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Cyberbit Acquires RangeForce to Forge AI-Powered Operational Cyber Readiness for Businesses and Governments Worldwide

Charlesbank

BOSTON – September 22, 2025 – Cyberbit, a leader in hyper-realistic attack simulation cyber ranges and SOC (Security Operations Center) readiness, today announced the acquisition of RangeForce, a pioneer in cloud-based cyber ranges and scalable solo and team exercising. Headquartered in the US, the combined global company delivers one of the world’s most advanced operational cyber readiness platforms, powered by AI, grounded in realism, and designed to prepare teams for the reality of relentless threats. This acquisition reflects Cyberbit’s commitment to enhancing the capabilities of the cybersecurity professionals who serve as the frontline defense against those cyber threats.

Two leaders, one vision

Cyberbit’s hyper-realistic attack simulations have become a recognized industry benchmark for testing and strengthening SOC performance under real-world attack conditions. RangeForce has built its reputation on adaptive, scalable upskilling and cloud cyber ranges for both solo and team exercising. Both are recognized in the “Forrester Wave™: Cybersecurity Skills & Training Platforms”, with Cyberbit named a Leader and RangeForce a Strong Performer.

“By joining forces, the companies create a seamless readiness journey, from entry-level analysts building skills and experience to advanced defenders confronting the most sophisticated cyber-attacks,” said Brian Pierce, CEO at Cyberbit.

“Cyberbit’s acquisition of RangeForce represents a significant leap forward in how organizations can prepare their teams for the realities of today’s cyber threat landscape,” said Darren Battistoni, Managing Director and Co-Head of Technology Opportunities at Charlesbank Capital Partners, Cyberbit’s financial sponsor. “By uniting two of the industry’s leading cyber ranges, we believe customers can now gain access to an unprecedented breadth of content and highly realistic training experiences built around the same tools and environments they use every day.”

AI at the core

RangeForce’s adaptive, AI-powered tutor delivers personalized learning, while the AI-driven content engine accelerates the creation of cutting-edge scenarios. The result is a living, evolving SOC readiness library that continuously evolves alongside the threat landscape.

“Cyberbit and RangeForce bring together two organizations deeply passionate about cybersecurity defender readiness,” said David Etue, CEO of RangeForce. “The combined company’s capabilities, paired with our recent advances in AI, position us to deliver experiences that ensure SOC and IR teams are prepared for sophisticated cyber-attacks.”

As boards demand proof of resilience and adversaries become more aggressive, CISOs can no longer afford to discover gaps after a breach. The combined platform spans from the SOC to the boardroom, delivering AI-led, data-driven, and hyper-realistic attack simulations that security leaders can trust.

“This is the solution for CISOs who want to move past assumptions and truly understand their teams’ capabilities, and for the CISOs who refuse to discover gaps only after the damage is done,” said Pierce.

Expanded value for customers

The acquisition expands the Live-Fire Exercises catalog (team cyber range), strengthens the joint content library, enhances AI capabilities and user experience, and broadens coverage for commercial, enterprise, and government sectors.

With dedicated teams and strategic data centers across the US and EU, the combined company also expands support for the government and highly regulated sectors, enabling compliance-ready simulations and proven resilience under the most realistic conditions.

Together, Cyberbit and RangeForce set a new benchmark for resilience in the face of relentless threats.

“Cyberbit and RangeForce joining forces marks a major milestone in cybersecurity readiness. As a partner to both companies, Carahsoft is thrilled to see this powerful combination come together with their vision to deliver this comprehensive, AI-powered readiness platform for SOC and IR teams,” said Alex Whitworth, Cybersecurity Solutions Vertical Executive at Carahsoft Technology Corp. “This collaboration enhances Carahsoft’s ability to provide innovative, integrated solutions, enabling the Public Sector and enterprises across the U.S. to strengthen their defenses against today’s most persistent and sophisticated adversaries.”

Acknowledgements

BTIG, LLC served as exclusive financial advisor, and King & Spalding LLP served as legal advisor to RangeForce.

Cruz-Abrams Seigel, LLC served as legal advisor, and PricewaterhouseCoopers served as financial and tax advisor to Charlesbank and Cyberbit.

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SC Pack accelerates growth in Europe by acquiring Frapak

MML Capital
The SC Pack Group, a leading player in the production and distribution of innovative and eco-responsible packaging solutions, announces the acquisition of Frapak Packaging, a trusted partner of the group for more than 15 years.

Frapak Packaging is one of Europe’s leading suppliers of glass and sustainable plastic packaging for the cosmetics, household, and food sectors.

This strategic transaction, carried out with the support of MML Capital, builds on the partnership already established and marks a new milestone in the international development of SC Pack.

Founded over 45 years ago and headquartered in the Netherlands, Frapak Packaging has established itself as a key player in the European primary packaging industry in both plastic and glass, thanks to its unique expertise and proven ability to deliver both standard and customized solutions.

With this acquisition, the SC Pack Group will:

• Strengthen its presence across Europe

• Expand its product portfolio by integrating complementary expertise in sustainable plastic packaging

• Consolidate its position as a key provider of responsible and innovative packaging solutions

This acquisition is the result of a long-standing partnership between the two companies and will enable the newly combined SC Pack Group to achieve a turnover of nearly €350 million and bring together around 500 experienced packaging professionals in more than 15 European countries.

Marco Bos, CEO of Frapak Packaging, is reinvesting significantly alongside the Allemandou family and MML, becoming one of the group’s main investors. He also becomes a Founding Managing Partner and joins the Executive Committee of SC Pack, further strengthening his involvement in the group’s strategy and leadership.

The strategic and operational positions of Frapak Packaging and SC Pack will remain in place, as will its current leadership team and managers, ensuring continuity of operations and close relationships with clients.

Stéphane and Christophe Allemandou, Founders of the SC Pack Group said:

The integration of Frapak into SC Pack is fully aligned with our European growth strategy and allows us to broaden our expertise in packaging solutions, particularly in the field of sustainable plastics.

Marco Bos added:

Joining SC Pack is a tremendous opportunity for Frapak. We share common values and a vision focused on innovation and sustainability, supporting customers with our packaging experience.

Henry-Louis Mérieux and Louis de Montille commented:

We are very pleased to renew our trust in the Allemandou family and to support SC Pack in this new stage of its development. The integration of Frapak strengthens SC Pack’s position as a leading player in Europe. We will continue to support this pan-European expansion, in line with the successive acquisitions and partnerships already carried out.

SC Pack and Frapak are delighted to combine their expertise and build on their market leading positions. Together, the two companies will strengthen their ability to support customers with solutions that are ever more innovative, responsible, and tailored to market needs.

The MML Capital team in charge of this investment is composed of Henry-Louis Mérieux (Managing Partner – France), Louis de Montille (Partner), and Romain Souchois (Investment Associate).

About MML Capital

For more than thirty years, MML Capital has supported the international growth of European and US SMEs and mid-sized companies, with the flexibility to act as either a majority or minority partner. MML manages over €3.4bn across four mid-market and small-cap fund strategies. MML is an investor in the SC Pack Group through its fund MML Partnership Capital VIII, which closed this summer at its hard cap of €1bn.

Contact:

MML Capital : Henry-Louis Mérieux, Louis de Montille and Romain Souchois :

Participants:

SC Pack : Christophe Allemandou, Stéphane Allemandou

MML Capital : Henry-Louis Mérieux, Louis de Montille, Romain Souchois

BNP Dev : Patrice Vandenbossche

M&A Advisor – Dev Finance : Marc Sounigo, Olivier Desurmont

Legal Advisor – Valther : Velin Valev, Pauline Morier, Francisca Russo Bonilla

Financial Vendor Due Diligence – Nexia S&A : Olivier Juramie, Nicolas Olivier, Charles Kohen

Financial Buyer Due Diligence – BDO : Reza Joomun, Pierre Coirre

Tax Due Diligence Advisor – Arsene Taxand  :  Brice Picard, Lisa Cotty

 

 

 

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Platinum Equity to Acquire European Custom-Branded Merchandise Specialist XD Connects

Rivean

LOS ANGELES, US / AMSTERDAM, NL – Platinum Equity announced today that it has signed a definitive agreement to acquire XD Connects, a leading designer and value-added supplier of corporate gifts and custom-branded merchandise, from Rivean Capital.

Financial terms were not disclosed. The potential transaction remains subject to customary closing conditions, including regulatory approvals.

Founded in 1986 and headquartered in Rijswijk, the Netherlands, XD Connects serves more than 5,000 B2B resellers and distributors, primarily across Europe, offering a broad portfolio of high-end custom-branded merchandise. The company operates an in-house printing and fulfillment center, as well as a design studio and sourcing office. XD Connects is a recognized leader in the sustainable and responsible business gifting market, providing full transparency on product CO2 footprint through digital product passports, allowing customers to choose between traditional and low-impact alternatives.

The acquisition of XD Connects follows Platinum Equity’s recently announced agreement to acquire Solo, a pan-European supplier of custom-branded merchandise and promotional goods.

“We are thrilled to be joining forces with Solo and Platinum Equity,” said Albert van der Veen, CEO of XD Connects. “Our industry is changing rapidly. This envisioned partnership brings together two highly complementary businesses with a shared commitment to innovation, sustainability, and customer service. Our combined capabilities will allow us to better serve our customers, simplify their operations, and unlock new growth opportunities across Europe, consequently securing the position of the company in this increasingly demanding market”.

“Platinum Equity has a lot of experience helping companies build scaled, resilient B2B services and distribution platforms,” said Platinum Equity Co‑President Louis Samson. “This investment aligns with our M&A&O® playbook of partnering with strong operators and supporting the next phase of their development through operational excellence and transformative M&A. XD Connects is a highly strategic addition to our investment in the European custom-branded merchandise space that helps create a differentiated platform in a fragmented market with significant opportunities for growth.”

The European market for custom-branded merchandise is highly fragmented and undergoing consolidation. Platinum Equity sees a clear opportunity to lead that transformation.

“The envisioned combination of XD Connects and Solo will reinforce the group’s position as a leading B2B service provider,” said Platinum Equity Managing Director Malik Vorderwuelbecke. “The group will manage all activities across product development, procurement and curation of readily available inventory. It will provide efficient customization at scale across a wide range of print technologies and ultimate fulfillment on behalf of its over 20,000 B2B customers. The platform will become a true one stop shop that will broaden choice, compress lead times, elevate print fidelity and enhance product quality for its customers, allowing them to focus on their commercial success in a dynamic and growing market. We are very excited to continue to assist the combined group to further strengthen its scale organically and through M&A.”

“Since 2019, we have had the pleasure of working very closely with Albert and his team. From the start, we have been impressed with their entrepreneurship and deep industry expertise, which have been the key drivers behind XD’s strong organic growth trajectory, in addition to several successful cross-border add-on acquisitions,” said Rivean Capital Senior Partner Maurits Boomsma. “We are proud of the achievements realized together with the team at XD Connects, including the successful transition towards a sustainability leader with a differentiated, low impact gift assortment. We would like to wish the team and the organization all the best in the next stage of their journey.”

About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $50 billion of assets under management and a portfolio of approximately 60 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 30 years Platinum Equity has completed more than 500 acquisitions.

About Rivean Capital
Rivean Capital is a leading European private equity investor for mid-market transactions, active in the DACH region, the Benelux countries, and Italy. Funds advised by Rivean Capital manage over EUR 5 billion in assets. Since its inception in 1982, Rivean has supported more than 250 companies in realizing their growth ambitions and has a strong track record of supporting and scaling successful high-tech businesses with cross-border growth agendas, including footprint expansions and operational excellence trajectories. Rivean Capital has offices in Amsterdam, Brussels, Frankfurt/Main, Milan, and Zug, enabling a strong local presence across key European markets. For more information, visit riveancapital.com.

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Back to Press Releases KKR Appoints Roland Koch as Senior Advisor

KKR

Frankfurt, Germany – September 22, 2025 – KKR, a leading global investment firm, today announced the appointment of Prof. Dr. hc mult. Roland Koch as Senior Advisor. In this role, Professor Koch will advise KKR’s investment teams and portfolio companies in Germany, Austria and Switzerland, with a particular focus on regulation and governance-related matters.

Mr. Koch has about 30 years’ experience in senior roles spanning government, business, and the non-profit sector. He has held leadership positions in public policy, corporate management, and academia, making him uniquely positioned to support KKR’s continued growth and investment strategy in Germany, Austria, and Switzerland.

Roland Koch has been serving as Chairman of Ludwig Erhard Stiftung e.V., Professor of Management Practice in Regulated Environments and Director of the Frankfurt Competence Center for German and Global Regulation (FCCR) at the Frankfurt School of Finance & Management for several years. In addition, he is a member of the Supervisory Board of Vodafone Germany, Deputy Chairman of the Board of Trustees of the Peter Dussmann Foundation, and Chairman of the Supervisory Board of Dussmann Stiftung & Co. KGaA.

“We are pleased to welcome Roland Koch as a senior advisor,” said Christian Ollig, Partner and Head of the DACH region at KKR. “His extensive experience in both the public and private sectors, coupled with his deep understanding of regulatory and governance issues, will be invaluable as we support ambitious companies and entrepreneurs throughout the DACH region.”

Commenting on his appointment, Roland Koch said: “KKR plays a pivotal role in providing capital solutions to scale key technologies including, for example, space technology, life sciences, cloud and IT services, as well as financing digital and energy infrastructure projects that provide the backbone for future economic growth in the region. Drawing on my experience in both public policy and corporate governance, I look forward to helping KKR and its portfolio companies navigate an evolving regulatory landscape and seize new opportunities for innovation and growth.”

Prior to his current roles, Koch held prominent positions in both the public and private sectors. He served as Chairman of the Executive Board of Bilfinger SE, overseeing significant organizational transformation and driving operational excellence, and Chairman of the Supervisory Board of UBS Europe SE. Earlier in his career, he was Minister President of the State of Hesse for eleven years, as well as Chairman of the Hessian CDU, and Deputy Federal Chairman of the CDU in Germany.

The appointment of Roland Koch underscores Germany’s key role for KKR in Europe and further strengthens the firm’s commitment to partnering with local leaders in the region. He joins a growing network of Senior Advisors at KKR in Germany, including Philip Oetker, Philipp Pausder, Dr. Johannes Teyssen, and most recently Theodor Weimer.

With over 25 years of investment activity in the EMEA region, KKR today manages approximately €137 billion in assets in Europe across its various asset classes. In the DACH region, KKR has invested approximately €20 billion in equity in more than 40 companies since 1999, with over two thirds of these investments in partnership with founders, family-owned businesses and corporates.

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 contact

Thea Homschei
Mobile: +49 (0) 172 13 99 761
E-Mail: kkr_germany@fgsglobal.com		 Emily Lagemann
Mobile: +49 (0) 160 99 27 13 35
E-Mail: kkr_germany@fgsglobal.com

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EQT to Exit Remaining Stake in TELUS Digital, a Global AI-Driven Customer Experience and Digital Solutions Leader, in Connection with TELUS Corporation’s Proposed Acquisition of TELUS Digital

eqt

TELUS Digital

  • EQT to exit its investment in TELUS Digital, a global provider of AI-driven customer experience and digital transformation solutions, by voting in favor of TELUS Corporation’s proposed acquisition of TELUS Digital
  • During EQT’s investment period, TELUS Digital has transformed from a traditional outsourcing business into a global innovator in customer experience and technology solutions, delivering an approximate 4x return on its investment and underscoring the success of EQT’s value creation strategy
  • Closer integration with TELUS Corporation will enable TELUS Digital to accelerate AI and SaaS innovation across multiple industry verticals and support its next phase of growth

SINGAPORE – 22 September 2025 – EQT is pleased to announce that BPEA Private Equity Fund VI (“EQT”) has signed a definitive voting and support agreement for  the proposed acquisition of TELUS Digital (“TELUS Digital” or the “Company”) by TELUS Corporation, the majority shareholder and parent of TELUS Digital. The transaction marks the culmination of EQT’s successful investment, following the Company’s comprehensive transformation since EQT’s initial entry in 2016.

TELUS Digital is a leading global provider of digital customer experience (CX) outsourcing, digital transformation and adjacent services. Today, the Company serves clients across technology, telecommunications, e-commerce, gaming, financial services and healthcare and delivers end-to-end solutions – including CX management, trust, safety and security, AI and data solutions, and digital solutions – that empower top global brands to innovate and engage with their customers more effectively.

Since EQT’s investment, TELUS Digital has undergone a far-reaching transformation into a next-generation services leader. The Company completed multiple strategic acquisitions – including Voxpro, Xavient, Competence Call Center, Lionbridge AI, Playment and WillowTree – adding significant expertise in digital design and product development, content moderation, AI-driven data solutions and digital transformation consulting. Combined with strong organic expansion, these steps broadened TELUS Digital’s offerings and positioned it as a global technology solutions leader.

During EQT’s investment period, TELUS Digital has grown its workforce by over 250% to more than 78,000 employees, expanded its operations to more than 30 countries worldwide, and increased EBITDA by more than 500%. A key milestone came in 2021, with TELUS Digital successfully listing on the New York Stock Exchange and the Toronto Stock Exchange, in what was then the largest-ever technology IPO on the Toronto Stock Exchange.

Since 2016, EQT has supported TELUS Digital’s transformation and growth journey. EQT sold a significant portion of its stake at the time of TELUS Digital’s IPO and follow-on offering in 2021 – when the Company’s enterprise value had expanded by approximately six times since EQT’s initial investment – and further reduced its holding through subsequent sell downs. EQT has now agreed to vote in favor of TELUS Corporation’s proposed acquisition and sell its remaining stake for USD 215 million on closing. Together, these transactions represent an approximate 4x return on its investment and underscore the success of EQT’s value creation strategy.

Janice Leow, Partner in the EQT Private Capital Asia advisory team and Head of EQT Private Capital Southeast Asia, said: “We are proud to have supported TELUS Digital’s transformation into a global leader in customer experience and technology services. Since investing in TELUS Digital, the company has broadened its capabilities and international presence through organic initiatives and multiple strategic acquisitions. It has also strengthened its position with leading global technology clients. It has been a rewarding partnership, and we are pleased to have contributed to this growth journey. We believe that full integration with TELUS Corporation will create new opportunities for TELUS Digital to accelerate its innovation and long-term development.”

Darren Entwistle, President and CEO of TELUS Corporation, said: “EQT has been a valued partner to TELUS Corporation, working alongside us to advance TELUS Digital’s growth, transformation and culture of innovation. Notably, with EQT’s support, TELUS Digital evolved from a traditional BPO provider into an organization delivering world-leading enterprise solutions globally, including customer experience management, digital development and design, and its innovative Fuel iX AI platform. We appreciate EQT’s collaboration and look forward to continuing TELUS Digital’s exciting journey as it becomes fully integrated within TELUS Corporation.”

The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2025.

Contact

EQT Press Office, press@eqtpartners.com

Categories: News

Bain Capital Invests in Les Hôtels de Paris, a Prominent French Hotel Owner and Operator

BainCapital

LONDON – September 22, 2025 – Bain Capital, a leading global private investment firm, today announced its investment into Les Hôtels de Paris (part of Machefert Group), a distinguished owner and operator of boutique French hotels. This transaction represents a significant step forward in Bain Capital’s strategic growth in the European hospitality sector.

Les Hôtels de Paris, advised by Wingate Investment Bank, owns a portfolio of 18 prime hotels, with 17 centrally located in Paris and one in St. Tropez and demonstrates Bain Capital’s commitment to investing in high-quality, strategically positioned real estate within Europe’s fragmented hospitality sector. This transaction significantly enhances Bain Capital’s presence in France and highlights the team’s expertise in delivering complex real estate capital solutions.

Bain Capital will leverage its extensive expertise and resources to drive operational excellence and unlock value throughout Hôtels de Paris’ portfolio.

Rafael Coste Campos, a Partner at Bain Capital, commented: “This investment is a natural extension of our hospitality strategy, reflecting our strong conviction in the enduring fundamentals of the European market and our ability to foster operational improvements and sustainable growth. We look forward to partnering with the talented Les Hôtels de Paris team.”

Kevin Machefert, CEO at Les Hôtels de Paris, commented: “Partnering with Bain Capital marks an exciting new chapter for Les Hôtels de Paris. With their support and expertise, we are optimistic about the future and confident in our ability to accelerate growth, reinforce our position in the French hospitality market and become the leading independent experiential and boutique hospitality player in the region.”

Stephane Cohen, Founding Partner at Wingate, added: “At Wingate Investment Bank, we are proud to have structured this transaction and introduced Bain Capital as a partner to Les Hôtels de Paris, putting the group back on solid ground. This alliance restores Les Hôtels de Paris’ strength in the French hospitality market and opens the way for both organic growth and strategic expansion.”

White & Case served as legal advisor, PwC served as financial and tax advisor, HPM served as technical advisor, CBRE served as commercial advisor to Bain Capital.

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About Bain Capital

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About Les Hôtels de Paris

Founded in 1992, the Machefert Group is a family-owned and independent player in the hospitality and catering sector. With 16 hotels, seven restaurants, five bars, three speakeasies, and a private beach, spread across Paris, Saint-Tropez, Ramatuelle, and Marrakech, the Group now employs over 300 staff dedicated to delivering a distinctive and authentic guest experience. Machefert Group has developed a unique vision of boutique hospitality: a new-generation, creative, immersive, and independent approach, at the heart of the most beautiful urban and seaside destinations.

Media Contacts

 Europe

 Jason Lobo

 Camarco

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Ardian and Rockfield secure a €550 million green financing package to support pan-European PBSA strategy

Ardian

Ardian, a world-leading private investment firm, and Rockfield, a vertically integrated living platform, today announce the successful closing of a sizable green financing package of €550 million for their Purpose-Built Student Accommodation (PBSA) strategy.

The latest financing provides additional capital for the platform to invest in PBSA across Europe and is structured to support further growth alongside the strategy. It demonstrates continued market confidence in the platform and provides additional resources to scale the strategy further by refinancing existing seed assets and securing funding for future acquisitions across the portfolio. The package combines c.€450 million of pan-European facilities, signed with ING (also acting as Agent and Global Coordinator), Société Générale CIB and HSBC Continental Europe as Mandated Lead Arrangers, together with additional financing of more than €100 million supporting existing investments in Italy. This green financing also underscores Ardian and Rockfield’s commitment to embedding sustainability at the heart of the PBSA strategy.

With a Core+ profile, the platform not only seeks to deliver long-term, risk-adjusted returns, but also to reduce greenhouse gas emissions in line with the Paris Agreement. So far, all assets are targeting or have achieved leading ESG certifications such as BREEAM and LEED, with climate risk assessments, renewable energy procurement, and wellbeing-focused design integrated into each project. Beyond environmental measures, the platform actively monitors socioeconomic impact, including affordability and accessibility.

“The strong support from our financing partners highlights both the momentum of our partnership with Rockfield and the growing relevance of sustainable purpose-built student housing. We’re proud to be at the forefront of this important market and look forward to continuing to develop our PBSA strategy with this scalable and innovative financing solution provided by leading banks within the real estate industry. With this new financing, we have greater flexibility of execution and the ability to deploy even more capital in PBSA across Europe.” Antoine Leboulanger, Co-Head of Capital Markets and Managing Director, Ardian

“Securing this financing package is a significant milestone for our European PBSA strategy. It not only allows us to further optimize our existing portfolio, but also creates the capacity to capture new opportunities and accelerate growth in markets with strong structural demand. The facility is designed to grow with the venture, supporting both standing assets and new-build projects, and strengthening our ability to meet the rising demand for student accommodation across Europe.” Florijn Diepstraten, CFRO Rockfield Real Estate

Since its launch in 2024, the pan-European PBSA strategy has built momentum, completing eight acquisitions across the Netherlands, Spain, Italy and Germany and establishing a diversified portfolio of more than 6,000 beds. Backed by significant support from CBRE Investment Management – which initially committed €500 million and increased this by €300 million in June 2025 – the platform now benefits from nearly €1.3 billion in investment capacity. These early developments reflect the strength of the strategy’s disciplined investment criteria and its ability to execute transactions in a timely and consistent manner.

About Ardian

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

At Ardian we invest all of ourselves in building companies that last.

ardian.com

About Rockfield Real Estate

Rockfield Real Estate is a vertically integrated investment, development, and operating platform specializing in European residential real estate. Founded in 2014, the firm has built a strong presence, first in the Netherlands and now across Continental Europe, with offices in the Netherlands and Spain. Managing approximately €2 billion in assets under management, Rockfield oversees 8,000 residential units and has developed over 10,000 homes.

Catering to institutional clients, the firm leverages its expertise in sustainable and future-proof real estate, with a strong focus on ESG principles. Rockfield’s entrepreneurial mindset enables it to identify and execute high-quality investment opportunities. Looking ahead, Rockfield remains committed to creating enduring value for stakeholders and positively shaping communities through its forward-thinking residential real estate strategies.

rockfield.nl

Media contacts

Ardian

Headland

ardian@headlandconsultancy.com

Rockfield Real Estate

Sander van Essen

Sander.van.essen@rockfield.nl

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The ODP Corporation to be Acquired by Atlas Holdings in All-Cash Transaction

Atlas Holdings

The ODP Corporation Shareholders to Receive $28 Per Share in Cash, Representing a 34% Premium to Closing Stock Price on September 19, 2025

Transaction to Generate Significant Value for The ODP Corporation Shareholders

BOCA RATON, Fla. and GREENWICH, Conn. (BUSINESS WIRE) – The ODP Corporation (NASDAQ:ODP), a leading provider of products, services and technology solutions to businesses and consumers, today announced that it has entered into a definitive agreement to be acquired by an affiliate of Atlas Holdings, which owns and operates a global family of manufacturing and distribution businesses, for $28 per share in cash. The purchase price represents a premium of 34% to The ODP Corporation’s closing share price on September 19, 2025, valuing The ODP Corporation at approximately $1 billion. Upon completion of the transaction, The ODP Corporation will become a privately held company, and shares of common stock will no longer be listed on the NASDAQ stock exchange.

“This transaction, fully supported by our Board, provides a substantial premium for The ODP Corporation’s shareholders and will improve the company’s position for the next phase of growth,” said Gerry P. Smith, Chief Executive Officer of The ODP Corporation. “Atlas brings an understanding of our industry, along with the operational expertise, resources and track record of supporting its companies that will fast forward our B2B growth initiatives and strengthen our position as a trusted partner to our customers. Atlas’ commitment demonstrates their confidence in our future and the strong momentum we’ve achieved through our focus on operational excellence and disciplined execution. We’re excited about our path for the future.”

“Atlas has a long history of transitioning public companies into successful private enterprises and we are uniquely positioned to do just that with The ODP Corporation – an iconic American company,” said Atlas Managing Partner Michael Sher. “Atlas operates like a diversified holding company, and we have a proven record of delivering the human and financial capital necessary to create long-term value in our businesses. The ODP Corporation’s leadership has already taken several steps to mitigate the challenging retail environment, and we are the right partners to support The ODP Corporation’s continued evolution in its next chapter. We look forward to completing this transaction which will provide a positive outcome for The ODP Corporation’s associates, customers, suppliers and shareholders.”

The Board of Directors of The ODP Corporation unanimously approved the transaction, which is expected to be completed by the end of 2025. The transaction is subject to customary closing conditions, including regulatory approvals and approval by The ODP Corporation shareholders.

J.P. Morgan Securities LLC is serving as exclusive financial advisor and Simpson Thacher & Bartlett LLP is serving as legal advisor to The ODP Corporation. Lazard is serving as financial advisor and Willkie Farr & Gallagher LLP is serving as legal advisor to Atlas Holdings.

About The ODP Corporation

The ODP Corporation (NASDAQ:ODP) is a leading provider of products, services, and technology solutions through an integrated business-to-business (B2B) distribution platform and omnichannel presence, which includes world-class supply chain and distribution operations, dedicated sales professionals, online presence and a network of Office Depot and OfficeMax retail stores. Through its operating companies ODP Business Solutions, LLC; Office Depot, LLC; and Veyer, LLC, The ODP Corporation empowers every business, professional, and consumer to achieve more every day. For more information, visit theodpcorp.com.

About Atlas Holdings

Headquartered in Greenwich, Connecticut and founded in 2002, Atlas and its affiliates own and operate 29 companies which employ more than 60,000 associates across 375 facilities worldwide. Atlas operates in sectors such as automotive supply, building materials, capital equipment, construction services, food manufacturing and distribution, metals processing, packaging, paper, power generation, printing, pulp, supply chain management and wood products. Atlas’ companies together generate more than $20 billion in revenues annually.

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Vivecti Group and Sana Einkauf join forces to create a leading technology-driven procurement alliance in European healthcare

Nordic Capital
  • Combination strengthens position of hospitals, practices, and care homes in a consolidating market facing major transformation
  • Bundling of demand volume and innovation capacity creates efficiency gains that strengthen both healthcare providers and industry
  • Consistent deployment of digital solutions aims to optimize processes, accelerate workflows, and sustainably improve quality of supply in the healthcare system

Berlin/Ulm, Munich (Germany), 19 September 2025 – Vivecti Group and Sana Kliniken AG are entering into a strategic partnership: Vivecti is acquiring the procurement alliance of Sana Kliniken AG, which serves more than 1,500 healthcare facilities in Germany and Switzerland. Simultaneously, Sana Kliniken AG will acquire a 21 percent stake in Vivecti Group, continuing to support the company’s success as a partner. The combination creates a leading, technology-oriented procurement alliance with innovative products and services for hospitals and other healthcare providers in the European healthcare space. Completion of the transactions is subject to customary regulatory approvals.

The German healthcare system faces significant challenges: While patient numbers stagnate, material costs continue to rise. At the same time, hospitals confront a highly consolidated, internationally operating supplier landscape. To ensure reliable supply and achieve economically viable prices under these conditions, high-performing procurement alliances and digitally controlled processes are becoming increasingly important. This is precisely where the Vivecti-Sana alliance comes in: It bundles demand volume, innovation capacity, and digital expertise, creating efficiency gains that strengthen both healthcare providers and industry, thereby sustainably supporting the healthcare system.

“Healthcare needs strong partnerships in a consolidating market facing transformation. Together with Sana Einkauf, we are laying the foundation for sustainable economic viability and innovative solutions that offer genuine added value to our customers. We are consistently continuing our successful digitalization course: Through coordinated exchange and intelligent analysis of structured data, we create transparency, enhance service quality, and optimize the entire supply process – to the benefit of both healthcare providers and industry,” says Prof. Dr. Benjamin I. Behar, CEO of Vivecti Group.

“With this partnership, we are following our proven strategy: working with partners to continuously improve healthcare supply for patients in a sustainable and forward-looking manner – while remaining part of an international network that guarantees security of supply and innovation. In addition to our long-standing procurement expertise, we will primarily contribute our experience and perspectives as a leading hospital group and customer of procurement services to the partnership,” explains Thomas Lemke, CEO of Sana Kliniken AG.

A Strong Partner for Healthcare Providers and Industry

Vivecti Group, headquartered in Berlin/Ulm, was founded under the name Prospitalia as a procurement group for hospitals. Over the years, the company has evolved into an integrated service provider for inpatient and outpatient healthcare providers and, together with Prospitalia, today comprises ten specialized group companies, including PCM, Wawibox, h-trak, and CoSolvia. As a comprehensive performance partner and digitalization pioneer, Vivecti supports its customers with procurement services and software, professional management and central services, as well as specialized consulting offerings.

Through the Sana procurement alliance, affiliated hospitals and healthcare facilities currently source goods worth approximately four billion euros under conditions negotiated by Sana Einkauf & Logistik GmbH with industry partners. The offering encompasses medical devices, consumables, capital goods, as well as pharmaceuticals and laboratory supplies. With integration into Vivecti Group, a total volume of more than seven billion euros emerges – creating one of Europe’s largest procurement alliances, from which numerous healthcare providers in Germany, Austria, and Switzerland will benefit in the future. Higher procurement volumes secure low price levels and thus comprehensively relieve the healthcare system. Simultaneously, combining both companies’ supplier partnerships leads to a more extensive product portfolio at competitively negotiated prices.

Together with Sana Einkauf, Vivecti will employ approximately 700 staff members and serve over 6,000 healthcare providers as customers across European healthcare. The goal of this step is to relieve economic pressure on hospitals, practices, and care homes, increase security of supply, and consistently advance digital innovations in procurement.

Sana’s hospital full-service supply (KVV) will remain a direct part of Sana Hospital Group and continue to supply over 150 owned and cooperating facilities from seven logistics centers with medical products – from ordering to modular supply to invoice processing. This preserves the proven structure and ensures security of supply and stability for the future.

Hospitals and Industry Benefit from Digital Competence

For affiliated hospitals, the combination opens a series of concrete advantages: They benefit from a strengthened position in procurement negotiations and from reliable supply – even during times of fragile supply chains. More efficient, digitally supported procurement and logistics processes provide additional relief. Simultaneously, the expanded network enables faster exchange of knowledge and best practices as well as comprehensive consulting in strategic supplier and category management.

Following the combination, there will be a particular focus on the digital competence that Vivecti brings to the partnership. Through consistent deployment of digital solutions, processes are to be optimized, workflows accelerated, and quality of supply in the healthcare system sustainably improved. AI-supported applications for procurement and logistics are to be used on a shared data basis – from master data management and data mapping to scanner-based warehouse management systems. The result: greater transparency, more efficient materials management, and strategically aligned procurement optimization.

Strengthening Outpatient Care

An important area of action is strengthening outpatient care – and thus supporting the politically demanded shift from inpatient treatments to the outpatient sector. Lean, digital processes and improved procurement conditions create the prerequisites for this. Vivecti already supports outpatient healthcare providers today – with intuitive materials management solutions and a digital marketplace for professional procurement, as well as with transparency and centrally negotiated procurement volumes that enable price advantages.

 

About Vivecti Group
Vivecti Group is an integrated, technology-supported healthcare partner. The portfolio encompasses procurement, managed services, and consulting, supported by proprietary platforms, data analytics solutions, and software tools. Under the holding company umbrella, specialized companies operate including Prospitalia, Pro Care Management, Wawibox, miralytik, h-trak, WMC/WMCF, Hospital Management Group, and CoSolvia. With approximately 550 employees, Vivecti generated revenue of 145 million euros in 2024.

About Sana Kliniken AG
Sana Kliniken AG is a leading integrated healthcare service provider in the German-speaking region. Comprehensive healthcare for four million patients annually extends from prevention services to outpatient and inpatient care to aftercare, rehabilitation, and the provision of medical aids and devices. These services are delivered nationwide across approximately 50 hospitals, 58 MVZ companies with about 550 physician positions, as well as over 60 medical supply stores and prevention practices combined. Additionally, Sana offers B2B services, including services and consulting for external hospitals, particularly in medical technology and management contracts. In 2024, approximately 41,500 employees generated revenue of 3.6 billion euros. The owners of Sana Kliniken AG, founded in 1976, are 24 private health insurance companies.

 

Media contacts:

Vivecti:

Harald Domke
FGS Global
Tel: +49 171 3383 836
Email: Harald.Domke@fgsglobal.com

Sana Kliniken AG:

Henning Stegmayer
Konzern-Bereichsleiter Unternehmenskommunikation
Tel: +49 151 7463 8356
Email: henning.stegmayer@sana.de

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French startup NxtFood (ACCRO) raises $58m to scale alt-meat platform, aims for profitability in 12-18 months

Agfund

While sales of plant-based meat are going backwards in many markets, French startup Nxtfood—best known for the ACCRO brand—has just secured a €49 million ($58 million) funding round on the back of rapid growth in retail and foodservice markets.

The round was backed by existing investors Creadev and Roquette Ventures, and new investors Clay Capital and IRD Invest (Groupe IRD).

The investment is Singapore-based Clay Capital’s first in plant-based meat alternatives, said managing partner Matthieu Vermersch. “We have long observed the plant-based meat market with caution, looking for the right alignment between product, strategy, and team. With Nxtfood, we have found a company that combines operational excellence at scale, European ambition, and a clear path to profitability – a challenge that few players in this sector are able to meet today.”

The capital will be used to expand production at Nxtfood’s site in Vitry-en-Artois, France, tripling its footprint to 12,000 square meters, and fund further R&D in high moisture extrusion.

It will also be used to accelerate sales and marketing in France via the ACCRO brand, and elsewhere in Europe via b2b and co-manufacturing opportunities, says the firm, which aims to achieve profitability in 12-18 months.

ACCRO products. Image credit: Nxtfood
Image credit: Nxtfood

Rapid growth

Founded in 2019 and with its first products into the foodservice market in late 2022, Nxtfood develops plant-based meat products from locally grown wheat and pea proteins. It claims to be the fastest-growing plant-based start-up in France, with 20+ products spanning alt chicken, beef and pork sold in all leading food retailers and 10,000+ foodservice outlets.

CEO Renaud Saïsset told AgFunderNews: “In 2022 we did €1 million ($1.2 million), last year we were at €9.2million ($10.8 million), and this year, we will finish the year at around €17.4 million ($20.5 million). So that’s a nice growth, but there’s still a lot to do.”

Reaching profitability is in part a function of economies of scale, said Saïsset. “With our new industrial plan, we will also improve efficiency and yield so we will improve our production margin, but we are also careful on controlling spending.”

The French alt meat market

While sales of meat alternatives are flat or down in many markets, the French market is growing at a double-digit rate, he claimed. “Retailers and foodservice companies want to catch the major part of this growth, so they are dedicating more space to these products and welcoming innovations, provided that they offer something new.

“Most of them have launched private labels, a key growth opportunity for us [as a co-manufacturer] … and they are investing in terms of advertising and promotions. The private label share of market is increasing very fast, so they are very excited about this category.”

On merchandising, he said, “There are still lots of questions to understand where would be the best place to put these products [in the store]. At the moment, most are gathered in the chilled prepared food area, and this seems to work. But they are thinking of other possibilities, so there are some tests to try to see what could be the best implementation in the future.”

In foodservice, meanwhile, “We are targeting all parts of the market,” said Saïsset. “QSR and commercial channels are working very well and it’s a good way of opening the market, because consumers are happy to try things [when they eat out] and discover this new generation of products. And then they are more eager to buy them in retail.

“There is also a strong opportunity in school canteens because there is experimentation in France to bring more plant-based menus. And this new generation of products is much more attractive because they don’t have so much waste. Before, with the plant-based menu that they proposed, they had a lot of waste, but now, the level of waste is the same as [conventional] meat.”

The trough of disillusionment  

Asked about the funding landscape, Saïsset said: “The global economic context is tougher than before, for sure. And I think investors have also been disillusioned about the plant-based market as expectations were too high. I think all the signs are good, but it takes time to change habits.”

In France, he said, the plant-based market “is a bit younger and less mature and if we are clever, we should learn from what happened in some other markets. We have to focus on bringing more innovation, not just more brands. I could see in the UK market some years ago for example that there were lots of brands, but they were all making the same products.”

While it’s only one factor, he said, consumers also want shorter ingredients list, balanced nutrition, and clean labels in the meat alternatives market.

“We have a very short ingredient list and a very clean product. We only have green [colors] in [front-of-pack nutrition labeling scheme] Nutri-Score and we are also very careful to bring the right level of proteins at the same level as meat, plus we are rich in fibers and low in saturated fat.”

The Nxtfood (ACCRO) team. Image credit Nxtfood
Image credit Nxtfood

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