Category Archives: News

Perrigo Announces Agreement to Divest Dermacosmetics Business for up to €327 Million

KKR

Transaction Advances Company’s ‘Three-S’ Plan to Streamline its Portfolio and Strengthen Focus on its ‘High-Grow’ Brands

 

Total Consideration of Up to €327 Million, Consisting of €300 Million in Upfront Cash and Up to €27 Million in Potential Future Milestone Payments

 

Expected Net Proceeds to be Directed Towards Previously Announced Capital Allocation Priorities, Including Further Strengthening the Company’s Balance Sheet

 

 

Dublin, Ireland – [July 14], 2025 – Perrigo Company plc (NYSE: PRGO) (“Perrigo” or the “Company”), a leading global provider of Consumer Self-Care Products, today announced it has signed an agreement with Kairos Bidco AB, an investment vehicle managed by KKR, a leading global investment firm, to sell the Company’s Dermacosmetics branded business for up to €327 million, including €300 million in upfront cash and up to an additional €27 million contingent on the achievement of net sales milestones over the next three years. This transaction advances the Company’s Three-S plan to Stabilize, Streamline and Strengthen the organization, honing its strategic focus to invest in its ‘high-grow’, high-return opportunities. Trusted brands within this proposed transaction include ACO, Biodermal, Emolium and Iwostin.

“This transaction marks another significant milestone in the execution of our ‘Three-S’ plan,” said Patrick Lockwood-Taylor, President and Chief Executive Officer. “By sharpening our focus on core self-care categories that align with our One Perrigo model, we are enhancing our ability to drive sustainable growth and deliver greater value to consumers, customers and shareholders. We believe these brands are well-positioned to thrive under new ownership, where they can benefit from dedicated focus and investment.”

Inaki Cobo, Partner at KKR, said, “We are pleased to announce the acquisition of Perrigo’s Dermacosmetics business, home to trusted brands and high-quality products. We’ve been impressed by the talented team behind its success and the strong and loyal market reputation they’ve built. This acquisition aligns with KKR’s strategy of investing in resilient, growth-oriented consumer health platforms. We look forward to working closely with the management team to accelerate growth by leveraging our global network, operational expertise, and long-term capital, unlocking lasting value in this dynamic and important sector.”

Expected net proceeds from the transaction would be directed towards previously announced capital allocation priorities, including further strengthening the Company’s balance sheet and supporting long-term value creation.

This transaction is expected to close in the first quarter of 2026, subject to customary closing conditions, including regulatory approvals and consultation with works council. In calendar year 2024, Perrigo’s Dermacosmetics branded business generated approximately €125 million in net sales and approximately 5% of Perrigo’s 2024 adjusted operating income.

Advisors

Greenhill & Co., an affiliate of Mizuho, is serving as financial advisor to Perrigo and Latham & Watkins is serving as legal advisor.

About Perrigo 

Perrigo Company plc is a leading pure-play self-care company with over a century of experience in providing high-quality health and wellness solutions to consumers primarily in North America and Europe. As a pioneer in the over-the-counter (OTC) self-care market, Perrigo offers trusted self-care solutions that can be used without the need for a prescription, ensuring accessibility and choice for consumers across molecules, dosage forms, and value tiers.

Perrigo’s unique business model leverages its complementary businesses, where cash-generative store brand private label offerings fuel investments for leading brands, including Opill®, Mederma®, Compeed®, EllaOne®, and Jungle Formula®.

For more information, visit www.perrigo.com.

 

About KKR

KKR is a leading global investment firm with approximately $664 billion in assets under management as of March 31, 2025. KKR invests globally across private equity, credit and real assets like infrastructure and real estate, and also offers capital markets and insurance solutions. KKR follows a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and the communities in which they operate.

KKR has deep expertise across consumer health and beauty products, with recent investments including category leaders such as Karo Healthcare (subject to closing), The Bountiful Company, Wella Company, Coty, Vini Cosmetics, KDC/ONE, and Arnott’s Group.

KKR is acquiring Perrigo’s Dermacosmetics branded business through its Core Private Equity strategy.

For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com.

 

Non-GAAP Measures

 

This press release contains certain non-GAAP measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts different from the most directly comparable measure calculated and presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP) in the statements of operations, balance sheets or statements of cash flows of the Company. Pursuant to the requirements of the U.S. Securities and Exchange Commission, the Company has provided reconciliations to the most directly comparable U.S. GAAP measures for the non-GAAP financial measures referred to in this press release.

These non-GAAP financial measures should be considered as supplements to the GAAP reported measures, should not be considered replacements for, or superior to the GAAP measures and may not be comparable to similarly named measures used by other companies.

 

Perrigo Forward-Looking Statements

Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our, or our industry’s actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements. In particular, statements about our expectations, beliefs, plans, objectives, assumptions, future events or future performance contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “forecast,” “predict,” “potential” or the negative of those terms or other comparable terminology.

We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control, including our ability to complete the proposed divestment of the Dermacosmetics branded business, receipt of Works Councils and regulatory approval regarding the transaction, performance by counterparties to the transaction and the likelihood of satisfying the deferred payment milestones associated with the transaction, among others. These and other important factors, including those discussed in our Form 10-K for the year ended December 31, 2024 and in any subsequent filings with the United States Securities and Exchange Commission, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this press release are made only as of the date hereof, and unless otherwise required by applicable securities laws, we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Perrigo Contact

 

Bradley Joseph, Vice President, Global Investor Relations & Corporate Communications,

(269) 686-3373, E-mail: bradley.joseph@perrigo.com

Nicholas Gallagher, Senior Manager, Global Investor Relations & Corporate Communications,

(269) 686-3238, E-mail: nicholas.gallagher@perrigo.com

 

KKR Contact

 

Annabel Arthur, Head of EMEA Corporate Communications,

+44 7554 919 491, E-mail: annabel.arthur@kkr.com

TABLE I

PERRIGO COMPANY PLC

RECONCILIATION OF NON-GAAP MEASURE

(in millions)

(unaudited)

Twelve Months Ended December 31, 2024

Consolidated Continuing Operations

Net Sales

Operating Income

Reported

$                4,373.4 

$                           112.9    

As a % of reported net sales

2.6  %

Pre-tax adjustments:

Amortization expense related primarily to acquired intangible assets

                              229.5

Restructuring charges and other termination benefits

                              113.4

Unusual litigation

                                54.2

Impairment charges(1)

                                88.9

Infant formula remediation

                                21.7

Gain on divestitures and investment securities

                              (28.1)

Other(2)

                                16.0

Adjusted Operating Income

$                           608.5

As a % of reported net sales

13.9  %

Adjusted Operating Income in Euros(3)

€                         562.60    

(1) During the twelve months ended December 31, 2024, we determined the carrying value of the Rare Diseases reporting unit net assets exceeded their fair value less costs to sell, resulting in a total impairment charge of $34.1 million, inclusive of a goodwill impairment charge of $22.1 million, we also determined the carrying value of the Hospital & Specialty Business net assets exceeded their fair value less costs to sell, resulting in a total impairment charge of $16.2 million, inclusive of a goodwill impairment charge of $5.4 million and we determined the carrying value of our Prevacid® branded product was impaired by $38.6 million and recorded the charge within our CSCA segment. During the twelve months ended December 31, 2023, we determined goodwill related to our Rare Diseases reporting unit was impaired by $90.0 million and recorded the charge within our CSCI segment.

(2) Other pre-tax adjustments for the twelve months ended December 31, 2024 include expenses of $14.4 million related to de-designation of interest rate swap agreements, amounts related to professional consulting fees for divestiture activity and amounts related to a foreign jurisdiction transfer tax payment. Other pre-tax adjustments for the twelve months ended December 31, 2023 include $2.3 million related to professional consulting fees for potential divestitures, $2.0 million related to an Irish VAT settlement and $0.8 million related to a foreign jurisdiction transfer tax payment.

(3) Adjusted Operating Income was translated at the average exchange rate for the 2024 calendar year of 0.9245 EUR per USD.

 

Download PDF

Categories: News

Tags:

PCI Pharma Services Enters Next Phase of Growth With Strategic Investment from Bain Capital, Kohlberg, and Mubadala

BainCapital

  • Investment Will Accelerate PCI’s Leading Position in CDMO, Delivering Life-Changing Therapies to Patients
  • Transaction Includes Continued Investment from Partners Group

PHILADELPHIA – July 14, 2025 – PCI Pharma Services (“PCI” or the “Company”), a world-leading global contract development and manufacturing organization (CDMO) focused on innovative biotherapies, today announced that it received a strategic investment co-led by Bain Capital and existing lead investor Kohlberg, and supported with significant reinvestment by Mubadala Investment Company (“Mubadala”). Partners Group will also continue to support the Company with a minority investment. Financial terms of the private transaction were not disclosed.
Headquartered in Philadelphia, Pennsylvania, PCI provides clients with integrated end-to-end drug development, manufacturing and packaging capabilities that increase their products’ speed to market and opportunities for commercial success. PCI brings the proven experience that comes with more than 450 successful product launches over the last five years and over 50 years in pharmaceutical services helping bring to life innovation to improve patient access and outcomes.

Kohlberg and Mubadala, both of which initially invested in PCI in 2020, and Bain Capital are partnering with PCI’s management team, led by Chief Executive Officer Salim Haffar, to accelerate the Company’s growth trajectory, build upon its strong customer service experience, and further enable PCI clients to bring life-changing biopharmaceutical therapies to market. PCI will primarily focus on organic and inorganic growth initiatives, including expanding its suite of services and geographic reach. Leveraging global growth trends in biologics and specialized drug therapies, PCI’s future investments will include expansion of existing sterile fill-finish of injectables and high potent and specialized manufacturing capacity. The strategic investment will also enable the Company’s significant continued investment in the US, bolstering the nation’s critical pharmaceutical manufacturing and supply chain infrastructure.

Haffar said: “PCI has embarked on a purposeful journey to transform itself into a global CDMO by executing its successful growth strategy, providing industry-leading customer experience, and offering innovative and integrated supply chain solutions. I am grateful for the ongoing support of our existing investors and enthusiastically welcome Bain Capital and their deep, global healthcare and life science capabilities and expertise. Together we will grow PCI’s commercial, clinical trial services, and development and manufacturing businesses to meet the future demands of our biopharmaceutical customers.”

Matt Jennings, Chairman of PCI and an Operating Partner of Kohlberg, commented: “PCI’s world- class management team, combined with the support of experienced industry investors, has proven to be a very successful formula. We are delighted for Bain Capital to join PCI’s investor base, yielding an optimal combination aligned to support Salim and the management team to execute on their growth ambitions and value creation pathways.”

Devin O’Reilly, Partner at Bain Capital, said: “Anchored by an innovative, advanced platform that is consistently growing and setting new standards for the industry, PCI Pharma has built a well- deserved reputation as a differentiated partner to leading biopharma companies, ensuring critical therapies reach patients safely and efficiently. We look forward to working alongside Kohlberg to build on this strong foundation.”

Andrew Kaplan and Christina Dix, Partners at Bain Capital added: “We are excited to leverage our industry expertise and the collaboration of our global healthcare team to support Salim and PCI’s team of experienced industry leaders in the mission to drive innovation in advanced pharmaceutical services that improve patients’ lives and outcomes.”

Chris Anderson, Senior Partner of Kohlberg, added: “We are honored to have supported PCI’s transformation over the last five years into a leading global CDMO, positioned in the fastest growing markets and known for its proven experience meeting critical customer needs throughout the drug development and commercialization lifecycle. We are thrilled to be partnering with Bain Capital and are aligned to make new investments that will further elevate the Company’s capabilities and growth for many years to come.”

Mina Hamoodi, Head of Healthcare at Mubadala, said: “Our reinvestment in PCI reflects our deep conviction in the company’s mission, leadership, and long-term potential. At this important juncture, we are delighted to welcome Bain Capital, an industry-leading healthcare investor with deep expertise in growing pharma services businesses, as a partner. We look forward to partnering with Bain and Kohlberg, and working closely with PCI’s outstanding management team, as the company enters its next chapter of accelerated growth.”

Sujit John, Managing Director, Private Equity Health & Life Vertical, Partners Group, commented: “PCI’s market position, reputation, and world-class capabilities strategically position the Company to be the partner of choice for customers. We look forward to supporting PCI and the new ownership group in driving the Company into its next phase of growth.”

Jefferies LLC acted as lead financial advisor to PCI and Moelis & Company LLC acted as co-advisor to PCI. Morgan Stanley & Co. LLC, and BofA Securities, Inc. acted as financial advisors to Bain Capital. Citi acted as a financial advisor to Mubadala.

Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as counsel to PCI and Kohlberg. Kirkland & Ellis LLP acted as counsel to Bain Capital. Skadden, Arps, Slate, Meagher & Flom LLP acted as counsel to Mubadala. Ropes & Gray LLP acted as counsel to Partners Group.

###

About PCI Pharma Services
PCI is a world-leading CDMO, providing clients with integrated end-to-end drug development, manufacturing and packaging capabilities that increase their products’ speed to market and opportunities for commercial success. PCI brings the proven experience that comes with more than 90 successful product launches each year and over five decades in the healthcare services business. The company currently has 38 sites across seven countries (United States, Canada, United Kingdom, Ireland, Germany, Spain and Australia), and over 7,500 employees working to bring life-changing therapies to patients.

Leading technology and continued investment enable PCI Pharma Services to address global drug development needs throughout the entire product life cycle – from manufacturing capabilities through the clinical trial supply chain and commercialization. Its clients utilize PCI as an extension of their business, and a collaborative partner with the shared goal of improving patients’ lives. For more information, visit pci.com.

About Kohlberg
Founded in 1987, Kohlberg is a leading U.S. middle market private equity firm based in Mount Kisco, New York. The firm invests in high-quality healthcare and services companies characterized by strong market positions, recurring revenue streams and resilient end markets, which it identifies through rigorous thematic research grounded in its White Paper Program. Leveraging its team of investment and operating professionals, Kohlberg works with management teams to accelerate growth, enhance operational excellence and create value. For more information, please visit www.kohlberg.com.

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

About Mubadala Investment Company
Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi. Mubadala’s $330 billion (AED 1.2 trillion) portfolio spans six continents with interests in multiple sectors and asset classes. Mubadala leverages its deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates. Headquartered in Abu Dhabi, Mubadala has additional offices in New York, London, Rio de Janeiro, San Francisco and Beijing.
For more information about Mubadala Investment Company, please visit: www.mubadala.com.

About Partners Group
Partners Group is one of the largest firms in the global private markets industry, with around 1,800 professionals and over $150 billion in overall assets under management. The firm has investment programs and custom mandates spanning private equity, private credit, infrastructure, real estate, and royalties. With its heritage in Switzerland and its primary presence in the Americas in Colorado, Partners Group is built differently from the rest of the industry. The firm leverages its differentiated culture and its operationally oriented approach to identify attractive investment themes and to transform businesses and assets into market leaders. For more information, please visit www.partnersgroup.com.

Media Contacts

 Scott Lessne / Charlyn Lusk

Categories: News

Tags:

Introducing Cogent: AI Agents for Vulnerability Management

Greylock

Introducing Cogent: AI Agents for Vulnerability Management

In today’s AI-driven threat environment, attackers exploit vulnerabilities faster than ever before, leaving vulnerability management teams struggling to keep pace and enterprises exposed.

Cogent Security tackles this critical issue by reimagining vulnerability management — one of cybersecurity’s largest markets — with a bold premise: security teams need autonomous AI agents capable of thinking, analyzing, and acting independently, much like expert human security professionals.

We’re excited to announce Cogent Security, a company initiated through Greylock Edge and backed by an $11M Series Seed financing led by Greylock Partners. Cogent’s AI taskforce autonomously handles the full vulnerability management lifecycle — identifying threats, prioritizing critical risks, and executing remediation, all with minimal human oversight. In just eight months since beginning development, Cogent is already operational at major enterprises, securing millions of assets across Fortune 500 organizations.

The sheer volume of vulnerabilities—over 45,000 CVEs published in the past year—and the accelerated pace of exploits driven by AI have overwhelmed traditional vulnerability management solutions with excessive alerts, lacking in context or actionable guidance. Cogent’s agentic AI platform proactively analyzes vulnerabilities, accurately prioritizes genuine threats, and autonomously resolves them. Cogent’s AI agents work 24/7 around the clock, remediating vulnerabilities more than twice as fast and reducing overall vulnerability management efforts by 50%.

The Cogent founding team is well known to us at Greylock and a distinctive combination of AI, security and infrastructure expertise. Vineet Edupuganti (CEO) and Geng Sng (CTO) were pivotal in scaling Abnormal AI from its earliest days to a market-leading security company. Vineet quickly progressed from a machine learning engineer to product leader, and Geng was a key technical lead and architect. Thanos Baskous (VP Engineering) brings infrastructure and security engineering expertise from his roles leading Infrastructure at Coinbase and as Chief Architect of Blackstone. Since launching at Greylock’s offices, Cogent has assembled top-tier talent from Google, Stripe, Tesla, and other leading organizations. Learn about open positions here.

Greylock has a special history of incubating and partnering with outlier entrepreneurs in markets where we have deep domain expertise, including companies like Palo Alto Networks, Workday, Abnormal AI, Sumo Logic, TellApart, and Obsidian Security. Cogent, with its combination of an exceptional team, massive market opportunity, and transformative product vision, continues this tradition.

We’re thrilled and privileged to back the Cogent team and look forward to partnering closely with them as they build the industry’s leading agentic AI for vulnerability management platform.

WRITTEN BY

Saam Motamedi

Saam partners with enterprise software entrepreneurs at the seed and early stages who are focused on new opportunities in intelligent applications, cybersecurity, AI, and data infrastructure.

Corinne Riley

Corinne works with early-stage founders who are creating data and AI products at the infrastructure and application layers.

Categories: News

Tags:

Two raises €13M to scale its B2B payments solutions

Anthemis
Two streamlines B2B payments with instant payouts, flexible terms, and AI fraud prevention, offering a seamless, consumer-like checkout experience for businesses across Northern Europe.
Tamara Djurickovic11 July 2025

 

Two raises €13M to scale its B2B payments solutions

 

Oslo-based Two, a B2B payments platform, has closed a €13 million strategic funding round, bringing Two’s total funding to over €40 million to date. The fresh investment will fuel Two’s expansion into the US and select Western European markets.

Founded in 2021, Two set out with an ambitious goal: to make B2B transactions as seamless as consumer checkouts. Its platform provides instant upfront payments to sellers, flexible net terms for buyers, and AI-driven fraud prevention. With rapid adoption across both large enterprises and SMEs, Two’s infrastructure has already become the go-to standard for B2B commerce in Northern Europe.

This momentum continues to build, with the company projecting more than 150 per cent year-over-year growth in revenue and payment volume for 2025. Over the past six months, Two has also secured major partnerships with Visa, ABN AMRO, Qliro, Avarda, and Wikinggruppen.

The company is well-positioned within the broader digitisation trend in B2B payments, as businesses increasingly turn to scalable, modern solutions to replace outdated, manual processes, mirroring the transformation seen in consumer fintech over the last decade.

Andreas Mjelde, CEO & co-founder of Two, said:

We are the ‘Two’ in B2B, and we’re on a mission to make selling on net terms as easy as accepting card payments. We’ve proven that merchants want flexible payment solutions built for how businesses actually buy, not just consumer tools rebranded for B2B. We will leverage the capital injection to scale with large and global enterprise businesses, and we’re excited to add strong institutional investors with a long-term investment horizon like Investinor and Idékapital to the team.

The round was led by Idékapital and Shine Capital, with participation from new investor Investinor and existing backers Sequoia Capital, Antler, Alliance Ventures, Arkwright, and Local Globe.

Kristian Øvsthus, Managing Partner at Idékapital and incoming board observer, shared that their decision to invest in Two was driven by the founding team’s outstanding ambition and talent, adding:

With deep international experience and a diverse, world-class team, they are uniquely positioned to scale globally. B2B payments is a massive and still largely untapped market. Two stands out through their combination of a powerful and modular software, deep understanding of the network effects in their industry and their dedication to solving a big problem. We believe they have what it takes to build a global category leader.

According to Egil Garberg, Investment Director at Investinor, Two is demonstrating that B2B payments can be just as advanced and seamless as consumer payment solutions:

They’re tackling an underserved market with a world-class team and scalable technology. Together with Sequoia, Shine Capital, Idékapital, and Antler, we’re proud to back Two as they build the next global standout fintech success from Norway.

Mathias Owing Maanum, Partner at Antler, highlighted B2B payments as one of fintech’s biggest untapped opportunities, pointing out that trillions in transactions still depend on outdated, manual systems with poor user experience and restricted credit access. He shared:

Two’s platform is at the forefront, making it as simple to offer instant net terms as it is to accept a card from consumers. What sets Two apart is their real-time underwriting engine, unique banking partnerships, and proven ability to scale rapidly – already serving more than 200 merchants across Europe. We believe they’re building the foundational infrastructure for the next era of global B2B commerce, and we’re proud to continue supporting this exceptional team as they realise their bold vision.

Mo Koyfman, Founder & General Partner at Shine Capital, added:

The B2B payments market is approaching $100 trillion in volume, and is largely still processed with checks by Accounts Payable departments. Over the coming years, as we’ve increasingly seen with consumer payments, this market will also digitise. Two, and its experienced, ambitious team, is helping lead this transition with instant underwriting, seamless terms, and a global footprint, serving some of the largest companies in the world

The funding will also fuel the continued development of Two’s fully productised B2B payments infrastructure. This includes proprietary risk engines, Frida and Delphi, a comprehensive business onboarding solution, and embedded deferred payment features designed specifically for B2B transactions, already adopted by more than 200 merchants across the Nordics and Europe.

Categories: News

Tags:

Ardian increases stake in Heathrow to 32.6%

Ardian

This statement should be read in conjunction with Ferrovial and Ardian’s statements issued on February 26th 2025.

•    Ardian has completed the acquisition of an additional 10% stake in Heathrow Airport allowing Ferrovial, La Caisse (previously CDPQ) and USS to exit their final minority stakes. This acquisition increases Ardian’s stake to 32.6%.
•    Ardian will continue to support Heathrow and its management to deliver sustainable growth and expand the “UK’s Gateway to Growth”. This in turn will support the UK Government’s Plan for Change.
•    Heathrow has shown consistent demand, breaking passenger records for the months of January, April and May so far this year. These results further support the need for a UK hub airport that has the capacity to ensure sustainable trade, business and passenger travel throughout the country and across the world.
•    Acquisition is further evidence of the growing strength and reach of Ardian’s Infrastructure practice as it seeks new investments around the world

Ardian, a world-leading investment firm, today announces that it has completed the acquisition of an additional 10 per cent stake in FGP Topco Ltd (TopCo), the holding company for Heathrow Airport Holdings Ltd, from Ferrovial SE and other TopCo shareholders, La Caisse (previously CDPQ) and USS (the Transaction).
Ardian is the largest shareholder in Heathrow, having previously completed the acquisition of a 22.6% stake in TopCo on 12th December 2024.

“This additional investment highlights the confidence we have in the future of Heathrow, Europe’s leading airport, and Ardian’s broader commitment to essential infrastructure as an asset class. Since we became the largest shareholder of Heathrow in December 2024, we have worked with our fellow shareholders, the management team and the UK authorities to ensure Heathrow provides the best service possible for passen-gers and airlines.
As the airport continues to serve an increasing number of passengers and global trade, we look forward to working with all stakeholders to deliver sustainable growth for the airport, fostering economic benefits across the country.
This investment is a further sign of our commitment to supporting the UK’s economic growth ambitions, combined with a net zero trajectory.  We are very pleased to have joined the discussion with HM Government at the UK France summit this week.” Mathias Burghardt, Executive Vice President, CEO of Ardian France and Head of Infrastructure, Ardian

“There remains strong and increasing demand for aviation which is underpinning the growth at Heathrow. This includes growing passenger demand, and the importance of cargo where Heathrow is already the UK’s biggest port by value. We are delighted the Government has recognized the importance of Heathrow and set out its ambition to see the airport expand. Our experience shows us Heathrow can grow sustainably, and we are ready to support the airport as it pursues expansion alongside the UK Government.” Juan Angoitia, Co-Head of Infrastructure Europe and Senior Managing Director, Ardian

Through its direct infrastructure investment activities, Ardian has significant experience in owning and operating European airports. In the UK, Ardian was a 49% shareholder of London Luton Airport from 2013 until 2018. During Ardian’s period of ownership, a significant redevelopment of the terminal, transport links and infrastructure was successfully completed in close cooperation with Luton Borough Council. In Italy, Ardian was an indirect shareholder of Milan Linate, Milan Malpensa, Naples and Turin airports alongside their regions and municipalities.

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 20 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

Media contacts

ARDIAN

Liz Morley

liz.morley@5654.co.uk+44(0)7798683108

Categories: News

Tags:

RealSense Completes Spin Out from Intel, Raises $50 Million to Accelerate AI-Powered Vision for Robotics and Biometrics

Intel Capital

he newly independent company is set to lead in computer vision and machine perception for physical AI and beyond

SAN FRANCISCO — July 11, 2025 — RealSense, a pioneer in AI-powered computer vision, today announced its successful spinout from Intel Corporation and the close of a $50 million Series A funding round. With investment led by a renowned semiconductor private equity firm and participation from strategic investors, including Intel Capital and MediaTek Innovation Fund, RealSense now operates as an independent company focused on advancing innovation in AI, robotics, biometrics and computer vision.

The new capital will fuel RealSense’s expansion into adjacent and emerging markets and scale its manufacturing, sales and go-to-market (GTM) global presence to meet increased demand for humanoid and autonomous mobile robotics (AMRs), as well as AI-powered access control and security solutions.

“We’re excited to build on our leadership position in 3D perception in robotics and see scalable growth potential in the rise of physical AI,” said Nadav Orbach, CEO of RealSense. “Our independence allows us to move faster and innovate more boldly to adapt to rapidly changing market dynamics as we lead the charge in AI innovation and the coming robotics renaissance.”

RealSense brings to market proven industry traction across robotics, industrial automation, security, healthcare and “tech for good” initiatives — including partnerships with companies like ANYbotics, Eyesynth, Fit:Match and Unitree Robotics.

RealSense will continue to support its existing customer base and product roadmap, including the acclaimed RealSense depth cameras, embedded in 60% of the world’s AMRs and humanoid robots, an incredibly fast-growing segment. Its recently launched D555 depth camera, powered by the next-gen RealSense Vision SoC V5 and featuring Power over Ethernet (PoE), demonstrates the company’s ongoing leadership in embedded vision technology and edge AI capabilities.

“Our mission is to enable the world to integrate robotics and AI in everyday life safely,” said Orbach. “This technology is not about replacing human creativity or decision-making — but about removing danger and drudgery from human work. Our systems are built to amplify human potential by offloading these types of tasks to machines equipped with intelligent, secure and reliable vision systems.”

RealSense has developed robust, global manufacturing technology capabilities to ensure consistent quality and product performance, working with a broad network of vision system distributors and value-added resellers. The company has over 3,000 customers worldwide, with over 80 global patents.

Seasoned leadership for a critical market moment

RealSense’s founding team brings together veteran technologists and business leaders with deep expertise in computer vision, AI, robotics and market development. The team includes:

  • Nadav Orbach – Chief Executive Officer
  • Mark Yahiro – Vice President, Business Development
  • Mike Nielsen – Vice President, Marketing
  • Fred Angelopoulos – Vice President, Sales
  • Guy Halperin – Vice President, Head of R&D
  • Eyal Rond – Vice President, AI and Computer Vision
  • Joel Hagberg – Vice President, Product
  • Ilan Ofek – Vice President, New Product Introduction and Manufacturing
  • Chris Matthieu – Chief Developer Evangelist

The spinout comes at a moment of rapid global growth in robotics and biometrics. The robotics market is projected to quadruple — from $50 billion today to over $200 billion within six years — while demand for humanoid robots is expected to grow at a CAGR above 40%. At the same time, facial biometrics are becoming increasingly accepted in everyday applications, from airport screening to event entry.

To meet global demand, RealSense plans to expand its GTM team and hire additional AI, software and robotics engineers to accelerate product development.

About RealSense

Incubated at Intel Corporation, RealSense delivers industry-leading depth cameras and vision technology used in autonomous mobile robots, access control, industrial automation, healthcare and more. With a mission to deliver world class perception systems for physical AI and safely integrate robotics and AI into everyday life, RealSense provides intelligent, secure and reliable vision systems that help machines navigate and interact with the human world. The company is headquartered in Santa Clara, California, with operations worldwide. Learn more at: www.realsenseai.com

Media Contact
Emily Roberts
Bospar for RealSense
PRforRealSense@bospar.com

Categories: News

Tags:

Apryse Announces Strategic Transactions

Thomabravo

Acquisitions of Scanbot SDK and Accusoft Expand Platform and Document Processing Capabilities

Completes Strategic Refinancing to Support Continued Long-Term Growth

DENVER—Apryse, the global leader in digital document processing technology, today announced the completion of two strategic transactions that significantly expand its platform, deepen its capabilities, and position the company for continued long-term growth.

Apryse has acquired Scanbot SDK, a mobile-first provider of high-performance data capture solutions for barcode scanning, document scanning and optical character recognition (OCR). Scanbot SDK enables customers to capture and process information seamlessly from mobile devices at the edge, with strong adoption in the logistics, healthcare, transportation and public sectors.

Apryse has also acquired Accusoft, a long-standing provider of imaging and document solutions known for its expertise in high-performance image manipulation, barcode recognition and form field extraction. Accusoft has strong customer relationships in critical and document-reliant industries including healthcare, government, insurance and finance.

These complementary acquisitions expand Apryse’s capabilities for developers integrating imaging and document capture into their applications and enable Apryse to deliver a unified suite of tools covering the full document lifecycle—from capture and extraction to collaboration, rendering and archival.

“We’re thrilled to join forces with Apryse,” said Christoph Wagner, CEO of Scanbot SDK. “Their worldclass platform and reach will help us scale our mission of transforming manual processes into seamless mobile workflows. This is a win for both our team and our customers.”

“This next chapter gives our team and customers the chance to be part of a broader strategy that’s shaping the future of how documents are handled worldwide,” said Jack Berlin, CEO of Accusoft. “It’s an exciting step for our technology and we are excited to become part of the Apryse platform.”

In conjunction with these acquisitions, Apryse has also completed a strategic refinancing of its debt, strengthening its balance sheet and improving its flexibility to pursue future growth opportunities. The refinancing and the support received from Thoma Bravo and Silversmith Capital Partners reflects Apryse’s continued growth and strong financial performance as well as its attractive long-term potential.

“Scanbot SDK and Accusoft are exceptional additions to Apryse, and we are delighted to welcome them,” said Cassidy Smirnow, CEO of Apryse. “Both platforms bring complementary technologies, valuable expertise, enterprise-grade reliability and impressive customer bases. With Thoma Bravo and Silversmith’s support, we will continue to scale our platform and be more agile in pursuit of our ambitious growth targets.”

About Apryse

Apryse, previously known as PDFTron, is a global leader in document processing technology that makes work better and life simpler. Apryse gives developers, enterprise customers, and small businesses the tools to reach their document goals faster and more easily. Apryse technology works with all major platforms and a wide variety of unique file types. For more information, visit Apryse.com.

Read the release on PR Newswire here.

Categories: News

Tags:

Rehlko Expands Data Center Back-Up Power Offering With Acquisition of the Wilmott Group

Platinum

Acquisition Strengthens Position in Data Centers & Mission-Critical Segments

MILWAUKEE, Wis. – July 10, 2025 – Rehlko, a global leader in energy resilience, announced today it has reached a tentative agreement to acquire The Wilmott Group, a premier supplier of critical back-up power solutions in the United Kingdom. This acquisition establishes Rehlko as one of the leading energy resilience providers in the U.K. and strengthens the company’s position as a global leader in delivering energy solutions critical to sustaining and improving life. The Wilmott Group will operate as part of Rehlko’s Europe, Middle East, and Africa (EMEA) business – a global leader in backup power solutions for the most critical applications.

The Wilmott Group’s comprehensive capabilities in design, testing, installation and service will strengthen and support the acceleration of Rehlko’s core and aftermarket service offerings.  This acquisition will also deliver manufacturing and engineering efficiencies to support the strategic expansion of Rehlko’s data center position across EMEA.

“The addition of WBPS expands Rehlko’s data center capabilities and service offerings across EMEA, enhances vertical integration in enclosure manufacturing, and strengthens relationships with key European customers.”

Jacob Kotzubei, Co-President and Matthew Louie, Managing Director, Platinum Equity

“The Wilmott Group’s dedication to creating long-term value with customers strongly complements Rehlko’s commitment to delivering innovative and reliable energy solutions,” said Brian Melka, President and Chief Executive Officer of Rehlko. “In this new chapter for Rehlko, The Wilmott Group’s long history of success will bolster our data center solutions across the U.K. and the rest of Europe.”

The Willmott Group includes critical power specialist WB Power Services (WBPS) as well as power and industrial acoustic product manufacturer, Wiltech Acoustics.

Backed by Rehlko’s expansive organization, WBPS’ project engineering team will enhance collaboration across data center projects—a key focus of this partnership—while strengthening Rehlko’s position in the data center space across EMEA. Rehlko will also leverage Wiltech’s in-house enclosure manufacturing capabilities to reduce production time and enable greater flexibility in meeting customer needs and market demand.

Rehlko was acquired by Platinum Equity in 2024. Since its establishment as an independent company, Rehlko has continued to provide control, resilience and innovation through a comprehensive range of energy solutions. The Wilmott Group’s 19 locations across the U.K. and support at more than 4,000 critical power plants adeptly enhances Rehlko’s positioning as a reliable partner to data centers and other commercial operations across EMEA.

“The addition of WBPS expands Rehlko’s data center capabilities and service offerings across EMEA, enhances vertical integration in enclosure manufacturing, and strengthens relationships with key European customers,” said Platinum Equity Co-President Jacob Kotzubei and Managing Director Matthew Louie in a joint statement. “The acquisition also represents another significant milestone in our commitment to investing in Rehlko’s growth, both organically and through strategic acquisitions. We look forward to partnering with the company to pursue additional opportunities to grow the business across its verticals.”

Andy Wilmott, Co-CEO and Chairman of Wilmott Group, shared “We’re thrilled to be joining forces with the Rehlko team. Combining our shared capabilities will enable us to continue delivering reliable, trusted back-up power solutions to data centers, hospitals, schools, and other critical infrastructure across the United Kingdom, Europe, the Middle East and Africa. Together, we also will realize operational improvements and organizational efficiencies.”

About Rehlko

A global leader in energy resilience, Rehlko delivers innovative energy solutions that sustain and improve life across home energy, industrial energy systems, and powertrain technologies with control, resilience, and innovation. Leveraging the strength of its portfolio of businesses— Power Systems, Home Energy, Kohler Uninterruptible Power, Clarke Energy, Curtis Instruments, and Engines—and its more than a century of industry leadership, Rehlko provides power where and when the grid cannot. Rehlko goes beyond function and individual recovery to create better lives, communities, and a more durable and energy-resilient future. Learn more at rehlko.com.

About The Wilmott Group

Built on a rich heritage of over 40 years’ experience, The Wilmott Group Ltd brings together WB Power Services (WBPS) and Wiltech Acoustics under one umbrella. Since 1983, family-founded WBPS have delivered critical power solutions, including sales, hire, installation, maintenance, and renewables, across the UK. 2023 witnessed the acquisition of Wiltech Acoustics, specialists in engineered noise control acoustic systems that safeguard people, the environment, and equipment in industrial and power environments. This paved the way for the incorporation of The Wilmott Group and greatly enhanced the businesses industry-leading proposition.

Categories: News

Tags:

Airalo becomes the first eSIM Unicorn with an investment round of $220m

CVC Capital Partners

Backed by strong global demand, Airalo is scaling its eSIM solutions and infrastructure to power the next generation of travel with borderless mobile access for consumers and businesses alike.

Airalo, the world’s first and largest eSIM provider, today announced a $220m investment led by new investor, CVC. The investment includes new growth capital valuing Airalo at over $1 billion, marking its status as the industry’s first unicorn. Driven by surging global demand, Airalo has continued its rapid expansion and now serves over 20 million travelers across 200+ destinations. With a new app experience and unlimited data plans launching this summer, Airalo is setting a new standard for global connectivity. Airalo’s mobile app empowers travellers to instantly get the highest quality roaming experience when abroad, at prices that are a fraction of what they would normally pay.

As millions of users rely on Airalo to stay connected abroad, the company is scaling faster than ever, and this latest funding will further accelerate its growth. The investment includes $185m from lead investor CVC (through its CVC Asia Fund VI), with participation from existing investors Peak XV and Antler Elevate. This new capital will fuel the continual improvement of the customer experience, including enhanced user support, new products and better value for money. Airalo will also use its industry-leading platform to provide connectivity to companies, both for the needs of their employees and their customers.

“This funding is a major milestone, not just for Airalo, but for the future of global connectivity,” said Ahmet Bahadir Ozdemir, CEO and co-founder of Airalo. “This raise allows us to drive innovation across every part of the user journey by delivering more flexible plans and a faster, more seamless experience. We’re not just enabling better eSIM solutions for travel – we’re building the infrastructure for the next generation of international mobile connectivity.”

Quotes

Airalo, with a highly scalable digital model grown primarily through organic channels, is best positioned to deliver superior value and customer experience for global travelers. We look forward to supporting Bahadir and the Airalo team.

Siddharth PatelManaging Partner at CVC

“We are thrilled to partner with Airalo — the clear category leader in travel eSIMs and a pioneer in redefining how travelers connect worldwide,” said Siddharth Patel, Managing Partner at CVC. “The digital travel eSIM market, whilst already worth US$1 billion, is at the very early stages of becoming the main method by which consumers can receive the highest quality experience abroad, at a much lower price than they pay for roaming today.  Airalo, with a highly scalable digital model grown primarily through organic channels, is best positioned to deliver superior value and customer experience for global travelers. We look forward to supporting Bahadir and the Airalo team.”

Airalo continues to expand its connectivity offerings to provide a full suite of options for every traveler. Starting in July, the company will offer the market’s most extensive range of eSIM data bundles, whether it’s for business or pleasure—ranging from 1 GB plans ideal for quick trips and layovers to 30-day unlimited data bundles for travelers with heavier data needs. Additionally, Airalo is introducing dedicated data, text, and voice packages in select destinations to allow users to truly “connect like a local.” Beyond these new packages, Airalo will soon roll out a new in-app experience across web, iOS, and Android to further improve the user journey.

The company is also scaling its enterprise platform to meet rising demand from businesses and partners. Airalo for Business provides companies with a streamlined platform to manage global connectivity for their teams—helping them assign eSIMs, control budgets, and reduce roaming costs by up to 90%. For partners, Airalo’s White Label solution makes it easy to launch a fully branded eSIM store in minutes, unlocking new revenue opportunities with minimal effort. Airalo also offers API integrations, reseller tools, and voucher programs to enable any partner to offer travel connectivity to its users. These offerings, along with a new eSIM capability launching soon, reflect Airalo’s commitment to building the infrastructure that powers modern, mobile-first businesses everywhere.

To learn more about Airalo and how it is helping travelers stay connected, visit www.airalo.com. For more information on Airalo’s business solutions, visit www.partners.airalo.com.

Categories: News

Tags:

L&G and Blackstone Announce Strategic Partnership to Accelerate Growth Ambitions

Blackstone

LONDON, UK and NEW YORK, US – 10 July 2025 – Today, Legal & General (L&G, LSE:LGEN) and Blackstone (NYSE:BX) are announcing a long-term strategic partnership that combines the strength of L&G and Blackstone’s respective credit platforms to enhance L&G’s competitive advantage in annuities and bolster its asset management proposition in key geographies and channels.

L&G’s annuities business will leverage Blackstone’s private credit origination platform to access a pipeline of diversified investment-grade assets, predominantly from the US. This partnership will complement L&G’s existing capabilities to gain competitive advantage, enhanced returns, and support its growth ambitions. L&G will invest up to 10% of anticipated annuities new business flows. This will add to the $237 billion in third-party insurance assets Blackstone manages across investment-grade private credit, liquid credit, and other strategies.[1]

Additionally, L&G’s asset management business will develop public/private hybrid credit solutions that combine Blackstone’s leading private credit platform with L&G’s best-in-class active fixed income capabilities. This will accelerate L&G’s ambitions to expand into highly attractive global wealth and wholesale channels.

The partnership combines L&G’s leading positions in pension risk transfer and asset management – comprising a $122.5 billion (£92 billion) annuities book and $1.4 trillion (£1.1 trillion) in assets under management[2] – with the strength and scale of Blackstone’s $465 billion credit platform.

Antonio Simões, Group CEO, L&G said: “Today’s announcement marks another important step in delivering our strategy for focused, sustainable growth and enhanced shareholder returns. Complementing L&G’s own insurance, investment and asset origination capabilities, our partnership with Blackstone will further cement our market leading position in pension risk transfer, and enable us to address growing demand for public-private hybrid investment products. L&G will benefit from a more diverse pipeline of assets for our annuity book, and growth in asset management as we develop more sophisticated investment solutions for clients around the world.”

Jon Gray, President and Chief Operating Officer, Blackstone said: “We’re thrilled to partner with L&G, a world-class firm with strong performance that we have long admired. Blackstone has been a pioneer in bringing the benefits of private markets investing to insurance companies, individuals and institutional investors. Together, our two firms’ unmatched scale and expertise should drive innovative solutions in the private credit market.”

Eric Adler, CEO, Asset Management, L&G said: “In June, we set out our vision as a leading global investor innovating to solve client challenges, using the power of L&G. This partnership brings together the combined strengths of L&G and Blackstone’s respective credit businesses, to offer new, innovative investment solutions and extend our international reach. I am especially energised by the potential of our alliance to advance our proposition in global wealth and wholesale channels, and deepen the capabilities we can draw upon to support our institutional clients.”

Philip Sherrill, Global Head of Insurance, Blackstone said: “We believe this partnership shows the best of what Blackstone can offer to our insurance company clients. The breadth of our capabilities allows us to support our partners across their businesses – originating assets, working together to identify investment opportunities, and designing products that meet the needs of both institutional clients and individual investors.”

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

About L&G
Established in 1836, L&G is one of the UK’s leading financial services groups and a major global investor, with £1.1 trillion in total assets under management (as at FY24) of which c. 44% (c. £0.5 trillion) is international.

We have a highly synergistic business model, which continues to drive strong returns. We are a leading player in Institutional Retirement, in Retail Savings and Protection, and in Asset Management through both public and private markets. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.

Forward-Looking Statements
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect Blackstone’s current views with respect to, among other things, its operations, taxes, earnings and financial performance and the strategic partnership referred to herein. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,” “forecast,” “possible” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Blackstone believes these factors include but are not limited to those described under the section entitled “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in its periodic filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in its other periodic filings. The forward-looking statements speak only as of the date of this release, and Blackstone undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

FURTHER INFORMATION:

Blackstone
Felix Lettau
Felix.Lettau@blackstone.com
+44 20 7104 4562

L&G
Sneha Patel
sneha.patel@group.landg.com
+44 75536 04804

Headland Consultancy
Lucy Legh
landg@headlandconsultancy.com

[1] As of March 31, 2025
[2] FX conversion rate as at YE 2024

Categories: News

Tags: