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Thoma Bravo Completes Acquisition of Olo

Thomas Bravo

NEW YORK—Thoma Bravo, a leading software investment firm, today announced the completion of its acquisition of Olo Inc. (“Olo” or the “Company”), a leading open SaaS platform for restaurants, in an all-cash transaction valued at approximately $2.0 billion in equity value. The agreement to acquire Olo was approved by Olo stockholders at the Special Meeting of Stockholders held on September 9, 2025.

With the completion of the transaction, Olo stockholders are entitled to receive $10.25 per share in cash for each share of Olo common stock they owned. The Company’s common stock has ceased trading and will be delisted from NYSE.

“Olo has grown from a pioneer in digital ordering into a world-class platform that helps restaurants engage guests and drive profitable growth,” said Noah Glass, Olo’s Founder and CEO. “We are excited to continue our ambitious journey with Thoma Bravo. Together, we will take Olo’s mission further by scaling faster and innovating deeper, while continuing to deliver industry-leading reliability and exceptional experiences for restaurants and their guests.”

“Olo has built a powerful platform and strong relationships with some of the world’s most iconic and admired restaurants brands,” said Hudson Smith, a Partner at Thoma Bravo. “We are excited to support Noah and his team’s vision for the future of Olo and the restaurant technology space. We see enormous potential ahead for them to scale their business, expand their capabilities, and deepen their impact on how restaurants operate and connect with their guests.”

Advisors

Goldman Sachs served as the exclusive financial advisor and Goodwin Procter LLP served as legal counsel to Olo. Morgan Stanley served as the financial advisor and Kirkland & Ellis LLP served as legal counsel to Thoma Bravo.

About Olo

Olo is a leading restaurant technology provider with ordering, payment, and guest engagement solutions that help brands increase orders, streamline operations, and improve the guest experience. Each day, Olo processes millions of orders on its open SaaS platform, gathering the right data from each touchpoint into a single source—so restaurants can better understand and better serve every guest on every channel, every time. Over 750 restaurant brands trust Olo and its network of more than 400 integration partners to innovate on behalf of the restaurant community, accelerating technology’s positive impact and creating a world where every restaurant guest feels like a regular. Learn more at olo.com.

About Thoma Bravo

Thoma Bravo is one of the largest software-focused investors in the world, with over US$181 billion in assets under management as of June 30, 2025. Through its private equity, growth equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo’s deep sector knowledge and strategic and operational expertise, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20+ years, the firm has acquired or invested in approximately 555 companies representing approximately US$285 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, Dallas, London, Miami, New York and San Francisco. For more information, visit Thoma Bravo’s website at thomabravo.com.

Read the release on PR Newswire here.

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KKR agrees to acquire NewDay’s consumer credit portfolio from Cinven and CVC

CVC Capital Partners

Cinven and CVC have agreed to sell NewDay’s portfolio of consumer credit receivables to private credit funds and accounts managed by KKR, a leading global investment firm.

The transaction effectively separates NewDay’s credit balance sheet from NewDay’s origination and servicing business (“NewDay Operating Group”). KKR will enter into a multi-year forward flow agreement with the NewDay Operating Group in respect of its future origination. The underlying portfolios of consumer credit receivables originated by NewDay (the “Portfolios”) will continue to be operated and serviced as they are today by the NewDay Operating Group. Cinven and CVC will remain invested in the NewDay Operating Group, with KKR also investing in it as part of the transaction.

This highly innovative transaction brings together NewDay’s proven origination and servicing capabilities with KKR’s proven expertise in asset-based finance. The combination is expected to enhance NewDay’s ability to scale, broaden its reach, and continue delivering market-leading innovative credit and technology solutions to UK consumer and merchant partners.

The Portfolios will continue to be funded via NewDay’s existing securitisation structures. The NewDay Operating Group will continue to service its customers as it does today and remains committed to delivering exceptional customer outcomes across the Portfolios.

NewDay is a highly profitable and cash-generative business and has demonstrated consistently strong growth. In its half year results for the six months to 30 June 2025 NewDay reported a 30% increase in underlying profit before tax, at £107 million, and a 21% increase in gross receivables, at £5.2 billion. In February 2025, NewDay acquired economic ownership of the Argos Financial Services store card portfolio, with £834 million of gross receivables and 2.2 million customers, which will be included in this transaction. NewDay’s existing retail customers and merchant and technology partners will not see any changes as a result of the transaction.

Completion is anticipated to occur at the end of September 2025 subject to customary closing conditions.

John Hourican, CEO of NewDay, commented: “We are pleased to welcome KKR as a new shareholder and strategic partner. This transaction is a strong endorsement of NewDay’s platform, people, and performance, and reflects KKR’s confidence in our ability to deliver sustainable growth.

We also want to thank our shareholders Cinven and CVC, who have been exceptional partners since their investment in the business in 2017. Together we have built NewDay into a leading provider of consumer finance across multiple brands in the UK, serving c. 5.9 million customers.”

Quotes

NewDay has become the UK’s leading provider of digital embedded finance and credit card solutions, forged key partnerships with top British retailers and developed cutting-edge, next-generation proprietary technology.

Peter RutlandManaging Partner at CVC

Peter Rutland, Managing Partner at CVC, said: “We are pleased to have partnered with NewDay, supporting the company’s impressive growth journey. During this time, NewDay has become the UK’s leading provider of digital embedded finance and credit card solutions, forged key partnerships with top British retailers and developed cutting-edge, next-generation proprietary technology.”

Rebecca Hunter, Senior Principal at Cinven, said: “Together with the management team, we identified an important yet underserved area of the market where NewDay had leading underwriting expertise. Throughout our ownership, NewDay has continued to pioneer innovation in credit, whilst also demonstrating a resilient track record. We are proud to have played a role in NewDay’s success and are confident in the continued growth trajectory of the business.”

Varun Khanna, Partner and Co-Head of Asset-Based Finance at KKR, added: “We are pleased to enter into this strategic partnership with NewDay to support their continued growth and innovation in the UK consumer credit market. We also look forward to collaborating with Cinven and CVC, whose backing has helped establish NewDay as a leading provider of consumer finance. Through our Asset-Based Finance strategy, KKR is well-positioned to support NewDay’s expanding multi-brand platform as they deliver responsible credit solutions to millions of UK consumers.”

KKR’s investment comes from KKR-managed credit funds and accounts via the firm’s Asset-Based Finance strategy.

Barclays Bank PLC served as financial advisor and Clifford Chance LLP served as legal advisor to NewDay. Morgan Stanley & Co. International plc served as lead financial advisor and structuring agent, Societe Generale, London Branch served as lead structuring advisor and provided financial advice, KKR Capital Markets LLC served as arranger, and Latham & Watkins LLP served as legal advisor to KKR.

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KKR Agrees to Acquire NewDay’s Consumer Credit Portfolio from Cinven and CVC

KKR

Cinven and CVC have agreed to sell NewDay’s portfolio of consumer credit receivables to private credit funds and accounts managed by KKR, a leading global investment firm.

The transaction effectively separates NewDay’s credit balance sheet from NewDay’s origination and servicing business (“NewDay Operating Group”). KKR will enter into a multi-year forward flow agreement with the NewDay Operating Group in respect of its future origination. The underlying portfolios of consumer credit receivables originated by NewDay (the “Portfolios”) will continue to be operated and serviced as they are today by the NewDay Operating Group. Cinven and CVC will remain invested in the NewDay Operating Group, with KKR also investing in it as part of the transaction.

This highly innovative transaction brings together NewDay’s proven origination and servicing capabilities with KKR’s proven expertise in asset-based finance. The combination is expected to enhance NewDay’s ability to scale, broaden its reach, and continue delivering market-leading innovative credit and technology solutions to UK consumer and merchant partners.

The Portfolios will continue to be funded via NewDay’s existing securitisation structures. The NewDay Operating Group will continue to service its customers as it does today and remains committed to delivering exceptional customer outcomes across the Portfolios.

NewDay is a highly profitable and cash-generative business and has demonstrated consistently strong growth. In its half year results for the six months to 30 June 2025 NewDay reported a 30% increase in underlying profit before tax, at £107 million, and a 21% increase in gross receivables, at £5.2 billion. In February 2025, NewDay acquired economic ownership of the Argos Financial Services store card portfolio, with £834 million of gross receivables and 2.2 million customers, which will be included in this transaction. NewDay’s existing retail customers and merchant and technology partners will not see any changes as a result of the transaction.

Completion is anticipated to occur at the end of September 2025 subject to customary closing conditions.

John Hourican, CEO of NewDay, commented: “We are pleased to welcome KKR as a new shareholder and strategic partner. This transaction is a strong endorsement of NewDay’s platform, people, and performance, and reflects KKR’s confidence in our ability to deliver sustainable growth.

We also want to thank our shareholders Cinven and CVC, who have been exceptional partners since their investment in the business in 2017. Together we have built NewDay into a leading provider of consumer finance across multiple brands in the UK, serving c. 5.9 million customers.”

 

Peter Rutland, Managing Partner at CVC, said: “We are pleased to have partnered with NewDay, supporting the company’s impressive growth journey. During this time, NewDay has become the UK’s leading provider of digital embedded finance and credit card solutions, forged key partnerships with top British retailers and developed cutting-edge, next-generation proprietary technology.”

 

Rebecca Hunter, Senior Principal at Cinven, said: “Together with the management team, we identified an important yet underserved area of the market where NewDay had leading underwriting expertise. Throughout our ownership, NewDay has continued to pioneer innovation in credit, whilst also demonstrating a resilient track record. We are proud to have played a role in NewDay’s success and are confident in the continued growth trajectory of the business.”

 

Varun Khanna, Partner and Co-Head of Asset-Based Finance at KKR, added: “We are pleased to enter into this strategic partnership with NewDay to support their continued growth and innovation in the UK consumer credit market. We also look forward to collaborating with Cinven and CVC, whose backing has helped establish NewDay as a leading provider of consumer finance. Through our Asset-Based Finance strategy, KKR is well-positioned to support NewDay’s expanding multi-brand platform as they deliver responsible credit solutions to millions of UK consumers.”

 

KKR’s investment comes from KKR-managed credit funds and accounts via the firm’s Asset-Based Finance strategy.

Barclays Bank PLC served as financial advisor and Clifford Chance LLP served as legal advisor to NewDay. Morgan Stanley & Co. International plc served as lead financial advisor and structuring agent, Societe Generale, London Branch served as lead structuring advisor and provided financial advice, KKR Capital Markets LLC served as arranger, and Latham & Watkins LLP served as legal advisor to KKR.

ENDS

 

Media enquiries

For further information, please contact

Investor Relations:

 

investor.relations@newday.co.uk

Sodali & Co

 

 

 

Tel: +44 (0)207 250 1446

Email: newday@sodali.com

Cinven

Clare Bradshaw

Tel. +44 (0)7881 918 967

Email: clare.bradshaw@cinven.com

Alison Raymond

Tel. +44 (0)7826 856 198

Email: alison.raymond@cinven.com

Brunswick Group (Advisers to Cinven)

bgcinven@brunswickgroup.com

Joanna Donne

Tel. +44 (0)7834 307 881

Email: jdonne@brunswickgroup.com

Max McGahan

CVC

Nick Board

KKR

FGS Global (Advisers to KKR)

Alastair Elwen

Tel. +44 (0)7834 502 369

Email: mmcgahan@brunswickgroup.com

Tel: +44 (0)203 906 9700

Email: nboard@cvc.com

Tel: +44 (0)207 251 3801

Email: KKR-Lon@FGSGlobal.com

About NewDay

NewDay is a leading UK consumer credit provider serving c.5.9 million customers through a multi-brand strategy that includes credit builder products, co-branded credit cards, and embedded finance solutions. Operating across prime and near-prime segments, NewDay offers proprietary and co-branded products through long-standing partnerships with major UK retailers and financial institutions. The company combines deep underwriting expertise with a scalable technology platform to deliver responsible credit solutions and drive sustainable growth. With a strong technology platform and proven origination and servicing capabilities, NewDay drives growth and innovation in the UK credit market.

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 Cinven

Cinven is a leading international private equity firm focused on building world-class global and European companies. Its funds invest in six key sectors: Business Services, Consumer, Financial Services, Healthcare, Industrials and Technology, Media and Telecommunications (TMT). Cinven has offices in London, New York, Frankfurt, Paris, Milan, Madrid, Guernsey and Luxembourg. Cinven takes a responsible approach towards its portfolio companies, their employees, suppliers, local communities, the environment and society.

Cinven Limited is authorised and regulated by the Financial Conduct Authority. Cinven Fund Management S.à r.l. is authorised and regulated by the Commission de Surveillance du Secteur Financier. In this press release ‘Cinven’ means, depending on the context, any of or collectively, Cinven Holdings Guernsey Limited, Cinven Partnership LLP, and their respective Associates (as defined in the Companies Act 2006) and/or funds managed or advised by any of the foregoing. For additional information on Cinven please visit www.cinven.com and www.linkedin.com/company/cinven/.

About CVC

CVC is a leading global private markets manager with a network of 30 office locations throughout EMEA, the Americas, and Asia, with approximately €200 billion of assets under management. CVC has seven complementary strategies across private equity, secondaries, credit and infrastructure, for which CVC funds have secured commitments of over €260 billion from some of the world’s leading pension funds and other institutional investors. Funds managed or advised by CVC’s private equity strategy are invested in approximately 140 companies worldwide, which have combined annual sales of over €168 billion and employ over 600,000 people. For further information about CVC please visit: https://www.cvc.com/. Follow us on LinkedIn.

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Penguin Ai Accelerates Agentic AI for Healthcare with Snowflake Ventures Investment

Snowflake

Across every industry, organizations are adopting AI to drive new efficiencies and improve decision-making. The healthcare industry is complex and highly regulated. Compliance with regulatory statutes is mandatory, given the myriad rules around protected health information (PHI). The first step on the AI journey is building a robust data foundation, governance and security framework. Solving this challenge requires a new approach that can navigate these intricacies and unlock true efficiency.

The healthcare industry also expects an outcomes-driven approach to AI. That’s why we are thrilled to announce that Snowflake Ventures is investing in industry-AI disruptors like Penguin Ai to deliver innovations purpose-built for healthcare.

Penguin Ai has built a full-service, enterprise-grade AI platform to empower healthcare organizations to embrace AI with confidence and drive measurable outcomes across both the payer and provider ecosystem.

Founded in 2024 by the former chief data officer at Kaiser Permanente, United Healthcare and Optum, Penguin Ai delivers powerful, compliant AI solutions that reimagine complex healthcare workflows. The platform offers pre-trained AI models and sophisticated AI-based Digital Workers and Agents that automate high-cost, high-volume and data-intensive tasks. These include critical back-office processes like: prior authorization, medical coding, and HCC risk coding.

With this investment, Penguin Ai will bring its agentic AI solutions to the Snowflake Marketplace through a series of Snowflake Native Apps, empowering our customers to deploy fine-tuned healthcare LLMs and AI agents. This integration keeps sensitive data within the customer’s own Snowflake account and is designed to accelerate key industry workflows:

  • For payers: Streamline prior authorization, optimize claims processing, enhance HCC coding and risk analysis, appeals and grievances management, and payment integrity.
  • For providers: Automate medical coding, modernize document management and fax processing, streamline denials and appeals management, and accounts receivable (A/R) recovery.
  • For revenue cycle management: Enhance claims processing, enable AI-assisted billing and revenue capture, and automate denials and appeals.

At Snowflake, our mission is to help every enterprise achieve its full potential through data and AI. This investment brings Penguin Ai’s specialized applications into the Snowflake AI Data Cloud, giving our healthcare customers a powerful new way to accelerate their AI journey.

Get ready for Penguin Ai’s Snowflake Native App, launching soon on Snowflake Marketplace. To see how Snowflake is already empowering the industry, explore our solutions for healthcare and life sciences here.

Ebook

The Snowflake Life Sciences Playbook for AI, Apps and Data Collaboration

Explore 4 key industry use cases and over 10 leading AI, apps and data solutions.

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Nea – From Algorithms to Atoms: Our Investment in CuspAI

NEa

It’s often said that the next decade is the age of atoms rather than bits. We believe advances in the latter will unlock breakthroughs in the former.

Looking at the evolution of intelligent systems, we can identify three distinct eras:

  1. First came the era of systems built on formal (mathematical) models and simulations, generating synthetic data and reasoning within well-defined, logic-driven, and largely deterministic representations of the world. Manual experiments by scientists persisted in this first era and were essential for validating and calibrating the models and simulations.
  2. Next was the era of systems that learned directly from large-scale experimental data, using statistical and probabilistic methods to capture patterns and make predictions from observed reality.
  3. The emerging era will blend these paradigms into agentic, closed-loop systems that can define goals, design and run simulations, select viable paths, commission physical experiments, interpret results, and adapt their strategies iteratively without human micromanagement. By tightly coupling in-silico design with real-world validation in rapid feedback cycles, these systems will accelerate computational discovery and extend intelligent problem-solving into complex domains of the physical world.

CuspAI is spearheading this emerging era in computational materials science, where novel materials can be generated, synthesized, tested and validated in months instead of the 10-20 year horizon the industry has learned to expect. Based in Cambridge, UK with teams across Amsterdam and Berlin, CuspAI has demonstrated exceptional vision and execution: building state-of-the-art models, partnering with industry leaders across different domains, and gathering a stellar team with more than 2 million citations collectively. The company’s innovative approach to computational materials science aligns perfectly with our investment philosophy in backing exceptional talent with a pragmatic approach to solving world-changing problems in high-impact industries. And that is why we are thrilled to have led their Series A financing round.

Why Materials Science?

Materials underpin nearly everything: the homes and infrastructure we build; energy generation, storage, and transmission; mobility and aerospace; computing, communications, and sensing; clean water and food systems; health care and medical devices; textiles and packaging; and national security. Advancements here ripple across the economy.

Historically, discovering a new material is slow and expensive – often a decade or more and tens to hundreds of millions of dollars from idea to deployment[1].

CuspAI’s platform uses inverse design – starting with target properties and working backward to propose candidates – then evaluates stability, performance, and manufacturability through fast feedback loops. In practice, that means high-fidelity simulations, learned surrogate models, degradation pathway modeling, and constraint-aware generation informed by experimental data.

The acceleration of materials discovery enables:

  • Addressing emerging challenges. e.g., filtration of PFAS (“forever chemicals”) from drinking water and industrial discharge.
  • Tackling persistent bottlenecks. e.g., safer solid-state electrolytes, longer-cycle batteries, low-loss power electronics, corrosion-resistant coatings, high-performance membranes for desalination and gas separation. 
  • Anticipate future demand. e.g., lightweight, high-temperature alloys for aerospace; rare-earth-lean magnets; thermal interface materials for data centers; recyclable or bio-derived polymers for packaging and apparel.

Why CuspAI?

We believe CuspAI has amassed a set of unique resources and strategies that are unparalleled in this space:

Professor Max Welling and Dr. Chad Edwards, co-founders of CuspAI

Stellar, interdisciplinary team: CuspAI is led by a highly reputable, interdisciplinary team that brings together deep expertise in ML, computational chemistry, and industrial process engineering — as exemplified by the co-founders.

  • Dr. Chad Edwards (Co-founder & CEO) was previously the Commercial Co-Founder of Cambridge Quantum Computing (CQC). He later served as VP of Strategic Partnerships and Global Head of Strategy at Quantinuum following CQC’s merger with Honeywell.
  • Professor Max Welling (Co-founder & CTO) is a Professor at University of Amsterdam, and previously VP Technology at Qualcomm AI Research and Distinguished Scientist at Microsoft Research. He is considered a pioneer in AI’s application to science, variational inference, probabilistic deep learning, and geometric deep learning.

Focus on large scale, curated data collection: CuspAI recognizes that high-quality, large-scale data is foundational to building state-of-the-art models. The team has made early and deliberate investments in building proprietary datasets at scale, including MOFs, to enable models that are both high-performing and generalizable across material classes. In addition, CuspAI runs tight integrations with downstream experimental data pipelines for simulation, synthesis, and testing workflows. This is also complemented by academic and scientific literature through licensing agreements.

Partnering with industry leaders across various domains: CuspAI partners directly with commercially successful businesses and industry leaders to drive impact at scale – aligning closely with partners’ priorities, and building deep collaborations across sectors like energy, climate, automotive, and semiconductors. In addition, CuspAI has assembled a distinguished advisory board that includes Nobel laureate Geoff Hinton (Turing Award laureate, deep learning pioneer), Yann LeCun (Turing Award laureate, Chief AI Scientist at Meta), Lord John Browne (former CEO of BP), Martin van den Brink (former President & CTO of ASML), Verity Harding (former Global Head of Policy at DeepMind), and Prof. Kristin Person (a leading figure in materials science).

Achieving SOTA model performance: CuspAI’s core model stack is fully proprietary, designed to cover end-to-end materials discovery lifecycle from micro-scale design (molecular and atomic levels) to macro-level deployment (process and manufacturability). The CuspAI platform includes a suite of generative models like MOFGEN, a state-of-the-art autoregressive transformer for metal-organic frameworks (MOFs) that achieves a VUN (valid, unique, novel) rate of 49%, which outperforms by a large margin models from Microsoft (10%) and Meta (16%)[2]. Unlike simpler inorganic generators, MOFGEN produces highly complex, synthesizable structures validated against strict physical and chemical constraints and tested against experimental data generated from industry partners.

The Future of Materials

We believe that CuspAI will play a crucial role in shaping the future of materials discovery for generations to come, and will touch many aspects of our physical world from the chips powering our machines to ensuring the sustainability of our environment.

With our investment, CuspAI will be able to accelerate its research and development efforts, expand its market reach, and further solidify its position as a leader in the domain. We are thrilled to partner with Chad, Max, and the entire CuspAI team. Their vision and ambition have the potential to reshape the world, and we can’t wait to be part of that journey.

by Lila Tretikov, Philip Chopin, Andrew Schoen and Aya Somai

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Ahlsell welcomes new investors and extends its partnership with CVC in preparation for further growth

CVC Capital Partners

Ahlsell, the leading B2B industrial distributor of technical products in the Nordics, is pleased to welcome a select group of blue-chip investors into the shareholder base, alongside controlling shareholder CVC and management, to support the next phase of growth.

Founded in 1877 and with headquarters in Stockholm, Ahlsell has a long track record of compounding growth through a combination of organic expansion and acquisitions. During the partnership with CVC over the past decade, Ahlsell has successfully executed on its differentiated multi-vertical strategy, developed its omnichannel presence and completed over 100 synergistic acquisitions. Ahlsell is also a leader in sustainability and was awarded a platinum rating by EcoVadis placing it among the top 1% of rated companies globally.

Claes Seldeby, President & CEO of Ahlsell, comments: “Over the past years, Ahlsell has achieved remarkable results reflecting our strong dedication to improving our value proposition for customers and suppliers. Today, we are a specialist across 12 verticals serving a broad customer base across industry, infrastructure and installation with mission-critical products. CVC’s supportive partnership has been instrumental to this success and we are delighted that they are extending their support. We look forward to continuing to execute our well-defined and ambitious growth plans over the coming years to the benefit of all our stakeholders.”

Quotes

Ahlsell is an exceptional business with a Swedish heritage, a differentiated value proposition, and a leading position in a large and attractive market.

Gustaf Martin-LöfPartner at CVC

Gustaf Martin-Löf, Partner at CVC, said: “Ahlsell is an exceptional business with a Swedish heritage, a differentiated value proposition, and a leading position in a large and attractive market. As the lead investor for more than a decade, we have come to fully appreciate the repeatability of the model and how the growth opportunity has expanded over time as we have deployed the multi-vertical model across the Nordics. We are deeply impressed by the achievements of the management team who have built a resilient champion addressing the maintenance and repair needs as well as the structural investments in industry and infrastructure in the Nordic economies. We are pleased to welcome new investors on this continued journey.”

The transaction is expected to close in Q4 2025. BofA Securities and Lazard acted as financial advisors to CVC who will remain the controlling shareholder post completion.

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KKR Appoints Mikael Markman to Lead Its Family Capital Client Business in France

KKR

Paris, 11th September 2025 – KKR, a leading global investment firm, today announced the appointment of Mikael Markman as a Managing Director within KKR’s Global Client Solutions business, where he will lead the firm’s Family Capital efforts in France. Based in Paris, Mikael will be responsible for expanding KKR’s presence among families, founders and entrepreneurs across French-speaking markets in EMEA, helping to deepen relationships and identify long-term opportunities for partnership.

Mikael joins KKR from Nomura in Paris, where he served as Managing Director and Head of French Sponsors. In that role, he advised both domestic and international financial sponsors on a wide range of M&A and financing mandates, working in close collaboration with family offices, founders, managers and private capital investors. Earlier in his career, Mikael held roles at Rothschild, Morgan Stanley, and UBS, serving in their Financial Institutions Groups across London and Paris.

Doug Brody, Partner and Head of Americas and EMEA Family Capital at KKR, commented:
“We are thrilled to welcome Mikael as our dedicated senior relationship lead for Family Capital in France and French speaking markets. His deep knowledge of the local market and trusted relationships with business owners, founders, managers and family offices will be instrumental as we continue to originate differentiated investment and capital markets opportunities and deliver tailored solutions across asset classes. Mikael’s appointment underscores our commitment to serving the evolving needs of family capital through aligned, long-term partnerships.”

Jérôme Nommé, Partner and Head of KKR France, added: “Mikael’s arrival comes at an important time as we continue to expand our Paris office and deepen our engagement with France’s family-owned businesses and entrepreneurial community. With more than two decades of experience in the French market, KKR remains committed to supporting local clients with global expertise, and Mikael will be instrumental in strengthening those long-term relationships.”

Mikael Markman, Managing Director and Head of Family Capital in France, said: “I am delighted to join KKR and to contribute to its successful Family Capital platform. The opportunity to collaborate with clients and colleagues across the firm, and to deliver bespoke, solutions-led partnerships to family offices and entrepreneurs, is incredibly exciting. I look forward to building meaningful, multi-generational relationships that reflect KKR’s long-term vision and global capabilities.”

KKR’s Family Capital business, established in 2014, partners with families, founders, and entrepreneurs to form long term partnerships with an ownership mindset. The platform originates investment and capital markets opportunities and offers access to KKR’s diverse global investment strategies, including private equity, real assets, credit and insurance.

Across France and Europe, KKR aligns its interests with clients by investing alongside them and providing access to the firm’s full global expertise – from investment professionals to a broad network of industry partners.

Mikael’s appointment reinforces KKR’s long-standing commitment to France, where it has maintained a local presence for over 20 years. Paris is a key European hub, underscoring KKR’s belief in the creativity and resilience of French entrepreneurs. Since 2002, KKR has invested over €10 billion in French businesses, supporting founders and families with flexible capital and global expertise to help scale operations, create jobs, and compete internationally.

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

FGS Global

Charles O’Brien

+33 (0)6404 21348

KKR_France@FGSGlobal.com

 

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KKR Completes Tender Offer for Topcon

KKR

TOKYO–(BUSINESS WIRE)– KKR, a leading global investment firm, announced today the completion of its tender offer for the common shares and stock acquisition rights, etc. of Topcon Corporation (“Topcon” or the “Company”; TSE stock code: 7732) on September 10, 2025. The tender offer was made through TK Co., Ltd. (the “Offeror”), an entity owned by funds managed by KKR.

Following the completion of the tender offer, the Offeror is expected to acquire 84,648,472 common shares and stock acquisition rights (equivalent to 100,000 shares post-conversion) of Topcon, representing a total ownership ratio of 80.32%. This result exceeds the minimum threshold of 50.10% required to privatize the Company and facilitate a management buyout. Settlement will commence on September 18, 2025.

In addition to the Topcon shares acquired through the tender offer, the Offeror aims to acquire all remaining shares through either a share transfer or a share consolidation process to achieve full ownership of Topcon. In the event a share consolidation will be implemented, an extraordinary shareholders’ meeting is planned for early November.

Topcon leverages its optical and precision measurement technologies to provide leading global hardware product development and manufacturing, while also delivering unique digital transformation solutions that integrate IoT platforms, AI, and other advanced technologies. Topcon is pursuing its long-term vision leading up to its 100th anniversary in 2032, and the Company has been implementing its “Mid-Term Management Plan 2025” covering the fiscal years 2023–2025. Under this plan, Topcon has pursued sustainable business growth and improved profitability by deepening its orientation towards customers, and as the next step, the Company aims to evolve into “New Topcon 2.0,” a business structure that will further accelerate the competitiveness of the Topcon Group.

KKR is making this investment predominantly from its Asian Fund IV.

This press release should be read in conjunction with the “Notice Regarding the Results of the Tender Offer for Topcon Corporation (Securities Code: 7732)” which is available on TDNet and Topcon’s website.

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 KKRs website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Media Contacts
Wei Jun Ong
+65 6922 5813
weijun.ong@kkr.com

Samuel Brustad
+81 90 7094 2523
samuel.brustad@kkr.com

Source: KKR

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Ardian and Rockfield acquire student housing project in Aachen’s “Blue Gate” from HLG Real Estate

Ardian

First transaction in Germany under their pan-European student housing strategy, which already includes investments of more than €700 million and around 6,000 beds across Europe
● 300 student apartments and nearly 2,200 sqm of commercial space are part of the large-scale “Blue Gate” project in Aachen
● HLG continues to be responsible for the project development; completion and handover of the apartments are scheduled for summer 2026

Ardian, a world-leading private investment firm, and Rockfield Real Estate, a vertically integrated living platform, have acquired a student residence in Aachen comprising 300 studio apartments and 2,200 sqm of commercial space under their pan-European strategy dedicated to Purpose-Built Student Accommodation (PBSA). As part of the large-scale “Blue Gate” project, the student residence is located in the immediate vicinity of Aachen’s central railway station and also includes a hotel and office space. Completion of the student apartments is planned for summer 2026, so that occupancy can take place in the winter semester 2026/27. This transaction marks the first investment of Ardian and Rockfield’s PBSA strategy in Germany.

The project was acquired from HLG Real Estate, a Muenster-based firm specializing in the development of commercial and mixed-use properties and neighborhoods, who themselves had acquired “Blue Gate” in early 2025. While not part of the transaction, the hotel component of the development has already been leased, and office space leasing is nearing completion. HLG will finalize the “Blue Gate” project in 2026 and subsequently transfer it to the designated users and new owners.

The mixed-use property enjoys a prime location in the center of Aachen, near RWTH and CBS University of Applied Sciences. The project will offer high-quality common areas both indoors and outdoors, supported by a dedicated on-site team. Each fully furnished apartment measures approximately 21 sqm, occupying floors one through five and contributing to a gross floor area of roughly 8,400 sqm. The ground floor, spanning 2,900 sqm, includes generous communal spaces with thoughtfully designed residents’ amenities offering an exceptional lifestyle experience as well as commercial units, 80% of which have already been pre-leased.

Aachen is a renowned university hub with about 60,000 students and growing international demand that is furthered by its location at the crossroads of Germany, Belgium and the Netherlands.

The acquisition of the “Blue Gate” student housing complex builds upon previous transactions in Maastricht, Leiden, Florence, Bologna, Amsterdam, Milan, and Barcelona. Since its launch less than a year ago, the strategy has deployed capital exceeding €700 million in gross asset value, equating to approximately 6,000 beds. By the end of 2025, the PBSA strategy targets assets under management totaling €1 billion, sourced from a range of institutional investors.

Ardian’s and Rockfield’s strategy is to create a diversified portfolio of high-quality assets, focusing on European markets (especially Germany, the Netherlands, Italy, Iberia and France) where student housing is in high demand and short supply in leading education hubs, characterized by a strong concentration of universities, a growing student population, and limited existing PBSA provision.

With a core+ focus, the strategy aims to create value by enhancing the operational performance of its assets, as well as their potential to contribute to the global effort of reducing GHG emissions in line with the Paris Agreement.

“With this transaction, we are now also entering Germany’s student housing market. As a university city, Aachen benefits not only from its proximity to Belgium and the Netherlands but also attracts students from all over the world due to its highly regarded universities. This acquisition, structured as a forward deal, is another important building block of our platform strategy to further strengthen our presence in Europe.“ Nico Rheims, Managing Director Real Estate, Ardian

“Our entry into the competitive German market demonstrates the consistent progress with our strategy to build a diversified pan-European PBSA portfolio. Within less than a year, we have established a presence in all defined core markets, in some markets even through multiple investments, remaining well-capitalized to look for opportunities in further key locations in Germany and other European countries. Given our investment pipeline, we are very confident in our ability to sustain this momentum. This brings us steadily closer to our goal of taking a leading position in the European PBSA market, offering our residents a wide range of options in leading European cities.” Juan Manuel Acosta, CIO, Rockfield

“The international aspect of ‘Blue Gate’ was already a decisive factor when acquiring the project. Located at the crossroads where Belgium, the Netherlands, and Germany meet, it is also well connected due to its proximity to the main train station. Aachen’s reputation as a center for science and education attracts individuals from all over Europe and beyond. We therefore consider it a logical development that Ardian and Rockfield have joined the project as new international partners, selecting ‘Blue Gate’ as entry point for their PBSA strategies in Germany. We are pleased to welcome them on board.” Dirk Brockmann, Managing Director, HLG Real Estate

Ardian and Rockfield were advised by Clifford Chance, KVL, Arup, Linklaters (Lux), Belform and Eastdil Secured.
HLG Real Estate was supported by Reius, Heuking, AUDAX and Drees & Sommer.

ABOUT ARDIAN

Ardian is a world-leading private investment firm, managing or advising $180bn 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.

www.rockfieldrealestate.com

ABOUT HLG

HLG Real Estate GmbH & Co. KG specializes in the development of commercial and mixed-use properties and urban districts. Our approach places a strong emphasis on identifying potential synergies within the local environment and collaborating closely with all relevant stakeholders. We design customized concepts tailored to the specific needs of users, municipalities, and residents, while taking into account unique local conditions. In response to the scarcity of space, HLG Real Estate has focused intensively on mixed-use solutions, exploring the integration of retail with other types of use such as residential, office, commercial, and leisure facilities. Throughout every project, we uphold transparent and reliable communication with property owners, existing tenants, municipalities, authorities, and local communities. Furthermore, we ensure effective and efficient coordination among all project partners, including architects, engineers, and construction firms.

www.hlg-muenster.de

Media Contacts

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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FSN Capital Confluence: Saferoad Group accelerates international growth with strategic acquisitions across Europe

Fsn Capital

Saferoad, a leading player in road safety and infrastructure solutions, continues its expansion, announcing four strategic add-ons so far in 2025: Total Trafikkhjelp, PMF Stalen Masten, Signalinea and GATAS. These acquisitions contribute to growing the company’s footprint across Europe, as well as extending its service offerings.

Headquartered in Oslo, Norway, Saferoad was acquired by FSN Capital Confluence* from FSN Capital V** in August 2024, to build on the company’s successful platform and support its next phase of organic and inorganic growth.

In 2025 to date, Saferoad has closed four strategic acquisitions, which strengthen the company’s ability to deliver industry-leading services and products to support infrastructure and road safety across Europe.

Total Trafikkhjelp is northern Norway’s largest player in work safety and aims to become a leader in traffic safety and work safety. This acquisition marks a significant step in strengthening Saferoad’s presence in the northern Norwegian road traffic market, while growing its exposure to a comprehensive range of road safety services.

PMF Stalen Masten is a prominent Dutch company in the steel pole industry. Specializing in customization, the company has a solid market positioning and complements Saferoad’s existing resources in serving infrastructure improvement across Europe.

Signalinea is a leading service provider for installation of restraint systems, road marking and road works based in Croatia, serving the Adriatic region. Signalinea will enable Saferoad to grow in Southern European markets, alongside supporting expansion in installation services within road safety.

GATAS is a Lithuanian company delivering services in road marking and road safety equipment installation and maintenance. This acquisition will further expand Saferoad’s international presence, with Saferoad and GATAS forming a joint service business strengthening road safety in Scandinavia, Lithuania, Poland, and beyond.

Taek Lim, SVP Strategy and M&A at Saferoad Group, commented: “We have executed the recent acquisitions along our integrated processes from strategic search fields to transactions. With these structures, we will continue to further develop our business portfolio and create value through synergies with attractive companies.”

Bernd Frühwald, CEO at Saferoad Group, added: “With these four acquisitions we are accelerating our strategic plans for providing better quality of life through Infrastructure products and services across Europe. I’m delighted to welcome the teams from Total Trafikkhjelp, PMF Stalen Masten, Signalinea and GATAS to Saferoad. Together, we will keep investing in people and technology to serve our customers even better.”

Ulrik Smith, Co-Managing Partner at FSN Capital Partners (investment advisor to the FSN Capital Funds), commented: “The Saferoad team has built the Group into a scaled, pan-European provider of infrastructure solutions. Having established Saferoad as a well performing organic platform, the company is now ready to also grow through select acquisitions in order to strengthen its service offering across its most attractive market segments. We are impressed by what management has achieved so far, and look forward to supporting the company’s continued growth in this attractive industry”.

Strategic M&A is a core element of value creation for the FSN Capital Funds. Since 2024, the FSN Capital Funds have successfully completed 84 accretive add-on acquisitions.

*FSN Capital Confluence GP Limited acting in its capacity as general partner for and on behalf of each of FSN Capital Confluence L.P. and FSN Capital Confluence Invest L.P. ​
**FSN Capital GP V Limited acting in its capacity as general partner for and on behalf of each of FSN Capital V L.P., FSN Capital V (B) L.P. and FSN Capital V Invest L.P.​

 

About Saferoad
The Saferoad Group is a leading supplier, advancing road safety and steel infrastructure solutions across Europe and beyond. With a rich history spanning 100+ years in the industry, we take pride in being at the forefront of innovation, quality, and expertise in the realm of infrastructure solutions and services. We are steadfast in our commitment to enhancing safety on the roads and contributing positively to the future of road safety and infrastructure. The Group comprises 3000 employees across 14 countries. Learn more about the Group here.

About FSN
Established in 1999, FSN Capital Partners is a leading Northern European private equity firm and investment advisor to the FSN Capital Funds. FSN Capital Partners has a team of more than 100 across Oslo, Stockholm, Copenhagen, and Munich. FSN Capital Funds have more than €4 billion under management and make control investments in growth-oriented Northern European companies, to support further growth and to transform companies into more sustainable, competitive, international, and profitable entities.

Our ethos, “We are decent people making a decent return in a decent way” defines our core values. We are committed to being responsible investors and having a positive environmental and social impact across our portfolio while achieving market-leading returns.

Learn more about FSN Capital and our team on our website: www.fsncapital.com

For more information, please contact the following persons:

Sara Sørlie, Saferoad Group
sara.sorlie@saferoad.com

Angela Wu, FSN Capital Partners
angela.wu@fsncapital.com

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