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Apex Service Partners and Alpine Investors Announce Strategic Minority Investment from Apollo Funds in Apex

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May 28, 2026

Apex Service Partners and Alpine Investors Announce Strategic Minority Investment from Apollo Funds in Apex

TAMPA, FL and DALLAS-FORT WORTH, TX — (May 28, 2026) — Apex Service Partners (“Apex”), the nation’s largest residential HVAC, plumbing and electrical services business, today announced that it has entered into a definitive agreement with funds managed by affiliates of Apollo (“Apollo Funds”), under which Apollo Funds will acquire a minority interest in Apex. Apollo Funds will partner with Apex’s management team and existing investor, Alpine Investors (“Alpine”), which is also making an additional investment in Apex to support the company’s continued growth. Financial terms of the transaction were not disclosed.

Apex was founded in 2019 with a mission to elevate the essential home services industry by investing in tradespeople, supporting local brands and delivering exceptional service to customers. Today, the company operates 75 prominent local brands across 46 states, with more than 13,000 employees and has served over 16 million homes. Its differentiated talent acquisition and development programs have supported over 8,000 technicians and placed over 300 Apex-trained operating leaders, contributing to industry-leading customer and employee net promoter scores.

“Seven years ago, our team founded Apex on a simple conviction that the best way to build a national platform in the trades is to invest deeply in the people who power it,” said AJ Brown and Will Matson, co-Chief Executive Officers of Apex. “The platform we’ve built alongside Alpine, and the results our teams have delivered for technicians and homeowners across the country, validate that belief. Apollo is a value-add capital partner with a shared commitment to accelerate what is already working as we pursue our mission of transforming the trades through the industry’s strongest business—one we’ve built to thrive for decades and to meaningfully improve the lives of tradespeople and the communities they serve.”

The investment will support Apex’s next phase of growth as the company continues to expand its national footprint, deepen its multi-trade service offerings and advance the technology and talent infrastructure that underpin its operating model.

“The Apex team has demonstrated the power of exceptional leadership and commitment to a clear, long-term vision: become the trusted partner of choice for the best local operators in the residential trades,” said Graham Weaver, Founder and CEO of Alpine Investors. “AJ, Will and their team have delivered on that vision at a pace and scale that few thought possible in seven years, and the investment by the Apollo Funds is a recognition of the platform they have built. We are proud to continue supporting Apex in this next chapter of growth.”

“Apex is a market-leading platform with an impressive management team, strong local brands and a clear runway for continued growth,” said Apollo Managing Director Munesh Advani. “We see significant opportunity in essential services, and Apex exemplifies the type of high-quality business we seek to support with hybrid, partnership-oriented capital and the resources of the broader Apollo platform. We look forward to partnering with Alpine and the management team as Apex continues to invest in its people, capabilities, and customer experience.”

The transaction is subject to customary closing conditions and is expected to be completed in the fourth quarter of 2026.

Goldman Sachs and Evercore acted as financial advisors and Kirkland & Ellis served as legal counsel to Apex and Alpine. William Blair and J.P. Morgan served as financial advisors and Akin served as legal counsel to Apollo.

About Apex Service Partners

Founded in 2019, Apex Service Partners is the nationwide leader in residential home services – HVAC, plumbing, and electrical. As the fastest-growing home services platform, the Company operates in 46 states with +150 locations, +13,000 teammates and +$3B in annual revenue.

As part of Apex’s overarching mission, the Company is dedicated to leveraging the power of people. The organization strives to create exceptional career experiences and limitless opportunities for every teammate – whether mastering a front-line skilled trade, excelling in a vital support role, or serving in rapidly growing leadership roles. With 65% of its senior leaders coming from military backgrounds, the company is dedicated to helping veterans transition their incredible team building and leadership skills into successful careers in the skilled trades. In 2025, Apex was recognized as a Top Veteran-Friendly Employer by U.S. Veterans Magazine.

By combining strong local brands with the resources, support, and service-minded culture of a national organization, Apex helps service professionals thrive while delivering an outstanding customer experience—rooted in trust, professionalism, and service excellence.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2026, Apollo had approximately $1.03 trillion of assets under management. To learn more, please visit www.apollo.com.

About Alpine Investors

Alpine Investors is a people-driven private equity firm that is committed to building enduring companies by working with, learning from, and developing exceptional people. Alpine specializes in investments in companies in the software and services industries. Its PeopleFirst strategy includes a talent program that allows Alpine to bring leadership to situations where additional or new management is needed post-transaction. Alpine has $18.5 billion in assets under management as of March 31, 2026, and three offices in San Francisco, New York and Austin.

Media Contacts

Apex

mediainquiries@apexservicepartners.com

Apollo

Noah Gunn
Global Head of Investor Relations
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
(212) 822-0491
Communications@apollo.com

Alpine Investors

Jordan Niezelski
Edelman Smithfield
jordan.niezelski@edelmansmithfield.com

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Report ordinary & special general meeting of May 27, 2026

GIMV

Today, an ordinary and special General Meeting (GM) of Gimv took place. 49.84% of the capital (18,346,007 shares) was present or represented. The GM approved a gross dividend of EUR 1.95 per share (net EUR 1.365), to be distributed in the form of a cash dividend.

The GM today approved the Board of Directors’ proposal to distribute a gross dividend of EUR 1.95 per share (net EUR 1.365 per share – calculated based on a gross dividend of EUR 2.60 per share, pro rata for the shortened 9-month financial year) in the form of a cash dividend for financial year 2025. This brings the gross dividend yield, on an annualized basis and based on the closing share price on 26 May 2026, to 5.2%.

Furthermore, the annual accounts for financial year 2025 were approved, as well as the remuneration report, and the GM granted discharge to the directors and the statutory auditor for the performance of their mandates during the financial year ended 31 December 2025.

Mr. Johan Deschuyffeleer and Ms. Hilde Windels were reappointed as independent directors, each for a new term of four years. Mr. Rudy Provoost was appointed as a new independent director for a term of four years, succeeding Mr Luc Missorten. The GM thanked Mr Missorten for his commitment as independent director and Chairman of the Audit, Risk & Compliance Committee.

Finally, in accordance with Belgian company law, the GM also approved the change of control clauses relating to the recently concluded revolving credit facility.

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GBL completes its acquisition of a co-control stake in Rayner, a leading ophthalmic MedTech specialist, as part of the group’s mid-term strategy executio

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GBL

Groupe Bruxelles Lambert (“GBL”) has successfully completed the acquisition of a 45% co-control stake in Rayner (“Rayner”), a leading manufacturer of intraocular lenses and related products. GBL will invest €0.5bn of equity alongside incumbent shareholders CVC and the Rayner management team. Through this investment, announced on February 9, 2026, GBL will have co-control rights alongside CVC.

Rayner produces a full range of ophthalmic solutions (including lenses, surgical instruments, machines, eye drops), that help restore sight in patients undergoing cataract and refractive surgeries. Headquartered in the UK, Rayner markets its products through direct sales teams and distributors. The company has a global presence, with sales in over 80 countries across 6 continents, and direct sales teams in 16 countries.

This transaction aligns with GBL’s ambition (i) to invest in assets in which the group has control or co-control and (ii) to increase the share of direct private assets within its portfolio, as communicated at the group’s Mid-term Strategic Update in November 2024. This investment, the first of three1 announced this year, marks another in healthcare, which the group has identified as one of five priority sectors2. The healthcare sector, supported by favorable long-term demographic trends and growth perspectives, presents attractive investment opportunities. In addition, fragmentation across geographies and activities lends itself to ample value-creative M&A.

For additional information:

Xavier Likin Chief Financial Officer

Tel: +32 2 289 17 72 xlikin@gbl.com

For CVC: Nick Board Director, Communications

Tel: +44 20 7420 4200

nboard@cvc.com

For Rayner: marketingteam@rayner.com

About Rayner

Alison Donohoe Head of Investor Relations Tel: +32 2 289 17 64 adonohoe@gbl.com Since the implantation of the first Rayner intraocular lens by Sir Harold Ridley in 1949, Rayner has continuously pioneered intraocular lens (IOL) design with a goal to improve vision and restore sight worldwide. Today, Rayner continues to deliver innovative and clinically superior ophthalmic products that respond to the expectations of our global customers to improve the sight and quality of life of their patients. Headquartered in Worthing, UK, Rayner markets its IOL, OVD and dry eye portfolio, worldwide in over 80 countries. For more information: www.rayner.com

About CVC

CVC is a leading global private markets manager with a network of 29 office locations throughout EMEA, the Americas, and Asia, with approximately €209bn of assets under management. CVC has seven complementary strategies across private equity, secondaries, credit and infrastructure, for which CVC funds have secured commitments of over €257bn from some of the world’s leading pension funds and other institutional investors. Funds managed or advised by CVC’s private equity strategy are invested in approximately 150+ companies worldwide, which have combined annual sales of over €240bn and employ nearly 660,000 people. For further information about CVC please visit: www.cvc.com. Follow us on LinkedIn.

About Groupe Bruxelles Lambert

GBL is an established investment holding company, with over seventy years of stock exchange listing and a net asset value of €13.3bn at the end of March 2026. As a leading and active investor in Europe, GBL focuses on long-term value creation with the support of a stable family shareholder base. GBL is focused on delivering meaningful growth by providing attractive returns to its shareholders through a combination of growth in its net asset value per share, a sustainable dividend and share buybacks.

GBL is listed on Euronext Brussels (Ticker: GBLB BB; ISIN code: BE0003797140) and is included in the BEL20 index. Press release – May 28, 2026 // Page 2 / 2 // For

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KKR to Open New Office in Milan, Strengthening Long-Term Commitment to Italy

KKR
May 28, 2026

New office reflects KKR’s localisation strategy and opportunity in Italy’s evolving investment landscape

MILAN–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced plans to open an office in Milan, further strengthening its long-term commitment to Italy and expanding its local presence in one of Europe’s largest economies. The office will support the firm’s investment activity across Private Equity, Real Assets, Credit and Insurance, while deepening client partnerships and advancing the continued development of KKR’s private wealth business in Italy.

Italy has been an important market for KKR for over two decades, with over €10 billion of capital deployed since 2005 across Private Equity, Real Assets and Credit. The firm’s investments include FiberCop, Europe’s first wholesale-only, open-access fibre network, Enilive, a key player in advancing Italy’s energy transition, and CMC, a sustainable packaging leader using robotics to drive innovation. These investments reflect KKR’s focus on partnering with businesses in sectors critical to long-term economic growth and transformation, and on supporting Italy’s role as a key industrial and economic engine within Europe.

The office will be led by Marco Fontana, Partner in KKR’s Infrastructure team, who will relocate from London. Nicolò Della Casa, Director in KKR’s Private Equity team, will also relocate to Milan to lead the firm’s Private Equity activities in Italy. Together with members of KKR’s Client Solutions team, they will drive the continued expansion of KKR’s local presence as the firm grows its investment activities and client partnerships in the market.

Joe Bae and Scott Nuttall, Co-CEOs of KKR, commented: “Italy has been an important market for KKR for many years. The country’s focus on strengthening its economic foundations, supporting key industries and creating the conditions for long-term investment is increasingly evident, and we see a growing opportunity for private capital to play a constructive role. Opening an office in Milan reflects our commitment to being closer to our partners and to supporting investment across sectors that are central to Italy’s long-term growth.”

Mattia Caprioli and Tara Davies, Co-Heads of KKR EMEA, said: “We are seeing a clear and consistent focus on competitiveness, investment and economic modernisation in Italy, which is creating a positive environment for long-term capital. Establishing an office in Milan is a natural step in our EMEA strategy, where we are increasingly localising our business by bringing more of our people into key markets. We believe this is a real differentiator and will allow us to deepen our engagement in Italy while connecting it to the full breadth of KKR’s global platform.”

Marco Fontana, Partner, Infrastructure and Head of the Milan Office, added: “We are proud to be establishing a dedicated presence in Milan. Italy presents significant opportunity across areas such as digital infrastructure, energy transition and broader economic transformation. At the same time, we are building a team on the ground with deep local expertise and strong relationships across the market. Being present locally will allow us to work more closely with companies, clients and stakeholders, and to continue developing long-term partnerships in Italy.”

Nicolò Della Casa, Director and Head of Private Equity in Italy, stated: “Italy’s entrepreneurial ecosystem, with its depth of founder- and family-owned businesses across a broad range of industries, presents a distinctly attractive environment for KKR’s Private Equity strategy. Establishing a presence in Milan will allow us to engage more directly with these businesses, supporting them in accelerating their growth and realising their international ambitions.”

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.

Media Contacts

Annabel Arthur – UK
kkrpr-uk@kkr.com

Tancredi Group – Italy
Benedetta Barelli
kkr@tancredigroup.com

Source: KKR

 

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EQT and Google Accelerate AI Adoption for Global Businesses

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New partnership will bring Google Cloud’s agentic AI platform, models, and architecture to more than 300 EQT portfolio companies worldwide

Global private markets firm EQT and Google Cloud today announced a new partnership poised to accelerate AI transformations among EQT’s 300-plus global portfolio companies.

Through the partnership, EQT will provide its portfolio companies with streamlined access to technology and expertise to help them more rapidly build and deploy AI agents across their businesses. This includes access to Google Cloud’s AI stack, including its Gemini Enterprise Agent Platform; a broad choice of Gemini models; leading AI architecture; cybersecurity capabilities from Mandiant and Wiz to deploy AI safely; and sovereign cloud and AI solutions to ensure compliance with data residency and governance requirements. In addition, EQT and its portfolio companies will benefit from early access to select future Google Cloud AI products for more rapid prototyping and testing.

Forward-deployed engineers from Google will also partner closely with EQT’s internal AI transformation team in order to more rapidly deploy these technologies, securely and safely, within EQT’s portfolio. Furthermore, EQT and its portfolio companies will benefit from access to Google Cloud’s ecosystem of partners, including more than 330,000 trained Google AI experts from global consulting firms like Accenture, Capgemini, Cognizant, Deloitte, HCLTech, KPMG, McKinsey, PwC, TCS, and more.

EQT has long viewed AI and data as a strategic capability both within the firm and across its portfolio companies, embedding digitization technology into its investment and value-creation approach. For more than a decade, the firm has actively built the expertise to support businesses in applying AI across areas including operations, product development, and customer engagement. Through this new partnership, Google Cloud is well-positioned to further accelerate these efforts with access to leading AI architecture, models, and capacity.

In addition to technology and expertise required to effectively build and run AI agents at scale, software companies in EQT’s portfolio will benefit from new routes-to-market for their own products. This includes streamlined onboarding to Google Cloud’s Marketplace and expanded enterprise reach through Google Cloud’s co-sell initiatives.

“We have invested significantly in building our own internal AI and data expertise across EQT, both to strengthen our own platform and to support value creation across the portfolio,” said Bert Janssens, Co-Head of Private Capital Europe & North America at EQT. “By partnering with Google Cloud, we are expanding access to the technology, architecture, and expertise our companies need to accelerate AI adoption responsibly, and at scale, while helping management teams future-proof their businesses to be more adaptive, resilient, and competitive in an increasingly AI-driven economy.”

“Agentic AI presents an important opportunity for businesses to operate more efficiently and ultimately to deliver better outcomes for their end customers,” said Karthik Narain, Chief Product and Business Officer at Google Cloud. “Already, EQT has been dedicated to  helping their portfolio companies adapt for the AI era. This partnership will ensure these businesses will have access to the technology, expertise, and platform needed to accelerate their transformations, safely and securely.”

EQT’s portfolio companies have significantly increased their use of Google products in recent years. For example, portfolio companies, including Believe, Epidemic Sound, Keyword Studios, and Zooplus, are all using Google Cloud AI. This partnership will ensure these firms – and many others – can more rapidly and securely become AI-first companies with technology, support, and services from both EQT and Google Cloud.

Contact

EQT Press Office, press@eqtpartners.com

 

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About EQT

EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 142 billion in fee-generating assets under management) as of 31 March 2026, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

About Google Cloud

Google Cloud offers a powerful, optimized AI stack — including AI infrastructure, leading models like Gemini, data management capabilities, multicloud security solutions, developer tools and platform, as well as agents and applications — that enables organizations to transform their business for the Agentic Era. Customers in more than 200 countries and territories turn to Google Cloud as their trusted technology partner.

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CVC Credit continues support for Curium through its Capital Solutions strategy

CVC Capital Partners

CVC Credit is pleased to announce that it has extended its relationship with Curium, a leading provider of nuclear medicine, through the provision of debt facilities and equity to support the recent refinancing of the business. The transaction saw CVC Credit’s existing investments repaid and CVC Credit reinvest to continue to support Curium’s impressive ongoing growth story.

Headquartered in Paris, Curium specialises in the manufacturing and distribution of radiopharmaceutical products used globally in early detection of cancer, as well as heart, brain, lungs and bone diseases. The business is a global market leader and serves more than 6,000 long term customers in over 70 countries on six continents, delivering diagnostics to more than 14 million patients annually.

Having supported Curium since 2020, CVC Credit was able to use its longstanding relationship with the sponsor and business to lead this latest transaction. CVC Credit’s deep knowledge of the business was supplemented with additional knowledge provided by CVC Private Equity’s specialist Healthcare team, who know the space well. This additional insight enhanced CVC Credit’s ability to move swiftly and with conviction.

CVC Credit’s Capital Solutions strategy is uniquely positioned to provide bespoke capital solutions for large-cap, sponsor-backed European businesses. It focuses on primary junior capital or structured equity to support M&A, refinancings and/or liquidity events.

Miguel Toney, Partner in CVC Credit’s Private Credit team, said: “We are delighted to further extend our relationship with Curium and with Cap Vest which, in the six years since we first invested, continues to build out its leadership position in the growing nuclear medicine sector. Through its long-term customer relationships and experienced management team, Curium remains very well-placed to continue along its impressive growth trajectory.”

Quotes

Our Capital Solutions strategy, with the support of CVC’s integrated network, is very well-positioned to originate attractive investment opportunities in high quality businesses

Andrew DaviesHead of CVC Credit

Andrew Davies, Head of CVC Credit, added: “We find ourselves in an increasingly complex investment environment where our Capital Solutions strategy, with the support of CVC’s integrated network, is very well-positioned to originate attractive investment opportunities in high quality businesses, which require bespoke financing solutions to fund their ongoing strategic initiatives.”

CVC Credit Capital Solutions is very well placed to support sponsors’ and business requirements in an increasing complex market. Other businesses recently supported by CVC Credit Capital Solutions include: American Heart of Poland, Novus Foods and SYNLAB AG.

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Rightsline announces $500 million strategic growth investment from Hg to accelerate AI innovation and global expansion

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HG Capital

Los Angeles, CA – May 27, 2026: Rightsline, a leading provider of rights and royalties management software for IP-intensive industries, today announced a $500 million strategic growth investment from Hg, a leading investor in transatlantic technology businesses.

Klass Capital, Rightsline’s majority owner since 2020, Salem Partners, and the broader management team will invest meaningfully alongside Hg, reflecting their continued confidence in the business.

The global proliferation of streaming platforms, cross-border content licensing, and IP-intensive business models has created a growing operational challenge for rights holders, who need to track who owns what, where, and ensure the right parties get paid. Rightsline provides the software that major studios, publishers, consumer brands, and life sciences firms use to manage that complexity at scale.

Originally established as a leader in media and entertainment rights management, Rightsline now operates across eight IP-intensive verticals and serves more than 300 of the largest organisations worldwide, across media and entertainment, publishing, consumer products, life sciences, technology, gaming, music and franchising. The company offers a truly unified rights and royalties platform, with a single system spanning rights management, royalty calculation, financials, and accounting, delivering audit-grade outputs. The platform processes more than $40 billion of royalties annually and manages over 150 million IP assets across 28 countries.

 

2025 was a year of record growth for Rightsline across bookings, revenue and retention, reflecting the mission-critical role the platform plays in its customers’ day-to-day operations. This momentum continued into 2026 with another record quarter in Q1.

The company has already launched a suite of AI-powered products for its customers, including an AI contract ingestion assistant that automates extraction of key terms from complex legal agreements, and a natural-language rights and availabilities assistant that enables users to interrogate their rights libraries in plain English.

Hg’s investment will accelerate Rightsline’s product and AI roadmap and support the company’s international expansion, drawing on Hg’s transatlantic network and its team of more than 100 AI specialists. This includes Hg Catalyst, its dedicated AI product incubator, which has supported the launch of more than 30 AI products across its portfolio to date.

Patrick Arkeveld, CEO of Rightsline, said: “The IP landscape has become increasingly complex, with more platforms, territories, and contractual complexity than ever. That creates a clear opportunity for us to innovate on behalf of our customers and make their lives meaningfully easier, but more crucially to drive better business outcomes. Farouk and the Hg team are the ideal partner to help us deliver on that ambition, combining deep AI and operational expertise to accelerate our product roadmap and a transatlantic network to support our expansion into new geographies and verticals. We’re also grateful for the continued support of Daniel and Klass Capital, whose reinvestment reflects the shared conviction we all have in what lies ahead.”

Farouk Hussein, Partner at Hg, said: “Patrick, Daniel, and the Rightsline team have built something genuinely exceptional. Rightsline provides a truly unified rights and royalties platform, bolstered by proprietary calculation engines, data, and algorithms, enriched with decades of domain experience. The company boasts an impressive roster of blue-chip customers and a consistent track record of sustained growth and retention that speaks to how deeply embedded the product is in its customers’ legal, sales, finance and operations workflows. Rightsline is incredibly well-positioned to expands its presence across its core verticals with this growth investment, and we’re excited to work hand-in-hand with management and our Hg Catalyst team to build the next generation of agentic AI products for IP lifecycle management.”

Daniel Klass, Founder of Klass Capital, said: “Patrick and the team have built Rightsline into a clear global leader in rights and royalties software. When we set out to find our next partner, we wanted a firm that shares our growth ambitions and has the operational depth – particularly in AI and international scaling – to help take the company to the next level. Hg was the clear choice, and our decision to reinvest meaningfully alongside them reflects our strong conviction that the best chapter for Rightsline is still ahead.”

Donna Laing, Vice President, Royalty Accounting & Rights Data Management, Scholastic, said: “In publishing, royalties vary by channel, format, territory and more, and simply knowing what we have the right to sell in each market can be incredibly complex. Keeping track of all that, and making sure the right people get paid accurately, is a real operational challenge. Rightsline handles that complexity for us and, as the publishing world continues to grow more complex, we’re excited to see Hg’s investment accelerate what’s already an industry-leading platform.”

As part of the investment, Farouk Hussein and Annie Wei from Hg will join the Rightsline board alongside Daniel Klass and Patrick Arkeveld. Ron Kasner will join as independent Chair given his multi-decade experience in scaling technology companies.

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Littlejohn & Co. Closes Continuation Vehicle Anchored by Valcourt Group

Carlyle

Transaction led by Carlyle AlpInvest provides liquidity to existing investors while enabling Littlejohn to continue supporting Valcourt’s next phase of growth 

GREENWICH, Conn., May 27, 2026 – Littlejohn & Co., LLC (“Littlejohn”), a private investment firm, today announced the successful closing of a continuation vehicle anchored by the Valcourt Group (“Valcourt” or the “Company”), a leading provider of building envelope maintenance and restoration services for mid- and high-rise properties. The transaction provides optional liquidity to existing fund investors while enabling Littlejohn to continue its partnership with Valcourt during the Company’s next phase of growth. Carlyle AlpInvest served as lead investor in the transaction, with further participation from a group of blue-chip institutional investors. Financial terms were not disclosed.

Since Littlejohn’s initial investment in 2021, Valcourt has grown into a scaled, national platform with a differentiated position in building maintenance services. The Company has expanded its geographic footprint, broadened its service offering, and completed more than 20 acquisitions. Today, Valcourt serves a highly diversified base of more than 16,000 properties across the United States. The Company’s service offerings include waterproofing, restoration, roofing, window cleaning and other building envelope maintenance services, providing integrated solutions to customers.

The transaction represents a significant realization for Littlejohn. As part of the transaction, Littlejohn is making a new investment alongside CV investors, acquiring certain minority shareholder interests in Valcourt and further aligning ownership and positioning the business for continued growth.

Brian Michaud, Managing Director at Littlejohn, commented, “Since partnering with Valcourt in 2021, the Company has solidified its reputation as a leading exterior building maintenance platform dedicated to safety, service quality, and disciplined execution. Our successful partnership with Valcourt reflects our commitment to collaborating closely with founders and management teams to build differentiated platforms with scale and national presence.”

Will McDavid, Managing Director at Littlejohn, added, “We are thrilled to extend our partnership with the Valcourt team alongside Carlyle AlpInvest with fresh capital to support the Company’s organic and inorganic growth strategy. Our decision to reinvest speaks to our conviction in Valcourt’s long-term opportunity and the strength of the management team.”

Eric Crabb, CEO of Valcourt, said, “Over the past several years, Valcourt has grown from a regional operator into a national platform — executing more than 20 acquisitions, expanding our service capabilities, and building a leadership team to drive continued growth. We’re proud of what we have accomplished alongside Littlejohn and look forward to the next phase with both Littlejohn and Carlyle AlpInvest as partners.”

Michael Hacker, Partner at Carlyle AlpInvest, said, “This transaction reflects an important milestone in Carlyle AlpInvest’s more than 20-year relationship with Littlejohn and our shared conviction in Valcourt’s platform and long-term growth opportunity. The bespoke solution provided potential liquidity for Littlejohn investors across multiple funds while positioning Valcourt for continued expansion. We look forward to extending our partnership with Littlejohn and supporting Valcourt in its next chapter.”

Campbell Lutyens’ secondary advisory team served as lead financial advisor, and Harris Williams’ business services investment banking team served as co-advisor to Littlejohn. Kirkland & Ellis LLP served as legal counsel to Littlejohn. Troutman Pepper served as legal counsel to Valcourt. Ropes & Gray LLP served as legal counsel to Carlyle AlpInvest.

About Littlejohn & Co.:

Littlejohn & Co. is a Greenwich, Connecticut-based investment firm focused on private equity and debt investments in growing middle-market industrial and services companies that can benefit from Littlejohn’s 30 years of operational and sector expertise. With approximately $9.0 billion in regulatory assets under management, the firm seeks to build sustainable success for its portfolio companies through a disciplined approach to engineering change. For more information about Littlejohn, visit www.littlejohnllc.com.

About Carlyle AlpInvest:

Carlyle AlpInvest is a leading global private equity investor with $107 billion of assets under management and more than 710 investors as of March 31, 2026. It has invested with around 390 private equity managers and committed over $118 billion across primary commitments to private equity funds, secondary transactions, portfolio financings, and co-investments. Carlyle AlpInvest employs around 300 people in New York, Amsterdam, Hong Kong, London, and Singapore.

 

Media Contacts:

Nathaniel Garnick/Grace Cartwright

Gasthalter & Co.

littlejohn@gasthalter.com

(212) 257-4170

Categories: News

Carlyle Announces Expansion of its Capabilities in the Aerospace, Defense & Government and Industrial Sectors Through a Dedicated Middle-Market Platform

Carlyle

Washington, D.C. — May 27, 2026 — Carlyle (NASDAQ: CG) today announced an expansion of its Aerospace, Defense & Government and Industrial teams through a dedicated middle-market platform focused on opportunities across the United States and Europe. These efforts enhance Carlyle’s existing capabilities and build on Carlyle’s decades-long history supporting national security, defense modernization, industrial resilience, and supply chain transformation.

Ian Fujiyama, who has been with Carlyle for 28 years and currently serves as Global Head of Aerospace, Defense & Government, will serve as Chairman. The effort will be led by Aaron Hurwitz, who leads Carlyle’s investments in Defense, and Wes Bieligk, a Partner on Carlyle’s Industrials team.

Carlyle also announced that General Bryan Fenton (Ret.), former Commander of U.S. Special Operations Command, will join the firm as an Operating Executive. General Fenton will support Carlyle’s capabilities across the Aerospace, Defense & Government and Industrial teams through strategic sourcing, evaluation of investment opportunities, and engagement with management teams and industry stakeholders across the defense ecosystem.

“Carlyle’s roots in Washington, D.C. and our decades of experience investing across the defense and industrial sectors have given us a differentiated perspective on this market,” said Ian Fujiyama, Chairman of the platform and Global Head of Aerospace, Defense & Government at Carlyle. “We see this initiative as a natural extension of our broader franchise and an opportunity to dedicate capital and expertise to the middle-market segment across the U.S. and Europe.”

“The geopolitical environment and sustained increases in defense spending are creating a multi-decade investment opportunity across defense and industrial infrastructure,” said Admiral James Stavridis, Vice Chairman of Carlyle and former Supreme Allied Commander at NATO. “Governments are prioritizing military modernization, force preparedness, and resilient industrial capacity at a scale that we believe will drive long-term demand for advanced technologies and strategic capabilities.”

“We believe the opportunity set across defense and industrial resilience is significant and growing,” said Aaron Hurwitz and Wes Bieligk jointly. “With dedicated, local investment teams across the U.S. and Europe, deep sector expertise, and Carlyle’s resources, we believe we are well positioned to build and scale businesses that are essential to the industrial base.”

General Bryan Fenton added: “The national security landscape is evolving rapidly, increasing the need for innovation, resilient supply chains, and operational readiness. Carlyle’s experience, network, and long-term commitment to these sectors position us to support businesses developing mission-critical capabilities.”

Carlyle has invested across the Aerospace, Defense, Government and Industrial sectors for more than 35 years, including investments such as Booz Allen Hamilton, StandardAero, Two Six Technologies, Loc Performance, Allison Transmission, and Axalta. The firm leverages its extensive operating executive network, government affairs expertise, and broader value creation capabilities to support portfolio company growth and operational transformation.

About Carlyle

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

 

Media Contacts

U.S. 

Brittany Bensaull

+1 (212) 813-4839

brittany.bensaull@carlyle.com

Europe

Andrew Kenny

+44 7385 662334

andrew.kenny@carlyle.com

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Apogee Therapeutics Announces $1.3 Billion Strategic Financing Collaboration with Blackstone Life Sciences to Advance Phase 3 Development and Commercialization of Zumilokibart

Blackstone

Up to $1.3 billion in flexible, non-dilutive capital, including up to $800 million of synthetic royalty and access of up to $500 million in senior corporate debt

Combined with company’s current total cash of $1.3 billion, this transaction positions Apogee to achieve a self-sustainable financial profile through commercialization of zumilokibart without need for future equity financing

Apogee to host webcast with the APEX Phase 2 Part B results today at 8:00 a.m. Eastern Time

San Francisco and Boston, May 27, 2026 — Apogee Therapeutics, Inc. (Nasdaq: APGE), a clinical-stage biotechnology company advancing optimized, novel biologics with the potential for best-in-class profiles in the largest inflammatory and immunology (I&I) markets, today announced that it has entered into a strategic financing collaboration with funds managed by Blackstone Life Sciences (“Blackstone”) for up to $1.3 billion in flexible, non-dilutive total capital to support the continued development and potential commercialization of zumilokibart.

“Our partnership with Blackstone Life Sciences represents a major milestone in the advancement of zumilokibart as the next meaningful first line therapy for moderate-to-severe atopic dermatitis,” said Michael Henderson, M.D., Chief Executive Officer of Apogee Therapeutics. “This collaboration provides non-dilutive flexible funding at an attractive cost of capital for the late-stage development of zumilokibart and establishes a path to commercialization and profitability for Apogee. As supported by our Apex Part B data announced today, we believe zumilokibart has the potential to be a transformative therapy for patients with differentiated efficacy and dosing in atopic dermatitis and other large I&I indications.”

“We are excited to support Apogee’s advancement of zumilokibart through Phase 3 development and potential commercialization,” said Dr. Nicholas Galakatos, Global Head of Blackstone Life Sciences. “Our collaboration with Apogee is a great example of our strategy to provide leading biotechnology companies with non-dilutive financing at scale and the resources and flexibility to further scientific innovation and invest in the advancement of their pipelines.”

Added Kiran Reddy, M.D., Senior Managing Director, Blackstone Life Sciences, “This is the largest royalty financing for a pre-Phase 3 program to date. It reflects our conviction that zumilokibart has the potential to become a highly differentiated, multi-indication product that will have a major impact on patients’ quality of life.”

Transaction Overview
The collaboration agreement provides for up to $1.3 billion in flexible, non-dilutive total capital, including up to $800 million of synthetic royalty and up to $500 million of senior debt available at the mutual consent of Apogee and Blackstone.

Synthetic royalty: Blackstone will provide up to $800 million of synthetic royalty funding in exchange for low-to-mid single digit tiered royalties for a term of 15 years on worldwide annual sales of zumilokibart. The royalties decrease based on sales with no royalties on global annual sales in excess of $8 billion.

  • The first $400 million in preapproval funding is divided into 3 tranches, including $100 million at signing, $100 million upon completion of zumilokibart Phase 3 enrollment, and $200 million upon positive Phase 3 data. Upon FDA approval of zumilokibart, up to $400 million in additional funding is available, $150 million of which is at Apogee’s option
  • The funding agreement includes specific provisions on a change of control, with the option to buy back a significant portion of the royalty.
  • Senior debt: Up to $500 million of senior corporate debt is available at mutual consent of Apogee and Blackstone

Additional details regarding the funding agreement can be found in the Current Report on Form 8-K filed by the company today with the U.S. Securities and Exchange Commission.

Cash runway update
As a result of entering into this funding agreement with Blackstone, the company is removing its cash runway end date guidance.

Webcast Details
Apogee Therapeutics will hold a live webcast to discuss the Blackstone transaction and the results of the APEX Phase 2 Part B trial today at 8:00 a.m. ET. The live webcast can be accessed via this link or the Investors section on the company’s website at https://investors.apogeetherapeutics.com/news-events/events. A replay of the webcast will be available following the call.

Advisors
Goldman Sachs served as exclusive financial advisor and Latham & Watkins LLP as legal counsel to Apogee Therapeutics. Ropes & Gray LLP served as legal counsel to Blackstone Life Sciences.

About Apogee
Apogee Therapeutics is a clinical-stage biotechnology company advancing novel biologics with potential for differentiated efficacy and dosing in the largest I&I markets, including for the treatment of AD, asthma, eosinophilic esophagitis (EoE), Chronic Obstructive Pulmonary Disease (COPD) and other I&I indications. Apogee’s antibody programs are designed to overcome limitations of existing therapies by targeting well-established mechanisms of action and incorporating advanced antibody engineering to optimize half-life and other properties. Zumilokibart, the company’s most advanced program, is being initially developed for the treatment of AD, which is the largest and one of the least penetrated I&I markets, as well as asthma and EoE. With four validated targets in its portfolio, Apogee is seeking to achieve best-in-class efficacy and dosing through monotherapies and combinations of its novel antibodies. Based on a broad pipeline and depth of expertise, the company believes it can deliver value and meaningful benefit to patients underserved by today’s standard of care. For more information, please visit https://apogeetherapeutics.com.

About Blackstone Life Sciences
Blackstone Life Sciences (BXLS) is a leading private investment platform with capabilities to invest across the life cycle of companies and products within the key life science sectors. By combining scale investments and hands-on operational leadership, BXLS helps bring to market promising new medicines and medical technologies that improve patients’ lives and currently has $17 billion in assets under management.

Forward Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws, including, but not limited to, statements regarding Apogee’s expectations regarding: Apogee’s plans for its current and future product candidates, programs, and clinical trials, including the Phase 3 development and potential commercialization of zumilokibart and expansion of zumilokibart into additional indications; the potential clinical benefit, dosing regimen, safety and efficacy profiles and treatment outcomes of zumilokibart, including its potential to be a best-in-class therapy, be the next meaningful first line therapy for AD, overcome limitations of existing therapies, and be the new standard of care in AD; the potential for Apogee product candidates and programs to overcome limitations of existing therapies; the potential of zumilokibart to become a differentiated, multi-indication product; its planned business strategies; the financial resources available to Apogee, including the availability of capital from the synthetic royalty and potential debt arrangement and whether Apogee achieves the milestones associated with certain payments thereunder and whether Apogee elects to receive optional funding under the arrangement, if available; its expectations regarding the time period over which Apogee’s capital resources will be sufficient to fund its anticipated operations, including its self-sustainable financial profile through commercialization of zumilokibart without the need for future equity financing; its potential profitability; and estimates of market size. Words such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “estimate,” “predict,” “potential,” “develop,” “plan” or the negative of these terms, and similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While Apogee believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to Apogee on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties (including, without limitation, those set forth in Apogee’s filings with the U.S. Securities and Exchange Commission (the SEC)), many of which are beyond Apogee’s control and subject to change. Actual results could be materially different. Risks and uncertainties include: global macroeconomic conditions and related volatility, expectations regarding the initiation, progress, and expected results of Apogee’s preclinical studies, clinical trials and research and development programs; expectations regarding the timing, completion and outcome of Apogee’s clinical trials; the unpredictable relationship between preclinical study results and clinical study results; the applicability of clinical study results to actual outcomes; the timing or likelihood of regulatory filings and approvals; liquidity and capital resources; and other risks and uncertainties identified in Apogee’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 2, 2026, and subsequent disclosure documents Apogee may file with the SEC. Apogee claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. Apogee expressly disclaims any obligation to update or alter any statements whether as a result of new information, future events or otherwise, except as required by law.

Apogee Investor Contact:
Noel Kurdi
VP, Investor Relations
Apogee Therapeutics, Inc.
Noel.Kurdi@apogeetherapeutics.com

Apogee Media Contact:
Dan Budwick
1AB Media
dan@1abmedia.com

Blackstone Life Sciences Media Contact:
David Vitek
(212) 583-5291
David.Vitek@Blackstone.com

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