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Apollo Funds to Acquire Kelvion, a Leading Global Provider of Heat Exchange & Cooling Solutions

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Triton to retain minority interest in Kelvion

LONDON and HERNE, Germany, Aug. 13, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Apollo-managed funds (“Apollo Funds”) have agreed to acquire a majority stake in Kelvion (or the “Company”), a leading global provider of energy efficient heat exchange and cooling solutions, from funds advised by Triton (“Triton”). Triton will maintain a minority interest in Kelvion.

Founded and headquartered in Germany for over a century, Kelvion has established itself as a premier provider of thermal management solutions across a broad spectrum of industrial and high-growth end markets. Today, Kelvion is a leader in advanced cooling technologies for data centers, the Company’s largest and fastest-growing segment. It also plays an enabling role in several key energy transition markets, including carbon capture, hydrogen, electrification, renewables, and heat pumps, delivering highly reliable and sustainable solutions to customers around the globe.

Kelvion operates an extensive global footprint with sites across the Americas, EMEA, and APAC. Triton acquired and rebranded the company in 2014 (formerly GEA Heat Exchanger Group). Since then, Kelvion has undergone a significant transformation, shifting its portfolio and strategic focus toward secular megatrends in High Tech and Green Tech, while driving operational excellence and expanding its global customer base.

Waleed Elgohary, Partner, Apollo, said, “Kelvion has established itself as a premier provider of energy efficient solutions, with a global footprint and leading customer base. The Company is well positioned to meet the demand of several very large secular tailwinds, including AI & cloud revolution, energy transition, and reindustrialization. We are thrilled to have the opportunity to support the Company’s growth in this next phase in partnership with the Triton, Andy and the rest of the management team.”

Andy Blandford, CEO of Kelvion, said: “We thank Triton for their support and the good collaboration throughout the years. Today, Kelvion stands stronger than ever, delivering cutting-edge solutions across high-growth markets that matter most for the future of industry and the planet. We are thrilled to welcome Apollo Funds as our new majority investor. Their deep expertise in both clean energy and industrial technology, along with their global network and long-term mindset, makes them an ideal partner. Backed by the combined strength of Apollo and Triton, we are poised to accelerate our growth trajectory, continue investing in innovation and talent, and further solidify our position as a global leader in energy-efficient thermal solutions.”

Apollo Partners Claudia Scarico and Jeremy Honeth added, “We have followed the Kelvion business for several years, and Andy and the management team have done a terrific job transforming the business into a leading solutions provider serving highly technical end markets that we believe should continue to benefit from multiple secular megatrends. We are excited by its growth plans and look forward to supporting Kelvion in partnership with Triton.”

Claus von Hermann, Fund Managing Partner, Head of DACH and Co-Head of Industrial Tech at Triton, said: “We thank Andy, the further management team and all employees of Kelvion for their hard work, commitment and collaboration over the years. Together, they have driven a remarkable transformation, positioning the company at the forefront of global industrial innovation. We believe that Apollo is the perfect new partner for the company providing avenues to new growth and we look forward to supporting both the management and Apollo team in that.”

Over the past five years, Apollo-managed funds and affiliates have committed, deployed, or arranged approximately $58 billion1 of climate and energy transition-related investments, supporting companies and projects across clean energy and infrastructure.

The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals, and is expected to close between Q4 2025 and Q1 2026.

UBS AG, J.P. Morgan Securities plc and Barclays Bank PLC (acting through its investment bank) served as financial advisors to the Apollo Funds, while Sidley Austin LLP served as legal counsel on the transaction. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel in connection with the financing of the transaction.

Guggenheim Securities, LLC and Morgan Stanley & Co. International plc acted as financial advisors to Triton while Kirkland & Ellis served as legal advisors.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2025, Apollo had $840 billion of assets under management. To learn more, please visit www.apollo.com.

About Kelvion

Kelvion is a leading global developer and manufacturer of heat exchange solutions. Renowned for its commitment to innovation and sustainability, the company delivers cutting-edge thermal management solutions that empower customers to ensure reliable and efficient operations. Kelvion’s extensive portfolio serves a wide range of applications such as data centres, hydrogen production, heat pumps, marine, HVAC, refrigeration and the food and beverage industry. The company’s global sales, service and production network ensures that Kelvion is always available to support customers wherever they are. Whether supporting site installation, providing on-site technical service or replacement parts – Kelvion’s comprehensive range of service offerings is designed to optimise performance and extend the product lifecycle to ensure sustainability and reliability.

About Triton

Founded in 1997 and owned by its partners, Triton is a leading European mid-market sector-specialist investor. Triton focuses on investing in businesses that provide mission critical goods and services in its three core sectors of Business Services, Industrial Tech, and Healthcare.

Triton has over 150 investment professionals and value creation experts across 11 offices and invests through three complementary “All Weather” strategies: Mid-Market Private Equity, Smaller Mid-Cap Private Equity, and Opportunistic Credit
For further information: www.triton-partners.com

Apollo Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com / EuropeanMedia@apollo.com

Triton Contact
Anja Schlenstedt
media@triton-partners.com

Kelvion Contact
Karin Pyc
Head of Communications
karin.pyc@kelvion.com

_______________________________
1 As of December 31, 2024. The firmwide targets (the “Targets”) to deploy, commit, or arrange capital commensurate with Apollo’s proprietary Climate and Transition Investment Framework (the “CTIF”), are (1) $50 billion by 2027 and (2) more than $100 billion by 2030. The CTIF, which is subject to change at any time without notice, sets forth certain activities classified by Apollo as sustainable economic activities (“SEAs”), and the methodologies used to calculate contribution towards the Targets. Only investments determined to be currently contributing to an SEA in accordance with the CTIF are counted toward the Targets. Under the CTIF, Apollo uses different calculation methodologies for different types of investments in equity, debt and real estate. For additional details on the CTIF, please refer to our website here: https://www.apollo.com/strategies/asset-management/real-assets/sustainable-investing-platform.

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Coherent announces agreement to sell aerospace and defense business to Advent for $400 million

Advent

Saxonburg, Pa., August 13, 2025 (GLOBE NEWSWIRE) – Coherent Corp. (NYSE: COHR) (“Coherent,” “We,” or the “Company”), a global leader in photonics, today announced that it has entered into a definitive agreement to sell its Aerospace and Defense business to Advent, a leading global private equity investor, for $400 million. Proceeds will be used to reduce debt, which will be immediately accretive to Coherent’s EPS.

Coherent’s Aerospace and Defense designs and manufactures optical and laser systems for defense applications. The business includes approximately 550 employees and 10 geographic sites.

“We are pleased to have reached this agreement with Advent. As part of our strategic portfolio optimization process, this transaction furthers our strategy to concentrate efforts on core growth markets and products,” said Jim Anderson, CEO of Coherent.

“Coherent’s Aerospace and Defense business is an exceptional business with a distinguished heritage in pioneering optical and laser technology for the world’s most demanding applications,” said Shonnel Malani, Managing Partner at Advent. “This acquisition is complementary to our existing investments in the sector and underscores our commitment to investing in mission-critical national security technologies. We are excited to partner with the talented management team, and we plan to invest significantly in R&D to further solidify the business’s leadership in advanced laser and optical solutions.”

We see tremendous potential in this business as a standalone entity,” added Rory McMahon, Vice President at Advent. “Our goal is to build upon its impressive legacy and culture of innovation by providing the resources needed to accelerate production capacity, pursue next-generation opportunities and meet the evolving strategic needs of its customers.”

Advent has a strong track record of investing in the national security sector, including past and current investments in Cobham (2020), Ultra Electronics (2022) and Maxar Technologies (2023). The firm will leverage its global network, operating expertise, and long-term investment horizon to support the company’s strategic initiatives.

Closing Conditions

The transaction is expected to close in the third quarter of calendar year 2025, subject to customary closing conditions. Following close, the Aerospace and Defense business will operate under a new name, which will be announced at a later date. Until that time, the Aerospace and Defense business will continue to operate under the Coherent brand.

About Coherent

Coherent is the global photonics leader. We harness photons to drive innovation. Industry leaders in the datacenter & communications and industrial markets rely on Coherent’s world-leading technology to fuel their own innovation and growth.

Founded in 1971 and operating in more than 20 countries, Coherent brings the industry’s broadest, deepest technology stack; unmatched supply chain resilience; and global scale to help its customers solve their toughest technology challenges. Visit our website at coherent.com.

About Advent

Advent is a leading global private equity investor committed to working in partnership with management teams, entrepreneurs, and founders to help transform businesses. With 16 offices across five continents, we oversee more than USD $94 billion in assets under management* and have made over 430 investments across 44 countries.

Since our founding in 1984, we have developed specialist market expertise across our five core sectors: business & financial services, consumer, healthcare, industrial, and technology. This approach is bolstered by our deep sub-sector knowledge, which informs every aspect of our investment strategy, from sourcing opportunities to working in partnership with management to execute value creation plans. We bring hands-on operational expertise to enhance and accelerate businesses.

As one of the largest privately-owned partnerships, our 660+ colleagues leverage the full ecosystem of Advent’s global resources who bring hands-on operational expertise to help enhance and accelerate businesses. This includes our Portfolio Support Group, insights provided by industry expert Operating Partners and Operations Advisors, as well as bespoke tools to support and guide our portfolio companies as they seek to achieve their strategic goals.

Advent has a strong track record of investing in the national security sector, including past and current investments in Cobham (2020), Ultra Electronics (2022) and Maxar Technologies (2023). The firm will leverage its global network, operating expertise, and long-term investment horizon to support the company’s strategic initiatives.

To learn more, visit our website or connect with us on LinkedIn.

*Assets under management (AUM) as of March 31, 2025. AUM includes assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.

Forward-Looking Statements

This press release contains statements, estimates, and projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. The words “expect,” “anticipate,” “estimate” and similar words and expressions are intended to identify such forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances, including statements about the timing of closing of the sale of our Aerospace and Defense business, the use of proceeds therefrom, the impact of the sale on our financial results, and our expectations with respect to optimizing our strategic portfolio and focusing on core growth markets, are forward-looking statements, which are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The forward-looking statements contained herein are not guarantees of future performance and are subject to certain risks and uncertainties that could cause the Company’s actual results to differ materially from its historical experience and our present expectations or projections.

The Company believes that all forward-looking statements made by it herein have a reasonable basis, but there can be no assurance that management’s expectations, beliefs, or projections as expressed in the forward-looking statements will actually occur or prove to be correct. In addition to general industry and global economic conditions, factors that could cause actual results to differ materially from those discussed in the forward-looking statements herein include but are not limited to: (i) the failure of any one or more of the assumptions stated herein to prove to be correct; (ii) the terms of the Company’s indebtedness and ability to service such debt, (iii) risks relating to future integration and/or restructuring actions; (iv) fluctuations in purchasing patterns of customers and end users; (v) the ability of the Company to retain and hire key employees; (vi) changes in demand in the Company’s end markets along with the Company’s ability to respond to such market changes; (vii) the timely release of new products and acceptance of such new products by the market; (viii) the introduction of new products by competitors and other competitive responses; (ix) the Company’s ability to assimilate other recently acquired businesses, and realize synergies, cost savings, and opportunities for growth in connection therewith, together with the risks, costs, and uncertainties associated with such acquisitions; (x) the risks to realizing the benefits of investments in research and development and commercialization of innovations; (xi) the risks that the Company’s stock price will not trade in line with industrial technology leaders; (xii) the impact of trade protection measures, such as import tariffs by the United States or retaliatory actions taken by other countries; and/or (xiii) the risks relating to forward-looking statements and other “Risk Factors” identified from time to time in our filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, and our subsequently filed Quarterly Reports on Form 10-Q, which filings are available from the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company disclaims any obligation to update information contained in these forward-looking statements, whether as a result of new information, future events or developments, or otherwise.

Media Contacts

For Coherent:
Amy Wilson
Manager, Corporate Communications
corporate.communications@coherent.com

For Advent:
Peter Folland
Vice President, Communications, Advent
pfolland@adventinternational.co.uk

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Avedon Capital Partners announces sale of Kinly to One Equity Partners to merge with Yorktel

Avedon

Amsterdam, 12 August 2025 – Avedon Capital Partners (“Avedon”) is
pleased to announce the successful sale of its portfolio company, Kinly, a
global provider of audio-visual integration and collaboration services, to a
holding company of York Telecom Corporation (“ Yorktel”) a portfolio
company of One Equity Partners (“OEP”). The transaction includes a
simultaneous merger with Yorktel, a long-established U.S.-based systems
integrator and managed services provider. This milestone marks a
transformative step in Kinly’s growth journey and its mission to lead the
global market in enterprise collaboration solutions.

Under Avedon’s ownership since 2017, Kinly has established itself as a
trusted global partner for enterprise AV and UCC services, expanding its
international reach and enhancing its end-to-end service delivery. Kinly has
evolved to offer a complete suite of solutions that meet the increasing
demand for scalable, integrated, and AI-driven collaboration technologies.

During this period, Kinly

– grew through various acquisitions and strong organic growth from ~300 to
1100 people;
– launched innovative products including Kinly Secure Meet, a secure video
conferencing solution built on a sovereign cloud platform, and Kinly XR
studios redefining corporate broadcasting;
– expanded internationally, opening offices in India, Germany, Switzerland
and Ireland; and
– has become a frontrunner in service quality and security, setting industry
benchmarks across multiple regions.

Emily Jeffries-Boezeman, Partner at Avedon Capital Partners, commented:
“We are incredibly proud of the journey Kinly has taken under our
ownership. Together with Tom Martin and his leadership team, we have
created a global platform that is ahead of the curve, setting the standard for
excellence in enterprise collaboration and AV integration. Over the years,
we’ve come to know the Kinly organisation as innovative, resilient, and truly
committed, and we have enjoyed building business together with this
exceptional team. We look forward to following their continued success
under OEP’s ownership.”

This strategic merger will significantly accelerate global growth and expand
next-generation systems integration capabilities with a larger talent base
and portfolio of managed services and technology offerings.
The addition of Kinly’s operations, workforce, and client base will enhance
Yorktel’s ability to meet the evolving needs of enterprise and public sector
clients and provide a world-class customer experience across the globe.
With complementary cultures and a shared commitment to service
excellence, the planned integration strengthens Yorktel’s position as a
trusted partner in digital workplace transformation while bringing additional
capabilities and capacity to Kinly customers worldwide.

Tom Martin, CEO of Kinly, said:
“Our partnership with Avedon has been instrumental to Kinly’s growth and
success, enabling us to innovate and expand our global footprint and
service capabilities. We are excited to embark on the next phase of our
journey with Yorktel and One Equity Partners — continuing to deliver
outstanding service and cutting-edge solutions to our clients worldwide”

Advisors
Avedon Capital Partners and Kinly were advised by Lincoln International
(M&A advisory), A&O Shearman (legal), KPMG (Financial Due Diligence), and
PwC (Tax Due Diligence).

About Avedon Capital Partners
Avedon Capital Partners is a leading private equity firm based in Amsterdam
and Düsseldorf. Avedon supports growth-stage businesses in the Benelux
and DACH regions, partnering with exceptional entrepreneurs and
management teams to accelerate organic growth, international expansion,
and buy-and-build strategies. Its investments are concentrated in four key
sectors: business services, software & technology, smart industries, and
consumer & health. For more information, visit https://avedoncapital.com.

About Kinly
Kinly is a leading AV and UCC systems integrator. It has over 25 years of
experience, and an international reach with 19 offices across EMEA, US and
APAC.
Kinly specializes in complex AV integration, UCC, corporate communications,
workspace management, corporate communications, events and managed
services. From small installations to global digital transformations, Kinly
collaborates with the world’s leading organizations to deliver their
workplace ambitions with a unique and unrivalled service built on core
pillars of innovation, security and quality, as well as a commitment to
responsibly designed solutions. www.kinly.com

Media Contacts
For Avedon Capital Partners:
Emily Jeffries-Boezeman, Partner
Email: emily.jeffries@avedoncapital.com

For Kinly:
Tom Martin, CEO
Email: tmartin@kinly.com

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Big news from CapitalT: We’ve hit the first close of our second fund!

CapitalT

This milestone is more than just a number – it’s a signal that our approach is working, and we’re ready to scale it. With Fund II, we’re doubling down on what made Fund I one of the top-performing early-stage funds:

💡Backing exceptional teams from the very beginning
🌱 Focusing on Climate Tech and the Future of Work
🧠 Taking a data-driven approach to identifying high-potential teams

We’re proud of the impact our portfolio companies have already made – and even more excited about what’s ahead.

Every emerging manager knows this is not an easy ride but together we can tackle any challenge we experience.

To support this next chapter, we’re growing our own team as well. A warm welcome to Daphne Dovermann and Nina Donker, who are joining us on our mission to back the next generation of purpose-driven founders.

Also a big thank you to the investors in fund I for believing in us and the investors in fund II who support this next chapter!

We believe Europe is full of untapped entrepreneurial talent. If you’re a pre-seed founder building bold solutions for real-world problems, get in touch!

Let’s build the future together. 🚀

Nina Donker

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Welcome to the CapitalT family – Balthazar!

CapitalT

We’re thrilled to announce our role as lead investor in Balthazar’s latest funding round, bringing their total raised to €1.8M. Joining forces with Antler and other Dutch innovation funders, we’re backing the brilliant team that’s building an AI-powered operating system for deep tech R&D labs.

Balthazar transforms how cutting-edge hardware – from semiconductors and photonics to carbon capture – gets developed. Their real-time, intelligent workspace lets teams run, monitor, and manage complex experiments from the browser, integrating every step of the workflow from design to analysis.

By connecting lab instruments, organising prototype data, and embedding automation, Balthazar brings structure, speed, and reproducibility to an industry still reliant on fragmented systems.

As our Founding Partner Eva de Mol puts it:

“Balthazar solves a foundational challenge for deep tech teams: turning research chaos into coordinated progress. This is the kind of infrastructure that accelerates technological breakthroughs.”

With fresh funding, Balthazar will scale product development, enhance AI capabilities, and grow its team – and of course, they’ve already received one of our signature unicorns to celebrate the partnership. 🦄

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Hubbell to Acquire DMC Power

Golden Gate Capital

Shelton, CT (GLOBE NEWSWIRE) —

• Provider of connectors and tooling for utility substation and transmission markets
• Complementary technology enhances Hubbell’s Utility Solutions portfolio
• Attractive growth and margin profile aligned to megatrends in load growth, datacenter interconnection and aging infrastructure
• $825 million transaction to be financed with cash and debt; anticipate adjusted EPS accretion in 2026

Hubbell Incorporated (NYSE: HUBB) today announced it has entered into a definitive agreement to acquire DMC Power, LLC, a portfolio company of Golden Gate Capital and a provider of connectors and tooling for utility substation and transmission markets, for $825 million in cash, subject to customary adjustments.

“We are excited to add another high growth, high margin business to Hubbell’s Utility Solutions portfolio,” said Gerben Bakker, Chairman, President and CEO. “As load growth, datacenter buildouts and aging infrastructure drive highly visible utility substation and transmission investment over the next several years, the acquisition of DMC Power expands Hubbell’s strong presence in these attractive markets.”

Greg Gumbs, President of Hubbell Utility Solutions, added, “DMC Power’s swage connection system offers a strong complement to our existing substation and transmission connector solutions. This acquisition will deepen and broaden Hubbell’s technology offering with our core customers, enabling fast, reliable buildout of substation infrastructure and datacenter interconnections while further accelerating our near and long-term growth profile.”

Javier Puig, a Managing Director at Golden Gate Capital, said, “We are thrilled with this outcome and the significant progress that DMC made as an electrical connectivity provider since our investment in 2023. During Golden Gate Capital’s ownership period, DMC experienced rapid organic growth, reflecting the company’s investments in expanded facilities and new machines, the development of innovative new products, and expansion into new market segments. We are proud to have supported Tony and the DMC team, and wish the company well in its next chapter with Hubbell.”

Tony Ward, Chief Executive Officer at DMC Power, said, “I want to extend my thanks to our dedicated employees and customers whose commitment has driven DMC’s success. As the pioneers behind swage technology for utilities, we are proud to have developed a world-class solution that is transforming the industry. By joining forces with Hubbell, we are confident that swage will accelerate its industry adoption and that our customers will continue to receive the high-quality service and solutions they have come to expect from DMC.”

DMC Power is a designer and manufacturer of connector technology systems for high voltage power infrastructure with over 350 employees and two manufacturing facilities in Carson, CA and Olive Branch, MS, along with multiple distribution facilities located across North America. DMC Power anticipates 2026 revenue of approximately $130 million and EBITDA of approximately $60 million.

The transaction is anticipated to close by the end of 2025, subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals. Hubbell plans to finance the transaction with a combination of cash on hand and debt. The company expects the acquisition to be accretive to adjusted EPS in 2026.

Advisors

Stephens Inc. is serving as financial advisor to Hubbell, and Holland & Knight LLP is serving as legal advisor. Harris Williams and Lincoln International are serving as financial advisor to Golden Gate Capital, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor.

About Hubbell

Hubbell Incorporated is a leading manufacturer of utility and electrical solutions enabling customers to operate critical infrastructure safely, reliably and efficiently. With 2024 revenues of $5.6 billion, Hubbell solutions electrify economies and energize communities. The corporate headquarters is located in Shelton, CT.

About DMC Power

DMC Power designs and manufactures the highest quality connection systems for transmission, distribution, substation, and industrial projects. The company’s Swage system, comprised of custom designed Power Connectors and a patented 360° Radial Swage Tool, has helped utilities around the world finish their projects with just the push of a button.

About Golden Gate Capital

Golden Gate Capital is a San Francisco-based private equity firm focused on partnering with management teams to build exceptional consumer, industrials, technology, and financial services companies. Since its founding in 2000, the firm has managed approximately $20 billion in cumulative committed capital. For more information, visit http://www.goldengatecap.com.

Contacts:
For Hubbell:
Dan Innamorato
Hubbell Incorporated
40 Waterview Drive
P.O. Box 1000
Shelton, CT 06484
(475) 882-4000

For Golden Gate Capital:
FGS Global
GoldenGate@fgsglobal.com

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BGF announces successful exit from Panthera Biopartners

BGF

A leading SMO for clinical trials, Panthera has received a majority investment from LDC, with BGF reinvesting in the business as a minority shareholder.

12 August 2025
BGF announces successful exit from Panthera Biopartners

BGF has completed the successful exit of its investment in Panthera Biopartners, a leading UK site management organisation (SMO) for clinical trials. The business has received a majority investment from mid-market private equity firm LDC. As part of the transaction, BGF has reinvested and will continue to support the business as a minority shareholder, alongside LDC.

BGF first backed Panthera in 2022, completing a multi-million-pound investment alongside Gresham House Ventures, to help supercharge Panthera’s expansion plans.

Established in 2019, by co-founders Dr Ian Smith and Professor John Lyon, Preston-based Panthera supports a breadth of customers (including the world’s largest pharmaceutical companies and contract research organisations) with patient recruitment, and preparation and execution of clinical trials.

Panthera covers a range of therapeutic areas spanning Cardiovascular and Rheumatology, to Central Nervous System, Vaccines and Respiratory related trials. Leveraging an extensive proprietary patient database, the business enables highly targeted patient recruitment and efficient trial delivery.

Since receiving investment from BGF and Gresham House Ventures, Panthera has experienced significant growth and established a strong reputation in the clinical trials sector – strengthening its position as a leading SMO in the UK.

The business has expanded its national footprint, with two new site openings, broadened its capabilities into new therapeutic areas, and driven continued improvements in operational delivery, through digital innovation. Over the same period, the business has achieved rapid growth, with revenue increasing by more than 200%.

Stuart Young, CEO of Panthera Biopartners, said: “BGF has been a strong partner to Panthera, supporting our growth journey with strategic insight and operational expertise. Together, we’ve built a differentiated SMO model with strong foundations for scale.

“As we look ahead, we’re excited to be working with LDC, to further accelerate our expansion across the UK and into Europe, continue to grow our site network, and deliver larger, more complex clinical trials.”

The exit marks another successful outcome for BGF, which remains committed to backing ambitious founders and management teams driving growth across all sectors and regions.

Jill Williams, Partner at BGF, commented: “We’re proud to have supported Panthera through an exceptional period of growth, backing a highly capable team, in a growing and strategically important segment of the healthcare market.

“Since our initial investment in 2022, the business has expanded its UK footprint, entered new therapeutic areas, and enhanced its operational delivery through digital innovation. Panthera has developed into a market-leading SMO with a differentiated model. We’re excited to reinvest and continue our partnership, alongside LDC, as the company enters its next phase of growth.”

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CVC DIF agrees to acquire premier US student transportation operator ASTP from Access Holdings

  • ASTP safely transports over 90,000 students every school year across the Northeast and Midwest US through its diversified fleet of 2,300+ vehicles
  • The partnership with CVC DIF will allow ASTP to expand its services to a larger number of school districts, enhancing access to education across the K-12 segment

CVC DIF, the infrastructure strategy of leading global private markets manager CVC Capital Partners, is pleased to announce it has agreed to acquire American Student Transportation Partners (“ASTP”), a premier US student transportation operator, from Access Holdings, a private equity firm focused on the lower-middle market. The investment will be made through DIF Infrastructure VII.

Established in 2021, ASTP provides a robust network of contracted student transportation solutions across the Northeast and Midwest United States. Since inception, it has developed into a leading multi-state operator through its contracted route-based model. ASTP has a proven track record, delivering high-quality mission-driven student transportation solutions to over 50 school districts and providing access to education through safe and reliable transportation programs. ASTP serves school districts and its communities through an owned fleet of over 2,300 technology-enabled school buses and passenger vans.

In partnership with CVC DIF, ASTP will leverage its strong foundations to continue delivering operational and service excellence to the communities in its existing markets, as well as expanding into other US markets to deliver reliable transportation to new regions.

“The partnership with ASTP and the management team represents CVC DIF’s commitment to investing in infrastructure that is essential to the communities that they serve. We recognize the importance of safe, reliable and sustainable school transportation in shaping strong educational outcomes, and value the opportunity to partner with the experienced team at ASTP” said Gijs Voskuyl, Managing Partner and Head of CVC DIF. “Furthermore, we believe this investment aligns seamlessly with DIF Infrastructure VII’s strategy of investing in high quality infrastructure investments that provide stable long-term cash flows with attractive risk-adjusted returns.”

Quotes

The partnership with ASTP and the management team represents CVC DIF’s commitment to investing in infrastructure that is essential to the communities that they serve.

Gijs VoskuylManaging Partner and Head of CVC DIF

“Over the past four years, our partnerships and dedicated team has helped us grow from a small, regional operator into a national modern leader,” said ASTP Chief Executive Officer Tod Eskra. “We look forward to continuing our growth journey with CVC DIF, knowing we are supported by a leading infrastructure investor with a thoughtful strategy.”

BMO Capital Markets Corp. served as exclusive financial advisor to CVC DIF in connection with the transaction.

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CVC Credit provides financing to CapVest-backed Novus Foods through its Capital Solutions strategy 12 August 2025

CVC Capital Partners

CVC Credit is pleased to announce that it has provided a tailored financing solution to Novus Foods (“Novus” or “the Company”), a leading US refrigerated foods platform backed by CapVest, to facilitate its acquisition of food producer noosa and support continued future growth.

Founded in 1988, Novus Foods is a US refrigerated foods platform focused on products sold in retailers’ stores. It produces refrigerated dips, desserts, salsa and yogurt across a portfolio of market-leading brands and strategic private label products. Novus Foods has national distribution capabilities and sells to all major US food retailers. The company has over 1,200 employees and operates six manufacturing facilities across the US.

This investment has been made through CVC Credit’s Capital Solutions strategy, which provides bespoke financing solutions to established European and US medium and large companies. It focuses on providing good quality companies with primary junior capital or structured equity to support M&A, refinancings and/or liquidity events.

Quotes

Novus’ leading position in the US foods market is supported by positive consumer trends and a well-diversified business model across both branded and private label products. The strength of the CVC global network, as well as a strong existing relationship with CapVest, meant we were comfortable providing a comprehensive financing solution to the Company to finance its recent acquisition and drive future growth.

Miguel ToneyPartner in CVC’s Private Credit team, focused on Capital Solutions

Miguel Toney, Partner in CVC’s Private Credit team, focused on Capital Solutions, said: “We are delighted to close this latest transaction for the Capital Solutions strategy, which is gathering momentum in an increasingly complex global M&A environment. Novus’ leading position in the US foods market is supported by positive consumer trends and a well-diversified business model across both branded and private label products. The strength of the CVC global network, as well as a strong existing relationship with CapVest, meant we were comfortable providing a comprehensive financing solution to the Company to finance its recent acquisition and drive future growth.”

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Evolution Data Centres welcomes Zero Two as strategic shareholder in joint partnership with Warburg Pincus

Warburg Pincus logo

Singapore/Abu Dhabi, UAE – 12 August 2025: Evolution Data Centres (“Evolution”), a leading sustainable data centre platform in Southeast Asia, today announced a strategic investment by Zero Two, a digital infrastructure development and investment platform headquartered in Abu Dhabi. Zero Two’s investment in Evolution will provide long-term growth capital aimed at accelerating the deployment of hyperscale-ready data centres across key Southeast Asian markets. It also represents Zero Two’s first investment in Southeast Asia since its launch in 2022. Under the terms of the transaction, Zero Two will assume a co-controlling position alongside Warburg Pincus, establishing a strong institutional partnership to support Evolution’s continued growth.

This marks a significant milestone in Evolution’s growth journey, following Warburg Pincus’s initial investment in 2022 through a joint venture to develop and scale sustainable hyperscale data centres in Southeast Asia’s fast-growing markets. Since Warburg Pincus’s initial investment, Evolution has significantly expanded its portfolio across Thailand, the Philippines, and Vietnam, all of which will be powered by renewable energy via Power Purchase Agreements (PPAs) with leading renewable energy providers.

Darren Webb, CEO and Co-Founder of Evolution Data Centres, commented:

“We are absolutely delighted to welcome Zero Two as a strategic investor. Their support marks a major milestone for Evolution Data Centres and will significantly accelerate our mission to deliver sustainable, high-performance digital infrastructure across Southeast Asia. Together with our investors and partners, we’re powering the next phase of digital transformation in the region.”

Ahmed Al Hameli, CEO of Zero Two, added:

“We are excited to partner with Evolution and Warburg Pincus to support the expansion of digital infrastructure across Southeast Asia. Evolution’s strong market positioning and leading execution capabilities make it a compelling fit for Zero Two’s long-term capital deployment strategy. Together, we aim to accelerate the scale up of energy-efficient hyperscale data centres that meet the region’s rapidly growing cloud and AI demands.”

Andrew Fitzpatrick, Principal at Warburg Pincus, said:

“We are excited to welcome Zero Two into our partnership with Evolution. We see a high growth trajectory in modern data centre capacity at scale across Southeast Asia’s significantly underserved markets, where cloud and AI demand is rising rapidly. With strong execution capabilities and the backing of leading investors and trusted local partners, Evolution is uniquely positioned as an early mover and leading sustainable data centre platform in the region. We are pleased to have found a well-aligned and strategic partner in Zero Two to embark on this journey with us.”

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About Evolution Data Centres

Evolution is a next-generation data centre platform focused on Southeast Asia. The company develops, owns, and operates high-performance digital infrastructure with a core focus on sustainability, scalability, and local market integration. www.evolutiondatacentres.com

About Zero Two

Zero Two, part of ADQ, is a digital infrastructure development and investment platform headquartered in Abu Dhabi. Since its formation in 2022, Zero Two has deployed over 550 MW of gross data center capacity in Abu Dhabi. As part of its growth strategy, the company is actively pursuing opportunities in data centers and high-performance computing (HPC) infrastructure globally, to support the UAE’s long-term digital and economic ambitions.

For more information, visit: www.zero-two.ae

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 $86 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.

Warburg Pincus began investing in Asia real estate in 2005. Today, it has become one of the largest and most successful investors in the region, with nearly $10 billion invested in around 60 real estate platforms and ventures across Asia Pacific. The firm also has a strong track record of investing in and building digital infrastructure platforms across Asia and was named “Data Center Investor of the Year in Asia” by PERE. For more information, please visit www.warburgpincus.com.

Media Contacts

Evolution Data Centres – Nigel Stevens – nigel.stevens@conscient.co.uk

Zero Two – media@adq.ae

Warburg Pincus – Lisa Liang, Asia Head of Marketing and Communications – Lisa.Liang@warburgpincus.com

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