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Onex Partners to Acquire Integrated Specialty Coverages from KKR

KKR

Transaction Highlights Successful Employee Ownership Model with All Employees to Earn Significant Cash Payouts

NEW YORK & CARLSBAD, Calif.–(BUSINESS WIRE)– Leading global investment firms KKR and Onex today announced that Onex Partners will acquire Integrated Specialty Coverages (“ISC” or “the Company”), a tech-enabled insurance platform dedicated to designing, underwriting, and distributing insurance solutions. All ISC employees will receive substantial cash payouts on their ownership stakes in the Company.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250918990358/en/

ISC employees celebrate news of cash payouts at ownership eventISC employees celebrate news of cash payouts at ownership event

“It’s been an extraordinary journey partnering with ISC’s employees and leadership team, including Founder & CEO Matt Grossberg, who has been instrumental in bringing ownership culture to life and shepherding the Company’s next era of growth and innovation,” said Chris Harrington, Partner at KKR. “Together, we’ve significantly expanded ISC’s market presence, enhanced its product offerings, and accelerated its mission to transform the underwriting and operation of complex insurance programs, creating a best-in-class network that supports the entire insurance ecosystem. This transaction represents a terrific result for ISC’s employee-owners and our investors in KKR’s Americas XII Fund, underscoring our commitment to serving as a catalyst for growth and value creation.”

Since KKR’s initial investment in 2021, ISC has scaled into an industry-leading platform driven by targeted investments in technology and data, expansion of its specialty retail and wholesale capabilities, and formation of its first ever national sales and marketing team.

Matt Grossberg, Founder and CEO of ISC, added, “The ownership mindset fundamentally transformed our organization at every level, cultivating an exceptional workforce of true stakeholders. This powerful shift inspired our team of owners to approach their responsibilities with heightened purpose and commitment, knowing they play a firsthand role in the company’s success. This alignment of individual and organizational interest has been vital to our achievements during our strategic partnership with KKR. We look forward to our next chapter in partnership with Onex.”

Adam Cobourn, a Managing Director at Onex Partners, said, “We are thrilled to be partnering with Matt Grossberg and all of ISC’s employee-owners in this next phase of the Company’s growth. ISC operates in a market sector that we understand very well, and we see tremendous opportunities to leverage our industry experience and network to help drive value creation. Alignment of interests between all stakeholders is a cornerstone of Onex Partners’ investing philosophy, and we look forward to continuing ISC’s highly successful employee ownership program.”

During its strategic partnership with KKR, ISC has cultivated an entrepreneurial, ownership-oriented culture that has delivered measurable results across the organization:

  • Employee Engagement: Advanced from the 76th to the 91st percentile in Gallup assessment scores
  • Ownership Culture: Achieved top-decile performance on the Ownership Works index, with employee ownership sentiment increasing by 23%
  • Talent Retention: Realized a 50% reduction in voluntary employee attrition since 2022

These outcomes were achieved through targeted workforce development initiatives including training, seminars, and employee-led committees.

As a result of ISC’s employee ownership program, all of the Company’s nearly 400 employees will receive cash payouts upon closing of the transaction, with payouts ranging from three months to over two years of annual pay, depending on tenure.

“ISC exemplifies the power of ownership cultures in creating value for both employees and companies,” said Pete Stavros, Co-Head of Americas Private Equity at KKR and Founder of the nonprofit Ownership Works. “The proof is in the data, which shows that over the last three years, ISC’s ownership culture and engagement scores have risen from the 60s and 70s respectively to the top decile in both, while the quit rate was more than halved from 18% to 6%. ISC will be in great hands with Onex, which shares our commitment to ownership and will continue an employee ownership program at the Company following the close of the transaction.”

Since 2011, KKR has implemented broad-based employee ownership and alignment programs throughout its portfolio, first pioneered by KKR’s U.S. Industrials private equity team and more recently expanding across all control investments within KKR’s Americas Private Equity franchise. To date, 71 KKR portfolio companies have awarded billions of dollars in equity to nearly 180,000 non-senior management employees.

KKR and ISC were advised by Morgan Stanley & Co. LLC as lead financial advisor and Kirkland & Ellis as legal advisor on the transaction.

About ISC
Integrated Specialty Coverages (ISC) is a leading, multi-line program administrator dedicated to underwriting excellence, client service, and customer experience. ISC has built an end-to-end insurance platform by connecting a broad network of insurance markets and distribution channels with proprietary data analytics capabilities. The firm uses sophisticated technology and analytics to revolutionize how complex programs are underwritten and operated. They are joined by experienced professionals from all spheres of the insurance ecosystem. ISC’s strategy is focused on a combination of strategic M&A, data-driven decision-making, and an innovative means of delivery. Please visit: https://iscmga.com/.

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.

About Onex
Onex invests and manages capital on behalf of its shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, banks, insurance companies, family offices and high-net-worth individuals. In total, Onex has approximately $55.9 billion in assets under management, of which $8.4 billion is Onex’ own investing capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms. Onex is listed on the Toronto Stock Exchange under the symbol ONEX. For more information on Onex, visit its website at www.onex.com.

Media Contacts

KKR
Brooke Rustad / Sarah Moon
media@kkr.com

ISC
Hadar Raz
hadar.raz@iscmga.com

Onex
Jill Homenuk
jhomenuk@onex.com

Source: KKR

 

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KKR Expands Boston Presence with First Downtown Office at International Place

KKR
  • Leading global investment firm signs 15-year lease at Two International Place to bolster capabilities and support global operations
  • 132,529-square-foot commitment marks major milestone for Boston’s office market

BOSTON–(BUSINESS WIRE)– The Chiofaro Company, in partnership with PGIM’s real estate business, today announced that KKR, a leading global investment firm, has signed a 15-year lease for 132,529 square feet at Two International Place, representing a significant milestone for Boston’s office market. KKR will relocate to the new office space to accommodate its growth in Boston, expanding its U.S. footprint, and bolstering its capabilities across key strategic areas to support its global operations. Currently, more than 300 KKR employees are based in the Boston area, primarily serving the firm’s insurance business.

This signing coincides with a major milestone for the property, the $100 million reinvestment of International Place, a transformative project designed to enhance the tenant experience and further cement the property’s standing as one of the most vibrant and sought-after destinations in New England. Two International Place offers tenants expansive views of Boston’s waterfront with access to a private roof deck.

“We are excited to establish our new Boston office at International Place and intend to grow this location over time to help us deliver on the firm’s future goals,” said Ryan Stork, Chief Operating Officer, KKR. “We see great potential for Boston to support the broader firm like our offices in Gurugram and Dublin. Our investment in Boston is consistent with our desire to have a U.S.-based location in a similar vein.”

Burke Malek, Head of KKR’s Boston office, commented: “As we’ve outgrown our existing space, this strategic move downtown positions us to invest in local talent and expand our operating platform to support our U.S. and global operations. The combination of a top-tier office space with world-class amenities and unmatched location made this the ideal choice for our growing team.”

The transaction was brokered by Jones, Lang LaSalle, Newmark and Cushman & Wakefield, reflecting a collaborative effort to complete one of Boston’s most significant recent transactions.

“KKR’s decision to plant a substantial flag at International Place is a major milestone for both the building and Boston’s business community,” said Don Chiofaro Jr., Vice President of The Chiofaro Company. “As one of the most prominent investment firms in the world, KKR’s arrival further validates our vision for International Place as the preeminent address for global business leaders. This move reflects the resurgence of office demand in the downtown market, and the value tenants continue to place on locating in the highest-quality work environments. We are proud to have partnered with PGIM Real Estate to elevate International Place to deliver a best-in-class office location for today and tomorrow’s business leaders.”

“International Place with its best-in-class location and amenities fits the profile that high-caliber tenants continue to seek,” said Joanna Mulford, Managing Director and Senior Portfolio Manager for PRISA, PGIM’s flagship core equity real estate strategy. “We remain confident in the long-term strength and appeal of Boston’s office market, and through this opportunity, we look forward to cultivating new tenant relationships and supporting exceptional workplace experiences.”

KKR’s commitment comes as PGIM and The Chiofaro Company near completion of the $100 million reinvestment in their flagship 1.8 million-square-foot office property. The redevelopment includes a complete transformation of the ground level’s lobbies and entrances, and the Aries Club – a 25,000-square-foot, state of the art amenity center.

About International Place

Developed by The Chiofaro Company and designed by renowned architect Philip Johnson, International Place is among Boston’s most recognized office addresses, offering 1.8 million square feet of Class A office and retail space across two towers. Situated along the Rose Kennedy Greenway across on the city’s downtown waterfront, the dual towers have maintained a prominent profile on the city’s skyline for decades. In 2024 The Chiofaro Company and PGIM Real Estate with the help of global architecture firm Gensler embarked on a significant reinvestment in International Place to create an unparalleled workplace experience.

About The Chiofaro Company

The Chiofaro Company is a privately held, independent firm engaged in the development, investment, leasing, management, and ownership of high-quality real estate properties. As one of New England’s leading developers and operators of first-class commercial projects, our success is driven by an uncompromising focus on creating and maintaining workplaces of extraordinary value that enhance the competitiveness of our tenants and clients.

About PGIM

PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU) is built on a 150-year legacy of strength, stability, and disciplined risk management through more than 30 market cycles. Managing more than $1.44 trillion in assets,1 PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and other retail investment vehicles. With 1,450+ investment professionals across 42 offices in 19 countries, we serve retail and institutional clients worldwide. For more information visit pgim.com.

PGIM’s real estate business is the world’s third-largest real estate investment manager, with $213 billion in gross assets under management and administration2, and real estate professionals located in 30+ cities worldwide. Through our full suite of real estate equity and debt solutions, we aim to achieve exceptional outcomes on behalf of investors and borrowers. Our uncompromising commitment to building lasting relationships with our clients is founded on trust, transparency, and mutual respect.

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

1 As of June 30, 2025.

2 As of June 30, 2025. Net AUM is $138 billion and AUA is $47.5 billion. PGIM Real Estate is the third-largest real estate investment manager (out of 72 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments’ “Largest Real Estate Investment Managers” list published October 2024. This ranking represents AUM as of 6/30/24. Participation in the ranking is voluntary and no compensation is required to participate in the ranking.

Media Contacts:

For The Chiofaro Company:
Carolyn Spicer
(617) 908-7701
carolyn@mcdvent.com

For PGIM:
Josette Thompson
Pro-PGIMRE@prosek.com

For KKR:
Kenny Juarez or Liidia Liuksila
(212) 750-8300
media@kkr.com

Source: KKR

 

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Bencis partners with Omega Group

Bencis

Limbach-Oberfrohna – 18.  September 2025

Omega Group partners with Bencis to build the leading European system supplier of large and complex metal assemblies for the Industrial Technology and Defense sector

BBOF VI Holding C.V. (“Bencis”) has partnered with Omega Group, a leading specialized system supplier of large and complex metal components and modules. Omega Group consists of five companies in Saxony, Germany, offering a wide range of advanced metal processing technologies.

For decades, Omega has been a trusted partner to top-tier Industrial Technology and Defense OEMs, building on long-standing, recurring customer relationships. The company distinguishes itself by its ability to cover the full value chain – from engineering and manufacturing to coating and final assembly – delivering mission-critical solutions at the highest quality standards.

Omega Group offers extensive technological capabilities such as welding, glueing, drilling, milling, cutting, bending and coating which enable the company to provide clients with a holistic offering from a single source. It further stands out through its ability to assemble complex modules bringing together internally and externally sourced components.

Omega Group has continuously invested in its state-of the art machine park and highly skilled employees resulting in today’s strong positioning. Bencis will now support Omega in capturing the unique growth opportunities in the current market environment. As a joint ambition, the partners aim to create a leading pan-European system supplier for the Industrial Technology and Defense sector.
About Omega Group

Omega Group is a producer of complex metal components and modules serving clients from the Industrial Technology and Defense industries. It consists of five entities with complementary capabilities and specialisations, thereby covering a wide range of metal processing technologies. The group headquartered in Limbach-Oberfrohna, Saxony, Germany operates four locations around Chemnitz.
About Bencis

Bencis is an independent investment company with advisory offices in the Netherlands, Germany, and Belgium that supports business owners and management teams in achieving their growth ambitions. Managing six funds totalling €2.2 billion, Bencis has invested in over 80 companies and completed more than 330 follow-on acquisitions since 1999. For more information, visit: www.bencis.com

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Acuity Knowledge Partners acquires Ascent

Equistone

Acuity Knowledge Partners (Acuity), a leading global provider of bespoke research, data management, analytics and AI solutions to the financial services sector, has announced that it has exchanged on the acquisition of Ascent. The transaction is expected to close on 30th September 2025.

This strategic move is expected to significantly expand Acuity’s Data and Technology Services (DTS) division and its offering of technology and AI services and solutions.

Ascent, a leading European provider of AI-powered digital transformation services, supports over 170 clients globally, with 550 data, software, and cloud specialists operating across seven European jurisdictions.

“Our acquisition of Ascent is a transformative moment,” said Robert King, Chief Executive Officer at Acuity. “Acuity has invested in and built a fast-growing practice delivering data management and technology led services and solutions. By acquiring Ascent, we are taking our expertise and ability to offer our clients innovative AI-led solutions to another level. We are turbo-charging the way we can assist Acuity and Ascent clients with their digital transformations and AI adoption. This acquisition also takes us into new sectors such as reinsurance, pharma, manufacturing and retail for the first time. The acquisition enables Acuity to deliver from, and into, new markets. I am really excited at the prospect of what we can achieve together, and we warmly welcome the Ascent staff to the Acuity family.”

Jon O’Donnell, Chief Operating Officer at Acuity, said, “The Ascent business is a great addition to Acuity and will build on the progress we have made with our AI solutions following the launch of our Agentic AI platform, Agent Fleet. The acquisition of Ascent will boost our capacity to provide best-in-class technology advisory services to our clients. I am excited to partner with Stewart and the Ascent team to significantly grow our DTS business.”

Stewart Smythe, Chief Executive Officer at Ascent, commented, “Combining Ascent’s market-leading data and AI capability in Europe with Acuity’s industry-leading AI innovation and deep domain expertise is exciting. Acuity’s strategic aim to build a global technology services business unit to complement its capabilities and build broader relationships with its existing clients is exactly the opportunity my team were looking for, and we are excited to work with Robert King, Jon O’Donnell and the entire Acuity team.”

In recent years, Acuity has identified a compelling opportunity to build a technology services and solutions division that is complementary to its core capabilities in research, analytics and data management.

This acquisition enhances Acuity’s capabilities and expands the firm’s global network of delivery locations. Furthermore, Acuity will continue to build on Ascent’s strong alliance with Microsoft. Acuity was advised on the transaction by DC Advisory and Ascent by Canaccord Genuity.

Equistone acquired a majority stake in Acuity in November 2019 through its Fund VI, carving the business out of Moody’s Inc. Following a period of strong organic growth, Equistone completed the exit of its majority stake to funds advised by Permira in April 2023. As part of the transaction, Equistone reinvested in a minority position and remains involved through board representation.

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Wrike Appoints George Saadeh as Chief Revenue Officer

Stg Partners

Wrike, the intelligent work management platform, today announced the appointment of George Saadeh as Chief Revenue Officer (CRO). This announcement comes as Wrike accelerates its mission to deliver measurable ROI for enterprises by driving scalable growth and lasting customer value.

“Enterprises today don’t just want software. They want measurable outcomes that transform how they work,” said Thomas Scott, CEO of Wrike. “George is a proven leader who knows how to scale revenue engines while keeping customer success at the center. With his leadership, Wrike will deliver even greater value from the first idea to enterprise-wide execution.”

“My teams are with customers every day, hearing what challenges they face and understanding what is needed to realize true business transformation,” said Saadeh. “They’re asking for solutions that eliminate bottlenecks, reduce project delays, and help their teams deliver faster. My role is to empower our sales and customer success teams to deliver solutions while guiding customers to realize value faster — through smooth implementation, confident adoption, and ongoing growth. We’re building a revenue engine that’s as focused on customer outcomes as it is on growth.”

Categories: People

Emerald Welcomes Back Cédric Mutz as Partner and Head of Portfolio Performance

Emerald

Zurich, Switzerland – Emerald Technology Ventures, a global leader in climate-tech venture capital, has announced the appointment of Cédric Mutz as Partner and Head of Portfolio Performance, marking his return to the firm at a pivotal stage in its growth.

Cédric is a seasoned professional with extensive experience in venture capital, corporate finance, and entrepreneurship. Having previously worked at Emerald early in his career, he rejoins the firm after holding senior positions in industry and M&A advisory.

In his new role, Cédric will be responsible for overseeing portfolio performance across Emerald’s funds, supporting founders and management teams. His appointment comes as Emerald has surpassed €1 billion in assets under management and advisory and expanded its suite of funds targeting climate technologies.

“Returning to Emerald feels both natural and energizing,” said Cédric Mutz. “The firm is at an exciting inflection point, with new funds, new mandates, and a growing international footprint. I look forward to helping our portfolio companies scale their impact while delivering strong performance for our investors.”

Emerald Managing Partner Gina Domanig welcomed the appointment, stating:

“We are delighted to have Cédric back at Emerald. He brings a unique combination of investment expertise, operational know-how, and international perspective. His leadership will be instrumental in ensuring the success of our portfolio companies and accelerating the commercialization of sustainable industrial innovation.”

Cédric’s appointment reinforces Emerald’s commitment to driving portfolio success through senior leadership. The enhanced management team also reflects Emerald’s rapid growth and its leading position in the expanding climate tech sector. With this team expansion, Emerald continues to evolve, staying well positioned as a trusted partner for corporates and startups worldwide.

Find out more about Emerald’s growth:

25 Years of Emerald: A Journey of Grit, Trust and Growth

Veralto Commits €20M to Emerald’s New Fund to Accelerate Water Innovation Solutions

How to Pick Winners for a Climate Tech Portfolio

About Emerald Technology Ventures

Emerald is a globally recognized venture capital firm, founded in 2000, that manages and advises assets of over €1 billion from its offices in Zurich, Toronto and Singapore. The firm invests in start-ups that tackle big challenges in climate change and sustainability, with four current funds, hundreds of venture transactions and five third-party investment mandates, including loan guarantees to over 100 start-ups.

This is Emerald.

Bold Ideas. Bright Future.  www.emerald.vc

CONTACT FOR EMERALD:

info@emerald.vc

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Steve Varley Joins Warburg Pincus as Senior Advisor

Warburg Pincus logo

Former Chairman and Managing Partner, UK&I, EY, Joins to Support European Industrials and Business Services Group

London, 17 September 2025 – Warburg Pincus, the pioneer of private equity global growth investing, today announced the appointment of Steve Varley as Senior Advisor. Mr. Varley will support the firm’s Industrials and Business Services group, with a focus on professional services opportunities, and companies at the intersection of services and technology. He will also engage across the broader Warburg Pincus platform globally, contributing to the firm’s value creation and deal origination capabilities.

Mr. Varley brings over three decades of experience in professional services, with a proven track record of leading and transforming multi-billion-dollar businesses. He currently serves as Chairman of Unity Advisory, a next-generation CFO advisory firm and Warburg Pincus portfolio company. Most recently, he served as Global Vice Chair, Sustainability at EY, advising some of the world’s largest companies on long-term value creation through sustainability initiatives. Prior to that, he was Chairman and Managing Partner, UK&I at EY, leading over 20,000 professionals and driving the firm’s growth and innovation. He also held several other senior leadership roles across EY, including Managing Partner for Consulting in Northern Europe, the Middle East, India and Africa, and served on both the EMEIA Executive Board and the Global Practice Group, helping to shape the firm’s global strategy.

“I have long admired Warburg Pincus’s thesis-led approach, global and growth-oriented mindset, and long-term investment philosophy,” said Steve Varley. “Having worked with the team first-hand through my role in Unity Advisory, I’m excited to continue working with Warburg Pincus to identify and grow exceptional businesses in the services space, particularly as technology and innovation continue to reshape the industry.”

“Steve’s deep sector expertise, global leadership experience, and strong relationships across the services ecosystem make him an invaluable addition to Warburg Pincus,” said David Reis, Managing Director, Industrials and Business Services, Warburg Pincus. “He has been a trusted advisor to CEOs, Boards and government, and his insights will help shape our investment theses and deepen our reach in high-growth segments of the services ecosystem.”

Mr. Varley has held numerous advisory and non-executive positions throughout his career, including as a business advisor to two Prime Ministers and a Special Advisor to the United Nations. In addition to serving as Chairman of Unity Advisory, he also chairs the boards of DWF Group and Liverpool Football Club Foundation.

Media contact:

Alice Gibb
Director, Europe Communications
Alice.gibb@warburgpincus.com
+44 207 306 3090

About Warburg Pincus

Warburg Pincus LLC is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $86 billion in assets under management, and more than 220 companies in their active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies

The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

Categories: People

Wrike Appoints George Saadeh as Chief Revenue Officer

Stg Partners

Wrike, the intelligent work management platform, today announced the appointment of George Saadeh as Chief Revenue Officer (CRO). This announcement comes as Wrike accelerates its mission to deliver measurable ROI for enterprises by driving scalable growth and lasting customer value.

“Enterprises today don’t just want software. They want measurable outcomes that transform how they work,” said Thomas Scott, CEO of Wrike. “George is a proven leader who knows how to scale revenue engines while keeping customer success at the center. With his leadership, Wrike will deliver even greater value from the first idea to enterprise-wide execution.”

“My teams are with customers every day, hearing what challenges they face and understanding what is needed to realize true business transformation,” said Saadeh. “They’re asking for solutions that eliminate bottlenecks, reduce project delays, and help their teams deliver faster. My role is to empower our sales and customer success teams to deliver solutions while guiding customers to realize value faster — through smooth implementation, confident adoption, and ongoing growth. We’re building a revenue engine that’s as focused on customer outcomes as it is on growth.”

Categories: People

GrowthCurve Capital Acquires PlanHub

Mainsail partners

WEST PALM BEACH, Fl., September 16, 2025 — PlanHub (“PlanHub” or the “Company”), a leading cloud-based software platform for commercial construction professionals, today announced that it has been acquired by GrowthCurve Capital (“GrowthCurve”). GrowthCurve is acquiring the business from affiliates of Mainsail Partners and other shareholders. Mainsail will continue to participate as a minority shareholder in PlanHub. Terms of the transaction were not disclosed.

PlanHub is an industry-leading preconstruction platform designed to empower construction professionals by simplifying the bidding and project management process. With a mission to connect subcontractors, general contractors, and suppliers, PlanHub provides a centralized digital hub where industry professionals can discover and manage new growth opportunities, collaborate seamlessly, and make data-driven decisions. By integrating high-quality project listings with powerful workflow management tools, PlanHub removes inefficiencies and streamlines communication, ensuring businesses can scale effectively and focus on building America’s infrastructure. PlanHub has over 500,000 construction professionals in its proprietary network nationwide, and in 2025, the Company was named to the Inc. 5000 list of the fastest-growing private companies in America for the fifth consecutive year.

GrowthCurve Capital is a private equity firm focused on investing in data-rich businesses with a proprietary approach that seeks to unlock the power of a company’s data through the integration of AI, digital transformation, and human capital to accelerate growth and create sustainable value.  GrowthCurve will partner with PlanHub to further accelerate its AI-enabled product strategy, including the development of new prescriptive AI features inside the platform, support the launch of new business lines, and expand into new markets.

Ro Bhatia, CEO of PlanHub, said, “PlanHub is where preconstruction happens. We’ve built a connected network of contractors and suppliers and now we’re transforming that network into the industry’s first true end-to-end platform. Under one roof, PlanHub delivers project access, bid management, CRM, estimation, and AI-driven insights embedded in every workflow — so every bid, decision, and interaction becomes smarter and faster.

This industry doesn’t need more complexity — it needs clarity. With GrowthCurve, we’re scaling PlanHub into the AI-powered operating system for preconstruction: smart, connected, and built to help contractors win more work with less friction.”

Read the Case Study: Beyond Bidding: PlanHub’s Product-Led Expansion Strategy

Matthew Popper, Head of Technology and Information Services Investing at GrowthCurve, said, “PlanHub is a leader in the fast-growing construction management software market, with a differentiated, highly data-rich bid network and vertical software platform that helps clients grow their business and manage pre-construction workflows and decisioning at scale. We look forward to partnering with Ro and the rest of the management team to accelerate PlanHub’s growth, including applying GrowthCurve’s functional capabilities in data science and AI-enabled product development to further enhance the platform’s value proposition for general constructors, subcontractors, and suppliers on the network.”

Sim Allan, Principal at GrowthCurve, added, “PlanHub is uniquely positioned to become the leading AI-powered, end-to-end operating system for pre-construction. The Company’s rich data assets and intuitive workflows provide the foundation for accelerating the adoption of analytics and AI, enabling seamless collaboration across general contractors, subcontractors, and suppliers, and assisting them in their most critical business decisions and processes. We are thrilled to partner with PlanHub to continue delivering innovative solutions to the construction industry.”

Vinay Kashyap, Partner at Mainsail, shared, “It has been a true pleasure to partner with Ro Bhatia, the PlanHub founders, and the entire PlanHub team through their evolution from bootstrapped to market leadership. PlanHub is not just simplifying the pre-construction process – they are reimagining how the construction industry connects, collaborates, and builds for the future. We are proud to continue supporting PlanHub in this next phase of growth.”

Houlihan Lokey served as exclusive financial advisor, and Wilson Sonsini Goodrich & Rosati served as legal counsel, to PlanHub. William Blair served as lead financial advisor, Lincoln International served as co-advisor, and Davis Polk & Wardwell served as legal counsel to GrowthCurve.

About PlanHub
PlanHub is an all-in-one cloud platform that helps commercial construction professionals grow their businesses by expanding their network, improving workflows, and making collaboration easier. From discovering new bid opportunities to building winning proposals, PlanHub supports contractors and suppliers throughout the entire preconstruction process. Learn more at www.planhub.com.

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EQT Life Sciences portfolio company VarmX partners with CSL in a strategic collaboration and option agreement worth up to USD 2.2 billion

EQT Life Science
  • VarmX is developing a bypass agent to restore coagulation for patients facing life-threatening bleeding or requiring emergency surgery while on anticoagulants that target Factor Xa
  • Under the agreement, CSL will fully fund clinical development of VMX-C001 and pay VarmX shareholders USD 117 million upfront for an exclusive option to acquire VarmX, in a transaction worth up to USD 2.2 billion
  • EQT Life Sciences has backed VarmX since 2020, actively supporting the Company at board level as it successfully completed a first-in-human clinical study and obtained FDA clearance to start a global registrational Phase 3 trial

EQT Life Sciences, a leading European life sciences venture capital firm, is pleased to share that CSL has entered into a strategic collaboration with its portfolio company VarmX to support the development of its lead asset, VMX-C001. CSL has also entered into an exclusive option agreement with VarmX shareholders to acquire all issued and outstanding shares of the company in a transaction worth up to USD 2.2 billion.

VarmX, based in Leiden, the Netherlands, is a biotech company developing innovative approaches for the bypass of direct oral anticoagulants targeting activated Factor Xa (FXa DOACs) and inherited coagulation disorders. More than 20 million patients globally take FXa inhibitors as chronic anticoagulation therapy, with approximately 3 per cent of these patients experiencing severe bleeding or requiring urgent surgery. Despite the unmet clinical need, no fully approved therapeutic agent is currently available in the E.U. or the U.S. for treating acute major bleeding in patients on Factor Xa inhibitors.

VMX-C001 is an investigational product, designed to bypass the FXa anticoagulation activity and swiftly restore coagulation in patients in urgent surgery and severe bleeding situations. Under the terms of the strategic collaboration agreement, CSL will fully fund VarmX’s global Phase 3 trial evaluating VMX-C001. CSL will also fully fund and support VarmX in late-stage product development, manufacturing and pre-launch commercial and medical affairs activities.

EQT Life Sciences originally invested in VarmX in 2020, co-leading the company’s Series B financing, investing from its LSP 6 fund. At the time, VMX-C001 was still in preclinical stages but with EQT’s support, the company successfully completed a first-in-human clinical study and recently obtained FDA clearance for its Investigational New Drug (IND) application to start a global registrational Phase 3 trial with VMX-C001.

John de Koning, board member at VarmX and Partner at EQT, added: “We are very proud to see that VarmX is, together with CSL, advancing its truly game-changing approach for this large unmet need in the emergency care setting. FDA’s recent granting of Fast Track Designation for VMX-C001 aims to shorten the time to market, further recognizing the company’s unique opportunity as well as the promise for patients.”

John Glasspool, Chief Executive Officer of VarmX, said: “The collaboration with CSL represents a transformative step for VarmX. By securing full funding for the registrational trial, product development, CMC and pre-launch activities, we are well positioned to bring VMX-C001 to patients. We are proud to partner with CSL, whose expertise and global reach will be invaluable as we move forward.”

Dr. Paul McKenzie, Chief Executive Officer of CSL, commented: “We are excited to partner with VarmX to develop a novel treatment and address a significant unmet need aligning strongly with our strategic ambition to deliver enduring patient impact. It also aligns with our portfolio of medicines designed to minimize bleeding, preserve a patient’s own blood supply, improve surgical and medical outcomes and support global public health approaches to patient blood management.”

CSL will make an upfront payment to VarmX shareholders of USD 117 million upon closing of the transaction for an exclusive option to acquire the company. CSL will have the right to exercise the option upon Phase 3 data. Subject to the achievement of certain milestones, following the exercise of the option and customary regulatory clearances, VarmX shareholders will receive a further USD 388 million in acquisition and additional payments up to the commercial launch of VMX-C001 and up to USD 1.7 billion in sales-based success milestones thereafter.

Contact
EQT Press Office, press@eqtpartners.com

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