than 70 countries and spanning sectors such as energy, utilities, digital infrastructure, transport, environmental and social infrastructure. Headquartered in Miami, our team of over 300 professionals is based across offices in Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney and Taipei. Learn more at www.isquaredcapital.com.

Disclaimers
This document does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. It is provided for information purposes only and on the understanding that the recipient has sufficient knowledge and experience to be able to understand and make their own evaluation of the proposals and services described herein, any risks associated therewith and any related legal, tax, accounting or other material considerations. To the extent that the reader has any questions regarding the applicability of any specific issue discussed above to their specific portfolio or situation, prospective investors are encouraged to contact [I Squared Capital or consult with the professional advisor of their choosing. There is no guarantee that the investment objectives will be achieved. Moreover, the past performance is not a guarantee or indicator of future results.

Contacts

I Squared Capital
Dominic McMullan / Shelly Hagan
info@isquaredcapital.com

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Wrike Appoints András Horváth as Head of AI, Accelerates Enterprise AI Momentum

Stg Partners

Wrike, the intelligent work management platform, today announced the appointment of András Horváth as Head of AI. The announcement underscores Wrike’s commitment to embedding practical, trusted AI across every workflow and accelerating adoption at enterprise scale.

“Our customers don’t want AI experiments; they want results that transform how they work,” said Thomas Scott, CEO of Wrike. “With András leading our AI product strategy, Wrike is turning AI from a headline into a habit, making it the workmate every business can count on.”

“AI only creates value when it’s grounded in the flow of work,” said András. “Our goal is to deliver AI that saves time, reduces risk, and compounds organizational knowledge, so every individual and team can focus on the most impactful work.”

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RSA Announces Promotion to Accelerate Innovation Roadmap

Stg Partners

RSA, a security-first identity leader, today announced that it had promoted Jim Taylor to President, Chief Product and Strategy Officer.

“Jim is a recognized thought leader in cybersecurity with a proven record of helping security-first organizations across government, financial services, healthcare, energy, and other highly regulated sectors stay secure, resilient, and focused on their missions,” said RSA CEO Greg Nelson. “RSA will continue to be innovation- and product-led, with Jim driving an accelerated roadmap that keeps our customers ahead of evolving threats.”

“RSA secures the organizations that power global markets, save lives, warm homes, and defend nations,” said RSA President, Chief Product and Strategy Officer Jim Taylor. “In a world of dynamic cyber risks and emerging threats, it’s essential that RSA go even faster in innovating new solutions that secure the most secure. I’m looking forward to accelerating our work and delivering even more innovative solutions to our customers.”

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AURELIUS to acquire Xylem Inc.’s international smart meter division

Aurelius Capital
  • Definitive agreement reached for the acquisition of Xylem Inc.’s metering assets outside of North America
  • AURELIUS’ latest transaction involving a Fortune 500 company
  • The division generated approximately $250m in revenues in 2024 and employs more than 800 people

London/Luxembourg, October 2, 2025 – AURELIUS Private Equity Mid-Market Buyout has entered into a definitive agreement to acquire Xylem Inc.’s water and heat metering assets outside of North America.

Xylem Inc. is a Fortune 500 global water solutions company whose 23,000 employees delivered revenue of $8.6bn in 2024. Its international smart meters division, Sensus International, contributed approximately $250m to the group in 2024.

Sensus International, with a 130-year heritage, manufactures and sells mechanical and static water and heat meters, predominantly for residential markets in Europe. It operates manufacturing from two sites in Germany, where about one-half of its 800 employees are located, and one site in Slovakia.

This acquisition will mark AURELIUS’ latest transaction with a Fortune 500 counterparty.

AURELIUS’ confidence for the prospects of this business is based on the positive market trends driven by the accelerated roll-out of smart meters, as well as an impressive heritage and installed base to leverage in future. Extending its product range will only enhance its growth potential and ability to serve customers. Moreover, following completion of the carve-out, AURELIUS’ dedicated in-house operations advisory team AURELIUS WaterRise will work with management on identified levers to further increase efficiency and streamline processes.

Andrzej Cebrat, Managing Director AURELIUS Funds IV and V, says: “After our recent definitive agreements to buy FIAMM Energy Technologies in Italy and Landis+Gyr’s business in EMEA, we have now signed yet another deal, this time with Xylem. Based on AURELIUS’ extensive experience with reducing complexity and optimising operational performance, there are so many things we can help our new portfolio company achieve.”

Tristan Nagler, Partner at AURELIUS Investment Advisory, says: “We are delighted to have been selected by Xylem to acquire Sensus International, and are looking forward to establishing the business as a standalone organisation that can continue to deliver world-class solutions in the best interest of its many customers, suppliers and employees. We are ready to get to work with the Sensus International management team.”

The transaction is expected to close in Q1 2026, subject to the receipt of required regulatory approvals and other customary closing conditions.

AURELIUS was advised by Raymond James (M&A), Freshfields (Legal), CIL Management Consultants (Commercial), FTI Consulting (Financial), KPMG (Tax), and Aon (Insurance).

About AURELIUS

AURELIUS is a global private equity investor, distinguished and widely recognised for its operational approach. It focuses on private markets, in particular Private Equity and Private Debt. Its key investment platforms include AURELIUS Opportunities V, AURELIUS European Opportunities IV, AUR Portfolio III and AURELIUS Growth Investments (Wachstumskapital). AURELIUS has been growing significantly in recent years, especially expanding its global footprint, and today employs more than 400 professionals in 9 offices spanning Europe and North America.

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CapMan Buyout exits Pharmia to Labomar

Capman

CapMan Buyout exits Pharmia to Labomar

Funds managed by CapMan Buyout have sold Pharmia Holding Oy, a leading Finnish contract manufacturer of dietary supplements and medical devices, to Labomar.

CapMan invested in Pharmia in 2021 and has since focused on growing the company’s business and market position in the Nordics. Today, the company is the leading contract manufacturer within dietary supplements and medical devices in the Nordics with a turnover of approximately 20 million euros and 85 employees. The company’s growth has been driven by a strategic focus on medical devices and probiotics, while simultaneously investing in R&D capabilities and operational efficiency improvements.

“During CapMan Buyout’s ownership period, Pharmia has successfully executed its growth strategy. I want to thank Pharmia’s management and personnel as well as my board colleagues for making this a successful investment. I am convinced that Labomar is the right partner for supporting the growth of Pharmia in the future,” says Anders Björkell, Partner at CapMan Buyout.

“I want to thank CapMan for their strong support over the past years. As a next step we are thrilled to be part of the Labomar family. This acquisition marks a strategic step forward in our mission to expand our footprint in the Nordic region and strengthen our capabilities in the development of high-quality food supplements and medical devices. Labomar’s expertise and values align seamlessly with ours, and together we look forward to driving innovation and delivering even greater value to our partners and customers,” comments Petteri Laaksomo, CEO of Pharmia.

Labomar is a leading European manufacturer of food supplements, medical devices and functional cosmetics, and is owned by Charterhouse Capital Partners. The company is headquartered in Italy with operations in Spain and Canada as well.

“We are proud of this new acquisition. Pharmia is a solid and well-structured company, with an approach and vision that we immediately recognised as being closely aligned with those of Labomar. The know-how and experience of its team represent an added value that will further contribute to the growth of our Group. The integration of Pharmia will also allow us to strengthen our presence in a strategically important geographic market and to consolidate our position in a key sector such as probiotics, thereby creating new synergies and further expanding our offering,” says Walter Bertin, founder and CEO of Labomar.

For more information, please contact:

Anders Björkell, Partner, CapMan Buyout, +358 40 537 7566

Petteri Laaksomo, CEO, Pharmia, +358 50 552 5255

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 6.5 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. Learn more at www.capman.com.

About Pharmia

Pharmia is Finland’s leading contract manufacturer specialised in the development and manufacture of food supplements and medical devices (CE-marked products). Pharmia enhances people’s well-being by creating innovative solutions for their customers, which they produce with a concept “from idea to product”. Pharmia’s passion for well-being guides them to be more than just a contract manufacturer – they are a partner that implements and enables their customers’ success. https://pharmia.fi/en/.

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