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Platinum Equity Invests in Tongrun International

Platinum

Tongrun to leverage Platinum’s operations capabilities and sector expertise in energy resilience and data center end markets

LOS ANGELES (January 15, 2026) – Platinum Equity announced today an investment in Tongrun International, a precision contract manufacturer and provider of value-added services that delivers high-quality sheet metal solutions. Financial terms were not disclosed.

Founded in 2012 and headquartered in Bonham, Texas, Tongrun provides end to end contract manufacturing solutions to blue chip customers across a diversified mix of high growth sectors.

“Tongrun sits at the center of several powerful long term trends, especially the unprecedented investment in data centers and AI infrastructure. Its ability to pair front end design and prototyping with highly scalable domestic and international manufacturing makes the company an essential partner to the world’s most sophisticated OEMs. ”

Jacob Kotzubei, Co-President, Platinum Equity

Tongrun specializes in fabricating custom metal products — including cabinets, enclosures and racking solutions — for data centers, power generation, telecommunications, medical, gaming, and food and beverage applications. The company offers product design, design for manufacturability, precision manufacturing, assembly, kitting and logistics services.

“Tongrun sits at the center of several powerful long term trends, especially the unprecedented investment in data centers and AI infrastructure,” said Platinum Equity Co President Jacob Kotzubei. “Its ability to pair front end design and prototyping with highly scalable domestic and international manufacturing makes the company an essential partner to the world’s most sophisticated OEMs. With demand accelerating and customers seeking partners that can grow with them, Tongrun is exceptionally well positioned for its next chapter.”

Tongrun has built a robust manufacturing platform capable of supporting highly technical mechanical design through large scale production. The company prides itself on the ability to tailor supply-chain strategies to each customer program and offers a combination of domestic and international production capacity to optimize for cost, speed, and geography.

Demand from the power generation and data center sectors continues to drive increasing order volumes, including for electrical component enclosures used in the buildout of AI infrastructure. The company’s end market customers include some of the world’s largest technology firms, which have announced more than $1 trillion in data center investment with build plans stretching well into the next decade. With meaningful capacity and identified expansion opportunities, Tongrun is positioned to support its current customer base while capitalizing on significant incremental growth.

Tongrun founder and President Brandt Strieby, who retained a significant equity stake in the business, will continue to lead the company going forward.

“Partnering with Platinum Equity represents an exciting opportunity to double down on our accelerating growth trajectory through a strong, collaborative relationship,” said Strieby. “Together, Tongrun and Platinum Equity will drive expansion while maintaining our core focus on manufacturing excellence and unmatched customer service.”

Platinum Equity has deep experience in domestic and international manufacturing operations and in the end markets Tongrun serves. The firm’s current portfolio includes Rehlko (formerly Kohler Energy), a global leader in energy resilience solutions. Platinum Equity also previously owned Vertiv, a global leader in critical digital infrastructure for data centers and communications networks.

“Tongrun has a robust pipeline, an expanding customer base, and a thoughtful plan for scaling capacity, while also needing investment and assistance with execution to fully seize the opportunity in front of it,” said Platinum Equity Managing Director Nick Fries. “We see tremendous potential to expand the company’s production footprint, enhance its operational capabilities, and accelerate growth both organically and through targeted add‑on acquisitions that can broaden Tongrun’s capacity, capabilities and customer reach.”

G2 Capital Advisors, LLC served as financial advisor and Foley & Lardner LLP served as legal counsel to Tongrun’s shareholders on the sale to Platinum Equity. O’Melveny & Myers LLP served as legal counsel to Platinum Equity.

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 Tongrun International

Tongrun International is a leading precision sheet metal contract manufacturing platform delivering high-quality engineered solutions through a differentiated, end-to-end manufacturing model. The company’s integrated approach combines design-for-manufacturability expertise with comprehensive production capabilities to support global customers across high-growth sectors. www.tongruninternational.com

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CVC DIF has entered exclusive negotiations to acquire a significant majority stake in Celeste

CVC|DIF
  • CVC DIF to acquire a c.88% stake in Celeste, a French B2B digital infrastructure operator, serving more than 20,000 businesses and 3,000 municipalities across France and Switzerland
  • CVC DIF will support Celeste in accelerating its development, by expanding its cloud and cybersecurity activities and continuing to strengthen and densify its infrastructure network
  • The investment marks CVC DIF’s first investment from its latest Value Add fund, which invests in companies with strong competitive positions, offering significant growth potential, mostly in digital, energy transition, sustainable transport and healthcare sectors

CVC DIF, the infrastructure business of leading global private equity manager CVC, has entered exclusive negotiations to acquire a c.88% stake in Celeste, from Infravia.

Headquartered near Paris, Celeste is a French B2B digital infrastructure operator. The company was founded in 2001, and provides end-to-end digital infrastructure solutions to companies and public-sector organisations across connectivity, hosting and cloud, and cybersecurity services.

Celeste serves more than 20,000 businesses and 3,000 municipalities in France and Switzerland, relying on a fully owned and operated infrastructure platform comprising 13,600km of proprietary fibre network and six data centers. The company is recognised for the quality and reliability of its services and fully controls its value chain. The actual ownership of the infrastructure assets represents a key competitive advantage in the digital infrastructure market, where Celeste stands out as one of the few fully integrated alternative operators.

CVC DIF, through its DIF Value-Add IV fund, has agreed to acquire a majority stake in Celeste. As part of the transaction, Nicolas Aubé, founder and CEO, and the management team will reinvest their proceeds into a significant minority stake, ensuring strong alignment with CVC DIF. Infravia Capital Partners will fully exit its investment following the completion of the transaction.

Following the planned transaction, CVC DIF will support Celeste in accelerating its development, with a particular focus on expanding its cloud and cybersecurity activities while continuing to strengthen and densify its infrastructure network. This investment will enable Celeste to further deploy its integrated, end-to-end offering in a market where demand for fibre connectivity, data usage and cybersecurity solutions is expected to grow significantly over the coming years.

Quotes

Our investment in Celeste underlines our expertise and focus on resilient digital infrastructure which provide companies with critical services.

Willem JansoniusManaging Partner at CVC DIF and Head of DIF Value-Add strategy

Willem Jansonius, a Managing Partner at CVC DIF and Head of DIF Value-Add strategy, commented: “Our investment in Celeste underlines our expertise and focus on resilient digital infrastructure which provide companies with critical services. Celeste’s solid proprietary network, integrated resilient model and best-in-class quality of services gives the company a highly attractive competitive positioning. We look forward to working closely with Celeste management to support their exciting growth story over the year ahead.”

Nicolas Aubé, CEO & Founder of Celeste, said: “We look forward to the next chapter of our growth journey with CVC DIF. CVC DIF is a highly experienced infrastructure investor with a deep understanding of the fibre and cloud sectors. Their support will enable Celeste to pursue its expansion, accelerate market consolidation and continue to deliver secured, resilient and high-performance digital infrastructure services to our clients.”

The transaction will require the completion of the information and consultation process with the relevant French employee representative bodies and remains subject to the satisfaction of customary conditions precedent. Completion is expected in Q1 2026.

CVC DIF is advised by Oddo BHF (financial advisor), De Pardieu (legal advisor), 8 Advisory (finance and tax advisor), Phora Capital (commercial advisor), Tactis (technical advisor) and Aon (insurance advisor).

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myKaarma Accelerates AI-Enabled Service Lane Solutions with Warburg Pincus Investment

Warburg Pincus logo

Long Beach, CA – January 14, 2026 – myKaarma, a leading provider of end-to-end service lane solutions for automotive dealerships, today announced a strategic investment from Warburg Pincus, the pioneer of global growth investing. The investment will accelerate myKaarma’s growth, as the company expands its portfolio of AI-driven fixed ops and payments solutions that help dealerships streamline operations, improve customer experience, and drive revenue. The transaction includes a partial sale by H.I.G. Growth Partners (“H.I.G. Growth”), with Warburg Pincus joining myKaarma’s Board of Directors as part of the transaction.

“myKaarma has more than tripled in size since 2022, and we are thrilled to now have Warburg Pincus as a strategic partner as we continue to expand our AI-enabled service lane and fixed operations solutions,” said Ujj Nath, CEO of myKaarma. “With both H.I.G. and Warburg’s operational support and experience, we are further positioned to help dealerships maximize efficiency, revenue, and customer satisfaction across their service lanes.”

myKaarma offers a comprehensive, cloud-native Workflow AI platform built for franchise auto dealerships. Its suite of solutions helps dealers streamline service leads, operations and payments, enhance customer experience, and improve service advisor and technician efficiency to drive measurable revenue improvement. Since H.I.G.’s initial investment, myKaarma has experienced strong growth through product innovation, category expansion, operational execution, and expansion of its loyal and growing customer base.

“We are proud of the transformation and growth myKaarma has achieved,” said Evan Karp, Managing Director at H.I.G. Capital. “We believe Warburg Pincus is the right long-term partner to support the company’s continued innovation and expansion, given their deep domain expertise and strong history of scaling software businesses.”

“myKaarma is the market leader in service marketing, service lane technology, and dealership payments, distinguished by its exceptional customer advocacy. Fixed operations remains a critical profit engine for dealerships and OEMs, and myKaarma leverages innovative AI and embedded finance solutions to help clients deliver best-in-class consumer outcomes. We look forward to applying our expertise in automotive technology, integrated payments, and generative AI to support the company’s continued growth,” said Michael Ding, Managing Director, Warburg Pincus. “We are excited about myKaarma’s long-term growth trajectory, and our investment will help scale the company’s offerings to enable auto dealerships across the country to optimize their service center profitability and unlock additional value,” added Allison Ross, Principal, Warburg Pincus.

The equity for the transaction is being provided by Warburg Pincus Capital Solutions Founders Fund (“WPCS FF”), which closed in September 2024 with over $4 billion in commitments.

myKaarma was advised by Houlihan Lokey and TD Securities.

RBC Capital Markets served as financial advisor to Warburg Pincus.

About myKaarma

myKaarma is a leading provider of cloud-based software solutions that transform the after-sales service experience at automotive dealerships. Its integrated platform includes communications, appointment scheduling, payments, video inspections, and analytics tools used by thousands of dealers to increase efficiency, customer satisfaction, and profitability. For more information, visit mykaarma.com.

About H.I.G. Growth Partners

H.I.G. Growth Partners is the dedicated growth capital investment affiliate of H.I.G. Capital, a leading global alternative investment firm with $74 billion of capital under management.* H.I.G. Growth seeks to make both majority and minority investments in strong, growth-oriented businesses located throughout North America, Europe, and Latin America. H.I.G. Growth Partners considers investments across all industries but focuses on certain high-growth sectors where it has extensive in-house expertise, such as technology, healthcare, internet and media, consumer products and technology-enabled financial and business services. H.I.G. Growth strives to work closely with its management teams to serve as an experienced resource, providing broad-based strategic, operational, recruiting, and financial management services from a vast in-house team and a substantial network of third-party relationships. For more information, please refer to the H.I.G. website at HIGgrowth.com.

About Warburg Pincus

Warburg Pincus LLC is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $100 billion in assets under management, and more than 215 companies in their active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,100 companies across its private equity, real estate, and capital solutions strategies.

Warburg Pincus’ Capital Solutions team collaborates closely with the firm’s 290+ investment professionals and approximately 75 value creation executives across Warburg Pincus’ global industry verticals, critical to sourcing and underwriting differentiated, attractive investments. In addition to a long and successful track record of investing in capital solutions-like transactions historically, the Warburg Pincus Capital Solutions Founders Fund portfolio consists of investments including DriveCentric, Excelitas Technologies, MB2 Dental, MIAX, Nord Security, Service Compression, and United Trust Bank.

The firm is headquartered in New York with more than 15 offices globally. For more information, please visit warburgpincus.com or follow us on LinkedIn.

Media Contact:

Laurie Halter

Charisma! Communications

503-816-2474

Laurie@charismacommunications.com

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Corilus and Sofia Développement Join Forces to Build a Leading European Healthcare Software Platform

Rivean

Transaction combines two complementary players, creating a European leader in digital solutions for outpatient care professionals across Belgium and France

Ghent & Paris – Corilus N.V. (“Corilus”) and Sofia Développement (“Sofia”), two leading providers of healthcare software for outpatient professionals, today announced that they have joined forces, creating a leading European platform that will serve over 70,000 practitioners across Belgium and France. The platform is backed by PSG Equity and Rivean Capital (“Rivean”).

Sofia is a leading French provider of practice management software for nurses, physiotherapists, and speech therapists, used by more than 38,000 healthcare professionals. IK Partners (“IK”) acquired a stake in Sofia in March 2022 via the IK Small Cap III (“IK SC III”) Fund, joining existing shareholders, Extens, Capital Croissance and Bpifrance. Corilus, headquartered in Belgium, offers multi-specialty healthcare software that supports, among others, around 40,000 general practitioners, nurses, physiotherapists, dentists, pharmacists, and specialists.

Both Corilus and Sofia have a shared vision to build a transformational European healthcare software provider for outpatient care. Corilus’ experience in scaling healthcare software as a service across multiple professions and strength in patient engagement, combined with Sofia’s deep network across the French outpatient market, will help enable the platform to deliver efficient, innovative solutions for healthcare professionals.
Together, the two companies create a highly complementary platform with significant opportunities to drive growth. The combined group is well positioned to continue expansion across core healthcare professions and accelerate its product roadmap through the integration of new AI-powered tools and telehealth capabilities — including Sofia’s Harry AI assistant and Corilus’ Helena (Pro) solution — as well as accounting and invoicing modules such as Sofia’s ComptaSanté. The partnership also creates a solid foundation for further expansion in outpatient care across Europe.

“We are excited to welcome Sofia into the Corilus group. Together, we have the opportunity to shape the future of outpatient care through technology, combining two innovative teams, two strong markets, and one shared goal to make healthcare more efficient, connected, and patient-focused,” said Franck Frayer, CEO of Corilus.

“Joining forces with Corilus marks an exciting milestone in Sofia’s journey. By combining our deep understanding of the French outpatient market with Corilus’ experience and scale, we are creating a stronger platform that will help simplify the lives of healthcare professionals. We would also like to take this opportunity to thank IK for all their support over the past four years, as well as our historical shareholders Extens, Capital Croissance and Bpifrance which have supported Sofia since 2017” said Geoffroy Lapointe CEO of Sofia.

“We are proud to have supported Sofia’s growth journey and to see the business take this next step alongside Corilus. This partnership creates a solid foundation for continued innovation and expansion, and we are confident that the combined group will play a leading role in shaping the future of digital healthcare in Europe,” said Arnaud Bosc, Partner at IK and Advisor to the IK SC III Fund.

“At PSG Equity, we are committed to backing European software champions that shape the future of their industries. The combination of Corilus and Sofia creates a platform with the scale and innovation needed to accelerate the digital transformation of outpatient care, including through GenAI solutions, and improve outcomes for practitioners and patients alike,” said Dany Rammal, Managing Director and Head of Europe at PSG Equity.

“Rivean Capital is proud to back the combination of Corilus and Sofia. Together, they have the expertise and vision to set a new standard for European healthcare software innovation, and we are excited to support the next phase of their growth journey,” said Nicolas Linkens, Senior Partner at Rivean.

PSG Equity and Rivean will remain the joint majority shareholders of the combined group, continuing to support its next chapter of growth.

About Corilus
Corilus develops and provides cloud-based innovative software solutions for healthcare providers: general practitioners, pharmacists, dentists, midwives, specialists, ophthalmologists, opticians, nurses, physiotherapists, and elderly care homes. Corilus offers a full suite of products and support services that care providers use to perform their daily jobs. Approximately 40,000 care professionals in Belgium and France use Corilus software every day. Corilus employs around 400 staff based in Belgium and France. For more information, visit www.corilus.be.

About Sofia Développement

Sofia Développement is a vertical software and service solution provider dedicated to independent healthcare professionals, primarily nurses, speech therapists and physios. Sofia supports more than 38,000 healthcare professionals — designed together with those who use it every day to help them focus on what truly matters: their patients.

IK Partners
IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €20 billion of capital and invested in over 200 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit ikpartners.com.

IK is an affiliate of the Wendel Group. For more information, visit wendelgroup.com.

About PSG Equity
PSG Equity (“PSG”) is a growth equity firm that partners with software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities, and build strong teams. Having backed more than 160 companies and facilitated over 530 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, London, Paris, and Madrid. To learn more about PSG, visit www.psgequity.com.

About Rivean Capital
Rivean Capital (“Rivean”) is a leading European private equity investor in mid-market transactions with operations in the Benelux, DACH region, and Italy. Rivean has assets under management in excess of €5bn and has offices in Amsterdam, Brussels, Frankfurt, Milan, and Zug. Since its inception in 1982, Rivean has supported more than 250 companies in realizing their growth ambitions and has a strong track record of supporting and scaling successful high-tech businesses with cross-border growth agendas, including footprint expansions and operational excellence trajectories. For more information, visit www.riveancapital.com.

Media Contacts

Corilus
Dieter Roman
Dieter.roman@corilus.be

Sofia Développement
Clément Pouget-Osmont
clement.pouget-osmont@sofia.dev

IK Partners
Vidya Verlkumar
vidya.verlkumar@ikpartners.com

PSG
Kate Pledger/Isabella Durant
pro-psg@prosek.com

Rivean Capital
Maikel Wieland
m.wieland@riveancapital.com

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StarLIMS Announces Strategic Investment By Turn/River Capital

Franciso Partners

HOLLYWOOD, Fla., [January 13, 2026] — StarLIMS, a global enterprise informatics platform for laboratories, today announced a strategic investment by Turn/River Capital, a leading software private equity firm. Existing investor Francisco Partners will exit its investment as a result of this transaction.

StarLIMS powers manufacturing and research lab operations worldwide. The company enables greater data automation and visibility, regulatory control, and workflow management, with a product suite that includes: Laboratory Information Management Systems (LIMS), Electronic Laboratory Notebooks (ELN), Laboratory Execution Systems (LES), and Scientific Data Management Systems (SDMS). Looking ahead, StarLIMS sees a significant opportunity to responsibly embed AI across its platform and operating model to accelerate insight generation, extend automation at scale, and drive durable value for customers.

Turn/River’s investment marks an important milestone in StarLIMS’ evolution, positioning it to accelerate its product innovation, deepen customer engagement, and expand into new markets. “Our mission has always been to empower laboratories with data-driven insights and robust informatics solutions that make scientific work more efficient, compliant, and connected. Turn/River’s deep experience scaling global software companies will help us accelerate our mission and impact,” said Trey Cook, Chief Executive Officer of StarLIMS.

Turn/River’s investment underscores its commitment to advancing software companies that are critical to modern industries. “StarLIMS represents the type of software leader we seek: innovative, mission-driven and essential to its customers’ success,” said Matthew Amico, Partner at Turn/River Capital. “We’re excited to partner closely with the StarLIMS team to build on this strong foundation and accelerate product innovation and customer value,” added Priya Diwakar, Senior Vice President at Turn/River Capital.

“It has been rewarding to partner with Trey and the leadership team at StarLIMS to strengthen its position as a leading provider of laboratory informatics software,” said Ezra Perlman, Co-President at Francisco Partners. “We look forward to StarLIMS’ continued success in this next chapter,” added Nick Nelson, Vice President at Francisco Partners.

Simpson Thacher & Bartlett LLP served as legal advisor to Turn/River. Harris Williams served as the exclusive financial advisor and Kirkland & Ellis LLP served as legal advisor to Francisco Partners and StarLIMS.

About StarLIMS
As a recognized leader in LIMS and informatics solutions, StarLIMS is committed to providing quality products and services to over 1,100 customers across the globe. Found in more than 2,000 laboratories, StarLIMS serves life sciences, CDMOs, food & beverage, chemical, agrochemical, oil & gas, consumer goods, contract testing, R&D, public health, and clinical diagnostics organizations. With a modern R&D ELN incorporated into its portfolio, StarLIMS addresses the critical challenges customers face in finding an advanced platform that supports them from R&D through commercialization.

About Turn/River Capital Turn/River Capital is a private equity firm that applies a proprietary growth engineering strategy to investing, partnering with software businesses to accelerate growth and build enduring value. The firm’s team of equal parts investors and operators provides hands-on operational support and the flexible capital to systematically scale marketing, sales, and customer success at its portfolio companies. Founded in 2012 and based in San Francisco, Turn/River invests globally with a focus on North America and Europe. Learn more at www.turnriver.com

About Francisco Partners
Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch over 25 years ago, Francisco Partners has invested in over 500 technology companies, making it one of the most active and longstanding investors in the technology industry. With over $50 billion in capital raised to date, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.

Media Contacts
Carlos Roig
Clear Hill Strategies for Turn/River Capital
T: +1 415.305.6590
media@turnriver.com

Francisco Partners
Prosek Partners
Pro-FP@Prosek.com

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Ahold Delhaize USA Announces Strategic Investment from Blackstone Credit & Insurance to Advance State-of-the-Art Distribution Center in Burlington, N.C.

Blackstone

SALISBURY, N.C. – Leading grocery retail group Ahold Delhaize USA today announced a definitive agreement under which funds managed by Blackstone Credit & Insurance will invest $475 million in connection with a triple net lease transaction to construct a highly automated grocery distribution center in Burlington, N.C.

Under the triple net lease agreement, Blackstone Credit & Insurance will own the facility and fund 100% of in-scope construction costs. Once construction is complete, Ahold Delhaize USA will lease the facility for long-term use, with an option to purchase the site in the future under pre-agreed terms.

“We are pleased to support Ahold Delhaize USA and enable a critical long‑term investment in its U.S. supply chain,” said Christopher Yonan, Head of European Infrastructure, Blackstone Credit & Insurance. “This investment reflects our focus on partnering with leading investment grade corporations globally by providing flexible, low-cost capital through our credit and insurance platform.”

Ahold Delhaize USA and ADUSA Distribution previously announced plans in October 2025 to develop an $860 million, highly automated distribution center in Burlington, N.C. (Guilford County). The facility is expected to add more than one million square feet of additional distribution infrastructure, delivering fresh and frozen grocery items to Food Lion stores.

“Ahold Delhaize USA, along with ADUSA Distribution, is proud to partner with Blackstone Credit & Insurance on this new distribution center,” said JJ Fleeman, CEO, Ahold Delhaize USA. “Through the new distribution center, ADUSA Distribution and ADUSA Transportation will expand their capacity to support Food Lion’s growth in the state, along with bringing new jobs. We continue to be very excited about locating this facility in North Carolina as we grow our presence in a state where our companies have done business for more than 65 years.”

The investment is structured to align the timing of costs with the long-term benefits of the facility. The long-term lease approach supports a project of this scale, reduces refinancing risk and enables Ahold Delhaize USA to deploy capital efficiently to advance major infrastructure investments.

Construction of the new facility is expected to begin in the first quarter of 2026, with an anticipated start of operations in 2029. The site is expected to employ over 500 associates within ADUSA Distribution and ADUSA Transportation companies over time.

J.P. Morgan acted as exclusive financial advisor to Ahold Delhaize USA and A&O Shearman served as legal counsel to Ahold Delhaize USA. Milbank LLP acted as legal counsel to Blackstone Credit & Insurance.

About Ahold Delhaize USA 
Ahold Delhaize USA, a division of global food retailer Ahold Delhaize, is part of the U.S. family of brands, which also includes five leading omnichannel grocery brands: Food Lion, The GIANT Company, Giant Food, Hannaford and Stop & Shop. When considered together, the companies of Ahold Delhaize USA comprise the largest grocery retail group on the East Coast and the fourth largest in the nation, serving 26 million omnichannel customers each week. For more information, visit www.adusa.com.

About Blackstone Credit & Insurance
Blackstone Credit & Insurance is one of the world’s leading credit investors. Our investments span the credit markets, including private investment grade, asset-based lending, public investment grade and high yield, sustainable resources, infrastructure debt, collateralized loan obligations, direct lending and opportunistic credit. We seek to generate attractive risk-adjusted returns for institutional and individual investors by offering companies capital needed to strengthen and grow their businesses. BXCI is also a leading provider of investment management services for insurers, helping those companies better deliver for policyholders through our world-class capabilities in investment grade private credit.

Blackstone Credit & Insurance’s Infrastructure and Asset Based Credit group manages over $100 billion and has over 80 investment professionals, as of September 30, 2025. The platform is focused on providing investment grade credit, non-investment grade credit and structured investments across the real economy in sectors such as infrastructure, commercial finance, fund finance, consumer finance and residential real estate loans.

Media Contact
mediarelations@adusa.com

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Defense Unicorns Raises $136 Million Series B to Build the Software Backbone of the Department of War

BainCapital

Reaching a $1B valuation underscores Defense Unicorns’ role as modern foundational infrastructure for secure software delivery across critical military platforms.

SAN ANTONIO – Jan. 13, 2026 – Today, Defense Unicorns, the leader in airgap software delivery for national security mission systems, announced the completion of a $136 million Series B financing round led by Bain Capital. The investment brings the company to unicorn status with a valuation exceeding $1 billion, driven by the company’s rapid and profitable growth. The company has seen a 300% increase in adoption year-over-year in military systems.

The Department of War is prioritizing modernization and speed, and Defense Unicorns’ platform addresses a critical infrastructure challenge by enabling secure, rapid software updates across disconnected environments from submarines, ships, and aircraft to forward operating bases. Warfighters often operate in conditions where connectivity is limited or nonexistent, and the ability to deploy software updates securely and instantly is now essential to mission success. Unicorn Delivery Service (UDS) bridges high security requirements while supporting partners and allies with modern software solutions essential for next-generation national security capabilities.

“Defense Unicorns gives our nation a wartime software advantage,” said Dr. Rob Slaughter, CEO of Defense Unicorns. “The U.S. has significant commercial software advantages, but the systems we go to war with are typically outdated. At Defense Unicorns, we make software a strategic deterrent by making it easy to deploy and operate software in any mission environment,” continued Dr. Slaughter.

The funding round was led by Bain Capital’s Tech Opportunities fund, the growth technology platform of Bain Capital. With participation from Ansa Capital, Sapphire Ventures, Valor Equity Partners, AVP, Uncorrelated Ventures, and the former Director of the Central Intelligence Agency, David H. Petraeus.

“We are thrilled to support Defense Unicorns as it works to ensure that U.S. service members have access to the most advanced, secure, and rapidly deployable software possible. Defense Unicorns plays a vital role in helping the military modernize mission systems, enabling capabilities that directly improve readiness, resilience, and operational advantage in the field,” said Dewey Awad, a Partner at Bain Capital Tech Opportunities. “We believe Defense Unicorns is building foundational infrastructure for modern defense,” added Zach Berger, a Managing Director at Bain Capital Tech Opportunities. “The company combines unmatched technical expertise with a deep understanding of how the military operates, and that combination is critical to delivering real, measurable impact for service members who rely on software in high-stakes environments.”

Demand for secure software delivery continues to rise. Marco DeMeireles, Co-Founder and Managing Partner at Ansa Capital, stated, “We’ve been proud to partner with Defense Unicorns since the Series A, and our continued investment reflects the conviction we’ve built watching the team execute against an incredibly complex and mission-critical problem. What Rob and the team have built is foundational infrastructure for modern defense, and this next chapter only reinforces the scale of impact ahead.”

The new capital will enable Defense Unicorns to further scale and integrate open-source and commercial dual-use technology throughout the U.S. military and allied forces. To address the most critical modernization needs in defense, the company plans to advance product development across the following strategic products:

  • UDS: A secure, portable, airgap-native runtime platform, purpose-built to solve DOW-specific software delivery challenges. UDS makes deploying and updating software on military systems fast and easy, with essential tools for packaging, deploying, monitoring, and sustaining mission applications.
  • UDS Registry: The first software registry of its kind to offer the speed, reliability, and mission-critical performance required by military systems operating in the most extreme environments. UDS Registry gives the U.S. and our allies an American-maintained solution that secures our software supply chain and maintains trust and reliability across the software development lifecycle.
  • UDS Army: A new approach to accelerate the continuous delivery of secure, mission-ready software to soldiers. UDS Army gives commercial software vendors a faster, simpler path to bring their capabilities to Army missions by combining secure DevSecOps pipelines with pre-authorized cloud environments.

“Before UDS, there was no open, secure, and airgap-native modern software delivery capability for warfighters. More than just a piece of software, UDS is an entire open ecosystem of tools and technologies purpose-built to securely bring capabilities to the field faster. I’m grateful for the incredible teams at Defense Unicorns that continue to evolve UDS to bring even more technical advantage to our nation’s heroes,” concluded Co-Founder and CTO Jeff McCoy.

About Defense Unicorns
Defense Unicorns is a veteran-owned defense technology company founded in 2021 by Rob Slaughter, Jeff McCoy, and Andrew Greene to make software a strategic deterrent for the U.S. Department of War. The company builds open-source, airgap-native technologies that enable the secure development, delivery, and sustainment of mission software across cloud, on-premises, and tactical edge environments. Defense Unicorns’ technology is trusted by the operators of some of the most critical systems in the world, including the U.S. Navy, Army, Air Force, and Space Force.
Learn more at https://defenseunicorns.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 1,850employees, and approximately $185 billion in assets under management. Bain Capital’s Tech Opportunities business (baincapitaltechopportunities.com) aims to help growing technology companies reach their full potential. We focus on companies in large, growing end markets with innovative or disruptive technology where we believe we can support transformational growth. Our dedicated, tenured team has deep experience supporting growing technology businesses—bringing together differentiated backgrounds in private and public equity investing as well as technology operating roles. We invest behind fundamental long-term tailwinds as technology penetrates across industries, creating a large and growing number of investment opportunities. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

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Eddie de Sciora

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Bain Capital Real Estate Closes on $5 Billion in New Capital, Expanding Scale Across High-Conviction Strategies

BainCapital

Firm completes fundraising for Real Estate Fund III, with $3.4 billion in commitments

BOSTON – January 13, 2026 – Bain Capital today announced the close of more than $5 billion in new capital across its real estate strategies, including the completion of fundraising for Bain Capital Real Estate Fund III (“Fund III” or the “Fund”), with approximately $3.4 billion in total commitments. Fund III received significant support from a diverse group of new and existing limited partners globally, and includes $300 million from Bain Capital employees and alumni, underscoring the firm’s long-standing commitment to ensuring alignment with its investors.

The final close of Fund III follows Bain Capital Real Estate’s recent $1.6 billion capital raise alongside 11North Partners, which will invest through their co-owned, open-air, necessity-based retail operating platform. Together, these raises, along with additional co-investments, represent more than $5 billion of investible capital across Bain Capital Real Estate strategies, enhancing the firm’s ability to invest selectively and at scale across its highest-conviction themes. These successful capital formation efforts represent a significant increase over the $3 billion in total commitments raised by Bain Capital Real Estate Fund II.

Fund III continues to reflect Bain Capital Real Estate’s research-driven, thematic investment approach, providing curated exposure to sectors that complement traditional real estate portfolios. The team invests behind long-dated secular trends, partners with experienced operators through dedicated platforms, and maintains a disciplined, flexible approach as market conditions, pricing, and liquidity evolve. Within that framework, Fund III is focused primarily on value-add opportunities in demand-driven, supply-constrained, and often hard-to-access sectors where active ownership and operational improvement can drive accelerated performance. Core areas of focus include urban infill industrial, open-air retail, leisure and hospitality, medical outpatient buildings, for-rent townhomes, senior housing, marinas and storage facilities, and digital real estate assets.

“We are grateful for the continued support of our limited partners and their conviction in our strategy and growing platform, which has delivered strong performance through one of the most challenging real estate cycles in decades,” said Ryan Cotton, Partner and Head of Bain Capital Real Estate. “Our thematic focus, underpinned by rigorous analysis and collaboration across Bain Capital’s platform, combined with disciplined selectivity and active management, positions us well to invest successfully across cycles. Looking ahead, we believe we are competitively advantaged to capitalize on long-term secular trends driven by changes in how people live, work, and spend, and we remain committed to building enduring partnerships with investors and operators who share our long-term view.”

The Bain Capital Real Estate team has built a differentiated sourcing edge, including the ability to originate opportunities off market by leveraging Bain Capital’s platform advantages, thematic insights, and experience executing complex transactions. Further, the team has strengthened its capabilities through the recent establishment of real estate-dedicated Asset Management, Debt Capital Markets, and Investor Relations functions. Notable recent investments include the acquisition of a leading private golf club platform in partnership with Bain Capital Private Equity; the acquisition of a portfolio of 10 open-air retail centers across Florida and South Carolina, most of which are anchored by Publix; the acquisition of an industrial portfolio primarily located in Northern New Jersey; the acquisition of Boathouse Marine Center, a dry-stack marina in Pompano Beach, Florida; and the acquisition of an approximately 122,000 square-foot medical outpatient facility in the Washington, DC metropolitan area.

About Bain Capital Real Estate
Bain Capital Real Estate pursues investments in often difficult-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has invested and committed over $10.7 billion of equity across multiple sectors as of September 30, 2025. Bain Capital Real Estate focuses on assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. Bain Capital is one of the world’s leading private investment firms, with approximately $215 billion of assets under management. For more information, visit https://www.baincapitalrealestate.com.

 

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WindRose Health Investors Makes Investment in Avalon Healthcare Solutions

Franciso Partners

New York, NY, January 12, 2026 – WindRose Health Investors, LLC (“WindRose”), the New York-based healthcare private equity firm, announced that it has completed an investment in Avalon Healthcare Solutions (“Avalon” or the “Company”), a platform that integrates laboratory science and data to power real-time, lab-driven insights on behalf of health plan clients. Francisco Partners, a leading global investment firm that specializes in partnering with technology businesses, has also made an additional investment in the company. Avalon helps to ensure the appropriate use of routine and genetic lab tests and manages a national network of independent test providers.

WindRose’s investment and deep experience scaling tech-enabled payer services solutions will enable Avalon to accelerate its growth trajectory, invest in novel product offerings and further develop its next-generation technology platform. Avalon is uniquely positioned to address the complex and evolving needs of payers with its proprietary technology that automatically reviews and enforces lab test claims against client-adopted, clinically-derived policies. Avalon’s management team, headed by CEO Bill Kerr, will continue to lead the Company in its next phase of growth.

“We are grateful for Francisco Partners’ continued support and are excited to partner with WindRose and begin this next chapter,” said Mr. Kerr. “Francisco Partners has enabled us to grow and scale Avalon to where it is today, and we believe WindRose is a perfect additional partner to support the Company’s growth strategy of delivering an end-to-end lab benefit management platform. With the help of WindRose’s investment and strategic involvement, Avalon will continue to drive meaningful efficiencies on behalf of its health plan clients while also focusing on investing in innovation and building out its suite of capabilities.”

“Avalon has built a leadership position as a preferred partner to health plans that seek operational efficiencies while managing increasingly complex lab benefits. Avalon’s purpose-built lab insights platform uniquely combines lab benefits management, clinical science, and analytics to deliver value to its clients. We are thrilled to partner with Bill and the team to scale the business and continue to support product innovation,” said David Pontius, Partner at WindRose.

“Avalon has evolved into a differentiated, mission-critical partner for health plans by combining deep clinical expertise with a highly scalable technology platform,” said Ezra Perlman, Co-President of Francisco Partners. “We are excited to continue supporting Bill and the Avalon team as they invest in new product capabilities and drive meaningful impact for payers navigating an increasingly complex diagnostics landscape.”

William Blair acted as financial advisor to Avalon. McDermott Will & Schulte LLP acted as legal advisor to WindRose, Kirkland and Ellis acted as legal advisor to Francisco Partners and Davis Polk & Wardwell LLP acted as legal advisor to Avalon.

About WindRose Health Investors

New York City-based WindRose makes equity investments in companies that operate within the services sectors of the healthcare industry. The firm focuses on companies with profitable business models and a demonstrated ability to deliver cost-effective solutions. With approximately $7 billion under management, WindRose invests in companies throughout the United States. For more information, please email us at info@windrose.com.

About Francisco Partners

Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch over 25 years ago, Francisco Partners has invested in over 500 technology companies, making it one of the most active and longstanding investors in the technology industry. With over $50 billion in capital raised to date, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.

About Avalon Healthcare Solutions

Headquartered in Tampa, Florida, Avalon is a healthcare technology company focused on managing the appropriate use of thousands of routine and genetic diagnostic laboratory tests on behalf of health plan clients. Avalon’s library of evidence-based lab policies is actively managed by a team of scientists and encoded into its proprietary platform to help payers reduce avoidable costs and improve clinical outcomes. For more information, please visit www.avalonhcs.com.

Contact:
Lambert by LLYC
Caroline Luz
cluz@lambert.com
203-570-6462

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EQT Life Sciences backs Kinaset Therapeutics’ USD103 million Series B to advance inhaled therapeutic for treatment of respiratory diseases

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EQT Life Science

EQT Life Sciences x Kinaset Therapeutics

  • EQT Life Sciences invests in U.S.-based Kinaset Therapeutics – a clinical-stage biopharma company developing a novel and differentiated inhaled therapeutic to treat serious respiratory diseases
  • Proceeds from the oversubscribed USD 103 million Series B round to help advance frevecitinib – a single-capsule dry powder inhaler delivering therapeutic lung concentrations, with the potential to treat the broad asthma population
  • EQT Life Sciences’ Daniela Begolo to join Kinaset Therapeutics’ Board of Directors

EQT Life Sciences is pleased to announce that the LSP 7 Fund has invested in Kinaset Therapeutics (the “Company”), a clinical-stage biopharmaceutical company based in Boston, U.S. developing a novel and differentiated inhaled therapeutic to treat serious respiratory diseases.

The investment was made as part of Kinaset’s oversubscribed USD 103 million Series B financing, led by RA Capital Management and Forge Life Science Partners, with participation from new investors EQT Life Sciences, Vivo, Schroders, Willett Advisors, Pictet, and Sixty Degree Capital, as well as existing investors Atlas Venture, 5AM Ventures, and Gimv.

Asthma affects millions of patients worldwide, yet a significant proportion remains inadequately controlled on existing therapies. Today’s biologic treatments mainly help patients with certain types of inflammation, leaving many with severe asthma without effective options. This has created a clear unmet need for broadly effective, safe, and inhaled anti-inflammatory therapies that can address the full spectrum of asthma disease.

Kinaset Therapeutics’s Series B will be used to help advance frevecitinib, a novel inhaled dry powder in development for patients with asthma that remains inadequately controlled by standard of care inhaled maintenance therapies. Frevecitinib is an inhaled pan-JAK inhibitor – an immune-modulating medication – designed to deliver therapeutic concentrations directly to the lungs via a single-capsule dry powder inhaler, while minimizing systemic exposure.
Daniela Begolo, Managing Director at EQT Life Sciences, who will join Kinaset’s Board of Directors, said: “Kinaset is taking a highly differentiated approach to asthma by pairing validated JAK biology with an inhaled delivery designed to maximize lung exposure while minimizing systemic risk. Backed by a strong and experienced management team, Kinaset has the potential to address a broad asthma population, including patients not well served by current therapies, making frevecitinib a particularly compelling program to advance into later-stage development.”

Robert Clarke, CEO of Kinaset Therapeutics, said: “Since day one, our goal has been to establish a best-in-class therapeutic for the treatment of severe inflammatory respiratory diseases. Critically, and unlike the majority of existing therapeutics, frevecitinib can provide benefit to all patients with severe asthma including those with a non-eosinophilic phenotype who continue to suffer from an absence of safe and effective therapies. This financing marks a significant milestone for Kinaset to execute our vision of advancing frevecitinib through a Phase 2 dose-ranging clinical study in severe asthma and potentially beyond. The participation of leading life science investors underscores both the strength of our team and the critical unmet need we aim to address.”

Contact
EQT Press Office, press@eqtpartners.com

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About EQT Life Sciences
EQT Life Sciences was formed in 2022 following an integration of LSP, a leading European life sciences and healthcare venture capital firm, into the EQT platform. As LSP, the firm raised over EUR 3.0 billion (USD 3.5 billion) and supported the growth of more than 150 companies since it started to invest over 30 years ago. With a dedicated team of highly experienced investment professionals, coming from backgrounds in medicine, science, business, and finance, EQT Life Sciences aims to back the smartest inventors who have ideas that could truly make a difference for patients.

More information: www.eqtgroup.com/private-capital/eqt-life-sciences

About Kinaset Therapeutics, Inc.
Kinaset Therapeutics is focused on developing inhaled therapeutics to address significant unmet medical needs in respiratory diseases. With founding investors 5AM Ventures, Atlas Venture and Gimv, the Company is pursuing a patient-focused approach to build a leading respiratory therapeutics company.

See more information at the Company’s website 

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