Concord Closes $1.765 Billion ABS to Fuel Continued Growth

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Transaction Features First of its Kind 10-Year Tranche, Demonstrating Continued Innovation in Music Securitization

NASHVILLE AND NEW YORK – July 22, 2025 – Concord, the world’s leading independent music company, has successfully issued $1.765 billion in a series of new five-year, seven-year, and ten-year senior notes. The ten-year tranche was privately placed and represents the longest duration ABS issuance at scale in the music sector. The notes are secured by Concord’s catalog of over 1.3 million music copyrights, featuring the songs and recordings of marquee artists such as The Beatles, Beyonce, Bruno Mars, Carrie Underwood, Creedence Clearwater Revival, Daddy Yankee, Ed Sheeran, Genesis, Imagine Dragons, John Fogerty, Kiss, Michael Jackson, Otis Redding, Phil Collins, Pink Floyd, R.E.M., Rihanna, Rodgers & Hammerstein, Taylor Swift, and The Rolling Stones. The latest issuance represents Concord’s fourth securitization offering and the largest and longest tenured asset-backed term securitization of music rights to date.

Concord’s securitization catalog is valued at more than $5.1 billion and the notes were rated A+ by KBRA and A2 by Moody’s. Apollo (NYSE: APO), through its Capital Solutions business and affiliates ATLAS SP Partners and Redding Ridge Asset Management, structured the ABS transaction and formed an investor syndicate led by Apollo-managed funds and affiliates. Proceeds from the issuance will be used to repay the company’s $1.65 billion 2022-1 note series and refinance and extend its $100 million variable funding note. The transaction was more than three times oversubscribed, reflecting robust investor demand underpinning Concord’s ABS strategy.

“As Concord continues to grow both our catalog and frontline roster, ensuring long-term access to institutional capital and continuing to build upon our strong financial foundation are crucial. ABS transactions like the one we just closed will remain a vital part of our growth strategy, allowing us to continue to lower our cost of capital while expanding our global capabilities in support of the artists and songwriters we serve,” said Bob Valentine, CEO of Concord. “I am incredibly grateful to the Apollo team, who continue to provide customized solutions so that Concord can live out its mission to elevate the voices of artists around the world.”

“We are pleased to structure and lead this landmark ABS transaction for Concord, which represents a continuation of our long-term financing partnership and demonstrates Concord’s innovative approach to music securitization through the issuance of the industry’s first 10-year tranche,” said Apollo Partner Michael Paniwozik. “We continue to be impressed by the quality and breadth of the actively managed catalog that Concord has built and look forward to supporting its journey for years to come.”

“It has been immensely rewarding to support Concord’s continued evolution leveraging the ABS structure that we established in 2022,” said Apollo Managing Director Paul Sipio. “Since that time, Bob and team have made tremendous progress advancing the company’s growth strategy through several additive acquisitions. We believe the four transactions that we’ve executed with Concord to date reflect the differentiated nature of Apollo’s integrated platform, bringing together combined capabilities of Apollo, ATLAS SP, and Redding Ridge to provide tailored structured solutions.”

Apollo Global Securities, LLC and ATLAS SP Securities acted as joint bookrunners for the transaction, Redding Ridge Asset Management served as structuring agent, with the Bank of New York Mellon acting as trustee. Virtu Global Advisors, LLC provided valuation services, while DLA Piper provided legal counsel for Concord and Milbank LLP for Apollo affiliates.


CONCORD is the world’s leading independent music company. The Company supports more than 125,000 artists and songwriters whose works are licensed, marketed, and performed globally. Concord’s growing catalog of 1.3 million songs, compositions, sound recordings, films, plays, and musicals is one of the most impactful and culturally relevant collections of creative rights in history. Concord is headquartered in Nashville with offices in Los Angeles, New York, London, Berlin, Melbourne, and Miami.

Supporting Concord and its predecessor companies since 2006, GREAT MOUNTAIN PARTNERS (“GMP”) is a New Haven, CT based asset manager with more than $10BN AUM, founded by Alex Thomson and Jon Rotolo. GMP’s team are longtime investors in the media and entertainment industry with experience across music, film and TV, live events and other IP based assets. GMP brings a long-term and solutions-oriented mindset to partnering with institutional investors and portfolio company leadership.

Sdui Group Secures Strategic Investment to Accelerate its Mission to Become the Operating System for European Schools

BainCapital

Koblenz, Germany and London – July 21, 2025 – Sdui Group, a leading European provider of cloud-based administrative software for K-12 schools, today announced a new growth investment led by Bain Capital’s Tech Opportunities fund, with participation from existing investors HV Capital and High-Tech Gründerfonds (HTGF). The funding will be used to strengthen Sdui Group’s product suite, deepen its support for educational institutions, and further its ambition to become the unified digital platform for education in Europe.

Founded in 2018 in Germany, Sdui Group provides a fully integrated suite that supports schools across administrative needs from communication, attendance, scheduling, grading, and more. Today, Sdui Group serves thousands of institutions across Germany, Austria, Switzerland, and Spain, and is continuing to expand into new regions. Its modern, modular software is trusted by individual schools, districts, and governments to streamline operations. Sdui Group’s suite improves the experience for all stakeholders – teachers, students, administrators, and parents – and gives back valuable time to focus on teaching and learning.

As European school systems face rising complexity, increased digital expectations, and expanding public support and funding for education technology, institutions are looking for modern, reliable platforms that simplify their daily workflows. With a user-first approach and scalable, compliant cloud architecture, Sdui Group is well-positioned to lead this shift.

“This is a moment of transformation for education in Europe,” said James Stevens, a Partner in Bain Capital’s Tech Opportunities business. “Sdui Group is emerging as a trusted and capable partner to help schools navigate that change. Daniel and his team have built a modern, intuitive platform that directly addresses the daily challenges of school administration. We’re excited to support their continued growth and impact across the region.”

Sdui Group has already built strong momentum through both organic growth and acquisitions. The company has successfully integrated several regional software players, expanded its capabilities, and continues to invest in innovation, reliability, and user experience.

“Bain Capital’s approach is unique – they combine strategic vision with real operational support,” said Daniel Zacharias, Founder and CEO of Sdui Group. “They’ve taken the time to truly understand our mission and the realities schools face every day. With their support – and the continued backing of HV and HTGF – we’re accelerating our work to build the digital backbone of European schools.”

“We’ve been proud to back Daniel and Sdui Group since the early days and are thrilled to continue supporting this next phase of growth,” said Felix Klühr, Partner at HV Capital. “Bain Capital’s experience scaling software companies globally makes them a valuable addition to the partnership.”

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About Sdui Group

Founded in Germany in 2018, the Sdui Group has developed into a leading provider of cloud-based software that enables digital communication and administration for schools and educational institutions across Europe. As a reliable partner, Sdui Group supports individual institutions, governments and ministries in their digitalization effort, and develops innovative cloud-based solutions for schools and preschools.

Sdui Group’s suite of tools supports messaging, attendance, scheduling, grading, and more—making everyday school workflows simpler, more secure, and more effective. The company is based in Koblenz, Germany and currently employs around 230 people based in several European countries.

About Bain Capital

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

Bain Capital’s Tech Opportunities business (baincapitaltechopportunities.com) aims to help growing technology companies reach their full potential. We focus on companies in large, growing end markets with innovative or disruptive technology where we believe we can support transformational growth. Our dedicated, tenured team has deep experience supporting growing technology businesses—bringing together differentiated backgrounds in private and public equity investing as well as technology operating roles. We invest behind fundamental long-term tailwinds as technology penetrates across industries, creating a large and growing number of investment opportunities.

About HV Capital

HV Capital is one of the leading early-stage and growth investors in Europe. With nine fund generations in 25 years and €2.8 bn in managed assets, HV Capital is one of the continent’s most active investors. The investment team has many years of experience in identifying European startups with great potential for success. In addition to international success stories like Flix, Zalando, Delivery Hero, Sumup, and Depop, innovation leaders such as Quantum Systems, Marvel Fusion, Sennder, Neura Robotics, Enpal, and Isar Aerospace are also part of the portfolio. HV Capital has invested in more than 250 internet and technology companies, supporting startups with ticket sizes ranging from €0.5m to €60m. It is one of Europe’s few venture capital firms that can finance startups through all growth phases. HV Capital has a team of more than 60+ investment and operations professionals who provide a variety of perspectives and expertise across the venture capital landscape (hvcapital.com).

About High-Tech Gründerfonds (HTGF)

HTGF is one of the leading and most active early-stage investors in Germany and Europe, financing startups in the fields of Deep Tech, Industrial Tech, Climate Tech, Digital Tech, Life Sciences and Chemistry. With its experienced investment team, HTGF supports startups in all phases of their development into international market leaders. HTGF invests in the pre-seed and seed phase and can participate significantly in further financing rounds, since 2024 with the HTGF Opportunity growth fund. HTGF has a fund volume of over 2 billion euros. Since its inception in 2005, HTGF has financed more than 780 startups and successfully sold shares in almost 200 companies.

The Federal Ministry for Economic Affairs and Energy, KfW Capital and numerous companies are invested in the HTGF seed funds. Investors in the HTGF Opportunity growth fund include the ERP Special Fund and KfW with the resources of the Zukunftsfonds (“Future Fund”). Further information can be found at HTGF.de or on LinkedIn and on the Zukunftsfonds page.

 Europe

 Jason Lobo

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Ardian and Rockfield acquire the 1,209 beds Nido portfolio in the Netherlands

Ardian

Ardian and Rockfield have acquired the Nido Portfolio comprising 1,209 beds with assets ‘More’ in Leiden and ‘Muse’ in Maastricht.
● The transaction marks the latest investment under their pan-European student housing strategy — launched in October — which has already surpassed €600 million in acquisitions across Europe and is supported by a strong secured pipeline expected to push total volume beyond €1 billion by year-end.
● Muse and More are recently completed affordable PBSA assets in highly under-supplied markets, boasting excellent sustainability credentials as they align to the 2050 CRREM pathway.
● After the acquisition of Minerva in Amsterdam in last May, the partnership has now acquired over 1,800 units in the Netherlands in 2025.

Ardian, a world-leading private investment firm, and Rockfield Real Estate, a vertically integrated living platform, have acquired the 1,209-bed Nido portfolio in Maastricht and Leiden, as part of their pan-European strategy dedicated to Purpose-Built Student Accommodation (PBSA). The deal is one of the largest PBSA transactions in the Netherlands on record in terms of gross asset value (GAV).

Muse and More were purchased from Nido, the European student accommodation platform backed by CPP Investments. Student Experience has managed More (Leiden) since 2023 and will continue to operate the property. Rockfield will operate Muse in Maastricht.

Muse is strategically located near Maastricht city centre and the University Medical Campus. The 9,753 sqm gross floor area (GFA) student accommodation has 506 fully furnished modern studios, each with a private kitchen and bathroom, alongside a variety of communal spaces and amenities that include a gym, study spaces, private dining room, a garden and laundry rooms.

More is located in Leiden on the University campus and nearby the Leiden Central Station. The 14,304 sqm gross floor area (GFA) student accommodation offers 703 studios and 600 sqm of common space, divided over 4 buildings. The fully furnished studios offer a private kitchen and bathroom, the shared communal spaces include a game room, lounge area, private dining rooms, laundry rooms, roof terraces and a green courtyard.

The Muse and More transaction follows earlier acquisitions in Florence, Bologna, Amsterdam, Milan, and Barcelona, bringing total capital deployed to over €600 million GAV just nine months after launch, with a secured pipeline expected to raise the total to over €1 billion across Europe. CBRE Investment Management’s Indirect Strategies provided an initial €500 million equity commitment to the Fund. The strong momentum in fundraising continued, with an additional €300 million of commitments closed in Q2 2025 and a target to reach a total of €1 billion of equity commitment from various institutional capital sources for the PBSA strategy by the end of 2025.

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

Target acquisitions are predominantly income-producing properties, but also selective forward purchase and forward-funding opportunities, capturing value through the development of new high quality student residences.

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

“The strong fundraising activity in our strategy is testament to the attractivity of PBSA as an investment. High tenant demand meets a limited supply of residential space, which ensures rapid letting, high occupancy rates and correspondingly robust yields. Our focus on green buildings ensures the investments are future-proof and cost-effective in operation. Given the fast expansion and diversification of our portfolio, we are well on track to becoming one of Europe’s leading players in the highly dynamic PBSA market.”  Bernd Haggenmüller, Senior Managing Director Real Estate, Ardian

“Muse and More is the second large acquisition of our strategy in a short period in The Netherlands, following the acquisition of Minervahaven in Amsterdam in May 2025. Muse and More have recently been completed and offer affordable rents to tenants, whilst adhering to the highest standards when it comes to sustainability. For this reason, these assets are important cornerstones in our evergreen platform which is aimed to be the leading one across Europe. The assets deliver high occupancy rates and income security, in prime, highly undersupplied PBSA markets”. Sebastian Zwart, Senior Director Investments & Development, Rockfield

Nido’s sale comes as it doubles down on its strategy to invest, develop and operate in Iberia, Germany and Italy. The capital from the sale will be redeployed in the latter two markets which Nido aims to enter shortly, having already set up teams in the countries.

Ardian and Rockfield were assisted by MC2 as technical advisor, Van Doorne and Linklaters as legal advisor, and PwC as tax advisor.
Nido were assisted by CBRE as commercial advisor, Loyens & Loeff as legal advisor and PwC as tax advisor.

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.

ABOUT ROCKFIELD REAL ESTATE

Rockfield Real Estate is a vertically integrated investment, development, and operating platform specializing in European residential real estate. Founded in 2014, the firm has built a strong presence, first in the Netherlands and now across Continental Europe, with offices in the Netherlands and Spain. Managing approximately €2 billion in assets under management, Rockfield oversees 8,000 residential units and has developed over 10,000 homes.
Catering to institutional clients, the firm leverages its expertise in sustainable and future-proof real estate, with a strong focus on ESG principles. Rockfield’s entrepreneurial mindset enables it to identify and execute high-quality investment opportunities. Looking ahead, Rockfield remains committed to creating enduring value for stakeholders and positively shaping communities through its forward-thinking residential real estate strategies.

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BC Partners agrees to sell majority stake in NAVEX to a consortium led by Goldman Sachs Alternatives, including Blackstone

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  • Under BC Partners’ ownership, NAVEX has grown into the global leader in governance, risk and compliance software
  • BC Partners to maintain a significant minority stake post-sale, demonstrating long-term conviction in NAVEX’s growth prospects
  • Transaction maintains BC Partners’ momentum in exits, generating c.€16bn in monetizations over the past 24 months

BC Partners, a leading international investment firm, today announced an agreement with a consortium led by Goldman Sachs Alternatives, including funds managed by Blackstone’s private equity strategy for individual investors (“Blackstone”), for the sale of a majority stake in NAVEX (the “Company”), a leading global ethics, risk and compliance management software-as-a-service provider. Under the terms of the agreement, the Private Equity business at Goldman Sachs Alternatives will take a majority shareholding in the firm. Blackstone will also become a significant minority shareholder. Funds managed by BC Partners will retain a significant minority shareholding to support NAVEX’s future growth, demonstrating conviction in the business’s continued success. Vista Equity Partners (“Vista”), an existing minority investor, will fully exit its investment in the company. Terms of the transaction were not disclosed.

BC Partners acquired its majority stake in NAVEX in 2018 in a bilateral transaction, having positioned itself as the partner of choice to the company and existing investor Vista. Leveraging its significant technology sector expertise and owner-operator approach, BC Partners, alongside management, drove significant organic growth and expanded NAVEX’s product capabilities, customer base, and global footprint, becoming the global leader in ethics, risk and compliance management SaaS.

F. Mark Fariborz, Partner and Co-Head, Technology at BC Partners, said “Today, NAVEX is the global leader in ethics, risk and compliance management software, and we are proud of the success we’ve achieved in partnership with management. Together, we launched NAVEX One, the industry’s leading integrated risk and compliance platform, expanded across Europe and North America, and executed several strategic acquisitions. We look forward to partnering with Goldman Sachs Alternatives and Blackstone to support the business in its next phase of growth”.

Michael Fosnaugh, Co-Head of Vista’s Flagship Fund and Senior Managing Director said, “NAVEX has grown into a premier digital compliance platform that helps thousands of organizations around the world confidently manage complex risks. We are proud to have partnered with them to reach this milestone and wish them continued success moving forward.”

Andrew Bates, CEO of NAVEX, added “BC Partners has been an exceptional partner, helping us scale our platform, grow internationally, and expand our product capabilities. We are excited to join forces with Goldman Sachs Alternatives and Blackstone, whose reach and sector expertise will be invaluable as we continue to innovate and serve risk and compliance departments globally.”

Harsh Nanda, Partner and Head of Technology Private Equity within Goldman Sachs Alternativessaid “Goldman Sachs Alternatives is excited to enter into this new partnership with NAVEX. We would also like to thank BC Partners and Vista for their great stewardship over the past several years and we look forward to working closely with Blackstone and BC Partners in the Company’s next chapter ahead.”

Joon Park, Managing Director at Goldman Sachs Alternatives, said “NAVEX’s exceptional brand strength, global leadership position in its key offerings, and impressive customer base make it well-positioned for continued success and value creation. With support from Goldman Sachs’ global network and the Value Accelerator, together with Blackstone and BC Partners’ extensive track record and experience, we believe NAVEX will be able to bolster its position as the global leader in ethics, risk and compliance management software.”

David Schwartz, a Senior Managing Director at Blackstone, said “NAVEX has established itself as a global leader in ethics, risk and compliance software solutions, empowering companies to build stronger and more resilient organizations. We are thrilled to partner with Goldman Sachs Alternatives and BC Partners and management to support NAVEX’s continued innovation and long-term growth.”

With this transaction, BC Partners has delivered c.€16bn in monetizations over the past 24 months, demonstrating the high quality of businesses and exit optionality which underpin BC Partners’ portfolio and position in the market.

NAVEX was advised by J.P. Morgan and Simpson Thacher & Bartlett LLP. Goldman Sachs Alternatives was advised by Weil, Gotshal & Manges.

The transaction, subject to customary closing conditions, is expected to close later this year.

 

–ENDS —

 

About BC Partners

BC Partners is a leading investment firm with circa €40 billion in assets under management across private equity, private debt, and real estate strategies. Established in 1986, BC Partners has played an active role for nearly four decades in developing the European buyout market. Today BC Partners’ integrated transatlantic investment teams work from offices in Europe and North America and are aligned across our four core sectors: TMT, Healthcare, Services & Industrials, and Food. Since its foundation, BC Partners has completed over 130 private equity investments and is currently investing its eleventh private equity buyout fund.

For further information, please visit https://www.bcpartners.com/

About NAVEX

Trusted by over 13,000 organizations, including 75% of Fortune 100 and 500 companies, NAVEX is the global leader in risk and compliance solutions. Its NAVEX One platform strengthens risk and compliance programs, empowering organizations with unparalleled industry benchmark data and insights. NAVEX One provides a 360-degree view of enterprise, third party and ecosystem risk for enhanced regulatory compliance and proactive risk management. Based in Lake Oswego, OR, with a global presence, NAVEX continues to shape the future of governance, risk and compliance.

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Regnology to acquire Wolters Kluwer’s Finance, Risk & Regulatory Reporting business unit (FRR)

Nordic Capital

Regnology, a leading software provider with a focus on regulatory reporting solutions, today announced it has entered into a definitive agreement to acquire Wolters Kluwer’s Finance, Risk & Regulatory Reporting (FRR) unit.

The proposed acquisition represents a strategic step in Regnology’s ambition to deliver regulatory intelligence at scale—bringing together complementary capabilities across finance, risk, and regulatory reporting. It also expands Regnology’s presence in key markets and strengthens its ability to support financial institutions with granular data, jurisdiction-specific requirements, and cross-border compliance.

Clients will benefit from a unified platform that combines Regnology’s cloud-first architecture with FRR’s established capabilities, offering scalable solutions for both heritage and cloud-ready environments.

The transaction is expected to close in the coming months, subject to regulatory approvals, applicable employee requirements and customary conditions.

Rob Mackay, CEO of Regnology:
“FRR brings additional expertise and reach that will enhance our ability to serve clients globally. We look forward to supporting clients with a unified platform that helps them modernize their infrastructure, navigate Basel IV, and prepare for the future of regulatory reporting.”

Lisa Nelson, CEO of Wolters Kluwer Financial & Corporate Compliance:
“We are proud of the accomplishments of our Finance, Risk, and Regulatory Reporting teams. Regnology is strategically aligned to build on FRR’s strengths, and we are confident that they are joining an organization that is well-positioned to continue serving customers with excellence while opening new growth opportunities for employees.”

Fredrik Näslund, Partner, Nordic Capital Advisors:
“This agreement reflects Regnology’s continued momentum and innovation in the regulatory technology space. It positions the company to deliver even greater value to financial institutions worldwide. Nordic Capital is truly excited about Regnology’s continued journey.”

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Audax Private Equity Announces Sale of Liquid Environmental Solutions

Audax Group

BOSTON & SAN FRANCISCO — Audax Private Equity (“Audax”), a capital partner for middle and lower middle market companies, announced today it has agreed to the sale of Liquid Environmental Solutions (“LES” or “the company”), a national service provider within the circular economy, managing non-hazardous liquid waste for its blue-chip customer base. Goldman Sachs Alternatives is acquiring the company. Terms of the transaction are not disclosed.

LES, based in Irving Texas and founded in 2002, collects, treats, and beneficially recovers materials from a variety of liquid waste sources, including grease traps, oil water separators, used cooking oil and other non-hazardous liquid waste for the restaurant, grocery chain, hospitality, education, and environmental services sectors.

Audax acquired the company in the fourth quarter of 2017, and since then has executed its Buy & Build strategy, nearly doubling the company’s footprint. LES, today, operates over 90 locations across 50 states. In addition to investments in the team and operational infrastructure, LES executed 13 acquisitions that helped to drive both geographic growth as well as entry into adjacent services, which together helped to reinforce the company’s value proposition among national chains and local customers.

“Audax has been a terrific partner throughout their investment in LES, and brought both a vision and strategic resources to bear that supported our go-to-market strategy and helped us serve our customers across the country,” noted Jerry Sheridan, CEO of Liquid Environmental Solutions.

“We want to thank Jerry and the entire LES team,” added Joe Rogers, a Partner at Audax Private Equity. “Through managing the entire liquid-waste lifecycle, LES provides an essential service to its clients, while supporting sustainability programs that protect critical infrastructure and help to divert liquid waste from landfills. We believe Goldman Sachs Alternatives represents an ideal partner and fit for LES, as the company pursues its next stage of growth.”

The exit for Audax represents the firm’s ninth realization that has either closed or been announced since June of last year. It is also the third exit out of the firm’s Industrial Services & Technologies specialization over that time, following the sales of EIS last November and Thermogenics in June, the latter of which represented the first realization out of Audax Private Equity’s lower middle market Origins Fund.

The closing of the transaction is subject to the satisfaction of customary closing conditions.

Houlihan Lokey served as lead financial advisor to LES and Audax Private Equity, with Baird serving as co-advisor and Ropes & Gray and Frederikson & Byron acting as legal counsels. Stifel served as financial advisor and Simpson Thacher & Bartlett served as legal counsel for Goldman Sachs Alternatives.

About

ABOUT AUDAX PRIVATE EQUITY:

Headquartered in Boston, with offices in San Francisco, New York, London and Hong Kong, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of March 2025, over 290 team members, and 100-plus investment professionals, Audax has invested in 175 platforms and over 1,400 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value. For more information, visit www.audaxprivateequity.com or follow us on LinkedIn.

ABOUT LIQUID ENVIRONMENTAL SOLUTIONS:

Liquid Environmental Solutions, founded in 2002, provides a full range of turnkey solutions for the collection, transportation, processing, recycling, reclamation and disposal of non-hazardous liquid wastes. The company serves restaurants, grocery and convenience stores, automotive and equipment maintenance sectors and companies that place a priority on sustainability, service and recycling. To learn more, visit www.liquidenviro.com

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Ampersand Capital Partners Invests in CurTec, a Global Leader in Pharma & Specialty Chemicals Bulk Packaging

Ampersand

Strategic partnership to accelerate U.S. growth, product innovation, and long-term value creation in life sciences supply chain.

Boston, MA & Rijen, Netherlands — July 21, 2025 /PRNewswire/ – Ampersand Capital Partners (“Ampersand”), a private equity firm specializing in growth equity investments in the life sciences and healthcare sectors, today announced the acquisition of CurTec Group B.V. (“CurTec”), a Netherlands-based manufacturer of high-performance plastic packaging solutions for pharmaceutical and specialty chemical applications from Bencis Capital Partners (“Bencis”) in partnership with management.

Headquartered in Rijen (Netherlands), CurTec has manufacturing operations in the Netherlands and the United States and sales offices across Europe, North America and Asia. CurTec designs and manufactures GMP-compliant, UN-certified packaging solutions engineered for the secure storage and transport of active pharmaceutical ingredients (APIs), excipients and other high-value and sensitive biopharma and chemical ingredients used in regulated environments where cleanliness, compliance and durability are critical.

“We are thrilled to welcome Ampersand as our new partner as we focus on scaling U.S. operations, advancing product innovation, expanding our footprint and growing into adjacent markets,” said Bart van Berkel, CEO of CurTec. “Their deep expertise in the life sciences supply chain and their US network will help accelerate our global presence while reinforcing our commitment to quality, innovation, and sustainability.”

“CurTec is a premium brand trusted by leading pharmaceutical companies – including those within Ampersand’s portfolio – for its exceptional product quality and regulatory standards,” said Hidde Van Kerckhoven, Principal at Ampersand. “We look forward to working closely with Bart and his team to expand capacity, strengthen commercial capabilities, and support long-term growth.”

“We look back on a very successful partnership with CurTec and the team, evolving into a global leader in regulated packaging through innovation, operational and ESG excellence, and a clear focus on pharma,” said Zoran van Gessel, Managing Partner at Bencis. “It’s been a pleasure supporting CurTec over all those years together with Fred Lammers, the former CurTec CEO, and we wish the team and Ampersand continued success in this next chapter.”

CurTec recently expanded its manufacturing footprint with the opening of a state-of-the-art facility in Westminster, South Carolina, complementing its European site and positioning the company to better serve the fast-growing North American market. Its global customer base includes over 300 companies across pharma, specialty chemicals, and high-integrity logistics.

New product launches such as the Fold Pack – which improves handling and supply chain efficiency – demonstrate CurTec’s leadership in sustainable GMP packaging solutions aligned with evolving industry standards.

 

About Ampersand Capital Partners

Ampersand Capital Partners, founded in 1988, is a middle-market private equity firm with $3 billion of assets under management, dedicated to growth-oriented investments in the healthcare sector. With offices in Boston, MA, and Amsterdam, Netherlands, Ampersand leverages a unique blend of private equity and operating experience to build value and drive long-term performance alongside its portfolio company management teams. Ampersand has helped build numerous market-leading companies across each of the firm’s core healthcare sectors.

For additional information, visit  ampersandcapital.com or follow us on LinkedIn.

About Bencis

Bencis is an independent investment company founded in 1999. The company supports entrepreneurs and management teams in realizing growth ambitions and invests in successful businesses in the Netherlands, Belgium, and Germany. With offices in Amsterdam, Brussels, and Düsseldorf, Bencis combines extensive experience in growth, acquisitions, and sustainable business practices.

For additional information visit www.bencis.com or follow us on LinkedIn.

About CurTec

CurTec is a premium manufacturer of high-performance plastic packaging for the pharmaceutical, specialty chemicals, and logistics industries. With production facilities in Europe and the United States, CurTec partners with over 300 companies worldwide to ensure the safe, clean, and efficient transport of valuable goods. The company is committed to innovation, sustainability, and quality, helping customers protect their products and enhance supply chain performance.

For additional information, visit  www.curtec.com or follow us on LinkedIn.

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Darktrace Announces Acquisition of Mira Security, a Leading Provider of Network Traffic Visibility Solutions

Thomabravo

CAMBRIDGE, UKDarktrace, a global leader in AI for cybersecurity, today announced the acquisition of Mira Security, a leading provider of network traffic visibility solutions. Building on the companies’ established partnership, the acquisition will strengthen Darktrace’s network security leadership by providing more insight from encrypted network traffic, more comprehensive decryption for customers in regulated industries, and help drive the next generation of Darktrace technology.

Combined, Darktrace and Mira Security close the encrypted data blind spot without impacting network performance or requiring complex re-architecting.

Closer integration of Mira Security’s in-line decryption capabilities with Darktrace’s existing analysis and understanding of encrypted traffic will provide organizations with deeper, more comprehensive visibility across on-premises, cloud, and hybrid environments. This is particularly critical for highly regulated sectors like financial services, government and critical infrastructure.

Mira Security’s engineering team, based in Centurion, South Africa and the United States, will join Darktrace’s R&D division, expanding Darktrace’s capabilities in networking research and development. The Mira Security team will bring deep expertise in building high-performance software and firmware for network acceleration that will help drive the next generation of Darktrace hardware, enabling 100 Gbps interfaces, increasing ingestion capacity, and supporting Darktrace’s most strategic deployments. The Mira Security team’s extensive standards-body experience and deep technical insight will also enhance Darktrace’s work in low-level networking and protocol design.

“The acquisition of Mira Security is another building block in our strategy to develop best-in-class cybersecurity solutions and keep our customers safe through continuous innovation,” commented Phil Pearson, Chief Strategy Officer at Darktrace. “Mira Security has already proven to be a valuable source of insight for our AI, helping us provide unparalleled detection and response capabilities at scale. By bringing the Mira Security team’s deep expertise into Darktrace, we will be able to accelerate innovation, deepen the capabilities of our market-leading Network product and unlock even greater security performance for our customers.”

The acquisition marks the latest step in Darktrace’s ongoing program of investment into both organic and inorganic growth and innovation across its cybersecurity platform. It follows the acquisition of Cado Security to enhance Darktrace’s cloud security capabilities and the April launch of new AI models delivering deeper insights, richer context and enhanced predictions for sharper prioritization and faster threat response.

Darktrace / NETWORK is the established leader in Network Detection and Response. It is recognized as a Leader in Gartner’s Magic Quadrant™ for Network Detection and Response and holds a 4.7 star average rating on Gartner Peer Insights over the past 12 months. It is also recognized as a Leader in the IDC MarketScape for Worldwide Network Detection and Response, and an overall Leader in KuppingerCole’s 2024 Leadership Compass for Network Detection and Response.

“The combination of Mira Security and Darktrace’s unique technology and brilliant R&D talent will create even more exciting possibilities for protecting complex network environments,” said Niel Viljoen, Founder and CEO of Mira Security. “Together, Mira Security and Darktrace will be able to deliver new value for customers and partners.”

Existing Mira Security partners will continue to be supported, ensuring seamless integration and continued delivery of Mira Security’s capabilities across Darktrace and Mira Security’s global customer base.

About Darktrace

Darktrace is a global leader in AI for cybersecurity that keeps organizations ahead of the changing threat landscape every day. Founded in 2013, Darktrace provides the essential cybersecurity platform protecting organizations from unknown threats using its proprietary AI that learns from the unique patterns of life for each customer in real-time. The Darktrace ActiveAI Security Platform™ delivers a proactive approach to cyber resilience to secure the business across the entire digital estate – from network to cloud to email. It provides pre-emptive visibility into the customer’s security posture, transforms operations with a Cyber AI Analyst™, and detects and autonomously responds to threats in real-time. Breakthrough innovations from our R&D teams in Cambridge, UK, and The Hague, Netherlands have resulted in over 200 patent applications filed. Darktrace’s platform and services are supported by over 2,400 employees around the world who protect nearly 10,000 customers across all major industries globally. To learn more, visit http://www.darktrace.com.

Read the release on the Darktrace website here.

Categories: News

Equistone-backed BUKO strengthens presence in the Greater London area with acquisition of Keltic Traffic Management

Equistone

BUKO Group (“BUKO”), a leading European provider of temporary traffic management services, has further strengthened its UK presence with the acquisition of Keltic Traffic Management Limited (“Keltic”). Keltic is a specialist in complex London-based temporary traffic management operations. The company’s high-quality and reliable service offering has driven significant growth in recent years, and this acquisition represents a key milestone for BUKO as it aims to become the market leader in the UK.

Headquartered in Barendrecht, the Netherlands, BUKO employs over 1,000 people across four countries and successfully oversees thousands of projects annually. Founded in 1991, the company specialises in temporary traffic management solutions. With its comprehensive portfolio of services – from design, planning, approval, deployment and collection, as well as onsite management of road signage, safety equipment required for roadworks and an innovative range of digital traffic management solutions – BUKO primarily serves contractors and public authorities, active in utility-related and urban/rural roadworks.

Since funds advised by Equistone acquired a majority stake in BUKO in February 2023, the company has pursued a growth strategy focused on building its presence in its home market and targeted expansion into other European countries supported by strong market dynamics. In March 2024, BUKO established a foothold in the attractive UK market by acquiring Road Traffic Solutions, which was further strengthened in November 2024 with the acquisition of Hooke Highways. BUKO entered the German market in October 2024 with the acquisition of BVT Bremer Verkehrstechnik, and the Swedish market in March 2025 with the acquisition of Sweden-based Road Rental.

With the acquisition of Keltic, BUKO continues this international growth strategy. Founded in 2016 by Damien and Karla Kelly, Keltic provides a high-quality, reliable and flexible service to a diverse customer base, which includes some of the largest civils, utility and telecommunications companies in the UK.

“We are proud of what we, together with the team, have built in recent years,” said Damien Kelly, founder and Managing Director of Keltic. “The partnership with BUKO will provide additional support and capabilities to further enhance the service we provide to our customers, and we look forward to this next phase in Keltic’s development. We believe this step will also provide attractive opportunities to our employees to further develop within a strong, international organisation.”

Robert Emmerich, CEO of BUKO, said: “I have been impressed by the entrepreneurship of Damien and Karla Kelly, and by their customer-centric and results-oriented way of working. Their approach perfectly matches that of BUKO: professional, flexible and with a focus on customers. With this strategic acquisition, we further strengthen our position in the Greater London area.”

Hubert van Wolfswinkel, Partner in Equistone’s Amsterdam office, said: “Keltic has proven to be a highly successful London-based traffic management specialist, and we are excited to partner with this ambitious company and team. This is the latest step in BUKO’s strategy of becoming the leading temporary traffic management provider across the UK and Europe.”

BUKO was advised by PwC (Financial & Tax), Ashfords and Clifford Chance (Legal), Roland Berger (Commercial) and Marsh (Insurance).

Keltic was advised on the transaction by Clearwater (M&A) and Addleshaw Goddard (Legal).

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CVC Liquid Credit closes H1 2025 with $7.9 billion in CLO activity across 17 Deals

CVC Capital Partners

CVC Credit, the €46 billion global credit management business of CVC, is pleased to announce that CVC Liquid Credit (formerly known as CVC Performing Credit) has recorded a very active first six months of the year, pricing 17 transactions with an aggregate volume of approximately $7.9 billion (c.€7.1bn). This follows an exceedingly busy year in 2024 with 25 transactions priced with a volume of $11 billion.

CVC Liquid Credit has leveraged its global investment team to create value for investors through both new CLO formation and active portfolio management, by continuously evaluating and executing on opportunities to enhance the return profile of its existing CLO vehicles through resets, refinancings and/or reissues.

So far this year, the team has priced four new CLO issuances in the period between January and June and driven further value uplift and return of capital to investors across its existing platform of CLOs by executing ten resets and three refinancings and partial refinancings.

Andrew Davies, Managing Partner and Head of CVC Credit, said: “It has been a positive start to the year and we are pleased with the progress made across both our Liquid Credit and Private Credit strategies. Looking ahead, we remain firmly committed to building on this success, deepening our support for our clients and continuing to generate long-term value for our investors.”

It has been a positive start to the year and we are pleased with the progress made across both our Liquid Credit and Private Credit strategies.

Andrew DaviesManaging Partner and Head of CVC Credit

Guillaume Tarneaud, Partner and Co-Head of CVC Global Liquid Credit and Head of European Liquid Credit at CVC, said: “We are very pleased with the strong activity across the CVC Liquid Credit platform this year. Despite market volatility in April, we sustained our momentum throughout the first half and continue to leverage our leading presence in Europe to consistently price new vehicles while actively managing and optimising our existing CLOs”

Kevin O’Meara, Partner and Co-Head of CVC Global Liquid Credit and Head of US Liquid Credit at CVC Credit, added:  “In parallel, the U.S. CLO strategy has also posted a constructive first half of the year for the platform, with transaction volumes remaining robust.  We expect this elevated pace to continue through the remainder of 2025, supported by a balanced mix of new issuance and the refinancing or resetting of current structures when accretive opportunities arise. Our activity so far has been met with positive reception from both investors and the broader market, reinforcing confidence in our strategy and the strength of our execution.”

CVC Liquid Credit manages over €30 billion in assets across more than 70 active funds, managed by a team of around 40 investment professionals in both the US and Europe.

H1 2025 CLO activity summary

Deal Name

Deal Type

Pricing Date

Cordatus X (10)

Reset

January

Apidos XLII (42)

Reset

February

Cordatus XXXIV (34)

New issue

February

Apidos LII (52)

New issue

February

Cordatus III (3)

Reset

March

Apidos XXIII (23)

Refi

March

Cordatus Opportunities Loan Fund

Refi

March

Apidos XI (11)

Refi

March

Cordatus XXV (25)

Reset

April

Apidos XXXIII (33)

Reset

April

Apidos LIII (53)

New issue

April

Cordatus XXVII (27)

Reset

May

Apidos XXIX (29)

Reset

May

Apidos XLIII (43)

Reset

May

Cordatus XXXV (35)

New issue

June

Apidos XLV (45)

Reset

June

Cordatus XXIX (29)

Reset

June

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