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Platinum Equity to Acquire Anuvu

Platinum

LOS ANGELES, CA (August 18, 2025) – Platinum Equity announced today that it has signed a definitive agreement to acquire Anuvu, a leading provider of global entertainment and high-speed connectivity solutions for airlines, VIP/VVIP aircraft, cruise lines and other mobility end-markets.

  • Headquartered in Lombard, IL, Anuvu serves more than 150 airline and 30 cruise-line customers worldwide. The company operates two primary divisions:
  • Media Technology Services: Licenses, distributes, localizes and delivers entertainment content for aviation, maritime and non-theatrical end markets, with a catalog of more than 400,000 titles
  • Connectivity: Provides telecommunications equipment, broadband satellite Internet access, passenger management services, and analytics solutions to airline customers.

“Anuvu is a leader in delivering exceptional entertainment experiences to global aviation customers and has developed highly innovative and technologically advanced satellite connectivity and content delivery platforms”

Jacob Kotzubei, Co-President, Platinum Equity

“Anuvu is a leader in delivering exceptional entertainment experiences to global aviation customers and has developed highly innovative and technologically advanced satellite connectivity and content delivery platforms,” said Platinum Equity Co-President Jacob Kotzubei. “As passenger traffic continues to grow, we are encouraged to see carriers making substantial new investments in both connectivity and entertainment, improving passenger and guest experiences. We look forward to working with Anuvu’s leadership team to capitalize on these tailwinds and other opportunities to grow the business.”

Joshua Marks, CEO of Anuvu, who has been with the company for 10 years and helped the business navigate through COVID and a subsequent transformation, will continue in his role following the acquisition.

“We’ve made strong progress in recent years by investing in both technology and content, focusing on our core strengths in the aviation and cruise markets. We recently activated the Anuvu Constellation, providing dedicated aviation satellite capacity over North America. In parallel, we continue to expand our Media partnerships to license, localize and distribute distinctive content to the world’s leading airlines and cruise lines,” said Marks. “We are excited to partner with Platinum Equity to leverage their financial expertise, global capabilities, and operational know-how supporting fast-growing portfolio companies.”

Platinum Equity has deep experience investing in technology and media businesses. Its current portfolio includes Deluxe, a leading provider of end-to-end post-production services for the world’s leading content production studios.

“Anuvu’s long-standing customer relationships, talented employees and global footprint provide a strong platform for organic growth,” said Platinum Equity Managing Director Dan Krasner. “We also see opportunities to leverage Anuvu’s content and technology capabilities to expand further into adjacent markets, including non-theatrical verticals, media processing and delivery, advertising and other custom services.”

Financial terms were not disclosed. The acquisition is expected to close in the fourth quarter calendar year 2025, after the receipt of required regulatory approvals.

Drake Star is serving as the exclusive financial advisor to Anuvu.

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 Anuvu

Anuvu connects and entertains the world’s passengers. Our award-winning content and connectivity solutions are reliable, scalable, and tailored to our customers’ brands and service objectives. With a flexible and agile approach, we maximize the technology available today, while optimizing for tomorrow.

Some of the most experienced professionals in the industry lead our teams and this, together with our long-standing client relationships, means we never stand still.

Anuvu. Let Innovation Move You.

Follow Anuvu on LinkedIn for further updates and insights.

 

Contacts:
Dan Whelan
Platinum Equity
dwhelan@platinumequity.com

Caroline Smith
Anuvu
caroline.smith@anuvu.com

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Celebrating BlueStone’s IPO: A decade of design, trust, and quiet endurance

Accel

Celebrating BlueStone’s IPO: A decade of design, trust, and quiet endurance

Today, as BlueStone rings the bell, we feel immense gratitude. From our first conversations with Gaurav over a decade ago to seeing the company list today, it has been our privilege to be their first partners on day zero.

Why we leaned in so early
Back then, we were mapping India’s e-commerce landscape with a prepared mind. Jewelry stood out as a category where brand, design, and supply would define success more than marketplace placement. It was during that time we first met Gaurav, an operator who thought from first principles, carried the curiosity to master a new category, and the humility to keep challenging assumptions. That conviction gave us the confidence to back him early.

A hyperlocal and customer-obsessed thesis for India
Global playbooks suggested solitaires. Gaurav believed India would lead with gold and with design. Jewelry here would be defined by everyday wear, not just wedding trunks. It would not be a logistics or price game, but a brand and taste game. That thesis has shaped BlueStone’s trajectory and proven right.

Trust by design
BlueStone pioneered high-fidelity 3D rendering so customers could see the sparkle, not imagine it. They introduced home try-ons with alloy replicas and transparent exchange policies that reflected real buying behavior. These were deliberate choices to build confidence first, conversion next.

Building full-stack, before it was fashionable
Gaurav was arguably the first startup entrepreneur in India to think full-stack in a consumer category. He understood that disrupting an industry like jewelry needed a rethink at multiple levels, not just the front-end tech stack. From design and visualization to supply chain and retail, he built capabilities end-to-end. This included setting up multiple manufacturing centers, with Jaipur today being one of the largest in the country. This approach gave BlueStone control over quality, speed, and innovation that few competitors could match.

Omnichannel, with tech at the core
Long before it was consensus, BlueStone treated online and offline not as a trade-off but a continuum. Stores followed, thoughtfully. Inventory followed, scientifically. What sets them apart is how a design-first brand embedded a tech-first backbone. An ML-driven engine allocates designs across hundreds of stores, driving faster turns and sharper insights. Few companies in this space have blended taste and technology so seamlessly.

Weathering the middle
Building a consumer brand is a long game. In the mid-2010s, India lacked true mid-stage capital for vertical commerce. BlueStone stayed frugal and focused, steadily broadening its catalog, deepening manufacturing capabilities, and sharpening unit economics. The company moved through challenges with consistency, learning and building in every cycle. That discipline made today possible.

What this milestone signals
Today’s listing is not the end of the journey. It is still Day 1 in making millions of customers happy, and the best is yet to come. The opportunity ahead is vast: AI-assisted design, new material fusions, deeper manufacturing innovation, and global customers already drawn to BlueStone’s aesthetic. The IPO marks trust earned at scale and opens a new chapter as a public company.

To Gaurav and the BlueStone team, thank you for letting us walk alongside you from “no website yet” to this milestone. To early employees who bet careers on a thesis, to customers who chose design over habit, and to co-investors who backed resilience over fashion, this outcome carries your fingerprints.

At Accel, we are privileged to be first partners to founders who elevate the everyday. BlueStone did not just change how India buys jewelry, it made great design feel personal, frequent, and joyfully attainable.

Here is to the next chapter, and to keeping the bar high on what is possible when taste, technology, and tenacity meet.

— Prashanth Prakash, Partner, Accel

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BGF backs new accelerator to fast-track female-led business growth

BGF

The new programme from FFinc moves beyond traditional mentorship, to deliver investment, scale, and visibility to female founders.

15 August 2025
Ffinc Forward Faster Accelerator logo

Female founders and business leaders face entrenched bias, limited access to networks, and a massive funding gap: across the UK, just 1% of private investment is directed toward women-led businesses. This ‘leaky pipeline’ blocks innovation and growth at every stage, despite clear evidence that female-founded businesses deliver higher revenues, create more jobs, are more sustainable, and drive greater returns on investment.

FFinc, an association of women and businesses dedicated to the financial, career and personal advancement of women, has already built year-long tech accelerators with KPMG, supported hundreds of women to grow businesses globally with HSBC, and helped 20% of its most recent accelerator cohort secure funding – 10x the industry average. Now, they’re doubling down on what works.

This September, FFinc will launch its Forward Faster Accelerator, a comprehensive six-month programme, designed to supercharge 100 of the UK’s most ambitious female-founded businesses. In partnership with BGF, HSBC, Wilson Sonsini, Thrive Partners, Square, Elementaryb, Block, Atlantic Pacific and Streets Consulting, the accelerator moves beyond traditional mentorship, to deliver capital access, commercial readiness, strategic scale support, and visibility.

“Too many female founders are still locked out of the funding and growth they deserve.”
Tamara Gillan
Founder of FFinc

Unlike with conventional accelerators, Forward Faster participants will benefit from the combined talents, tools, and teamwork of FFinc’s business partners, as well as investors, sector specialists, and exited, female founders-turned-mentors (known as ‘Driving Forces’). The multiplier effect of uniting all these forces in one ecosystem – and 100 powerhouse entrepreneurs, working side-by-side – is set to drive growth, accelerate commercial outcomes, and deliver long-term results.

Jill Williams, Partner at BGF, said: “BGF has been the most active investor in female-led scaleups in the UK for over five years, but there’s more we want to do. Through the Forward Faster Accelerator, we’re sharing the insight of our investor network, to help founders scale confidently, understand the value of growth capital, and build lasting impact.

“This initiative reflects BGF’s broader commitment to inclusive entrepreneurship, and we’re proud to collaborate with FFinc and fellow partners, to create a more equitable, dynamic future for female-powered businesses.”

Female investors, business leaders and non-execs at the BGF Women in Entrepreneurship and on Boards (WEB) Forum

Each founder on the Forward Faster programme will be paired with a Driving Force: a world-class operator with real experience of scaling ventures. From GoHenry Co-Founder Louise Hill to healthtech pioneer Amber Vodegel and environmental impact guru Sian Sutherland, these leaders bring unmatched experience and cross-sector access – and will act as embedded collaborators to the programme’s participants.

“Through our years of work in this sphere, we’ve found that, if you only focus on capital, you can’t fix the story,” commented Tamara Gillan, Founder of FFinc.

“You need to connect funding with education, access, scale – and a community that helps women go further, faster. At FFinc, we don’t sit back and observe. We build, we partner, we listen. Every programme and every partnership makes us and our ecosystem smarter, sharper, and better equipped to shift the dial.”

Calling the 100

Applications to join the Forward Faster Accelerator are open now. If you’re a high-growth, female-powered business, with the ambition to scale – and the grit to move fast – FFinc wants to hear from you.

Participants will have access to:

  • C-Factor mentorship
  • Investor readiness clinics
  • Growth infrastructure strategy
  • Founder fitness sessions
  • High-value ecosystem collaborations
  • Targeted visibility via media, digital campaigns, and live events

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Emerald Invests in Waterly: Enabling the Digital Transformation of North America’s Water Infrastructure

Emerald

Zurich, Switzerland – Global climate tech leader Emerald has invested in a $4 million Series A financing round for Waterly, a US-based software company digitizing the operations of water and wastewater utilities across North America. Emerald is participating in the round, which was led by Burnt Island Ventures.

Founded in 2020 by industry veteran Chris Sosnowski, Waterly replaces outdated clipboard-and-spreadsheet workflows with a mobile-first, cloud-native software platform designed specifically for the needs of utility operators. In just five years, the company has scaled to support over 5,000 users and more than 1,000 water and wastewater systems, including industry leader American Water.

“Waterly is solving one of the water sector’s most entrenched problems with elegance and empathy: how to make digital transformation accessible to thousands of utilities still operating with pen and paper,” said Clayton MacDougald, Investment Director at Emerald. “Chris and his team have built an intuitive, secure, and scalable platform that’s beloved by operators—and we’re excited to support their mission of bringing smart water tools to every corner of the market.”

Simplifying Operations, Empowering Operators

Waterly’s flagship product, Rounds, digitizes data collection during facility rounds, transforming it into a structured, auditable dataset used for compliance reporting, operational insights, and organizational memory. It is compatible with SCADA and manual inputs, and is actively used by operators on smartphones and tablets on a daily basis, becoming in essence an extension of the operational team.

Water data entry in the Waterly phone app.

Expanding Suite of Solutions

Waterly’s expansion includes an integrated asset management module (Assets) acquired through the 2024 acquisition of OpWorks, and an Enterprise offering that aggregates operational data across utility portfolios.

Across its product lines, Waterly’s design principle is clear: build for operators, not IT teams. Its intuitive interface and rapid onboarding—often requiring just hours, not months—have become key differentiators in a fragmented market.

Targeting Underserved Markets with Strong Economics

Waterly is actively digitizing a vast and underserved segment: more than 80% of water and wastewater systems in North America still use manual methods for data tracking. The company focuses on a variety of customer segments from small to large utilities, contract operators and investor-owned utilities along with several industrial customers. Its pricing, based on treated flow rather than seat licenses, makes it especially attractive to budget-conscious customers.

Waterly CEO Chris Sosnowski

Driving Toward a Smarter, Safer Water Future

This financing will support Waterly’s continued investment in product development, customer success, and go-to-market expansion.

From Chris Sosnowski, CEO:

“Waterly started with a simple belief: water operators deserve better tools. It’s been amazing to see how much we’ve been able to change with just a small team and a lot of heart. Now, with Burnt Island Ventures and Emerald in our corner, we’re ready to go even bigger—helping thousands more water and wastewater heroes do their jobs with less stress and more confidence to deliver safer, smarter service to their communities.”

With water utilities under increasing pressure to modernize, Waterly is positioned as the digital operating system for a sector long overdue for transformation.

More on water and wastewater at Emerald:

Water & Wastewater

Emerald Leads SGD 8 Million Investment in SG Enviro, Driving Advanced Industrial Wastewater Treatment in SE Asia

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

About Emerald Technology Ventures

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

This is Emerald.

Bold Ideas. Bright Future.  www.emerald.vc

CONTACT FOR EMERALD:

info@emerald.vc

About Waterly

Many in the water industry want to move away from outdated water data collection methods but switching to a modern solution is historically expensive and cumbersome. At Waterly, we help the water industry make this switch by implementing an affordable, easyto-use water-specific software solution in days, not months, without breaking the bank. Waterly

Contact

Mandy Sosnowski | Business Manager | 833-492-8370 | mandy@waterly.co

About Burnt Island Ventures

Burnt Island Ventures is the world’s leading venture capital firm focused exclusively on water technology, leveraging specialized expertise and comprehensive global deal flow to identify, fund, and scale breakthrough water innovations. The firm’s dedicated water investment platform connects capital with the world’s best water entrepreneurs, accelerating technologies that ensure safe, affordable, and sustainable water for communities and industries facing unprecedented water challenges.

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THL Announces Agreement to Acquire Headlands Research from KKR

KKR

LAKE WORTH, Fla. & NEW YORK–(BUSINESS WIRE)–THL Partners (“THL”), a premier private equity firm investing in middle market growth companies, today announced the entry into a definitive agreement to acquire Headlands Research (“Headlands” or “the Company”), a leading multinational network of clinical trial sites, from funds managed by leading global investment firm KKR. The strategic partnership between THL and Headlands will fuel Headlands’ continued expansion, enhance its technology and centralized infrastructure, and further strengthen its ability to deliver high-quality, diverse clinical trial data for pharmaceutical and biotech sponsors in support of Headlands’ mission to improve lives by advancing innovative medical therapies.

Headlands operates an integrated network of clinical trial sites across North America, conducting trials across key therapeutic areas, including central nervous system (“CNS”) disorders, vaccines, and metabolic diseases. By leveraging strong physician relationships and a data-driven operating model, Headlands consistently delivers high-quality results while expanding access to historically underrepresented patient populations.

“This is an exciting moment for our industry, with groundbreaking science and new therapies emerging at an unprecedented pace,” said Kyle Burtnett, CEO of Headlands. “I’d like to thank KKR for their tremendous support since our founding. Together, we’ve built an outstanding business with a highly dedicated team working every day to advance medical research. THL shares our vision and excitement for the opportunity to accelerate clinical trial innovation, and we couldn’t be more excited to work with their team as we seek to build on the strong foundation that we have in place.”

KKR founded Headlands in 2018 via its Health Care Strategic Growth Fund to transform the clinical trial site industry and improve the throughput and inclusivity of clinical trials. Since its founding, the Company has experienced significant growth resulting from complementary acquisitions, a novel de-novo playbook, substantial investment in operational excellence and network integration, and the assembly of a best-in-class team.

“Given the accelerated pace of research and development, innovative companies such as Headlands are critical to advancing clinical trials with precision, scale, and flexibility,” said Megan Preiner, Managing Director at THL. “We’re thrilled to partner with Kyle and the Headlands team to enable faster, more inclusive access to new therapies in a dynamic environment.”

“We initially founded Headlands with a mission to improve the clinical trial industry and build a best-in-class platform. We’re honored to have partnered with Kyle and the management team to scale Headlands into a premier clinical trial site network. We wish Kyle, the management team, and THL continued success with Headlands,” said Ali Satvat, Partner and Global Head of Health Care Strategic Growth at KKR, and Anuv Ratan, Director at KKR.

Earlier this year, THL issued proprietary research that found, despite regulatory uncertainty and mixed headlines, most biopharma companies are continuing to grow their R&D investments. THL’s long history in pharma services – built on more than 25 years of sector focus, deep industry relationships, and a track record of investing across the value chain – uniquely positions it to support Headlands’ critical work in helping bring new therapies to market.

THL will invest in Headlands Research through its flagship Fund IX. The transaction is expected to close in 2025, subject to the satisfaction of customary closing conditions. The firm has been active in pharma services for over 25 years, with investments that include Fisher Scientific, PCI Pharma Services, Syneos Health, CSafe, Adare Pharma Solutions, and Red Nucleus. The combination of THL’s deep sector expertise and the operating capabilities of its Strategic Resource Group made it a partner of choice for Headlands.

McDermott Will & Schulte and Paul, Weiss, Rifkind, Wharton & Garrison served as legal advisors to THL, and Jefferies as lead financial advisor. Edgemont Partners also acted as a financial advisor to THL. KKR and Headlands were advised on the transaction by Houlihan Lokey as exclusive financial advisor and Kirkland & Ellis as legal advisor.

About Headlands Research

Headlands Research is a multinational integrated clinical trial site organization with a mission to improve lives by advancing innovative medical therapies. Its group of exceptional sites focuses on large-volume recruitment of diverse and specialty patient populations while delivering the highest quality data. Headlands Research’s principal investigators are proven industry leaders in their fields with expertise in a wide variety of indications. Utilizing expert recruitment strategies and access to diverse patients through its site databases and physician partnerships, Headlands Research has successfully completed more than 5,000 clinical trials. Additional information about the company is available at www.headlandsresearch.com.

About THL

THL Partners (www.THL.com) is a premier private equity firm investing in middle-market growth companies exclusively within three sectors: Healthcare, Financial Technology & Services, and Technology & Business Solutions. THL couples deep sector expertise through an Identified Sector Opportunity (“ISO”) process with dedicated internal operating resources from its Strategic Resource Group (“SRG”) to transform and build great companies of lasting value in partnership with management. The Firm’s domain expertise and resources help to build great companies with an aim to accelerate growth, improve operations and drive long-term sustainable value. Since 1974, THL has raised more than $35 billion of equity capital, invested in over 170 companies and completed more than 600 add-on acquisitions representing an aggregate enterprise value at acquisition of over $250 billion.

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.

 

Contacts

Edelman Smithfield
Nicole Hakimi
Nicole.Hakimi@edelmansmithfield.com

Ryan Scanlon
Ryan.Scanlon@edelmansmithfield.com

Industry:

 

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Ocean Yield and KKR agree to acquire CapeOmega

KKR

Ocean Yield AS (“Ocean Yield” or the “Company”) today announced that, together with vehicles managed by KKR (“KKR”), a leading global investment firm, it has agreed to purchase 100% of the shares in CapeOmega Gas Transportation AS (“CapeOmega”) from Partners Group, acting on behalf of its clients.

CapeOmega co-owns ten LNG carriers operated by Knutsen LNG, a world leading owner and operator of LNG carriers. Seven vessels are currently on the water with an average age of two years, and three vessels are to be delivered from the shipyard in 2025 and 2026. All vessels are employed on long-term charters to the tier-one investment grade-rated energy companies, Shell, Engie and QatarEnergy, with an average contract duration of 9 years, or 16 years including extension options. The transaction will add approximately USD 120 million to Ocean Yield’s adjusted EBITDA backlog.

Andreas Røde, Chief Executive Officer at Ocean Yield, commented: “We are pleased to co-invest with KKR in this transaction, which provides attractive exposure to modern LNG carriers, all employed on long-term charters to investment grade-rated counterparties.”

Closing of the transaction is expected to occur during the second half of 2025.

KKR is also expected to inject additional equity into Ocean Yield to help maintain a robust balance sheet with capacity for further growth. BAHR and Simpson Thacher & Bartlett acted as legal advisors to Ocean Yield and KKR in connection with the transaction.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

CONTACTS

  • Andreas Røde, Chief Executive Officer, +47 98 22 85 62
  • Eirik Eide, Chief Financial Officer, +47 950 08 921
  • Karl Fredrik Schjøtt-Pedersen, Senior Vice President, +47 951 32 335

ABOUT OCEAN YIELD

Ocean Yield AS is a ship owning company with investments in vessels on long-term charters. The company has a significant contract backlog that offers visibility with respect to future earnings.

 

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CapMan Real Estate invests in a residential asset in central Helsinki, Finland, as part of Leona

Capman

CapMan Real Estate press release
14 August 2025 at 09:30 pm EEST

CapMan Real Estate acquires a high-quality residential asset located in Katajanokka, one of the most prestigious residential areas in central Helsinki. The asset was completed in 2017, comprising modern rental apartments which will be managed under CapMan’s residential concept, Leona.

The building represents a rare opportunity to own a modern residential asset in Helsinki’s historic seaside district, known for its architectural heritage, waterfront views, and proximity to the city centre. The building features high-quality construction, modern floorplans, and well-designed communal areas including a gym and rooftop sauna premises.

Leona, which was launched in Finland this spring, focuses on delivering modern and effortless living and an enhanced tenant experience ultimately across the Nordics. Leona offers a user-friendly digital platform designed to simplify daily life and improve the overall resident experience.

CapMan will perform energy efficiency improvements in the building with aim to achieve BREEAM In-Use Excellent certificate, energy performance rating (EPC) A, and alignment with the EU Taxonomy.

“We are glad to acquire this exceptionally well-located asset to our portfolio. The investment is aligned with our targets, and we look forward to further developing the asset through sustainability investments and apartment refurbishments”, shares Joonas Hacklin, Investment Manager at CapMan Real Estate.

For further information, please contact:

Joonas Hacklin, Investment Manager, +358 50 522 56 49

Aleksi Konsti, Head of Finland, +358 40 081 51 23

Interested to lease an apartment in this asset? Check the currently vacant apartments in the following link.

Rental apartments

 

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.5 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, real asset debt, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London, Luxembourg, and Düsseldorf. We are listed on Nasdaq Helsinki since 2001. www.capman.com 

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Carlyle Agrees to Exit HSO to Bain Capital

Carlyle

Amsterdam & London, 13 August 2025 – Global investment firm Carlyle (NASDAQ: CG) today announced that it has agreed to divest its stake in HSO, a leading global Microsoft services partner, to Bain Capital.

HSO is a world leading independent Microsoft Dynamics services partner and has been a member of Microsoft’s elite Inner Circle for 19 consecutive years. Founded in 1987, the company supports clients across North America, Europe, and Asia Pacific with end-to-end services across the Microsoft product suite including Dynamics 365, Power Platform, Azure, Fabric, and AI.

During its ownership period, Carlyle worked in partnership with the company’s leadership to support HSO’s international expansion strategy, build out new service lines, align its go-to-market strategy with Microsoft’s cloud, data and AI priorities, and further strengthen the management team with a range of key hires. Value creation was further accelerated through the strategic acquisition of companies in the US, Canada, Netherlands and New Zealand.

Bain Capital will invest alongside Peter J. ter Maaten, who will remain a significant shareholder and board member and is investing alongside Bain Capital in the transaction.

Michael Wand, Head of Europe Private Equity at Carlyle, and Thibault Thevissen, Principal on the Carlyle Europe Technology Partners (“CETP”) investment advisory team, said: “HSO was a quintessential CETP deal, where we found a sub-scale European hidden champion and, together with the founder, developed the business into a top two Microsoft Dynamics Partner globally over our investment period. This is what CETP does best, partnering with founders and managers of aspirational European B2B Tech businesses and turning them into global leaders. We are very proud to have partnered with Peter and the HSO team over the past six years through what has been a remarkable collaborative effort, and we believe the business will continue to thrive in the future.”

Peter J. ter Maaten, founder & CEO of HSO, said: “Carlyle has been an outstanding partner and I would like to thank the team for their role in HSO’s growth and global expansion since 2019, creating the leading international Microsoft Solutions Partner that HSO is today. We are excited to continue our momentum with Bain Capital, a long-term partner that also supports our vision and shares our ambition to build the world’s leading Microsoft services partner.”

Christophe Jacobs van Merlen, Partner at Bain Capital, said: “HSO sits at the forefront of two secular trends reshaping enterprise technology: cloud migration and AI-led automation. Its exceptional relationship with Microsoft, deep vertical expertise, and global delivery capabilities differentiate it as the preeminent independent Microsoft Dynamics services partner today. We look forward to partnering with Peter and the team to help accelerate HSO’s global expansion and continuing to build-out its capabilities as Microsoft’s go-to partner for AI transformation.”

Charles Lamanna, CVP, Business & Industry Copilot at Microsoft and HSO Executive Sponsor, said: “Agentic AI is transforming the way that companies operate, and Dynamics 365 and Business Applications sit front and centre to this at Microsoft. We have always been a partner-led business, but in times like this rely even more on our leading partners to drive change in our customers’ organisations. HSO has been on the journey with us for over 20 years, and today sits among our very strongest partners globally with an exceptional level of trust and mutual respect between our teams. This trust will be critical as everyone reimagines their business with AI. We are very excited to see them embark on this next stage of growth.”

The transaction is subject to customary regulatory approvals.

About HSO

HSO is a leading global business transformation partner with deep expertise in Microsoft technologies. As the largest independent Microsoft Dynamics partner globally, HSO delivers enterprise-grade services across ERP, CRM, Power Platform, Azure, Data, and AI. Founded in 1987, HSO supports more than 1,400 customers in over 30 countries. The company is a member of Microsoft’s elite Inner Circle and operates across North America, Europe, and APAC. For more information, visit www.hso.com

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $465 billion of assets under management as of June 30, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,300 people in 27 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

 

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).

 

Media Contact

Nicholas Brown

nicholas.brown@carlyle.com

+44 7471 037 002

 

Jason Lobo

jlobo@baincapital.com

Or

Baincapital@camarco.co.uk

 

David Riley

driley@hso.com

+44 7739 409 342

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Bain Capital to Invest in HSO, a Global Leader in Microsoft Cloud & AI Business Applications

BainCapital

London / Amsterdam – August 13, 2025 – Bain Capital, a leading global private investment firm, today announced that it has signed an agreement to invest in HSO, a leading global Microsoft services partner. The transaction is subject to customary regulatory approvals and is expected to close in the coming months. Financial terms were not disclosed.

HSO is a world leading independent Microsoft Dynamics services partner and has been a member of Microsoft’s elite Inner Circle for 19 consecutive years. Founded in 1987, the company supports clients across North America, Europe, and Asia Pacific with end-to-end services across the Microsoft product suite including Dynamics 365, Power Platform, Azure, Data, and AI.

During the previous six years, global investment firm Carlyle worked in partnership with HSO’s leadership to support the company’s international expansion strategy, build out new service lines, align its go-to-market strategy with Microsoft’s cloud, data and AI priorities, and further strengthen the management team with a range of key hires. Value creation was further accelerated through the strategic acquisition of companies in the US, Canada, Netherlands and New Zealand.

Bain Capital will invest, via its European Private Equity fund, alongside Peter J. ter Maaten, who will remain a significant shareholder and board member.

Christophe Jacobs van Merlen, a Partner at Bain Capital, said: “HSO sits at the forefront of two secular trends reshaping enterprise technology: cloud migration and AI-led automation. Its exceptional relationship with Microsoft, deep vertical expertise, and global delivery capabilities differentiate it as the preeminent independent Microsoft Dynamics services partner today. We look forward to partnering with Peter and the team to help accelerate HSO’s global expansion and continuing to build-out its capabilities as Microsoft’s go-to partner for AI transformation.”

Peter J. ter Maaten, founder & CEO of HSO, said: “Carlyle has been an outstanding partner and I would like to thank the team for their role in HSO’s growth and global expansion since 2019, creating the leading international Microsoft Solutions Partner that HSO is today. We are excited to continue our momentum with Bain Capital, a long-term partner that also supports our vision and shares our ambition to build the world’s leading Microsoft services partner.”

Michael Wand, Head of Europe Private Equity at Carlyle, and Thibault Thevissen, Principal on the Carlyle Europe Technology Partners (“CETP”) investment advisory team, said: “HSO was a quintessential CETP deal, where we found a sub-scale European hidden champion and, together with the founder, developed the business into a top two Microsoft Dynamics Partner globally over our investment period. This is what CETP does best, partnering with founders and managers of aspirational European B2B Tech businesses and turning them into global leaders. We are very proud to have partnered with Peter and the HSO team over the past six years through what has been a remarkable collaborative effort, and we believe the business will continue to thrive in the future.”

Charles Lamanna, CVP, Business & Industry Copilot at Microsoft and HSO Executive Sponsor, said: “Agentic AI is transforming the way that companies operate, and Dynamics 365 and Business Applications sit front and center to this at Microsoft. We have always been a partner-led business, but in times like this rely even more on our leading partners to drive change in our customers’ organizations. HSO has been on the journey with us for over 20 years and today sits among our strongest partners globally with an exceptional level of trust and mutual respect between our teams. This trust will be critical as everyone reimagines their business with AI. We are very excited to see them embark on this next stage of growth.”

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About HSO

HSO is a leading global business and AI transformation partner with deep Industry and Microsoft technology expertise. As the largest independent Microsoft Dynamics partner globally, HSO delivers enterprise-grade services across ERP, CRM, Power Platform, Azure, Data, and AI. Founded in 1987, HSO supports more than 1,400 customers in over 30 countries. The company is a member of Microsoft’s elite Inner Circle and operates across North America, Europe, and APAC. For more information, visit www.hso.com.

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 Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $465 billion of assets under management as of June 30, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,300 people in 27 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

London / Amsterdam – August 13, 2025 – Bain Capital, a leading global private investment firm, today announced that it has signed an agreement to invest in HSO, a leading global Microsoft services partner. The transaction is subject to customary regulatory approvals and is expected to close in the coming months. Financial terms were not disclosed.

HSO is a world leading independent Microsoft Dynamics services partner and has been a member of Microsoft’s elite Inner Circle for 19 consecutive years. Founded in 1987, the company supports clients across North America, Europe, and Asia Pacific with end-to-end services across the Microsoft product suite including Dynamics 365, Power Platform, Azure, Data, and AI.

During the previous six years, global investment firm Carlyle worked in partnership with HSO’s leadership to support the company’s international expansion strategy, build out new service lines, align its go-to-market strategy with Microsoft’s cloud, data and AI priorities, and further strengthen the management team with a range of key hires. Value creation was further accelerated through the strategic acquisition of companies in the US, Canada, Netherlands and New Zealand.

Bain Capital will invest, via its European Private Equity fund, alongside Peter J. ter Maaten, who will remain a significant shareholder and board member.

Christophe Jacobs van Merlen, a Partner at Bain Capital, said: “HSO sits at the forefront of two secular trends reshaping enterprise technology: cloud migration and AI-led automation. Its exceptional relationship with Microsoft, deep vertical expertise, and global delivery capabilities differentiate it as the preeminent independent Microsoft Dynamics services partner today. We look forward to partnering with Peter and the team to help accelerate HSO’s global expansion and continuing to build-out its capabilities as Microsoft’s go-to partner for AI transformation.”

Peter J. ter Maaten, founder & CEO of HSO, said: “Carlyle has been an outstanding partner and I would like to thank the team for their role in HSO’s growth and global expansion since 2019, creating the leading international Microsoft Solutions Partner that HSO is today. We are excited to continue our momentum with Bain Capital, a long-term partner that also supports our vision and shares our ambition to build the world’s leading Microsoft services partner.”

Michael Wand, Head of Europe Private Equity at Carlyle, and Thibault Thevissen, Principal on the Carlyle Europe Technology Partners (“CETP”) investment advisory team, said: “HSO was a quintessential CETP deal, where we found a sub-scale European hidden champion and, together with the founder, developed the business into a top two Microsoft Dynamics Partner globally over our investment period. This is what CETP does best, partnering with founders and managers of aspirational European B2B Tech businesses and turning them into global leaders. We are very proud to have partnered with Peter and the HSO team over the past six years through what has been a remarkable collaborative effort, and we believe the business will continue to thrive in the future.”

Charles Lamanna, CVP, Business & Industry Copilot at Microsoft and HSO Executive Sponsor, said: “Agentic AI is transforming the way that companies operate, and Dynamics 365 and Business Applications sit front and center to this at Microsoft. We have always been a partner-led business, but in times like this rely even more on our leading partners to drive change in our customers’ organizations. HSO has been on the journey with us for over 20 years and today sits among our strongest partners globally with an exceptional level of trust and mutual respect between our teams. This trust will be critical as everyone reimagines their business with AI. We are very excited to see them embark on this next stage of growth.”

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NewRocket Names Jason Rosenfeld as Chief Growth and Alliances Officer

Gryphon Investors

NewRocket, a leading digital workflow and AI advisor and Elite ServiceNow partner, announced today that it has named Jason Rosenfeld as the company’s Chief Growth and Alliances Officer (CGAO), a newly created executive role designed to drive strategic growth both through deepening NewRocket’s partnership connection across ServiceNow and by delivering great outcomes for key clients. Rosenfeld joins NewRocket after serving as the CEO at Cask NX, a pure-play ServiceNow Elite Partner focused on end-to-end business transformation, and will bring his thought leadership and experience across all aspects of consulting and professional services for ServiceNow to execute NewRocket’s visionary initiatives. NewRocket is backed by Gryphon Investors (“Gryphon”), a leading middle-market private investment firm.

Rosenfeld comes to NewRocket with over two decades of experience in technology services, enterprise partnerships, and digital innovation. As CGAO, he will be responsible for leading its partnership with ServiceNow, setting up new alliances and a customer advisory board, and expanding strategic client relationships across key industries and geographies. He will also spearhead corporate marketing and start new revenue channels partnering with top PE firms.

“Jason is a proven growth leader in the ServiceNow ecosystem, and I am very excited to welcome him to NewRocket,” said CEO Harsha Kumar. “His differentiating experience working with ServiceNow will come into play quite heavily as we look to expand our business with strategic clients globally. With his well-rounded background across technology solutions, client success, sales and executive management, Jason is going to make a real impact with both our short- and long-term growth strategies.”

Rosenfeld is one of a very short list of leaders globally to have played almost every major role available to a ServiceNow partner, from consultant to account executive, first line leader to running strategy, growth, marketing, sales, alliances and innovation teams, to his last role as the Chief Executive Officer for a 500-person organically grown Elite partner.

Prior to working in the ServiceNow ecosystem, Rosenfeld led high-performing teams, specializing in Service Management and Data Engineering at HP for the largest services account in the firm. He also led Field Services and Engineering teams for the airline and transportation industry at EDS and started his career as a Management Consultant for PwC implementing leading CRM solutions.

“Jason is a highly talented leader with whom we have had the pleasure of building a relationship for nearly five years. We have been tracking his growth and success, and his appointment reflects our continued commitment to investing in world-class leadership at NewRocket,” said Gabe Stephenson, Partner and Head of Tech Solutions & Services at Gryphon Investors. “His expertise in leading firms, scaling strategic accounts, and driving innovation in this space for well over a decade will be instrumental in helping NewRocket further solidify its position as the leading ServiceNow-focused services firm in the world.”

Rosenfeld commented, “I am pumped to join the NewRocket crew! The investments the company and Gryphon are making to ensure NewRocket is not only the top ServiceNow partner in the world, but a top-tier consulting services leader in AI vision and execution, are exciting. The leadership team that NewRocket has assembled over the last year represents a commitment to be ahead of all technology-enabled services firms inside and outside the ServiceNow ecosystem, and I have goosebumps just thinking about the opportunities ahead.”

Rosenfeld holds a Bachelor of Science in Industrial Engineering from Lehigh University and is based out of NewRocket’s headquarters in San Diego, California.

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About NewRocket

NewRocket brings over 19 years of advising and supporting clients in designing, implementing, and managing AI-enabled digital workflows to improve employee and customer experiences. An Elite ServiceNow Partner and ServiceNow Global Partner Award Winner, the Company has completed over 3,000 projects across nine industry specializations. NewRocket Goes Beyond Workflows™ to help clients transform their enterprise into a place where employees flourish, customers thrive, and people matter. With over 3,000 ServiceNow certifications, NewRocket’s business strategists take a holistic, strategic approach to optimize the ServiceNow platform and help clients solve industry-specific challenges.

About Gryphon Investors
Gryphon Investors is a leading middle-market private investment firm focused on profitably growing and competitively advantaged companies in the Business Services, Consumer, Healthcare, Industrial Growth, Software, and Technology Solutions & Services sectors. With more than $10 billion of assets under management, Gryphon prioritizes investments in which it can form strong partnerships with founders, owners, and executives to accelerate the building of leading companies and generate enduring value through its integrated deal and operations business model. Gryphon’s highly differentiated model integrates its well-proven Operations Resources Group, which is led by full-time, Gryphon senior operating executives with general management, human capital acquisition and development, treasury, finance, and accounting expertise. Gryphon’s three core investment strategies include its Flagship, Heritage, and Junior Capital strategies, each with dedicated funds of capital. The Flagship and Heritage strategies target equity investments of $50 million to $500 million per portfolio company. The Junior Capital strategy targets investments of $10 million to $25 million in junior securities of credit facilities, arranged by leading middle-market lenders, in both Gryphon-controlled companies, as well as in other private equity-backed companies operating in Gryphon’s targeted investment sectors.

Contact:

Meaghan O’Brien

NewRocket

mobrien@newrocket.com

613-600-2962

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