Category Archives: News

ECN Capital enters into definitive agreement to be acquired by an investor group led by Warburg Pincus

Warburg Pincus logo

Key highlights:

  • ECN Capital to be acquired by an investor group in an all-cash transaction, providing near-term liquidity to all shareholders.
  • Common shareholders will receive C$3.10 per common share, in cash, which represents a premium of approximately 13% over ECN Capital’s unaffected closing share price of C$2.75 on the Toronto Stock Exchange on November 12, 2025, and a premium of approximately 12% over ECN Capital’s 10-day volume weighted average trading price as of such date, valuing ECN Capital at an enterprise value of approximately C$1.9 billion.
  • The all-cash transaction provides certainty of value for shareholders and results in an attractive total shareholder return of over 200% since ECN Capital’s separation from Element Financial in October 2016.
  • The transaction has been unanimously approved by the Special Committee and ECN Capital’s Board of Directors.
  • Each director and executive officer of ECN Capital has entered into customary support and voting agreements in favour of the transaction, collectively representing approximately 6.3% of the total voting shares outstanding. Champion Homes, ECN Capital’s largest shareholder that owns approximately 19.7% of the total voting shares outstanding on an as-converted basis, has entered into a support and voting agreement.

Toronto, Canada – November 13, 2025 – ECN Capital Corp. (TSX: ECN) (“ECN Capital” or the “Company”) announced today that it has entered into a definitive arrangement agreement dated November 13, 2025 (the “Arrangement Agreement”) to be acquired by a newly formed acquisition vehicle (the “Purchaser”), controlled by an investor group led by Warburg Pincus LLC (the “Purchaser Group”), pursuant to which the Purchaser will acquire (i) all of the issued and outstanding common shares of the Company (the “Common Shares”) for C$3.10 per Common Share, in cash, (ii) all of the issued and outstanding cumulative 5-year minimum rate reset preferred shares, Series C of the Company (the “Series C Shares”) for C$26.00 per share, in cash (plus all accrued but unpaid dividends thereon); and (iii) all of the issued and outstanding mandatory convertible preferred shares, Series E of the Company (the “Series E Shares”), of which Champion Homes, Inc. (“Champion Homes”) is the sole owner, for C$3.10 per share, in cash (plus all accrued but unpaid dividends thereon) (the “Transaction”).

The price per Common Share represents a premium of approximately 13% to the unaffected closing price on the Toronto Stock Exchange (the “TSX”) of the Common Shares on November 12, 2025, the last trading day prior to the announcement of the Transaction, and a premium of approximately 12% to the 10-day volume weighted average trading price per Common Share as of that date.

The price per Series C Share represents a premium of approximately 11% to the closing price on the TSX of the Series C Shares on November 12, 2025 and a premium of approximately 11% to the 10-day volume weighted average trading price per Series C Share as of that date, in addition to the payment of accrued and unpaid dividends.

“We are very pleased to enter into this Transaction with the Purchaser Group, which is experienced, committed, and well-capitalized, to support ECN Capital’s continued growth as a private company,” said Steven Hudson, CEO of ECN Capital. “Since our 2023 strategic review, we have focused on maximizing shareholder value, and we believe this Transaction provides compelling certainty of value and liquidity at an attractive premium. ECN Capital has evolved from an on-balance sheet commercial finance business into an asset-light company focused on acquiring under-appreciated businesses, improving them, and realizing greater returns—most notably the acquisition of Service Finance for US$309 million in 2017 and its subsequent sale for US$2 billion in 2021, which supported a C$7.50 special dividend to shareholders. To date, we have delivered shareholder returns of over 200%, and this Transaction creates a liquidity event and provides a further return of capital opportunity for our shareholders.”

Board of Directors Recommendation and Fairness Opinion

The Arrangement Agreement was the result of a comprehensive negotiation process with the Purchaser Group that was undertaken with the supervision and involvement of ECN Capital’s Board of Directors (the “Board”) and a special committee of the Board comprised solely of independent directors that was formed in connection with the Transaction (the “Special Committee”).

The Board, after receiving advice from the Company’s lead financial advisor, CIBC World Markets Inc. (“CIBC”) and outside legal counsel and following receipt of the unanimous recommendation of the Special Committee, unanimously (with conflicted directors abstaining) determined that the Transaction is in the best interests of ECN Capital and is fair to the holders of Common Shares (the “Common Shareholders”) and the holders of Series C Shares (the “Series C Shareholders”) and unanimously (with conflicted directors abstaining) recommends that the Common Shareholders, Series C Shareholders and the holders of the Series E Shares (the “Series E Shareholders” and, together with the Common Shareholders and Series E Shareholders, the “Voting Shareholders”) vote in favour of the Transaction.

In connection with their review and consideration of the Transaction, the Board and Special Committee received a verbal opinion from CIBC (the “Fairness Opinion”) that, subject to the assumptions, limitations and qualifications set forth in CIBC’s opinion, the consideration to be received by the Common Shareholders and Series C Shareholders pursuant to the Arrangement Agreement is fair, from a financial point of view, to such shareholders.

Copies of the Fairness Opinion, as well as additional details regarding the considerations of the Board and the Special Committee in arriving at their unanimous recommendations, will be set out in the management information circular to be mailed to shareholders in connection with the special meeting of Voting Shareholders to be called to consider and vote upon the Transaction (the “Meeting”) and filed by the Company on its profile on SEDAR+ at www.sedarplus.ca.

Additional Transaction Details

The Transaction will be implemented by way of a statutory plan of arrangement under the Business Corporations Act (Ontario). Implementation of the Transaction will be subject to, among other things, the receipt of the shareholder approvals described below, court approval and customary closing conditions, including the receipt of certain key regulatory approvals. The Transaction is not subject to any financing condition.

The Transaction is subject to the approval by (i) at least 66 2/3% of the votes cast by the Common Shareholders and Series E Shareholders present or represented by proxy at the Meeting, voting together as a single class; and (ii) if required, a simple majority of the votes cast by the Common Shareholders present or represented by proxy at the Meeting (excluding the Common Shares owned and/or controlled, by any shareholders required to be excluded under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”)). The acquisition of the Series C Shares is conditional upon (i) the approval of at least 66 2/3% of the votes cast by the Series C Shareholders present or represented by proxy at the Meeting and (ii) if required, a simple majority of the votes cast by the Series C Shareholders present or represented by Proxy at the Meeting (excluding votes of any Series C Shareholders required to be excluded under MI 61-101). Completion of the Arrangement is not conditional upon obtaining approval from the Series C Shareholders and if the requisite approvals are not obtained, the Series C Shares will remain outstanding following closing of the Transaction in accordance with their terms.

In connection with the Transaction, Champion Homes has entered into a support and voting agreement and each director and executive officer of ECN Capital has entered into customary support and voting agreements pursuant to which they have each agreed, subject to the terms thereof, to support and vote all of their Common Shares and Series E Shares, as applicable, in favour of the Transaction. Collectively, Champion Homes and the directors and executive officers of ECN Capital hold approximately 18.8% of the outstanding Common Shares. Champion Homes holds 100% of the outstanding Series E Shares. As a result, Common Shareholders and Series E Shareholders representing approximately 26% of the total voting power have agreed to vote such shares in favour of the Transaction.

The Arrangement Agreement provides for customary deal protection provisions, including a non-solicitation covenant on the part of the Company, which is subject to customary “fiduciary out” provisions that enable the Company to terminate the Arrangement Agreement and accept a superior proposal in certain circumstances and customary “right to match” provisions in favour of the Purchaser. A termination fee of C$35.4 million would be payable by the Company in certain circumstances, including in the context of a superior proposal supported by the Company. A reverse termination fee of C$53.1 million would be payable to the Purchaser if the Transaction is not completed in certain circumstances (the “Reverse Termination Fee”).

Each of the members of the Purchaser Group (together, the “Equity Investors”) has delivered an equity commitment letter to the Purchaser pursuant to which the Equity Investors have committed, on a several basis, to provide the equity financing required for the Transaction (the “Equity Financing”). In addition, the affiliates of Warburg Pincus have delivered a limited guarantee in favour of the Company in respect of the Reverse Termination Fee and for certain expense reimbursement and indemnification obligations contemplated by the Arrangement Agreement. The Purchaser may seek debt financing from one or more financing sources, however, the Purchaser’s obligation to consummate the Arrangement is not conditional on obtaining any financing, and the Equity Financing is expected to provide sufficient funds to pay the consideration and other amounts required to be paid by the Purchaser in connection with the Transaction.

If requested by the Purchaser prior to closing of the Transaction, the Company may be required to conduct a consent solicitation and/or offer to purchase, as applicable, in respect of the 6.00% Senior Unsecured Debentures of the Company due December 31, 2026 (the “6.00% Debentures”), the 6.25% Senior Unsecured Debentures of the Company due December 31, 2027 (the “6.25% Debentures”), and/or the 6.50% Convertible Senior Unsecured Debentures of the Company due April 30, 2030 (the “6.50% Convertible Debentures” and, together with the 6.00% Debentures and the 6.25% Debentures, the “Debentures”). Any such consent solicitation process and/or repurchase of any or all of the outstanding Debentures would be conditional on closing of the Transaction. Completion of the Transaction is not conditional upon the pendency or consummation of any consent solicitation or offer to purchase of any Debentures.

Prior to closing, the Company expects to continue to pay its regular quarterly dividends on the Common Shares and Series C Shares and semi-annual dividends on the Series E Shares.

The Company expects to hold the Meeting to consider and vote on the Transaction in January 2026. If approved at the Meeting, provided all key regulatory approvals are received in a timely manner, the Transaction is expected to close in the first half of 2026, subject to court approval and other customary closing conditions. Following closing of the Transaction, the Common Shares and, to the extent the requisite approval of Series C Shareholders is received, the Series C Shares, will be delisted from the TSX.

Provided no consent solicitation or offer to purchase is completed, the Debentures are expected to continue to be listed on the TSX following closing of the Transaction and, as a result, the Company will continue to be a reporting issuer under applicable Canadian securities laws. Within 30 days following the closing of the Transaction, as required in accordance with the Debentures’ respective terms, the Company will be required to make a cash offer to purchase all of the outstanding Debentures at a price equal to 100% of the principal amount thereof plus accrued and unpaid interest (the “Debenture Offer”). In addition, beginning 10 trading days before the anticipated date of the closing of the Transaction, until 30 days after the Debenture Offer is delivered, holders of the 6.50% Convertible Debentures will be entitled to convert their debentures and receive, subject to the completion of the Transaction, a cash payment inclusive of an additional number of shares they would have otherwise been entitled to receive upon conversion as set out in the 6.50% Convertible Debenture indenture.

Important Additional Information and Where to Find It

Additional information regarding the terms and conditions of the Transaction, the considerations of the Board and the Special Committee in arriving at their unanimous recommendations, the Fairness Opinion, the applicable voting requirements for the Transaction, and how shareholders can participate in and vote at the Meeting will be set out in the management information circular to be mailed to shareholders in connection with the Meeting and filed by the Company on its profile on SEDAR+ at www.sedarplus.ca. The Arrangement Agreement and Voting Support Agreements will also be made available under the Company’s profile on SEDAR+ at www.sedarplus.ca.

Advisors

CIBC Capital Markets acted as lead financial advisor to the Company, and Blake, Cassels & Graydon LLP and Baker & Hostetler LLP acted as legal advisors to the Company. RBC Capital Markets also acted as financial advisor to the Company. Macquarie Capital, BMO Capital Markets and Truist Securities acted as financial advisors to the Purchaser Group and Stikeman Elliott LLP, Wachtell, Lipton, Rosen & Katz, Paul, Weiss, Rifkind, Wharton & Garrison LLP and Mayer Brown LLP acted as legal advisors to the Purchaser Group.

About ECN Capital Corp.

With managed assets of US$7.6 billion, ECN Capital Corp. (TSX: ECN) is a leading provider of business services to North American-based banks, institutional investors, insurance company, pension plan, bank and credit union partners (collectively, its “Partners”). ECN Capital originates, manages and advises on credit assets on behalf of its Partners, specifically consumer (manufactured housing and recreational vehicle and marine) loans and commercial (floorplan and rental) loans. Its Partners are seeking high-quality assets to match with their deposits, term insurance or other liabilities. These services are offered through two operating segments: (i) Manufactured Housing Finance, and (ii) Recreational Vehicle and Marine Finance.

About Warburg Pincus LLC 

Warburg Pincus LLC is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $85 billion in assets under management, and more than 215 companies in their active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.

The firm is headquartered in New York with more than 15 offices globally. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

Required Early Warning Disclosure

This additional disclosure is being provided pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed by Champion Homes, Inc. (“Champion”) with the regulatory authorities in each jurisdiction in which the Company is a reporting issuer containing information with respect to the foregoing matters. This disclosure has been provided by Champion.

As of the date hereof, Champion indirectly exercises control or direction over 33,550,000 Common Shares and 27,450,000 Series E Shares, representing approximately 12% of the issued and outstanding Common Shares and 100% of the issued and outstanding Series E Shares. All of these Common Shares and Series E Shares will be exchanged on closing of the Transaction for cash consideration of C$3.10 per share, for total cash proceeds of C$189.1 million. A copy of Champion’s early warning report will be filed under the Company’s profile on SEDAR+ and further information and/or a copy of the Champion early warning report may be obtained from Laurel Krueger, Sr. Vice President, General Counsel & Secretary, Tel: (248) 614-8211. Champion’s head office is located at 755 W. Big Beaver Road, Suite 1000, Troy, MI 48084.

Forward-looking Statements

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “Forward-looking information”) within the meaning of applicable securities laws. This forward-looking information is identified by the use of terms and phrases such as “may”, “would”, “should”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”, or “continue”, the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking information contains these terms and phrases. Particularly, statements regarding the Transaction, including the proposed timing and various steps contemplated in respect of the Transaction, and statements regarding expected dividends constitute forward-looking information.

In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances.

Forward-looking information is based on management’s beliefs and assumptions and on information currently available to management, and although the forward-looking information contained herein is based upon what we believe are reasonable assumptions, investors are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information.

Forward-looking information involves known and unknown risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk factors described in greater detail under “Risk Factors” of the Company’s annual information form filed on February 27, 2025. These risks and uncertainties further include (but are not limited to) as concerns the Transaction, the failure of the parties to obtain the necessary Voting Shareholder, regulatory and court approvals or to otherwise satisfy the conditions to the completion of the Transaction, failure of the parties to obtain such approvals or satisfy such conditions in a timely manner, the anticipated delisting of the Common Shares and Series C Shares from TSX, the anticipated treatment of the Preferred Shares and the Debentures, the Company’s status as a reporting issuer under Canadian securities laws, significant Transaction costs or unknown liabilities, failure to realize the expected benefits of the Transaction, and general economic conditions. Failure to obtain the necessary Voting Shareholder, regulatory and court approvals, or the failure of the parties to otherwise satisfy the conditions to the completion of the Transaction or to complete the Transaction, may result in the Transaction not being completed on the proposed terms, or at all. In addition, if the Transaction is not completed, and the Company continues as a publicly-traded entity, there are risks that the announcement of the proposed Transaction and the dedication of substantial resources of the Company to the completion of the Transaction could have an impact on its business and strategic relationships (including with future and prospective employees, customers, suppliers and partners), operating results and activities in general, and could have a material adverse effect on its current and future operations, financial condition and prospects. Furthermore, in certain circumstances, the Company may be required to pay a termination fee pursuant to the terms of the Arrangement Agreement which could have a material adverse effect on its financial position and results of operations and its ability to fund growth prospects and current operations.

All of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward looking information contained herein represents our expectations as of the date hereof or as of the date it is otherwise stated to be made, as applicable, and is subject to change after such date. We disclaim any intention or obligation or undertaking to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.

For Further Information:

561-717-4772
info@ecncapitalcorp.com

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Warburg Pincus acquires a controlling stake in VOLL with a +$120 million investment

Warburg Pincus logo

This is the largest investment in Brazil’s travel sector since the pandemic, highlighting VOLL’s position as the frontrunner in corporate travel solutions

São Paulo, November 13, 2025 – Warburg Pincus has acquired a controlling stake in VOLL, Latin America’s leading next-generation corporate travel management platform from Localiza. The investment of +$120m also includes a primary portion to accelerate VOLL’s efforts to transform corporate travel and expense management with AI-powered solutions. The company will continue to be led by its founders – Luciano Brandão, Eduardo Vasconcellos, Luiz Moura, Jordana Souza, and Lucas Machado.

“This recognition celebrates our pioneering spirit. We’ve embraced the challenge of leading the digital transformation of our industry with a deep sense of responsibility. We’re grateful to our clients, who have allowed us to learn and build the industry’s most advanced AI solutions, and to Localiza, whose partnership has fueled VOLL’s growth over the past three years. We’re ready and excited to shape the future of the corporate travel and expense market always guided by transparency, ethics, and an unwavering commitment to creating value for our clients,” said VOLL CEO, Luciano Brandão.

Serving more than 850,000 users, at all times, in multiple languages, VOLL’s platform brings the entire corporate travel and expense journey together in a single app.

The investment, expected to close in the first quarter of 2026, reinforces VOLL’s commitment to transforming corporate travel and expense management through AI-driven solutions developed in collaboration with its portfolio of blue-chip clients, including Itaú, Cogna, XP, Nubank, iFood, CPFL Energia, and Andrade Gutierrez.

“VOLL reflects Warburg Pincus’ strategy of investing in leading technology companies with scalable business models. The company drives measurable value and efficiency for enterprises through a differentiated AI-powered platform and strong fundamentals. We see significant growth potential in a highly fragmented market and are excited to partner with the founding team to accelerate VOLL’s next phase of growth,” said Bruno Maimone, Managing Director and Head of Warburg Pincus’ Brazil office.

Ash Somani, Managing Director at Warburg Pincus, added “Brazil is still in the early stages of digital transformation, creating outsized opportunities for growth across multiple sectors and a highly favorable competitive environment for well-capitalized category leaders. Voll fits squarely with Warburg Pincus’s global strategy of backing scalable, high-growth businesses with strong unit economics and exceptional founding teams”.

About VOLL – VOLL combines technology and premium services to simplify corporate travel and expense management for national and global companies, while consistently generating significant savings for its clients. A true innovator in its segment, VOLL offers an advanced expense management module that enables users to manage every step of a business trip, from booking flights to handling meals, fuel, parking, and other expenses – all in one app. Key clients include Banco Itaú, Cogna, XP, Nubank, CPFL Energia, iFood, and Andrade Gutierrez.

Learn more at www.govoll.com.

About Warburg Pincus – Warburg Pincus is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $85 billion in assets under management, and more than 215 companies in their active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.

The firm is headquartered in New York with more than 15 offices globally. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

Press Contacts

Kerrie Cohen – +12129178879184| kerrie.cohen@warburgpincus.com
Anne Morais – +55 31 99130-2177 | anne@mayapr.com.br
Mariana Celle – +55 32 99948-4702 | mariana@mayapr.com.br
Milka Veríssimo – +55 11 95761-2703 | imprensa@mayapr.com.br

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offering of common stock of Kodiak Gas Services

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eqt
  • The offering resulted in gross proceeds of approximately USD333 million

Frontier TopCo Partnership, L.P. (the “Selling Stockholder”), an affiliate of the funds known as EQT Infrastructure III and EQT Infrastructure IV, is pleased to announce the completion of an underwritten public offering (the “Offering”) of 10,000,000 shares of common stock of Kodiak Gas Services, Inc. (NYSE: KGS) (the “Company”) for gross proceeds of approximately USD333 million. Goldman Sachs & Co. LLC acted as the underwriter for the Offering, which was completed on November 13, 2025. The Company did not sell any shares of its common stock in the Offering and did not receive any proceeds from the sale of the shares of its common stock sold by the Selling Stockholder.

Contact

EQT Press Office, press@eqtpartners.com

 

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About EQT

EQT is a purpose-driven global investment organization with €267 billion in total assets under management (€139 billion in fee-generating assets under management) as of 30 September 2025, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com

Follow EQT on LinkedIn, X, YouTube and Instagram

About Kodiak

Kodiak is a leading contract compression services provider in the United States, serving as a critical link in the infrastructure that enables the safe and reliable production and transportation of natural gas and oil. Headquartered in The Woodlands, Texas, Kodiak provides contract compression and related services to oil and gas producers and midstream customers in high–volume gas gathering systems, processing facilities, multi-well gas lift applications and natural gas transmission systems.

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Keen Leads Azumuta’s €8m Series A

Keen

Ghent, November 13, 2025 – Manufacturers worldwide still rely on paper, spreadsheets, and fragmented systems to run critical shop floor processes. Azumuta, the operator-centric manufacturing software from Ghent, Belgium, is changing that.

The company has now raised €8m in Series A funding to expand internationally and accelerate development of its platform for AI-supported digital work instructions, quality control, and workforce training and skill tracking. The round is led by Keen Venture Partners. who will be joined by Capricorn Partners – a series A investor in B2B software and hardware across Europe – as a new investor in Azumuta. Capricorn brings 10+ years of specific experience in manufacturing related technology startups addressing industry 4.0 and shopfloor efficiency. Both are further backed by returning investors PMV, Angelwise and Dirk Vermunicht.

The fresh capital will be used to grow Azumuta’s team, enter new markets, and build out features that help manufacturers streamline operations, improve quality, and empower their workforce.

“Every week we meet manufacturers still managing critical processes on paper or spreadsheets,” says Batist Leman, founder and CEO of Azumuta. “There’s no lack of ambition, just a need for technology built for real production environments. We built Azumuta to close that gap, helping factories digitalize in a way that actually fits how they operate. This round lets us accelerate that mission and lead the way toward more intuitive, human-centered shop floor technology.”

Digitizing Shop Floor Know-How

What started in 2016 as a digital work instruction tool has evolved into a comprehensive shop floor platform used by about 100 manufacturers worldwide. By combining work instructions, audits, training, and quality control in one connected system, Azumuta gives manufacturers a central hub for operational knowledge.

The results are tangible: users report up to a 50% reduction in administrative time spent creating work instructions and 60% fewer quality complaints caused by human errors.

At Atlas Copco, Toyota Motor Europe, and Sioux Technologies, Azumuta is already part of daily operations.

“Operational efficiency is one of our key priorities,” says Johan Dom, Vice President of Engineering at Atlas Copco. “As we work toward becoming a factory of the future, digital transformation is essential. That’s where Azumuta plays a crucial role. It’s not just an information tool; it’s how we train, learn, and continuously improve on the shop floor.”

According to Robert Verwaayen, General Partner at Keen Venture Partners, this shift fits into a broader trend reshaping the manufacturing industry:

“Most manufacturing software is built for the C-suite, not the people on the floor. That’s backwards. Azumuta gets this and they’re starting where the actual work happens, building AI-rich software operators actually want to use. That’s why the product sticks and why tier-1 manufacturers rely on it every day.

Fueling the Next Growth Phase

Recognized as one of Belgium’s fastest-growing technology companies and ranking 15th in the Deloitte Fast 50 Belgium, Azumuta is now entering a new growth phase. The company plans to expand its presence in key regions while reinforcing its Ghent base, strengthening relationships with customers, and advancing initiatives in innovation, product development, and customer success.

“Codifying how work gets done isn’t just solving today’s problems, it builds the foundation for tomorrow’s factory,” adds Verwaayen. “Whether that’s better tooling, smarter automation, or humans working alongside robots, you need that knowledge captured first. Azumuta’s helping manufacturers build that foundation while keeping their people at the center.

This Series A marks more than a financial milestone. It reinforces Azumuta’s mission to help manufacturers move faster, work smarter, and stay competitive in an increasingly digital, data-driven industry.

About Azumuta

Azumuta is a software scale-up that helps manufacturers worldwide turn frontline know-how into connected, AI-supported processes. Its modular platform brings operations, workers, and training together to boost operational efficiency, raise quality, and speed up training on shop floors.

Founded in 2016 and headquartered in Ghent, Belgium, Azumuta supports manufacturers of all sizes globally in bridging people and technology for the next generation of manufacturing.

And the name? It comes from the Japanese “始めた”, which translates to “I have started”, though locals in Ghent will tell you it also sounds a lot like “ah zo moet da”, dialect for “that’s how it’s done”. Learn more on www.azumuta.com.

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About Keen Venture Partners

Keen Venture Partners is a radically human venture capital firm based in Amsterdam and London. Keen backs exceptional teams and fast-growing European tech companies from Seed to Series A. Keen invests through a thesis-driven approach, formulating investment ideas based on fundamental trends in specific areas of technology. When getting to know founders, Keen shares its network of operators, experience, and capabilities even before investing. The portfolio consists of 30+ startups and scaleups across Europe.

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About Capricorn

Capricorn Partners is an independent European manager of venture capital and equity funds, investing in innovative European companies with technology as competitive advantage. The investment team of Capricorn is composed of experienced investment managers with deep technology expertise and a broad industrial experience. Capricorn Partners is managing the venture capital funds Capricorn Sustainable Chemistry Fund, Capricorn Digital Growth Fund, Capricorn ICT Arkiv, Capricorn Health‐tech Fund, Capricorn Healthtech Fund IIand Capricorn Fusion Fund. In addition it is the management company of Quest for Growth, quoted on Euronext Brussels.

www.capricorn.be

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About PMV

As an investment company, PMV is building a sustainable Flemish economy, the engine of our prosperity and well-being. PMV is the partner of ambitious companies and projects that focus on social impact and financial returns. PMV finances promising companies from their early stages through to growth and internationalisation. PMV offers tailor-made financial solutions to all entrepreneurs with a sound business plan and a strong management team. It does so with capital, loans and guarantees. In addition, it realises projects that are important for prosperity and well-being in Flanders, with and for the government and other partners. PMV has a portfolio of 1.9 billion euros under management. www.pmv.eu

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About Angelwise

Angelwise is an early-stage investment fund that focuses primarily on providing maximum support to start-ups and young companies as they move to the next phase in their growth, preferably in collaboration with business angels or other early-stage funds. The fund’s main shareholders are PMV, COI, BAN Flanders, the fund managers and more than eighty business angels. The fund was established in 2021 and has raised approximately EUR 20 million to build an ecosystem of companies that can help realise the digital transformation of society. For more information, see www.angelwise.be.

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Contact

Batist Leman, Founder & CEO Azumuta – batist.leman@azumuta.com – +32 499 34 60 69

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Blackstone Energy Transition Partners Announces $1.2 Billion Investment to Build First-ever Natural Gas Power Generation Facility in West Virginia

Blackstone

Project Expected to Create 500 Construction Jobs, Spur Local Economic Development

Will Help Meet Rising Electricity Demand from Growing Economy and AI/Data Center Innovation
 
New York, NY – November 13, 2025 – Blackstone (NYSE: BX), through funds affiliated with Blackstone Energy Transition Partners (collectively, “Blackstone Energy Transition Partners”), today announced a $1.2 billion investment to build Wolf Summit Energy (“Wolf Summit”), a fully contracted, 600-megawatt greenfield combined-cycle gas turbine (“CCGT”) power generation facility in Harrison County, West Virginia. Last week’s Final Investment Decision (“FID”) provides financing for the project, allowing it to commence construction.

Wolf Summit will be the first-ever combined-cycle natural gas power plant built in West Virginia and is designed to help deliver efficient and reliable power to meet the growing local energy needs – including from data centers supporting AI innovation – of Old Dominion Electric Cooperative (ODEC), which serves approximately 1.5 million residents across Virginia, Maryland and Delaware. The project is expected to create 500 construction jobs, as well as spur additional local economic development.

Bilal Khan, a Senior Managing Director, and Mark Zhu, a Managing Director, at Blackstone, said: “Helping meet the rising demand for electricity from AI and other areas is among our highest conviction investment themes at Blackstone. We are proud that this project is expected to not only create hundreds of local jobs in West Virginia, but also generate more affordable, efficient and reliable power supply.”

“I am excited that the first-ever combined-cycle, natural gas power plant in West Virginia is being built using GE Vernova’s highly efficient and flexible 7HA.02 gas turbine that can provide capacity and energy for the rising AI and industrialization demands in PJM,” said Dave Ross, President & CEO, GE Vernova’s Gas Power business in the Americas. “We look forward to working closely with Blackstone to complete development and start construction of this important project for the community.”

“West Virginia’s status as a global energy player is only beginning to be realized. Blackstone’s $1.2 billion investment not only signifies its commitment to West Virginia, it highlights our emergence as the leading state in the country for energy growth and investment,” said Governor Morrisey.

Blackstone is a leader in investing in the infrastructure powering AI across a wide array of related areas. Blackstone is the largest data center provider in the world with major investments globally. Blackstone Energy Transition Partners has also made recent investments in Hill Top Energy Center, a 620-megawatt natural gas power plant in Western Pennsylvania, and Potomac Energy Center, a 774-megawatt natural gas power plant in Loudoun County, Virginia, and has invested in approximately 1,600 megawatts of new-build power generation capacity over the last three and a half years in the United States.

About Blackstone Energy Transition Partners
Blackstone Energy Transition Partners is Blackstone’s strategy for control-oriented equity investments in energy-related businesses, a leading energy investor with a successful long-term record, having committed over $27 billion of equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering more reliable, affordable and cleaner energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders. Further information is available at https://www.blackstone.com/our-businesses/blackstone-energy-transition-partners/.

About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Media Contacts

Blackstone
Jennifer Heath
Jennifer.Heath@Blackstone.com

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Festool Group Joins Emerald’s Industrial Innovation Fund to Accelerate Innovation and Sustainability

Zurich, Switzerland  – Emerald Technology Ventures, a globally recognized venture capital firm with over two decades of industrial-sector leadership, has announced that Festool Group, a premium manufacturer of professional power tools and systems, has joined Emerald’s Industrial Innovation Fund as a Limited Partner (LP). The partnership reflects Festool’s strategic commitment to innovation, sustainability, and long-term transformation in a rapidly evolving industrial landscape.

Festool’s decision to invest in Emerald’s fund is driven by its ambition to stay at the forefront of technological change—particularly around robotics, automation, AI, digitalization and sustainability. As the sustainable industrial transformation accelerates globally, the power tools sector is undergoing a shift, with cleaner, smarter, and more efficient systems reshaping the job site and the shopfloor alike.

“Innovation and sustainability are at the heart of Festool Group,” said Roman Stiehl, Manager Open Innovation at Festool Group. “Partnering with Emerald gives us direct access to breakthrough technologies and startups that help us strengthen our core business and shape the future of our industry.”

Festool selected Emerald based on a strong alignment of values—premium quality, innovation, and sustainability—as well as Emerald’s 25+ year track record in industrial venture capital and open innovation. The partnership will enable Festool to access a global network of cutting-edge startups and scale the integration of external innovation into its core processes and products.

“We are delighted to welcome Festool Group to the Industrial Innovation Fund,” said Mehran Zaker, Partner and Head of Automation and Industrial IT at Emerald. “Festool exemplifies the type of forward-thinking industrial partner we aim to support—committed to both technological leadership and a more sustainable future.”

Through the fund, Festool gains curated exposure to emerging technologies, rapid startup engagement opportunities, and insights into critical innovation themes such as digitilization, low-emissions manufacturing, and intelligent battery systems.

More on industrial innovation at Emerald:

Industrial IT & Mobility Sector

Want to know your “Return on Innovation”?

Emerald part of VC trend driving European innovation

About Emerald Technology Ventures

Emerald is a globally recognized venture capital firm, founded in 2000, that manages and advises assets of over €1 billion from its offices in Zurich, Toronto and Singapore. The firm invests in start-ups that tackle big challenges in climate change and sustainability, with four current funds, hundreds of venture transactions and five third-party investment mandates, including loan guarantees to over 100 start-ups.

This is Emerald.

Bold Ideas. Bright Future.  www.emerald.vc

CONTACT FOR EMERALD:

info@emerald.vc

About Festool Group

Festool Group is a premium manufacturer of professional power tools and systems, headquartered in Wendlingen near Stuttgart, Germany. Known for its uncompromising commitment to quality, performance, and user-centric design, Festool Group combines tradition and innovation to develop industry leading, sustainable solutions that empower professionals worldwide.

Further information can be found at www.festool.com.

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CVC Liquid Credit prices its seventh new issue CLO of 2025 with the pricing of Cordatus XXXVII

CVC Capital Partners

CVC Credit, the fast growing €48 billion global credit management business of CVC, is pleased to announce that it has successfully priced Cordatus XXXVII (37), a new €400m Collateralised Loan Obligation (“CLO”) vehicle. This is CVC Credit’s seventh new issue CLO of 2025 and twenty seventh when including resets and refinancings.

JP Morgan served as the lead arranger for the vehicle, which has a four-and-a-half-year reinvestment period. More than 65% of Cordatus XXXVII’s assets were sourced prior to pricing.

Quotes

Despite recent market volatility we were pleased to receive strong support for this vehicle from both new and long term investors, reflecting not only our strong track record, but also, and importantly in the current environment, a highly disciplined approach in underwriting to fundamentals.

Guillaume TarneaudPartner and Co-Head of Global Liquid Credit at CVC Credit

Guillaume Tarneaud, Partner and Co-Head of Global Liquid Credit at CVC Credit, said: “We are delighted to announce the successful pricing of Cordatus XXXVII, our seventh new issue globally and fourth in Europe this year. Despite recent market volatility we were pleased to receive strong support for this vehicle from both new and long term investors, reflecting not only our strong track record, but also, and importantly in the current environment, a highly disciplined approach in underwriting to fundamentals.”

CVC’s Liquid Credit business manages €31 billion in assets across more than 70 active funds, managed by a team of around 40 investment professionals in both Europe and the US.

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Nyver announces oversubscribed closing of inaugural fund at €335m hard-cap

Nyver Capital Partners

Nyver Capital Partners (“Nyver”), an Amsterdam-based newly established private equity firm, is delighted to announce the final close of its inaugural Nyver I fund (“the Fund”) at its hard cap of €335 million. This makes it the largest first-time private equity fund raised to date in the Netherlands. The fund was significantly oversubscribed, reaching its hard cap in just over four months, which is a testament to the strong support from a diverse group of global investors.

The Fund will focus on buyout investments in knowledge-intensive, asset-light businesses across the Netherlands, focusing on founder-led companies. Nyver will target profitable B2B companies across IT & business services, critical engineered components and essential products. Nyver applies a human capital centric approach helping strong teams build even stronger organisations and accelerate growth.

Nyver I received the vast majority of its commitments from a broad group of institutional investors globally, including endowments and foundations, asset managers, family offices and insurance companies. This was augmented with commitments from its network of respected entrepreneurs. The strong demand for Nyver I reflects investor confidence in the team’s vision and track record.

Floris Waage, Managing Partner at Nyver, commented:

“Our vision for Nyver is to be the partner of choice for Dutch entrepreneurs seeking to accelerate and transform their businesses into true market leaders. We have a deep passion for entrepreneurship and cooperating with the best teams possible. We help to build organisations and grow people, not just numbers. We are very grateful that high quality institutional investors and well-respected Dutch entrepreneurs alike have given their overwhelming support to Nyver.”

Asante Capital Group acted as exclusive global fundraising adviser, while Loyens & Loeff acted as lead outside counsel.

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EQT agrees to sale of shares in Azelis Group NV

eqt

Azelis

c. 44 million shares in Azelis agreed to be sold

Akita I S. à r. L., an entity indirectly controlled by an affiliate of the funds called EQT VIII (“EQT”) is pleased to announce it has signed a definitive agreement to sell c. 44 million shares in Azelis Group NV (EBR:AZE) (the “Company”) to JNE Partners, First Pacific Advisors, LP’s managed funds and accounts, and Temasek, all existing shareholders of the Company, and others. 

Following the Sale, EQT will hold a c.10% ownership stake in the Company and the remaining stake is subject to customary lock-up terms for 90 days. The Sale is due to complete on Wednesday 12th November, 2025.

Contact
EQT Press Office, press@eqtpartners.com

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About EQT
EQT is a purpose-driven global investment organization with EUR 267 billion in total assets under management (EUR 139 billion in fee-generating assets under management) as of 30 September 2025, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

About Azelis 
Azelis is a leading global innovation service provider for the specialty chemicals and food ingredients industry. The Company serves more than 63,000 customers who benefit from its application know-how, technical support and have access to a wide product portfolio from more than 2,800 specialty raw material producers. The company has more than 4.200 employees and is present in over 65 countries, with 70 application laboratories globally.

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Engelmann joins forces with new partner Rivean Capital to strengthen its position as an international leader in smart submetering technologies

Rivean

Strategic partnership for sustainable growth

  • Engelmann is an international innovation leader in smart submetering technologies for heat, cooling, and water measurement
  • Continued international expansion and ongoing product innovation are at the core of the future growth strategy
  • Smart submetering – Driving data transparency and security as well as sustainable, circular energy use

Wiesloch-Baiertal/Frankfurt – European private equity firm Rivean Capital, together with Engelmann’s management, has acquired a majority stake in Engelmann from funds advised by DPE Deutsche Private Equity. Engelmann, headquartered in Wiesloch-Baiertal, is a leading developer and manufacturer of smart submetering technologies that play a central role in measuring and billing heat, cooling, and water consumption in multi-tenant buildings. The partnership with Rivean Capital will enable Engelmann to strengthen its market leadership and expand into existing and new international markets.

Engelmann employs 210 people across two sites in Germany and one in China. For more than a decade, Engelmann has grown significantly faster than the market, driven by product innovation, portfolio development, and increasing internationalization.

Strategic focus for future growth

“Rivean Capital has convinced us with its expertise and strategic resources that we can achieve our growth targets even faster. The partnership allows us to further enhance our innovation capabilities and expand into complementary markets,” says Michael Keuthen, CEO of Engelmann.

Engelmann is renowned for its end-to-end ecosystem in smart submetering, including innovative heat and water meters that are essential for efficient consumption measurement and billing in multi-tenant buildings. The partnership with Rivean Capital will help to accelerate the development of new products and strengthen Engelmann’s market presence.

“Together with management, we plan to actively shape Engelmann’s next growth phase,” says Alexander Dokters, Director and member of the Investment Team at Rivean Capital. “We see significant potential to further expand Engelmann’s strong market position – particularly through technological portfolio enhancements, consistent internationalization, and targeted add-on acquisitions.”

International market with strong growth potential

The global submetering market continues to show strong growth dynamics. Rising demand for energy-efficient solutions in multi-tenant buildings and increasing connectivity of submetering systems – including real-time data analysis, consumption optimization, and integration into smart home and district solutions – offer Engelmann long-term growth prospects. In recent years, the company has established itself as one of the leading providers of smart submetering technologies.

“With Rivean Capital’s support, Engelmann will accelerate its international expansion while advancing product development in areas such as intelligent submetering systems and software solutions to improve building energy efficiency,” says Dr. Justus Heuer, Partner and member of the Portfolio Enhancement Team at Rivean Capital. “The focus is not only on entering new markets but also on further developing digitalization within the company.”

Commitment to sustainability with a circular economy strategy

Engelmann’s frontrunner circularity approach reduces the product carbon footprint through recyclability and eco-design, supported by a comprehensive circular economy policy. The company focuses on designing products with modular components, durable materials, and improved energy efficiency during use, while ensuring that end-of-life units can be disassembled and reintegrated into production. Initiatives include closed-loop recycling processes, use of recycled materials in new products, and continuous innovation in eco-design to minimize environmental impact across the product lifecycle.

“Engelmann has established itself as a reliable partner in the smart submetering industry, with a clear focus on quality, innovation, customer satisfaction, and sustainability. These values align perfectly with Rivean Capital’s approach of investing in leading companies in the industrial tech sector,” explains Matthias Wilcken, Senior Partner and member of the Executive Committee at Rivean Capital. “We are confident that Engelmann will continue to grow in the coming years, supported by our financial resources and strategic guidance.”

About Engelmann

Founded in 1976 in Wiesloch-Baiertal, Engelmann offers a fully integrated product and service portfolio of heat, cooling, and water meters, electronic heat cost allocators, gateways, software, and data services. With one of the most comprehensive product portfolios in the market, Engelmann is among the few providers offering its customers a complete end-to-end ecosystem. Engelmann delivers more than one million devices annually to customers worldwide, helping them comply with EU Energy Efficiency Directive requirements and enabling accurate, consumption-based billing.

Further information:

The purchase price of the transaction has not been disclosed. Completion is subject to customary conditions, including merger clearance.

Engelmann is Rivean Capital’s seventh platform investment in Germany, alongside Perbility, Dataciders, Green Mobility Holding, ]init[ AG für digitale Kommunikation, Best4Tires, and TonerPartner.

About Rivean Capital

Rivean Capital is a leading European private equity investor for mid-market transactions, active in the DACH region, the Benelux countries, and Italy. Funds advised by Rivean Capital manage over EUR 5 billion in assets. Since its inception in 1982, Rivean has supported more than 250 companies in realizing their growth ambitions and has a strong track record of supporting and scaling successful high-tech businesses with cross-border growth agendas, including footprint expansions and operational excellence trajectories. Headquartered in Amsterdam, Netherlands, Rivean Capital also has offices in Brussels, Frankfurt/Main, Milan, and Zug, enabling a strong local presence across key European markets.

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