Category Archives: News

EQT to acquire Adalvo, a leading B2B dossier developer

eqt

Adalvo

  • EQT X to acquire Adalvo, a rapidly growing, asset-light B2B dossier developer providing market-approval-ready generic drug dossiers to pharmaceutical companies
  • EQT will support Adalvo’s next phase of growth, further investing in R&D and innovation, and advancing the operational scale-up of the business 
  • Adalvo is uniquely positioned as a one-stop partner, combining strong business development capabilities with a flexible, customer-centric model to meet the bespoke needs of pharmaceutical companies worldwide
  • Adalvo plays an important role in increasing access to affordable healthcare by developing and distributing generic drugs at affordable prices across a wide range of markets. The transaction highlights EQT’s commitment to partnering with companies that deliver critical services to society

EQT X (“EQT”) has agreed to acquire a majority stake in Adalvo (the “Company”), a leading asset-light B2B dossier developer. Existing shareholders, including Aztiq, the holding company of Adalvo’s current Chairman Róbert Wessman, will reinvest part of their existing holdings and remain minority shareholders.

Since its founding in 2018, Adalvo has grown rapidly and become a partner to over 170 generic companies in more than 140 countries worldwide. Headquartered in Malta, with more than 280 employees and offices in 15 countries across Europe and India, the Company offers a specialty portfolio, driving affordable health outcomes for patients globally. With increasing demand for effective treatments across indications and therapeutic areas, Adalvo is well-positioned for continued expansion.

EQT will invest in the next phase of Adalvo’s growth journey through targeted investments in R&D, supply chain, and operational excellence. This will help expand its product portfolio with a steady cadence of new launches, expand the robust supply chain to cover a wide range of partners and jurisdictions, and enhance business development opportunities for its partners through greater flexibility, reach, and speed to market.

Matteo Thun, Partner within EQT Private Capital’s Advisory Team, said: “EQT is deeply impressed by Adalvo’s competitive position in dossier development, with an agile and scalable model for development and partnerships with leading pharmaceutical companies globally. We look forward to joining forces with the entrepreneurial and highly respected management team, led by CEO Anil Okay, and to investing in the next chapter of continued growth. Looking ahead, we are committed to supporting Adalvo and its employees in its pivotal role to provide access to affordable healthcare to patients around the world. We are impressed by what Adalvo has achieved under Róbert Wessman’s ownership, and are delighted that he will also be part of the next phase of the journey as a minority shareholder.”

Anil Okay, CEO of Adalvo, added: “Over the past seven years, we’ve built a dynamic and innovative platform that supports our partners globally and delivers better healthcare outcomes. We’re excited to welcome EQT as a strategic partner, whose long-term vision, cultural alignment, and demonstrated track record in healthcare make them an ideal match to support Adalvo’s continued expansion. We remain committed to advancing Adalvo’s intrinsic purpose of making affordable medicines accessible to patients around the world.”

Róbert Wessmann, Founder & Chairman of Aztiq, commented: “Like all other companies we have founded, Adalvo has been focused on meeting the growing demand globally for better access to high-quality, yet affordable medications. When we founded Adalvo together in 2018 our vision was to revolutionize the important business-to-business segment of the pharmaceutical industry and enable our partners world-wide to meet this growing demand.  I am immensely proud of what Adalvo, and its leadership team have achieved in such a short period of time. I would like to congratulate EQT on the acquisition of this amazing company, and am confident that under their stewardship, Adalvo will continue to flourish and achieve even greater success. I look forward to working with EQT on advancing Adalvo’s mission, as a minority shareholder”

The transaction is subject to customary conditions and approvals. It is expected to close during H2 2025.

With this transaction, EQT X is expected to be 55 – 60 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication).

Contact
EQT Press Office, press@eqtpartners.com

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About EQT
EQT is a purpose-driven global investment organization with €‌​​266​‌ billion in total assets under management (€141 billion in fee-generating assets under management) as of 30 June 2025, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

About Adalvo
Adalvo is a global pharmaceutical company, and one of the leading B2B pharmaceutical companies in Europe, with commercial partnerships in more than 140 countries and over 170+ commercial partners globally. The company’s declared purpose is to make a difference for patients all over the world, driven by its smart collaboration network and commitment to delivering the highest quality differentiated products and services. 

Adalvo’s brand promise is to be “Always on Target” for its partners and patients.

More info: www.adalvo.com

About Aztiq
Aztiq is a visionary healthcare-focused private equity company dedicated to fostering innovation and driving positive changes within the industry. Led by Robert Wessman and a team of veteran entrepreneurs, Aztiq is committed to identifying, investing in, and nurturing ground-breaking healthcare solutions in pharma and biotech to address global healthcare challenges. By leveraging the cumulative experience of the team, Aztiq aims to improve patient outcomes, increase access to quality healthcare, and create a more efficient and sustainable healthcare ecosystem. With a proven track record of success, Aztiq continues to make a lasting impact on the health and well-being of people around the world.

More info: www.aztiq.com

Follow Aztiq on LinkedIn

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CVC Credit provides debt facilities to smartTrade through its European Direct Lending strategy

CVC Capital Partners

CVC Credit is pleased to announce that it has provided debt facilities to support the acquisition and growth strategy of smartTrade Technologies (“smartTrade”), a global SaaS platform providing multi-asset trading and payment software, owned by TA Associates.

Headquartered in Southern France, with subsidiaries in London, Paris, Geneva, New York, Toronto, Tokyo and Singapore, smartTrade provides essential FX trading software used for order management, trade execution and post-trade support. It boasts a global blue chip client base of large, regional and local banks, brokerages and corporations.

This investment has been made through CVC Credit’s European Direct Lending strategy, which focuses on lending to established European medium and large companies, with a focus on the senior secured piece of the capital structure.

Eva Boutillier, Managing Director at CVC Credit, said: “We are delighted to announce this latest transaction for our European Direct Lending strategy, leveraging the broader CVC Network’s expertise in the software sector to diligence smartTrade and gain comfort around the business’s strong fundamentals, attractive market and ambitious growth strategy.

Quotes

smartTrade is exactly the type of business we like to invest in through this strategy, with strong existing market positioning but also a large addressable market to allow for further future growth.

Andrew DaviesManaging Partner and Head of CVC Private Credit

Andrew Davies, Managing Partner and Head of CVC Private Credit, added: “smartTrade is exactly the type of business we like to invest in through this strategy, with strong existing market positioning but also a large addressable market to allow for further future growth. We are also pleased to strengthen our relationship with TA Associates, a high-quality sponsor that has experience investing in this sector.”

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York Space Systems Parent Company to Acquire ATLAS Space Operations to Expand Mission Delivery and Space-to-Ground Capabilities

Ae Industrial Partners

Acquisition will strengthen York’s position as a fully integrated space solutions provider for national security and commercial missions

DENVER, July 18, 2025 /PRNewswire/ — York Space Systems (York), a defense technology company transforming how the United States builds and operates space-based capabilities, today announced that its parent company has agreed to acquire ATLAS Space Operations (ATLAS), a pioneer in Ground Software as a Service (GSaaS) for satellite communications. The move brings York a powerful, software-led ground architecture that simplifies operations, removes integration barriers, and enhances space-to-ground resilience—accelerating York’s ability to deliver secure, mission-ready space systems at unmatched speed and value.

ATLAS will play a key role in York’s Golden Dome architecture, a next-generation defense solution that unifies spacecraft, software, and ground operations to deliver full-spectrum capabilities across contested environments. ATLAS will continue to operate independently under its existing brand, serving its diverse portfolio of customers across the space industry.

Founded in 2015, ATLAS delivers secure, cloud-native connectivity through its Freedom® software platform, which provides a single API access point to a global network of more than 50 antennas in 20+ countries and is the only GSaaS provider based in the United States. By shifting the complexity of satellite communications from hardware to software, ATLAS has built a federated network-of-networks that enables real-time tasking, automated scheduling, and seamless cloud delivery of mission data. The result is a flexible, scalable solution that reduces cost, risk, and time to orbit for a growing roster of government and commercial customers.

“ATLAS has built one of the most sophisticated and secure ground communications platforms in the industry,” said Dirk Wallinger, CEO of York. “This acquisition will enhance York’s ability to deliver mission-ready systems on the timelines our customers demand while continuing to support the broader space ecosystem with best-in-class ground solutions.”

The Freedom® platform simplifies ground operations through a single API that abstracts away the complexities of legacy ground station networks. Whether operating a single satellite or a proliferated constellation, customers can onboard faster, stream data directly to the cloud, and flexibly access global infrastructure without building it themselves.

“York shares our vision for a future where space systems are faster, smarter, and seamlessly integrated,” said Corey Geer, CEO of ATLAS. “Together, we are building the infrastructure to meet that future head-on, reducing risk, increasing resilience, and enabling critical data delivery on demand.”

This acquisition will strengthen York’s ability to deliver integrated, mission-ready systems by pairing its high-performance spacecraft and software-defined operations with ATLAS’s proven ground communications platform. Thereby enhancing end-to-end mission delivery, and accelerating deployment timelines, improving data flow from space to ground, and enabling more resilient, autonomous operations across both commercial and national security missions.

The acquisition of ATLAS is pending FCC approval and other customary closing conditions.

About York Space Systems

York Space Systems is a defense technology company transforming how the United States builds and operates space-based capabilities. As the leading provider of proliferated warfighter space solutions, York delivers fully integrated, mission-ready systems, combining high-performance spacecraft, software-defined operations, and ground-based autonomy, at unmatched speed and value.

With a foundation in high-rate manufacturing and systems-level integration, York is driving the convergence of hardware, software, and mission autonomy to redefine how the U.S. executes national defense from space. By enabling real-time intelligence and resilient, scalable infrastructure, York empowers a smarter, faster, and more adaptive defense posture. Learn more at http://www.YorkSpaceSystems.com

About ATLAS Space Operations, Inc.

ATLAS Space Operations is the leading provider of Ground Software as a Service™ in the space communications industry. Recognized repeatedly for technological innovation and industry leadership, ATLAS’s Freedom® software platform provides cloud-native connectivity, global antenna access, real-time tasking, and streamlined data handling. Learn more at atlasspace.com

SOURCE York Space Systems

Categories: News

Stonepeak to Invest USD 1.3 Billion in Princeton Digital Group

Stonepeak

With USD 2.5 billion raised this year, PDG positions itself to accelerate scale by organic growth and M&A

Singapore – 17 July 2025 – Princeton Digital Group (PDG), Asia Pacific’s leading data center operator, today announced the signing of a definitive agreement with Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets. The firm will make a preferred equity investment of USD 1.3 billion in PDG to support its continued expansion across Asia Pacific.

This investment follows PDG’s recently announced USD 1.2 billion debt financing. Together, Stonepeak’s investment and the recent debt financing bring the total capital raised by PDG in 2025 to USD 2.5 billion across equity and debt, reinforcing the company’s position as a leading provider of hyperscale infrastructure in Asia.

With a current portfolio of over 1.1 gigawatts across six countries, PDG is one of the region’s largest and fastest-growing data center platforms. With marquee global investors—Warburg Pincus, Ontario Teachers’ Pension Plan, Mubadala, and now Stonepeak—PDG is uniquely positioned with long-term backing from some of the world’s most respected capital partners.

Stonepeak’s long-term capital will support the company’s next phase of growth, including both greenfield development and M&A, across both established and emerging Asia Pacific markets. Warburg Pincus will continue to be PDG’s largest shareholder.

“This milestone investment from Stonepeak is a strong endorsement of PDG’s strategy, execution, and sustained value creation,” said Rangu Salgame, Chairman, CEO and Co-founder of PDG. “Stonepeak shares our deep conviction in the unprecedented growth of AI and cloud across Asia Pacific. With this partnership, PDG is uniquely positioned to scale with speed, continue being the trusted provider to the world’s most demanding hyperscalers, and further consolidate its position as a market leader in the region.”

“PDG has established itself as one of the clear leaders among digital infrastructure platforms in the Asia Pacific region. The company’s track record of execution, top-tier management team, and significant power bank in critical hub markets in APAC positions it well to serve the continued demand from hyperscalers and AI-driven platforms in the region,” said Andrew Thomas, Senior Managing Director at Stonepeak. “This investment is a quality fit for our Asia infrastructure strategy, and we look forward to partnering with PDG’s management team, Warburg Pincus and existing shareholders to propel the company’s next phase of growth.”

Ellen Ng, Co-Head of Asia Real Estate at Warburg Pincus, said, “As a founding investor of PDG we’ve always believed in the founders’ vision and exceptional execution capabilities and supported the company’s evolution into Asia’s preeminent data center platform. This latest investment by Stonepeak is a strong validation of PDG’s market leadership and long-term strategy. As PDG’s largest shareholder, we are excited to welcome a like-minded partner to help propel the company into its next phase of growth, supporting the surging demand for AI and cloud infrastructure across the region.”

PDG is being advised by Goldman Sachs, J.P. Morgan, and Latham & Watkins as legal counsel. Barclays is serving as financial advisor and Sidley Austin LLP is serving as legal counsel to Stonepeak.

About Princeton Digital Group
Princeton Digital Group (PDG) is a leading developer and operator of Internet infrastructure. Headquartered in Singapore with presence and operations in Singapore, Japan, India, Indonesia, China, and Malaysia, its portfolio of data centers powers the expansion of hyperscalers and enterprises in the fastest-growing digital economies across Asia. For more information, visit www.princetondg.com or follow us on LinkedIn.

About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $73 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include transport and logistics, digital infrastructure, energy and energy transition, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

For more information please contact:

Princeton Digital Group
Selena Sheikh
Selena.sheikh@princetondg.com

Finn Partners for Princeton Digital Group
PDG.ASIA@finnpartners.com

Kate Beers / Maya Brounstein for Stonepeak
corporatecomms@stonepeak.com
+1 (646) 540-5225

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Opus Safety secures BGF and OakNorth funding to supercharge growth

BGF

Birmingham-based Opus has achieved significant success to date, and has ambitions to continue scaling, both organically and via M&A.

17 July 2025
Opus Safety secures BGF and OakNorth funding to supercharge growth

Opus Safety Ltd, a tech-enabled health and safety, HR and occupational health solutions provider, has secured a minority investment from BGF and OakNorth, to accelerate its growth.

Birmingham-headquartered Opus Safety provides services to a broad range of SMEs nationwide. Founded by John Southall, Ian Hatherly and Tom Baverstock, it has built a strong reputation as a high-quality, tailored, solution-led partner for all things health and safety, HR and occupational health. Its proprietary Opus Compliance Cloud software solution helps clients transform and digitise their operations.

John Southall, Founder of Opus Safety, said: “This investment is a momentous milestone for the business. Since we were founded in 2022, we’ve been high-growth and laser-focused on building the best compliance consultancy in the UK, assembling a team dedicated to excellent personal service.”

Opus has achieved significant success to date, including completing four acquisitions, and has ambitions to continue scaling both organically and via M&A. Funding from BGF and OakNorth will provide acquisition firepower and facilitate continued product innovation.

“We’re delighted to be working alongside BGF, developing a partnership that will allow us to access the funding, experience and expertise we need to take advantage of the opportunities that lie ahead.”
John Southall
Founder of Opus Safety

The deal was led by David Bellis, Investor in BGF’s Midlands team, and was arranged by David Neate, Partner at Evolve Corporate Finance. Ian Fairclough, Director of Debt Finance, led the deal for OakNorth.

BGF Investor David Bellis commented: “We’re delighted to be backing an ambitious management team with a successful track record. We’ve known them for a while, they have a proven ability of delivering growth, and we look forward to supporting them on the next phase of their journey. It’s also great to work with so many Midlands advisers and funders to put a deal like this together and back a local business.”

Ian Fairclough, Director of Debt Finance at OakNorth, added: “We’re proud to support the next stage of Opus Safety’s journey, alongside BGF. This is exactly the type of ambitious, forward-thinking business OakNorth was created to empower — a high-growth, tech-enabled firm, led by an experienced team with a clear vision for the future. With a proven model and an impressive track record of acquisitions and innovation, Opus is well-positioned to scale further.”

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A new chapter for Recharge

Prime Ventures
  • Singapore headquartered Coda acquires Recharge, Europe’s leading prepaid payments platform, expanding global reach and deepening direct-to-consumer capabilities.
  • Built on strong partnerships with publishers like Electronic Arts, Activision, and Riot Games, the acquisition accelerates Coda’s move into new categories and consumer segments.
  • Combined business processed over US$1.75B in 2024, reaching 200M+ users across 180+ markets.

SINGAPORE and AMSTERDAM | 17 July 2025 — Coda, a global leader in digital content monetization headquartered in Singapore, today announced it has signed a definitive agreement to acquire Recharge, Europe’s leading prepaid payments platform, headquartered in Amsterdam. The transaction brings together two profitable regional leaders with scaled businesses, complementary strengths and a shared ambition to lead the future of global digital distribution and monetization.

The acquisition accelerates Coda’s expansion beyond gaming and strengthens its ability to serve the broader digital content economy — across categories, customers, and continents — by extending its presence in Europe and building on its direct-to-consumer capabilities. For Recharge, the deal brings B2B expertise, access to deeper partnerships with top-tier digital content publishers, and a proven playbook for growth in high-growth markets, especially across Asia. Based on 2024 figures, the combined business would have processed more than US$1.75 billion in sales, served over 200 million customers, and operated in upwards of 180 markets — marking a scaled global footprint from day one.

“At Recharge, we’ve focused on building the technology platform that connects and scales the prepaid payments ecosystem — enabling seamless transactions between users, products, and brands through smart, data-driven infrastructure,” said Günther Vogelpoel, CEO of Recharge. “That focus, combined with a passionate team that consistently executes with precision, and pace, has allowed us to scale a profitable and trusted business across Europe and beyond.”

“Joining forces with Coda gives us the opportunity to take everything we’ve built — from our platform to our partnerships — and extend it globally to truly become the global leader we set out to be. With complementary strengths and a shared DNA, this unique combination sets us up to create even more value for the brands, publishers, and customers we serve.”

From premium content to prepaid products, this transaction brings together payments expertise, publisher and brand partnerships, and broad consumer reach — opening up real opportunities for cross-sell and deeper market access. With complementary capabilities, wider global coverage, and an expanded catalogue, Coda and Recharge are better positioned to collectively serve the full digital content economy across both B2B and B2C. Together, the combined company will deliver improved value and convenience to partners and consumers worldwide through secure, trusted, and locally relevant monetization and distribution solutions.

‘We’ve long admired what the Recharge team has built — a profitable, consumer-focused business with top global brands and real depth across Europe’

Shane Happach, CEO Coda

“This transaction brings together two regional commerce leaders with distinct but highly complementary strengths. At Coda, we’ve focused on scaling our B2B capabilities alongside, working with the world’s leading digital publishers to maximize their revenue — particularly in high-growth, complex markets across Southeast Asia. Recharge adds a powerful direct-to-consumer engine, deep prepaid expertise, and strong brand equity across Europe. Most importantly, we’re bringing together two teams that share the same values: ambition, collaboration, and commercial sharpness. That gives us a strong foundation to lead the next chapter in global digital content distribution and monetization.”

Coda is a trusted monetization partner to the world’s leading mobile gaming and digital content publishers, including Electronic Arts, Activision, Riot Games, HoYoverse, and Moonton. Coda distributes more than 500 titles from over 300 publisher partners and powers webstores for flagship franchises such as Call of Duty®: Mobile and EA SPORTS FC™ Mobile. With a network of over 400 local payment channels, Coda offers consumers better value and more choice. For publishers, Coda simplifies global growth —managing risk, compliance, and customer support as Merchant of Record.

Recharge — a European leader in prepaid digital storefronts like Recharge.com and Startselect.com — strengthens Coda’s B2C scale and reach across Europe. With over 16,000 products spanning gaming, mobile, gift cards, and lifestyle, Recharge combines a marketing-led, consumer-first approach with established brand equity and a user base of more than 8 million. Trusted by over 1,000 global brands — including Apple, Google, Vodafone, and PlayStation — Recharge brings retail strength, relevance, and regional depth.

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Abenex REIM acquires prime residential asset in Neuilly-sur-Seine

Abenex

Abenex REIM, through a dedicated investment vehicle backed by institutional and private investors, has acquired a residential real estate asset located in Neuilly-sur-Seine (92). This transaction is fully aligned with Abenex REIM’s strategy, which targets high-quality assets in prime locations with strong value-creation potential.

Constructed in 1936, the Art Deco building consists of over 2,800 sqm of Carrez law surface across six floors (R+6). Ideally located near the Bois de Boulogne and just minutes from metro line 1, the asset benefits benefits from a prime location in Neuilly-sur-Seine.

The property was previously owned by a family joint-ownership (indivision) and has been well maintained. However, no significant value-enhancing initiatives have been undertaken until now. In line with its value-add strategy and ESG positioning, Abenex — a purpose-driven and B-Corp certified company— is planning a repositioning program for approximately three years.

The renovation program will aim to significantly enhance the building’s energy performance while redesigning the layout of the common areas. The restructuring of the upper floors and reconfiguration of the apartments will help address the strong demand for family housing in Neuilly-sur-Seine.

Carried out with the support of institutional and private investors – including Etoile du Nord Promotion, LC Promo, CEPRAL Participations and the FCPR Anaxago Society – via a dedicated investment vehicle, this acquisition adds to Abenex REIM’s portfolio, which now exceeds €200 million. It marks the second transaction completed in 2025.

“In an opportunistic market environment, this acquisition demonstrates our ability to identify and secure high-quality residential assets under attractive conditions. The recovery currently observed in Neuilly reinforces our convictions regarding the resilience and strong value-creation potential of prime locations in Paris’ inner suburbs,”
comments Vincent Brunswick, Partner at Abenex in charge of real estate activities.

The renovation plan aims to significantly improve the building’s energy performance and reconfigure common areas. The restructuring of upper floors and reorganization of apartment layouts will address the strong demand for family housing in Neuilly-sur-Seine.

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SupplyHouse Receives Strategic Investment from KKR

KKR

Melville, NY and New York, NY – July 17, 2025 – SupplyHouse (or, the “Company”), a leading pure-play e-commerce platform for the distribution of HVAC, plumbing, and electrical products, and KKR, a leading global investment firm, announced the formation of a strategic partnership to support the Company’s long-term growth strategy. As part of the strategic partnership, funds affiliated with KKR have invested in SupplyHouse. Financial terms were not disclosed.

Founded in 2004, SupplyHouse is one of the fastest-growing distributors in its category, having served over 7 million customers across the U.S. through its proprietary e-commerce platform, leading TradeMaster loyalty program, nationwide logistics network, and best-in-class customer service team. With a relentless focus on customer experience, the Company supports professionals across the HVAC, plumbing, and electrical trades. Built on a culture of teamwork, innovation, and customer-centricity, SupplyHouse is consistently recognized as one of the best places to work in the United States.

“We are excited to welcome KKR as a strategic partner, especially given our shared values around cultivating a ‘team first’ mindset,” said Josh Meyerowitz, Founder and CEO of SupplyHouse. “KKR’s experience and long-term vision align with our goals to expand our operations and enhance our service while maintaining our culture. I am proud of all that SupplyHouse’s 1,200 team members have achieved together and we are confident this strategic partnership will enable us to continue our growth journey.”

“Josh and the SupplyHouse team have developed a differentiated, vertical-focused e-commerce model that delivers meaningful value to customers and has driven an exceptional track record of organic growth,” said Brandon Brahm, Partner at KKR and Co-Head of KKR’s Ascendant Strategy. “We are excited by the compelling culture Josh has fostered at SupplyHouse that puts employees and customers at the center, which aligns well with KKR’s own approach to broad-based employee ownership and engagement. We look forward to working with the entire SupplyHouse team as we embark together on this next exciting chapter of growth and innovation.”

As part of the Company’s continued commitment to building a people-first culture, SupplyHouse will collaborate with KKR in ensuring all team members continue to share in the Company’s future success. This strategy is based on the shared belief that employee engagement is a key driver in building stronger companies.

KKR is making its investment in SupplyHouse through its Ascendant Strategy, which invests in middle market businesses in North America as part of KKR’s Americas Private Equity platform.

Evercore served as exclusive financial advisor to SupplyHouse, and Sidley Austin LLP acted as legal advisor. Baird served as exclusive financial advisor to KKR, and Kirkland & Ellis LLP acted as legal advisor.

About SupplyHouse

SupplyHouse is a leading e-commerce distributor of HVAC, plumbing, and electrical products. Founded in 2004, the Company serves trade professionals across the United States through a proprietary digital platform that features intuitive tools designed to simplify product discovery and purchasing. SupplyHouse offers over 250,000 SKUs from more than 500 brands and operates a national fulfillment network capable of reaching 98% of the U.S. population within two days. With a strong focus on the customer experience, the Company delivers high-quality service through a dedicated, in-house support team and its TradeMaster loyalty program, which offers added value and convenience for professional customers. Its people-first culture emphasizes teamwork, continuous improvement, and long-term growth, and has earned the Company national recognition as an outstanding workplace.

About KKR

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

Media

For SupplyHouse:
Kaylin Staub
kaylins@supplyhouse.com

For KKR:
Kenny Juarez
(212) 750-8300
media@KKR.com

 

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EQT Completes Acquisition of Niwas Housing Finance

eqt
  • Niwas Housing Finance, formerly known as IndoStar Home Finance, is a fast-growing affordable housing finance company with INR 30 billion (USD 359 million) in assets under management that has supported over 47,000 low income homeowners and small businesses across India
  • The transaction reinforces EQT’s strategic focus on financial services in India, a sector benefiting from the secular growth of the country’s expanding middle class and rising demand for accessible financial solutions
  • EQT will invest INR 5 billion (USD 58 million) as growth capital to support geographic expansion and enhance digital capabilities of Niwas  

MUMBAI – 17 July 2025 – EQT is pleased to announce the completion of the acquisition of Niwas Housing Finance Limited (“Niwas or the “Company”), formerly known as Indostar Home Finance, from IndoStar Capital Finance Limited, by the BPEA EQT Mid-Market Growth Partnership (“the MMG fund”). EQT will invest INR 5 billion (USD 58 million)[1] as growth capital to support geographic expansion and enhance digital capabilities of Niwas.

This transaction marks a significant milestone in Niwas’ journey as it expands its presence across India. Founded in 2017, Niwas provides affordable mortgages to retail customers in tier 2 to tier 4 cities in India and has supported over 47,000 low income homeowners and small businesses. Niwas has AUM of over INR 30 billion as of 31 March 2025, comprising granular, retail, and secured loans.

India’s INR 30+ trillion housing finance market presents a compelling long-term opportunity, driven by urbanization, rising middle-income households, and strong government support for affordable housing. The sector has shown resilience across economic cycles and plays a critical role in advancing financial inclusion. This transaction reinforces EQT’s strategic focus on financial services in India, a sector benefiting from the secular growth of the country’s expanding middle class and rising demand for accessible financial solutions. Niwas is well positioned to serve this demand and will benefit from EQT’s in-house digitalization expertise, network of industry advisors, and expertise in go-to-market strategies.

K.R. Kamath, Chairperson of the newly constituted Board of Niwas Housing Finance, added: “Niwas is well-positioned to expand access to home ownership in India. As we embark on this renewed journey of Niwas, I am confident that the new board’s collective experience will provide valuable strategic guidance and oversight to the Company, ensuring Niwas scales responsibly, with customer-centricity and prudence at its core.”

Hemant Sharma, a Partner in the EQT Private Capital Asia advisory team, said: “India’s retail lending sector continues to offer exciting opportunities and is a key investment theme for EQT in India. With the acquisition of Niwas, we are deepening our commitment to the sector following our investment in the education finance space through Credila last year. We look forward to supporting Niwas in scaling operations across India, accelerating digital transformation, and enhancing governance.”

Shreejit Menon, CEO of Niwas Housing Finance, said: “We are thrilled to welcome EQT as our new partner with their strong track record of scaling financial services businesses and active ownership approach. Their focus on performance, digital enablement, sustainability, and governance aligns with our vision of building a differentiated housing finance company. With EQT’s support and global expertise along with the guidance of incoming Board Members, we are confident of accomplishing our mission to help 150,000 families realize their dreams of home ownership by 2029.”

 

[1] Converted at an exchange rate of 86 INR/USD

 

Contact
EQT Press Office, press@eqtpartners.com

 

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About EQT

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

More info: www.eqtgroup.com
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About Niwas Housing Finance

Niwas Housing Finance (formerly known as IndoStar Home Finance) is an affordable housing finance player with an AUM of over INR 30 Bn and a network of 140+ branches. The company was incorporated in October 2017 with the objective of providing low ticket housing loans and loan against property to the middle income and under-served customers in India. Niwas has an experienced management team with a pan-India presence across 9 states in India.

More info: https://www.niwashfc.com/about-us

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Bencis signs SPA to sell Equine Care Group

Bencis

Bencis signs SPA to sell Equine Care Group to Compagnie Nationale à Portefeuille SA.

Founded in 2021 by leading equine veterinarians Dr. Tom Mariën and Dr. Frederik Bruyninx, Equine Care Group (ECG) has rapidly grown into a pioneering force in interdisciplinary equine medicine. Treating over 50,000 horses annually and serving clients in more than 70 countries, ECG has redefined standards in equine healthcare. In 2024, the Belgian government recognized ECG as “Scale-up of the Year”, underscoring the group’s exceptional growth and industry leadership.

To support its ambitious global expansion, ECG is proud to announce a strategic partnership with CNP (Compagnie Nationale à Portefeuille), an international private investment company with Belgian roots, controlled exclusively by the Frère family. This partnership will strengthen ECG’s position internationally while preserving its veterinarian-led model and reinforcing its mission of delivering world-class equine care.

Dr. Tom Mariën, CEO of ECG: “Since our inception, ECG has grown by uniting equine hospitals, ambulatory practices, labs, and nutritional specialists into one collaborative, mission-driven network. With CNP’s support, we are ready to accelerate our international growth and set a new global benchmark in equine veterinary care.”

Key Objectives of the Partnership:

  • Global expansion: Accelerating the international rollout of ECG’s unique, holistic model by uniting top veterinarians and equine healthcare specialists under one mission and one name: Equine Care Group.
  • Building new hospitals: Enabling the establishment of state-of-the-art clinics in underserved regions.
  • Expansion of research & education: Supporting cross-border clinical trials, continuous education, and scientific collaboration.
  • Innovation acceleration: Investing in advanced diagnostics, digital platforms, and future-proof medical technologies, all while ensuring veterinarians remain in the lead.

Frederik Bruyninx, Co-founder ECG: “This partnership marks the beginning of an exciting new chapter. Together with CNP, we will strengthen ECG’s ecosystem and bring our veterinarian-led, collaborative approach to new markets worldwide.”

Since partnering with Bencis 4 years ago, ECG has successfully launched multiple clinics and acquired leading practices across Europe. With CNP joining the journey, the group is now poised to significantly expand its footprint in North America, South America, Australia, and the Middle East in the coming years.

Bencis, the founders and ECG were advised by Rothschild & Co, Allen & Overy Shearman, Argo, 8 Advisory and Bain & Company for this transaction.

CNP was advised by Cleary Gottlieb Steen & Hamilton, PWC and Bain & Company.

Robert Falk, Partner at Bencis: “Over the past four years, we’ve experienced a remarkable journey built on vision, passion, and close collaboration with Tom and the entire ECG team. We are delighted to welcome CNP on board. Their outstanding reputation, long-term vision, and proven track record make them the ideal partner for the next phase. Together, we’ll be able to accelerate ECG’s growth while staying true to our mission: empowering management teams to achieve their ambitious goals.”

Xavier Le Clef, CEO of CNP: “From the start, we have been impressed by ECG’s unique model and remarkable growth trajectory – driven by the vision, passion, and energy with which Tom, Frederik, and their teams are reshaping the equine healthcare sector and setting new standards of excellence in equine wellbeing. Together with the ECG team and Bencis, we look forward to further strengthening the group’s leadership positions in its core markets as well as supporting its continued global expansion”.

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About Equine Care Group (ECG)
Equine Care Group is a leading international veterinary group founded by veterinarians, for veterinarians. The group brings together equine hospitals, ambulatory practices, diagnostic labs, reproductive centers, and nutrition brands under one collaborative, vet-led structure.
With a presence across Europe and active expansion into global markets, ECG aims to raise the standard of equine healthcare through innovation, education, and a strong network of best-in-class professionals — all united under one mission: delivering world-class veterinary care to horses and elevating the standards of equine healthcare globally.
Website: www.equinecaregroup.com

About CNP
Founded by late Mr. Albert Frère, the CNP group manages approximately €3Bn in net assets, invested through a diversified portfolio of global, sector-leading companies. Backed by a stable family shareholder base, the CNP group focuses on long-term value creation by actively supporting the management teams of the companies in which it holds majority or leading stakes.
Website: www.cnp.be

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