Category Archives: News

Tabreed and CVC DIF to acquire Abu Dhabi’s PAL Cooling from Multiply Group

CVC Capital Partners
  • Existing portfolio includes eight long-term concessions currently serviced by five, state-of-the-art district cooling plants
  • Significant growth potential, with expected operational connected load of approx. 600,000 refrigeration tons

CVC DIF, the infrastructure strategy of leading global private markets manager, CVC, and Tabreed, the world’s leading district cooling company, have entered a partnership to acquire PAL Cooling Holding from Abu Dhabi’s Multiply Group.

The transaction, with an equity value of approximately AED 3.8 billion, includes three long-term concessions in the Abu Dhabi main island area and five long-term concessions on Al Reem Island, and remains subject to customary regulatory approvals. The concessions are serviced by five existing, sustainable district cooling plants and associated networks in Abu Dhabi, with connected capacity of 182,000 refrigeration tons (RT) as of December 2024. An additional plant is currently under construction and three more are in the planning phase. Together the nine plants and eight concessions are expected to represent approximately 600,000 RT.

PAL was founded in 2006 and is a prominent player in the UAE district cooling market, catering to landmark residential, commercial and mixed-use developments. The company has eight, long-term concession agreements and partnerships with leading master developers, including Aldar Properties, Modon and Imkan. PAL is strongly positioned on Al Reem Island, which is a strategic destination now fully part of the ADGM free zone, the vibrant financial centre of Abu Dhabi, and is poised to benefit from the expected development ramp-up, with future network expansion already licenced by Abu Dhabi’s Department of Energy.

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Warburg Pincus Announces Partnership with Marissa Thomas and Steve Varley to Launch Unity Advisory, a Next-Generation CFO Advisory Firm

Warburg Pincus logo

London, June 30, 2025 – Warburg Pincus, the pioneer in private equity global growth investing, has announced a partnership with Marissa Thomas and Steve Varley, two of the UK’s most accomplished professional services leaders, to establish Unity Advisory, a next-generation CFO advisory firm. Unity Advisory will initially provide Office of the CFO services spanning business finance, finance operations, tax and compliance, deal readiness, digital and transformation to private equity-backed and other upper mid-market businesses.

Unity Advisory is financed through an initial equity line of up to $300 million from funds affiliated with Warburg Pincus, along with a substantial additional commitment from the founders. Further capital may be deployed to support future expansion and enhance the value proposition.

The firm sets itself apart by offering Partner-led, high-touch, technology-driven services without the constraints of audit conflicts. From day one, AI will play a central role in how the firm works and serves clients. A key focus of investment will be in AI and cutting-edge automation, which—combined with an experienced and expert team—will help deliver exceptional service, be outcome driven, with client service leaders who are client-focused. Headquartered in London, the firm plans to expand into other key markets and geographies over time.

Marissa Thomas, formerly Managing Partner of PwC UK, founded Unity Advisory and serves as CEO. Steve Varley, formerly EY UK&I Regional Managing Partner and Chair of EY UK, assumes the role of Chairman. David Tapnack joins the team as Managing Partner. Unity Advisory launches with an initial group of experienced partners and team members recruited from the Big Four and other market leading firms. Rapid expansion is anticipated through accelerated hiring of partners and other talent, as well as selective acquisitions.

“We believe there is a more effective way to serve CFOs, and our extensive market research supports this belief,” said Marissa Thomas, CEO of Unity Advisory. “Clients desire senior-level attention, strong technical and industry expertise and a firm that matches their pace. We have assembled a highly experienced team and are committed to building a leading business with strong support from a premier global private equity investor.”

“Unity Advisory offers clients greater choice in CFO services, reflecting a deep understanding of what clients want,” stated Steve Varley, Chairman of Unity Advisory. “Our goal is to create a next generation firm that is entrepreneurial in spirit and rigorous in execution. The business has launched with great momentum; we already have significant client interest which will fuel growth, and a strong recruitment pipeline of talented individuals seeking more variety, reward, and pace in their careers, with a path to Partnership based on an inclusive meritocracy.”

The partnership with Warburg Pincus builds on the firm’s successful and entrepreneurial track record in professional services, including its historical investment in Evelyn Partners’ professional services business and backing the launch of new platforms such as insurance brokerage McGill and Partners.

David Reis, Managing Director, and Rianne Schipper-Kogel, Principal at Warburg Pincus, commented: “We are thrilled to support Marissa, Steve, David and the broader team in the creation of Unity Advisory. Based on our sector experience, we believe the Company will offer a highly distinctive proposition to CFOs and be uniquely positioned to capitalize on what we believe is a substantial market opportunity.”

About Unity Advisory

Unity Advisory is a London-based firm providing Office of the CFO services to private equity-backed and other upper mid-market businesses. With offerings across business finance,  finance operations, tax and compliance, deal readiness, digital and transformation, the firm delivers Partner-led, high-touch, technology-driven solutions — free from the constraints of audit conflicts.

From inception, Unity Advisory has embedded AI at the core of its operations and client delivery. Combining deep experience with a forward-looking technology vision, the firm is redefining how CFO functions are supported in today’s fast-moving business environment. With plans to expand into other key markets and geographies, Unity Advisory is poised for growth while remaining committed to excellence, innovation, and client success.

Unity Advisory was founded by Marissa Thomas, formerly Managing Partner of PwC UK, who now serves as CEO. Steve Varley, former EY UK&I Regional Managing Partner and Chair of EY UK, joins as Chairman. David Tapnack takes on the role of Managing Partner. Together, the leadership team brings deep expertise and a bold vision for transforming finance functions through innovation and experience.

For more information, please visit: https://unity-advisory.com/

About Marissa Thomas, Steve Varley and David Tapnack

Marissa Thomas was a partner at PwC for over twenty years, holding a number of leadership roles in the UK partnership. Most recently until June 2024, she was Managing Partner and COO. Marissa is an experienced and well known adviser to the private equity industry. Today, Marissa is a non executive director for ECIT, a professional and technology services business which has a minority investment by funds advised by TowerBrook Capital Partners (U.K.) LLP. Marissa is CEO of Unity Advisory, a next-generation CFO advisory firm, backed by Warburg Pincus.

Steve Varley was a Partner at Andersen Consulting, and then Accenture, before joining EY in 2005. In 2011 he was elected as the UK&I Regional Managing Partner and UK Chair of EY, a role he held for 9 years.  Steve’s last role at EY was as Global Vice-Chair Sustainability. He left EY at the end of 2023 and now chairs DWF Group, a global law firm and portfolio company of Inflexion, and is Chairman of Unity Advisory, a next-generation CFO advisory firm, backed by Warburg Pincus.

David Tapnack was a partner at PwC for sixteen years, where he founded the firm’s tech-enabled CFO Office and Insight & Analytics business. He subsequently held several senior roles in the UK firm including Head of Commercial, Chief People Officer for Transaction Services, and Chief Operating Officer for Forensics. David has advised private equity investors and their portfolio companies for twenty years. He left PwC in 2024, and is the Managing Partner of Unity Advisory, a next-generation CFO advisory firm, backed by Warburg Pincus.

About Warburg Pincus

Warburg Pincus LLC is the pioneer of private equity 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 $87 billion in assets under management, and more than 220 companies in their active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.

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

Media Contact:

Alice Gibb
+44 20 730 603 90
alice.gibb@warburgpincus.com

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Ardian Clean Energy Evergreen Fund (ACEEF) expands its footprint in Italy with the acquisition of a portfolio of 117 solar plants

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Ardian

ACEEF acquired a 100% stake in a 116MW portfolio comprising 117 solar plants in operation located across multiple Italian Regions
• The portfolio enhances technology diversification of the existing ACEEF Italian platform with state-of-the-art revamped solar asset still benefiting from attractive feed in tariffs
• The seller is E2E, an Italian company active in the renewable energy sector led by entrepreneur Gianluca Lancellotti

Ardian, a world-leading private investment firm, announces that it has acquired a portfolio of 117 solar PV plants in operation, with a total capacity of 116 MW, located in several Italian regions and benefitting from feed in tariffs (Conto Energia tariffs).

The solar assets have more than 10 years of strong operating track record and many of them have been recently repowered and revamped with Tier 1 technology, delivering improved operational performance, reliability and uplift the installed capacity of the portfolio.

This transaction is fully aligned with ACEEF’s strategy focused on highly contracted (through incentive tariffs or long-term PPAs)brownfield renewable assets, with a balanced and diversified portfolio of generation capacity and offer highly visible opportunities to enhance capacity thanks to the strategic location of the assets across Italy.

This acquisition further strengthens ACEEF’s Italian fleet, which now holds ca.  400MW of wind, solar, hydro and biogas asset in operation and more than 400MW of asset under development, consistently with Ardian value creation strategy.
InEnergy, ACEEF Italian platform managing all renewable energy assets of the Fund in Italy will provide asset management and development services to the portfolio with its 50+ Team of experienced professionals.

”E2E has been active for a decade in the acquisition, optimization, and management of primarily incentivized photovoltaic assets. Over the past nine years, we have consolidated portfolios totaling more than 300 MW. This transaction marks the successful completion of a journey that began three years ago with the acquisition of the initial assets in this portfolio and continued through the implementation of our value creation strategy, including the revamping and repowering of the plants. In the last 12 months, we worked closely with Ardian to further enhance the operational efficiency of the portfolio, achieving an average annual revenue exceeding €630,000 per MW for the incentivized plants. This sale will enable us to consolidate new portfolios and continue advancing our mission. Collaborating with Ardian on this deal has been an excellent experience, and we look forward to continuing our partnership in the future—working together toward an energy transition grounded in tangible, immediate impact.” Gianluca Lancellotti, Founder and General Manager, E2E

“This acquisition is consistent with ACEEF strategy to consolidate renewable asset in the Italian market. The E2E asset will complement our existing wind and hydro portfolio adding further geographic and technological diversification. Thanks to ACEEF evergreen structure we can deploy long-term value creation plan, through repowering, hybridization and greenfield development. Under ACEEF control we intend to further improve the performance of the portfolio, thanks to our digital tool OPTA and our unique position in the market, and expand the portfolio with additional growth, leveraging on the industrial capabilities of our Italian platform InEnergy. We are pleased to begin our long lasting partnership with E2E.” Federico Gotti Tedeschi, Managing Director Infrastructure, Ardian

ACEEF is Infrastructure’s first open-ended clean energy fund, which was launched in early 2022 and whose fundraising reached €1.0bn at the closing in July 2023. The fund offers professional investors the opportunity to enhance their exposure to renewable assets and the energy transition. The fund commits to make investments with an environmental objective as described in Article 9 fund of the EU Sustainable Finance Disclosure Regulation (SFDR) and invests globally, with a focus on Europe.

ACEEF will continue to focus on core renewable assets including solar, wind and hydro, as well as emerging technologies across biogas, biomass, storage and energy efficiency.

Ardian has been a pioneer in the energy transition, having started investing in renewable assets in 2007. Across all Infrastructure Funds at Ardian, the team manages more than 8GW of thermal and renewable energy capacity in Europe and the Americas.

List of participants

  • Ardian

    • M&A: Vitale and InEnergy
    • Legal: Legance
    • Technical: EOS
    • Accounting and Tax: PWC

  • E2E

    • M&A: L&B Partners SpA
    • Legal: L&B Partners Avvocati Associati
    • Tax: Torresi

ABOUT ARDIAN

Ardian is a world-leading private investment firm, managing or advising $180bn of assets on behalf of more than 1,850 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT E2E

E2E S.p.A. is a leading Italian operator in the photovoltaic sector, specializing in the acquisition of medium-sized photovoltaic plants and their subsequent technical management and optimization. Founded in 2016 by Gianluca Lancellotti, who brings over 25 years of experience in the energy sector, E2E has achieved outstanding results. As of today, the company has acquired more than 350 photovoltaic plants with a total installed capacity exceeding 300 MW, completing over 230 acquisitions and investing approximately €1bn.

E2E-Power.com

Media Contacts

ARDIAN

HEADLAND

ardian@headlandconsultancy.com 

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Torrent Pharma to Acquire Controlling Stake in J. B. Chemicals & Pharmaceuticals from KKR

KKR

Acquisition to be followed by merger; strengthens Torrent’s IPM market presence

MUMBAI, India–(BUSINESS WIRE)– Torrent Pharmaceuticals Limited (“Torrent”) and global investment firm KKR today announced that Torrent has entered into definitive agreements to acquire controlling stake in J. B. Chemicals and Pharmaceuticals (“JB Pharma”) from KKR at an Equity Valuation of INR 25,689 crores (on fully diluted basis), followed by a merger of the two entities. The transaction marks a significant step in Torrent’s ambition to create a future-ready, diversified healthcare platform combining a deep chronic segment heritage with emerging international CDMO capabilities.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250629033492/en/

The transaction will be executed in 2 phases:

  1. Acquisition of 46.39% equity stake (on a fully diluted basis) through a Share Purchase Agreement (“SPA”) at a consideration of INR 11,917 crores (INR 1,600 per share) followed by a mandatory open offer to acquire up to 26% of JB Pharma shares from public shareholders at an open offer price of INR 1,639.18 per share. In addition to the above, Torrent has also expressed its intent to acquire up to 2.80% of equity shares from certain employees of JB Pharma at the same price per share as KKR.
  2. Merger between Torrent and JB Pharma through a scheme of arrangement. As per the approval given by the Board of Directors of both companies, upon merger of JB Pharma with Torrent, every shareholder holding 100 shares in JB Pharma shall receive 51 shares of Torrent.

Samir Mehta, Executive Chairman, Torrent, commented: “We are pleased to have on board the JB Pharma heritage and build on the platform for the future. Torrent’s deep India presence and JB Pharma’s fast growing India business, combined with the CDMO and international footprint offers immense potential to scale both revenue and profitability. This strategic alignment furthers our goal of strengthening our presence in the Indian pharma market, and build a larger diversified global presence. Moreover, the CDMO platform provides a new long-term avenue of growth for Torrent.”

Gaurav Trehan, Co-Head of Asia Pacific and Head of Asia Pacific Private Equity, KKR, and CEO of KKR India, said: “JB Pharma’s transformation under our stewardship is a testament to KKR’s ability to scale high-quality companies. We are proud to have collaborated with JB Pharma’s management team, led by Nikhil Chopra, to bring the breadth of KKR’s global experience and operational expertise to support the company’s organic and inorganic growth, and help JB Pharma become one of India’s fastest growing branded pharmaceutical companies. We believe the company is well-positioned for continued growth ahead and wish the team every success in its next chapter with Torrent.”

Nikhil Chopra, Chief Executive Officer and Whole Time Director of JB Pharma, remarked: “Over the past five years, JB Pharma has emerged as one of India’s fastest growing pharmaceutical players, owing to KKR’s strategic guidance, stewardship of our independent directors and a focused strategic and executional excellence by the management team. We have built a strong foundation to deliver market-leading growth, as well as consistent improvement in profitability in the medium and long term. As we now enter a new chapter alongside Torrent Pharmaceuticals, we are confident that the combined strengths of our organizations will unlock greater opportunities to enhance healthcare access across our markets.”

Strategic Rationale for Acquisition

  • Acquisition provides access to a fast-growing India franchise, with leading brands in the chronic segment, and entry into untapped therapeutic areas like ophthalmology
  • Strengthens market share in the IPM for Torrent
  • Operational synergies across multiple business functions
  • Platform diversification: entry into the CDMO segment with long-term potential
  • Consolidation in key international markets and greater ability to scale up

Transaction Structure & Approvals

  • Torrent will acquire 46.39% stake (on a fully diluted basis) through an SPA and additional potential acquisition of up to 2.80%, aggregating to 49.19% which will trigger a mandatory open offer of 26.0% as per Regulation 3 and 4 of SEBI (SAST) Regulations followed by a merger through a Scheme.
  • Both the SPA and Scheme are subject to standard requisite statutory and regulatory approvals, including from Securities and Exchange Board of India (SEBI), Stock Exchanges, the Competition Commission of India (CCI), National Company Law Tribunal (NCLT), and other approvals, as applicable.

Advisors
Moelis & Company and NovaOne acted as financial advisors for Torrent. Khaitan & Co. acted as legal counsel to Torrent. Ernst and Young Merchant Banking Services LLP (for Torrent) and BDO Valuation Advisory LLP (for JB Pharma) acted as independent registered valuers. Kotak Investment Banking and Rothschild & Co acted as financial advisors to KKR. Shardul Amarchand Mangaldas & Co acted as legal counsel to KKR and JB Pharma. Goldman Sachs (India) Securities Pvt. Ltd. acted as the financial advisor to JB Pharma. AZB & Partners acted as legal counsel to the Board of Directors of JB Pharma. Fairness opinion on the share exchange ratio recommended by the valuer was provided by Axis Capital Limited to the Board of Torrent and by ICICI Securities Limited to the Board of JB Pharma.

About Torrent
Torrent Pharma is a leading player in the Indian pharmaceutical sector, concentrating on the chronic and sub-chronic therapeutic segments. The Company has established itself as a leader in developing niche pharmaceutical solutions through its patient-centric innovation. It also has a strong global presence across Brazil, Germany, and the United States.

About JB Pharma
J.B. Pharma (BSE: 506943 | NSE: JBCHEPHARM | ISIN: INE572A01028), is one of the fastest growing pharmaceutical companies in India and a leading player in the hypertension segment. Besides its strong India presence, which accounts for majority of its revenue, its other two home markets are Russia and South Africa. In India, the company has six brands among the top 300 IPM brands in the country. The company exports its finished formulations to over 40 countries including the USA, and is also a leading CDMO player in the segment of medicated lozenges. It has eight state of the art manufacturing facilities in India including a dedicated manufacturing facility for lozenges. The manufacturing facilities are certified by leading regulators across the world.

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

Media Contacts

For KKR:
Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

For Torrent Pharma:
Jayesh Desai
+91 9824501396

Source: KKR

 

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819 Capital makes follow-on investment in ScoutinScience to scale AI-driven research

819 Capital Partners

Deventer, 27 June 2025 – 819 Capital reaffirms its commitment to ScoutinScience by joining their €1 million growth investment round, alongside new angel investors with AI-expertise. The investment will support the further development and international expansion of the company’s AI-powered research valorisation platform.

ScoutinScience uses advanced AI and natural language processing to systematically identify, assess, and accelerate the real-world impact of academic research. Its proprietary models uncover untapped innovation potential at scale, enabling universities, TTOs, and public institutions to shift from passive IP management to proactive, data-driven valorisation.

With active clients in Germany, Austria, Ireland, and the Netherlands, and collaborations spanning over 10 countries, ScoutinScience is building the AI-powered backbone for a more connected, strategic European innovation ecosystem.

The new funding will accelerate entry into additional European markets, expand AI-driven tools and metrics, and enable broader services in innovation scouting, matchmaking, and policy-grade reporting.

ScoutinScience represents the next generation of research infrastructure; smart, scalable, and mission-driven. 819 Capital is pleased to support this step in building a stronger, more data-informed European knowledge economy.

For more information: https://scoutinscience.com/

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EQT portfolio company Eton announces new ownership

eqt
  • Eton, the Swedish luxury menswear brand, is entering a new chapter on its development journey backed by a new private long-term investor consortium
  • Under EQT’s ownership, Eton developed omnichannel capabilities, expanded its product portfolio, entered new markets, and strengthened its digital infrastructure and sustainability profile
  • The consortium, selected by Eton’s existing lenders through a competitive process supported by EQT, brings experience in building global premium brands and businesses

Eton (“the Company”), a Swedish luxury menswear brand, has today announced a change of ownership from EQT VII (“EQT”) to a consortium of private long-term investors. Founded in 1928 and headquartered in Gånghester, Sweden, Eton has a strong heritage in shirts and an expanding menswear offering of premium quality sold in more than 50 countries. 

Under EQT’s ownership, Eton has evolved into a modern omnichannel business with strengthened direct-to-consumer and wholesale presence across Europe, North America, and selected markets in Asia and the Middle East. Furthermore, Eton has broadened its product offering, invested substantially in digital infrastructure, and embedded a data-driven sustainability strategy. 

Supported by the existing lenders and the consortium of new long-term investors, the management team, led by CEO David Thörewik, will continue to build Eton’s brand and deliver on its strategy. The consortium brings experience in developing global premium brands and businesses, and includes Mikael Schiller, Caspar Callerström, and Thomas von Koch. 

“Eton was founded on nearly a century’s worth of craftsmanship and a commitment to quality and style, a heritage you can touch and feel in every product. During EQT’s ownership, we have become a global business supported by world-class systems and modern operating principles. As we enter a new chapter of our journey, we look forward to introducing even more men to our world of unrivaled quality and timeless style. With new backing, a balance sheet allowing us to invest behind our growth and a clear strategic direction, we’re excited about the road ahead,” said David Thörewik, CEO of Eton. 

Albert Gustafsson, Partner within the EQT Private Equity advisory team, commented: “Eton has been on a transformative journey, expanding both its reach and relevance in a changing retail landscape. We would like to thank the management team and all employees for the hard work and great collaboration over the past years, and during the ownership transition process. We are pleased to have helped facilitate a sustainable long-term solution for the Company and its existing lenders.” 

Contact
EQT Press Office, press@eqtpartners.com

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About EQT
EQT is a purpose-driven global investment organization with EUR 273 billion in total assets under management (EUR 142 billion in fee-generating assets under management) as of 31 March 2025, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

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CVC successfully concludes public delisting offer for CompuGroup Medical

CVC Capital Partners
  • CVC has secured total stake of 27.78% of the share capital and voting rights in CompuGroup Medical; founding family Gotthardt retains majority stake of 50.12%
  • CVC as second anchor shareholder will support CompuGroup Medical to focus on implementation of its long-term innovation and growth strategy
  • Delisting from the regulated market of the Frankfurt Stock Exchange (Prime Standard) effective as of expiry of June 24, 2025
  • Following completion of the delisting, CVC will join CompuGroup Medical’s expanded Administrative Board with three seats; founding family Gotthardt will remain in control

Caesar BidCo GmbH, a holding company owned by investment funds advised and managed by CVC Capital Partners (“CVC”), has announced the final results of the public delisting offer to all shareholders of CompuGroup Medical SE & Co. KGaA (“CompuGroup Medical” or “CGM”). At the end of the acceptance period on June 24, 2025, the delisting offer was accepted for approximately 3.39% of all shares in CompuGroup Medical. In total, CVC has secured a stake of approximately 27.78% of the share capital in CGM via the bidder as of today. The shareholders around the founding family Gotthardt retain their majority stake and continue to hold approximately 50.12% of all shares in CompuGroup Medical. There will be no additional acceptance period, and the delisting offer is not subject to any closing conditions.

The delisting of CompuGroup Medical from the Frankfurt Stock Exchange has become effective as of expiry of June 24, 2025. Following the completion of the delisting from the regulated market of the Frankfurt Stock Exchange (XETRA) and from the segment of the
regulated market with additional post-admission obligations (Prime Standard) of the Frankfurt Stock Exchange, the management of CompuGroup Medical has promptly taken action to terminate the inclusion of CGM shares in the open market (Freiverkehr) of the stock exchanges in Berlin (Second Regulated Market), Düsseldorf, Hamburg, Hanover, Munich, Stuttgart, as well as via Tradegate Exchange.

Effective July onwards, the Administrative Board of CompuGroup Medical will expand from five to six members, reflecting the terms of the Investment Agreement with CVC. As part of this agreement, CVC will secure representation on the Administrative Board with three seats. The founding family Gotthardt will retain control of the Administrative Board, represented by three representatives, including Frank Gotthardt as Chairman, Prof. (apl.) Dr. Daniel Gotthardt and Dr. Klaus Esser. Joining the Administrative Board as CVC representatives are Dr. Daniel Pindur, Can Toygar and Christoph Röttele. Together, the Gotthardt family and CVC will bring in their joint expertise to drive the execution of CGM’s long-term growth and innovation strategy.

Frank Gotthardt, Chairman of the Administrative Board of CompuGroup Medical, said: I would like to sincerely thank Stefanie Peters and Prof. (apl.) Dr. med. Karl Heinz Weiss for their support of CGM during their tenure as members of the Administrative Board. I am looking forward to driving innovation and growth together with CVC in the years to come. For no one should suffer or die because at some time medical information was missing.”

Dr. Daniel Pindur, Managing Partner at CVC, said: “With our partnership with CGM and the successful delisting, we are entering the next chapter of CompuGroup Medical’s success story. Together, we will be able to invest in a long-term and strategic manner to expand CGM’s leading market position.” Can Toygar, Partner at CVC, added: “In collaboration with the Gotthardt family, we will focus on investing in the future of the company, driving product development and delivering outstanding solutions for CGM’s customers.”

CGM and CVC first announced their strategic partnership and the planned subsequent delisting of CGM on December 9, 2024. In this context, CVC published a voluntary public tender offer to all CGM shareholders. On April 17, 2025, the bidder announced receiving the final regulatory approval for its voluntary public tender offer. The strategic partnership between CVC and CGM officially came into effect upon completion of the offer on May 2, 2025. Subsequently, CompuGroup Medical and CVC announced the signing of an agreement to delist CGM from the stock exchange on May 8, 2025. For this purpose, CVC launched a public delisting offer to all shareholder of CompuGroup Medical on May 23, 2025.

The completion of the public delisting offer will take place within the next eight banking days, i.e. on July 9, 2025 the latest. Shareholders of CompuGroup Medical who tendered their shares in the public delisting offer will be paid the offer price of EUR 22.00 per share. Further information on the settlement and transfer of the tendered shares is available on the following website: https://www.practice-public-offer.com/en.

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EQT to sell Pioneer Corporation, a leading Japanese provider of in-car sound and multimedia products and solutions, to CarUX for USD 1.1 billion

eqt

Pioneer

  • EQT to sell Pioneer, a leading Japanese provider of in-car sound and multimedia products and solutions for global OEMs and the consumer aftermarket, for USD 1.1 billion
  • Under EQT’s ownership, Pioneer has transformed into a global industrial tech firm with solid financials and strong cash flow, poised to build on its current growth momentum
  • Pioneer’s new partnership with CarUX, a leading innovator in smart cockpit solutions and a subsidiary of top panel supplier based in Taiwan, Innolux, will create strong synergies with Pioneer’s existing capabilities to continue on its global expansion trajectory

TOKYO – 26 June 2025 – EQT is pleased to announce that BPEA Private Equity Fund VI and BPEA Private Equity Fund VII (“EQT”) have agreed to sell Pioneer Corporation (“Pioneer” or the “Company”) for USD 1.1 billion[1] to CarUX, a leading innovator in smart cockpit solutions and a subsidiary of top panel supplier based in Taiwan, Innolux Corporation (3481.TW). The transaction marks a significant milestone in Pioneer’s growth journey, following its transformation since EQT’s initial investment in 2019.

Pioneer is a Japanese automotive technology leader in sound and navigation systems. Since its establishment in 1938, Pioneer has become an engineering powerhouse with strong R&D capabilities, and industry-leading manufacturing capabilities. In addition to in-car navigation and audio electronics systems for OEMs and the consumer aftermarket, Pioneer offers software capabilities and a range of hardware products for the automotive industry.

Since acquiring Pioneer in 2019, EQT has led a comprehensive transformation to regain financial strength and position the business for long-term growth. For the fiscal year ending March 2025, the Company delivered double digit EBITDA margins and strong free cash flow. EQT enhanced corporate  governance, installed a new leadership team, and executed cost and capital discipline measures across the organization, resulting in significant improvement in profitability and cash generation. Pioneer returned to its roots and core competencies in automotive sound, launching its new amp  technology platform and securing large projects from domestic and overseas clients. Leveraging Pioneer’s existing technologies, new growth verticals were launched in Mobility Services (software-led navigation with proprietary Japan-specific map data) and Mobility AI Connectivity (AI-based dash cams for international markets). Through improved operational efficiencies and strategic divestments of non-core assets, the Company was able to remain resilient even during COVID and periods of semiconductor shortage.

Shiro Yahara, President and CEO of Pioneer, said: “EQT has been instrumental in helping us drive transformation and innovation while preserving our DNA as a global leader in automotive technology. We look forward to this next chapter of growth with CarUX, building on the solid foundation that EQT helped us establish. We are proud to celebrate this milestone and look forward to partnering with CarUX to continue our product innovations and accelerate our global expansion.”

Sanjay Dhawan, Chairperson of the Board and independent director of Pioneer, said: “The automotive industry is undergoing a profound digital transformation, with digital content in vehicles rising from 27% to 40% and software playing an increasingly central role in cars. Under EQT’s ownership, Pioneer has embarked on a transformative journey—embracing innovation to lead in this new, software-defined era of mobility. This innovation has created substantial value across the board, benefiting customers, employees, and shareholders alike.”

Shane Predeek, Partner within EQT Private Capital, said: “We are proud to have helped revitalize one of Japan’s most iconic brands and reposition it for long-term success. This milestone marks an exciting new chapter for Pioneer, and we believe that there are synergies with CarUX and its parent company, Innolux, that will greatly benefit the business and its future potential. At EQT, we are committed to being responsible stewards of our companies – ensuring they are handed over to owners who can continue the momentum we’ve built and support their next phase of growth. This transaction also reflects EQT’s growing momentum in Japan, where we continue to execute on our strategy of building stronger, more resilient businesses with global ambition.”

The transaction is subject to customary conditions and approvals and is expected to be completed in Q4 2025.

Deutsche Securities served as lead financial advisor. BofA Securities also acted as financial advisor, and Morrison Foerster, White & Case, and Nagashima Ohno & Tsunematsu served as legal counsel to EQT.

[1] Converted at an exchange rate of 148.5 JPY/USD

Contact

EQT Press Office, press@eqtpartners.com

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About EQT

EQT is a purpose-driven global investment organization with EUR 273 billion in total assets under management (EUR 142 billion in fee-generating assets under management) as of 31 March 2025, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

 

About Pioneer

Pioneer is a leading global manufacturer that has been developing an array of world-first products and services since its inception in 1938 based on its corporate mission of “Move the Heart and Touch the Soul.” Through our core car electronics business, we propose new and unique value by providing products and services that realize comfort, excitement, safety and security in vehicle interiors, utilizing unique and innovative ideas combined with cutting-edge technologies. We have formulated the goal of “Creating the Future of Mobility Experiences” as our corporate vision and are committed to transforming into a solution company that uses products and services to solve the myriad challenges of the mobility field. For more information on Pioneer, please visit https://global.pioneer/en/

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Atlantic Union Bank Closes Sale of Approximately $2 Billion of Commercial Real Estate Loans to Blackstone

Blackstone

Richmond, Va. & New York, June 26, 2025 – Atlantic Union Bankshares Corporation (NYSE: AUB) (“Atlantic Union”), the holding company for Atlantic Union Bank (the “Bank”), and Blackstone (NYSE: BX) jointly announced today the closing of the sale of approximately $2 billion of the Bank’s performing commercial real estate (“CRE”) loans acquired from Sandy Spring Bank to vehicles affiliated with Blackstone Real Estate Debt Strategies (“BREDS”). The CRE loan sale was contemplated and announced as part of Atlantic Union’s merger with Sandy Spring Bancorp, Inc., which closed on April 1, 2025.

“After closing our acquisition of Sandy Spring, we have been focused on integration and execution,” said John Asbury, president and CEO of Atlantic Union. “Today’s announcement is another proof point of Atlantic Union’s ability to execute and deliver on transactions that create long-term value for our shareholders. We were pleased to work with Blackstone Real Estate on this transaction, which both sides executed seamlessly. The loan sale transaction reduces our CRE concentration and frees up capacity for potential future growth.”

Tim Johnson, Global Head of Blackstone Real Estate Debt Strategies, said: “This transaction demonstrates the breadth of our market-leading platform and deep expertise providing solutions to financial institutions for their commercial real estate portfolios. With $76 billion of AUM, including the recent closing of one of the largest real estate debt funds ever, we believe we are well-positioned to access differentiated real estate credit investment opportunities on behalf of our institutional, insurance and individual investors.”

The final CRE loan pool sold by the Bank had balances totaling approximately $2 billion which were previously identified and transferred to held for sale as of April 1, 2025. The loan pool was sold in the low 90s as a percentage of par value, and the Bank retained customer-facing servicing responsibilities.

The Bank intends to use the proceeds from the loan sale to pay down certain high-cost deposits and certain other high-cost funds, as well as to add to its securities portfolio.
For Blackstone Real Estate, this transaction follows the acquisition of $20 billion of CRE loan portfolios in the last 24 months, including the acquisition of an approximately 20% stake in the $17 billion Signature Bank CRE debt portfolio and the $1 billion performing senior mortgage loan portfolio acquisition from PBB.

Morgan Stanley & Co. LLC served as sole structuring advisor to Atlantic Union and Hunton Andrews Kurth LLP acted as its legal advisor on the transaction.

Citigroup Global Markets Inc. and CBRE National Loan & Portfolio Sale Advisors acted as financial advisors to Blackstone. Gibson, Dunn & Crutcher LLP, Ropes & Gray LLP and Benesch Friedlander Coplan & Aronoff LLP acted as legal advisors to Blackstone.

About Atlantic Union Bankshares Corporation
Headquartered in Richmond, Virginia, Atlantic Union Bankshares Corporation (NYSE: AUB) is the holding company for Atlantic Union Bank. Atlantic Union Bank has branches and ATMs located in Virginia, Maryland and North Carolina. Certain non-bank financial services affiliates of Atlantic Union Bank include: Atlantic Union Equipment Finance, Inc., which provides equipment financing; Atlantic Union Financial Consultants, LLC, which provides brokerage services; and Union Insurance Group, LLC, which offers various lines of insurance products.

About Blackstone Real Estate Debt Strategies
Blackstone Real Estate Debt Strategies (“BREDS”) is the largest alternative asset manager of real estate credit with $76 billion of investor capital under management. Serving institutional, insurance, and individual investors, BREDS originates loans and makes debt investments across global private and public real estate credit markets and across the capital structure and risk spectrum. BREDS also manages Blackstone Mortgage Trust (NYSE: BXMT), a publicly-traded commercial mortgage REIT, and is a fully integrated part of the Blackstone Real Estate platform, the largest owner of commercial real estate globally.

Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder, which statements involve inherent risks and uncertainties. Examples of forward-looking statements include, but are not limited to, statements regarding the loan sale, including Atlantic Union’s intended use of proceeds from the sale and the expected benefits of the sale to Atlantic Union. Such statements are often characterized by the use of qualified words (and their derivatives) such as “intend,” “may,” “will,” “potential,” “anticipate,” “could,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” and “project,” as well as words of similar meaning or other statements concerning opinions or judgment of us or our management about future events. Forward-looking statements are based on assumptions as of the time they are made and are subject to risks, uncertainties and other factors that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results expressed or implied by such forward-looking statements. Such risks, uncertainties and assumptions, include, among others, the following: the possibility that the intended use of proceeds from the loan sale may change as a result of changes in economic conditions, market interest rates, volatility in the financial services sector, Atlantic Union’s capital position, or as a result of other unexpected factors or events; Atlantic Union’s ability to deploy the net proceeds in the manner it expects; and other factors, many of which are beyond Atlantic Union’s control.

Although Atlantic Union believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that our actual results will not differ materially from any projected future results expressed or implied by such forward-looking statements. Additional factors that could cause results to differ materially from those described above can be found in Atlantic Union’s most recent annual report on Form 10-K and other documents subsequently filed by Atlantic Union with the Securities Exchange Commission.

Investors are cautioned not to rely too heavily on any such forward-looking statements. Forward-looking statements speak only as of the date they are made and Atlantic Union undertakes no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

Contact
Bill Cimino, 804.448.0937, Senior Vice President and Director of Investor Relations of Atlantic Union

Jeffrey Kauth, 212.583.5395, Blackstone

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Carlyle and UBS’s Unified Global Alternatives business collaborate on Private Equity Secondaries Initiative

Carlyle

Amsterdam, New York and Zurich — June 26, 2025

Global investment firm Carlyle (NASDAQ: CG) and UBS’s Unified Global Alternatives (UGA) business, today announced their collaboration on an open-ended private equity secondaries initiative for wealth management clients.

The initiative aims to provide institutional-quality secondaries exposure with enhanced liquidity, diversification, and long-term value.

“This collaboration underscores our commitment to expanding access to world-class private market solutions while maintaining the rigor and discipline of our institutional platform,” said Shane Clifford, Global Head of Wealth at Carlyle. “By combining Carlyle AlpInvest’s global secondaries expertise with that of UBS’s Unified Global Alternatives business, our goal is to deliver a compelling solution to investors.”

“The secondaries market has grown and matured over the past two decades, and today we’re seeing one of the most active environments in years—with high-quality portfolios coming to market and a range of sellers seeking flexible solutions,” said Chris Perriello, Global Head of Secondaries at Carlyle AlpInvest. “With a long history of sourcing and executing complex secondary transactions globally, this initiative is a natural way to bring that expertise to a broader set of investors.”

Jerry Pascucci, Co-Head of UGA at UBS, said: “We are proud to innovate with the world’s premier GPs, capitalizing on the scale, breadth, and resources of our leading private markets franchises to serve clients’ investment needs across the spectrum of alternative investment strategies.”

“We are delighted to collaborate with Carlyle AlpInvest, combining our deep experience to deliver private equity secondary market opportunities for clients. With this collaboration, we can also bring together Carlyle’s expertise with UGA’s global network and sourcing relationships to drive a robust deal funnel,” added Johannes Roth, Co-Head of UGA at UBS.

This communication does not constitute an offering of securities in the United States or to U.S. Persons (as defined in Regulation S under the U.S. Securities Act of 1933).  This communication is not, and under no circumstances is to be construed as, a prospectus or advertisement for the public offering of any securities in the United States.

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 $453 billion of assets under management as of March 31, 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 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

About UBS Unified Global Alternatives (UGA)

UBS’s Unified Global Alternatives (UGA) business brings together our leading alternatives manager selection franchises from Asset Management and Global Wealth Management. With combined invested assets of approximately $295 billion, UGA is one of the leading global alternative LPs. To serve our clients’ alternative investment needs, UGA maintains, manages and curates one of the world’s premier open architecture platforms across hedge funds, private equity, private credit, real estate, infrastructure and multi-alternative investment products. We are also able to provide access to exclusive co-investments and secondary market opportunities for our more sophisticated clients.

Carlyle

Media:

Brittany Berliner
+1 (212) 813-4839
brittany.berliner@carlyle.com

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