Category Archives: News

Bowmark Capital announces sale of software provider Totalmobile to Five Arrows and DBAG

Bowmark

Bowmark Capital, the mid-market private equity firm, is pleased to announce the sale of Totalmobile, a provider of field service management software, to Five Arrows and funds managed by Deutsche Beteiligungs AG (DBAG). The transaction is subject to regulatory approval.

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Totalmobile provides field service management software solutions to approximately 900 organisations, enabling over 500,000 mobile workers to deliver essential frontline services more efficiently across the public services, healthcare, property, facilities management, telecommunications and infrastructure sectors. The company’s technology enables its customers to increase field-based workforce capacity, reduce costs, deliver better customer service, enhance compliance assurance and improve staff engagement.

Since Bowmark’s investment in 2020, Totalmobile has trebled its revenues and profits, driven by organic growth and the completion of four acquisitions. As a result of continued investment, the company has expanded its product offering to encompass the entire field service management value chain, and has developed Field First, the industry’s only fully integrated, multi-capability, AI-enabled technology platform.

During this period, the company has more than doubled the number of its employees to over 400 and has expanded internationally into the Nordics and Australia.

Tom Keen, partner at Bowmark, commented: “We invested in Totalmobile in 2020 due to its unique position in the field service management sector.  Since then, we have supported the management team to enhance the company’s product offering, invest in leading-edge technology and deliver strong growth both organically and through acquisition. The exceptional quality of Totalmobile’s people, technology and service provision means it is ideally positioned to capitalise on the many opportunities ahead in partnership with Five Arrows and DBAG.”

Sacha Oshry, partner at Five Arrows, added: “Totalmobile has built an impressive platform that delivers measurable impact for customers across the public and private sectors.  We see in the business a rare combination of strong technology, deep vertical expertise, and long-standing entrenched customer relationships. We are thrilled to partner with the management team to build on that success and to support the business in driving continued growth and innovation.”

Phil Race, CEO of Totalmobile, said: “We have a fantastic team at Totalmobile who are passionate about improving the lives of field workers.  We are grateful for Bowmark’s partnership and expertise which has been instrumental in our success so far, and are now excited to be partnering with Five Arrows and DBAG, whose support and capabilities will enable us to accelerate our international expansion, further develop our product and service proposition, and build a unique global field service business.”

Financial terms were not disclosed.

Bowmark was advised by Arma Partners (M&A); Stephenson Harwood (Legal); BCG (Commercial and Technology); and Deloitte (Financial and Tax).

Five Arrows and DBAG were advised by Houlihan Lokey and Jefferies (M&A); Axis Arbor (Debt); Shoosmiths and Hengeler Mueller (Legal); EY-Parthenon and Alvarez & Marsal (Commercial); Deloitte (Technology); FTI Consulting and EY (Financial and Tax).

Totalmobile was advised by Liberty (M&A) and Mishcon de Reya (Legal).

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Stonepeak to Launch ASX-Listed Infrastructure Debt Note

Stonepeak

Stonepeak-Plus INFRA1 Note expected to list on ASX on December 10, 2025 under the ticker code “SPPHA”

NEW YORK & SYDNEY – November 4, 2025 – Stonepeak (“Stonepeak” or the “Company”), a leading global alternative investment firm specializing in infrastructure and real assets, today announced its intention to launch Stonepeak-Plus INFRA1 (“Stonepeak-Plus INFRA1 Note” or the “Note”), an unsecured, deferrable, redeemable, floating rate infrastructure-backed debt security expected to be listed on the Australian Securities Exchange (“ASX”) on December 10, 2025 under the ticker code “SPPHA.”

The Stonepeak-Plus INFRA1 Note will provide Australian investors access to regular monthly income generated through a curated portfolio of high-quality infrastructure debt assets. Debt will be sourced predominantly from critical infrastructure assets in the transportation and logistics, energy and energy transition, digital, and social infrastructure sectors in Australia, New Zealand, and other markets. The Interest Rate applicable to Stonepeak-Plus INFRA1 Notes is a benchmark rate of BBSW (1 month) + a margin of 3.25% per annum which accrues on a monthly basis, and the Note will have a target repayment date six years after the issue date.

Stonepeak has already secured over A$300 million in cornerstone investments for the Note, reaching its target and reflecting strong initial demand.

“Infrastructure businesses have historically exhibited lower default rates compared to corporate debt, making infrastructure debt an especially powerful portfolio diversification tool for investors due to its stable and predictable nature. However, infrastructure debt has historically been a challenging asset class for investors to access at scale. The proposed launch of Stonepeak-Plus INFRA1 aims to solve this for Australian investors while giving them the opportunity to invest behind some of the most compelling tailwinds in infrastructure today,” said Andrew Robertson, Senior Managing Director and Head of Australia and New Zealand Private Credit at Stonepeak, the largest independent infrastructure investor globally. “We look forward to leveraging Stonepeak’s extensive experience, deep sector specialization, and strong industry relationships to bring a quality, investment-grade portfolio of infrastructure debt assets to our investors.”

“We have long recognized the compelling opportunities in the credit space, and we are excited to be broadening access to the asset class through the launch of this Note,” said Stonepeak Co-President Jack Howell. “Since we began investing in infrastructure debt in 2018, we have continued to thoughtfully expand the Stonepeak Credit team and its offerings. The proposed launch of Stonepeak-Plus INFRA1 reflects another milestone, and builds on our success investing across the capital stack into world-class, critical infrastructure on behalf of our investors.”

Today, Stonepeak Credit includes nearly 30 investment professionals and over 85 investments in its portfolio, and manages approximately A$2.9 billion in assets. Notably, this year Stonepeak completed the acquisition of Boundary Street Capital, a leading specialist private credit investment manager focused on the digital infrastructure, enterprise infrastructure software, and technology services sectors in the lower middle market. The launch of the Note also reflects the continued growth of Stonepeak+, Stonepeak’s dedicated wealth solutions platform.

E&P Capital, Westpac, Morgans, FIIG Securities, MST, and Shaw and Partners are serving as joint lead managers to Stonepeak, with Corrs Chambers Westgarth acting as legal adviser.

About Stonepeak Credit

Stonepeak Credit is the credit investing arm of Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets with approximately A$121.1 billion (USD$79.9 billion) of assets under management. Stonepeak Credit targets credit investments across the transportation and logistics, energy and energy transition, digital infrastructure, and social infrastructure sectors that provide essential services with downside protection, high barriers to entry and visible, recurring revenue generation. It seeks to provide capital solutions that are flexible across the capital structure while generating cash yield through majority senior secured credit investments.

Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

Contacts

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

Jack Gordon
jack.gordon@sodali.com
+61 478 060 362

Important Notices

Stonepeak-Plus Infra Debt Limited (ACN 692 150 253) (Issuer) is the issuer of the unsecured, deferrable, redeemable, floating rate notes known as the Stonepeak-Plus INFRA1 Notes (Notes) which are intended to be quoted on the ASX. The Notes are redeemable by, and the interest is deferrable by, the Issuer. Unless otherwise specified, any information contained in this material is current as at the date of publication and has been prepared by the Issuer.

The offer of Notes is made by a prospectus (Prospectus) which is available, along with a target market determination (TMD), at stonepeakplus.com.au/INFRA-1. You must read the Prospectus before making a decision to acquire the Notes. It is important for you to consider the Prospectus and whether you are in the target market in the TMD in deciding whether to invest.  You will need to complete the application form accompanying the Prospectus. No cooling off rights apply to an investment the Notes.

The Issuer has appointed EQT Australia Pty Ltd (ACN 111 042 132) (Authorised Intermediary) as authorised intermediary to make offers to arrange for the issue of Notes under the prospectus, pursuant to section 911A(2)(b) of the Corporations Act 2001 (Cth). The Authorised Intermediary is an Australian financial services representative (number 1262369) of Equity Trustees Limited (ACN 004 031 298; AFSL 240975). Stonepeak-Plus Infra Debt Management Pty Ltd (ACN 691 462 067, authorised representative no. 001318081) (Manager) provides investment management and other services to the Issuer.

The Issuer is not licensed to provide financial product advice in relation to the Notes. The information provided is intended to be general in nature only. This material has been prepared without taking into account any person’s objectives, financial situation or needs.  Any person receiving the information in this material should consider the appropriateness of the information, in light of their own objectives, financial situation or needs before acting.

Past performance is not a reliable indicator of future performance. Investments in the Notes are subject to investment risk, including possible delays in payment and loss of interest or principal invested. The Notes and their performance are not guaranteed by any member of the Stonepeak Group or any other person. The Notes are not bank deposits.

The material has not been independently verified.  No reliance may be placed for any purpose on the material or its accuracy, fairness, correctness or completeness.  To the fullest extent permitted by law, the Issuer, the Manager, the Authorised Intermediary or any other member of the Stonepeak Group and their respective associates and employees shall have no liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this material or otherwise in connection with the information.

A minority part of the portfolio is expected to comprise other debt investments that are not infrastructure related, as explained in the Prospectus. The above AUM is as of June 2025 inclusive of subsequent committed capital. Certain of these investments have signed but are pending close, and there can be no assurance they will close or that if they close that it will be on the terms currently agreed. The AUM, employee and investment information relate to Stonepeak Group, and not the Issuer.

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Royalty Pharma Acquires Royalty Interest in Alnylam’s AMVUTTRA for $310 Million from Blackstone Life Sciences

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Blackstone

New York, NY and Cambridge, MA – Royalty Pharma plc (Nasdaq: RPRX) today announced that it has acquired a royalty interest in Alnylam’s AMVUTTRA from funds managed by Blackstone Life Sciences (“Blackstone”) for $310 million. The royalty interest being sold stems from Blackstone’s 2020 financing collaboration with Alnylam, in which Blackstone invested to support AMVUTTRA’s pivotal Phase 3 HELIOS-B trial.

AMVUTTRA is an FDA-approved RNAi therapeutic for the treatment of ATTR amyloidosis, a progressive, degenerative and fatal disease caused by misfolded proteins that accumulate in the nerves, heart and GI tract.

“We are delighted to acquire a royalty interest in AMVUTTRA,” said Pablo Legorreta, founder and Chief Executive Officer of Royalty Pharma. “AMVUTTRA is a breakthrough RNAi therapeutic that delivers compelling benefits to patients, including a meaningful reduction in all-cause mortality for ATTR cardiomyopathy patients. Its impressive commercial trajectory underscores the significant market opportunity for the product and positions it as a highly attractive contributor to Royalty Pharma’s portfolio.”

AMVUTTRA received FDA approval for the treatment of TTR amyloidosis with cardiomyopathy (ATTR-CM) in 2025 and for hereditary TTR amyloidosis with polyneuropathy (hATTR-PN) in 2022. ATTR-CM represents a fast-growing category driven by new therapeutic options and improving diagnosis rates. There are approximately 30,000 hATTR-PN patients globally and more than 300,000 ATTR-CM patients globally, of which just 20% are currently diagnosed. AMVUTTRA sales reached approximately $1 billion in 2024, which represented 74% year-over-year growth, and are projected to exceed $6 billion by 2028 based on analyst consensus.

Transaction Terms
Royalty Pharma has acquired Blackstone’s 1% royalty on worldwide net sales of AMVUTTRA in exchange for an upfront payment of $310 million. The royalty duration for AMVUTTRA will extend through March 2035. The transaction is expected to deliver returns consistent with Royalty Pharma’s stated targets for approved products under a range of scenarios that factor in significant potential competition from Alnylam’s follow-on product, nucresiran. The transaction with Royalty Pharma is for AMVUTTRA sales beginning on October 1, 2025 and excludes the fixed payments paid to Blackstone as part of the original transaction in which Blackstone invested $70 million.

Advisors
Gibson Dunn, Dechert and Maiwald acted as legal advisors to Royalty Pharma. Ropes & Gray and TD Securities acted as advisors to Blackstone.

About Royalty Pharma
Founded in 1996, Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals and non-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma has assembled a portfolio of royalties which entitles it to payments based directly on the top-line sales of many of the industry’s leading therapies. Royalty Pharma funds innovation in the biopharmaceutical industry both directly and indirectly – directly when it partners with companies to co-fund late-stage clinical trials and new product launches in exchange for future royalties, and indirectly when it acquires existing royalties from the original innovators. Royalty Pharma’s current portfolio includes royalties on more than 35 commercial products, including Vertex’s Trikafta, GSK’s Trelegy, Roche’s Evrysdi, Johnson & Johnson’s Tremfya, Biogen’s Tysabri and Spinraza, Servier’s Voranigo, AbbVie and Johnson & Johnson’s Imbruvica, Astellas and Pfizer’s Xtandi, Pfizer’s Nurtec ODT, and Gilead’s Trodelvy, and 17 development-stage product candidates.

About Blackstone Life Sciences
Blackstone Life Sciences (BXLS) is an industry-leading private investment platform with capabilities to invest across the life cycle of companies and products within the key life science sectors. By combining scale investments and hands-on operational leadership, BXLS helps bring to market promising new medicines and medical technologies that improve patients’ lives and currently has $12 billion in assets under management.

Royalty Pharma Forward-Looking Statements
The information set forth herein does not purport to be complete or to contain all of the information you may desire. Statements contained herein are made as of the date of this document unless stated otherwise, and neither the delivery of this document at any time, nor any sale of securities, shall under any circumstances create an implication that the information contained herein is correct as of any time after such date or that information will be updated or revised to reflect information that subsequently becomes available or changes occurring after the date hereof. This document contains statements that constitute “forward-looking statements” as that term is defined in the United States Private Securities Litigation Reform Act of 1995, including statements that express the company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with statements that reflect historical facts. Examples include discussion of Royalty Pharma’s strategies, financing plans, growth opportunities, market growth, and plans for capital deployment. In some cases, you can identify such forward-looking statements by terminology such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “target,” “forecast,” “guidance,” “goal,” “predicts,” “project,” “potential” or “continue,” the negative of these terms or similar expressions. Forward-looking statements are based on management’s current beliefs and assumptions and on information currently available to the company. However, these forward-looking statements are not a guarantee of Royalty Pharma’s performance, and you should not place undue reliance on such statements. Forward-looking statements are subject to many risks, uncertainties and other variable circumstances, and other factors. Such risks and uncertainties may cause the statements to be inaccurate and readers are cautioned not to place undue reliance on such statements. Many of these risks are outside of Royalty Pharma’s control and could cause its actual results to differ materially from those it thought would occur. The forward-looking statements included in this document are made only as of the date hereof. Royalty Pharma does not undertake, and specifically declines, any obligation to update any such statements or to publicly announce the results of any revisions to any such statements to reflect future events or developments, except as required by law. For further information, please reference Royalty Pharma’s reports and documents filed with the U.S. Securities and Exchange Commission (“SEC”) by visiting EDGAR on the SEC’s website at www.sec.gov.

Royalty Pharma Investor Relations and Communications
+1 (212) 883-6637
ir@royaltypharma.com

Blackstone
David Vitek
(212) 583-5291
David.Vitek@blackstone.com

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Griffin Global Asset Management Announces Closing of Inaugural $1.245 Billion Series into Mid-Life Aircraft Master Trust Platform

BainCapital

Dublin, Ireland – November 3, 2025 – Griffin Global Asset Management (“Griffin”) announces that GGAM Master Trust International, Ltd. and GGAM Master Trust US LLC (collectively, “GGAM Master Trust”), newly established special purpose companies comprising Griffin’s Midlife Aircraft Master Trust Platform, closed the inaugural issuance of $1.245 billion of Fixed Rate Notes (the “Series 2025-1 Notes”).

The Series 2025-1 Notes were comprised of:

–    $1.12 billion of 5.923% Class A Fixed Rate Notes (the “Series 2025-1 Class A Notes”)
–    $125 million of 9.702% Class Y Fixed Rate Notes (the “Series 2025-1 Class Y Notes”)

The Series 2025-1 Class A Notes and Series 2025-1 Class Y Notes are rated A- (sf) and BB- (sf), respectively by Fitch. The initial portfolio to be acquired by GGAM Master Trust using the proceeds of Series 2025-1 Notes have an initial appraised value of $1.44 billion. The E-Notes to be issued by GGAM Master Trust were acquired by funds managed or advised by Bain Capital, Griffin and or their affiliates. The initial aircraft portfolio comprises a mix of 25 narrowbody and widebody aircraft that have a weighted average age of 4.1 years and are on lease to 19 airlines in 15 countries. Griffin will act as a servicer with respect to the initial portfolio and any additional aircraft acquired by GGAM Master Trust.

Ryan McKenna, Griffin CEO, commented: “I am very proud to announce the closing of this milestone transaction, which is the largest issuance in the history of aircraft ABS markets.  The Griffin Master Trust establishes a new standard in aviation finance for mid-life aircraft by creating a dynamic funding platform that scales with future acquisitions and matches aircraft depreciation with amortizing debt securities.  This will serve as an integral part of Griffin’s financing strategy as we develop the master trust into the largest and most diversified ABS platform in the sector.  I am incredibly appreciative of the Griffin team and our financial and legal advisors at Mizuho, Bank of America, Hughes Hubbard, and Milbank who worked tirelessly to create this innovative funding model.”

Mizuho Securities and BofA Securities acted as Joint Structuring Agents and Joint Bookrunner. Citigroup, Goldman Sachs & Co. LLC and Morgan Stanley acted as Passive Bookrunner, Barclays, BMO Capital Markets, Fifth Third Securities, MUFG, PNC Capital Markets LLC, SMBC Niko, Societe Generale and Truist Securities acted as Co-Managers.

Hughes Hubbard & Reed LLP acted as counsel to Griffin and the GGAM Master Trust, and Milbank LLP acted as counsel to the Initial Purchasers, the Joint Structuring Agent and Joint Bookrunners, Passive Bookrunners and Co-Managers.  KPMG Ireland acted as tax advisors to Griffin and GGAM Master Trust.

The Initial Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction. The Initial Notes may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S of the Securities Act) (“Regulation S”) except in transactions exempt from, or not subject to, the registration requirements of the Securities Act.

About Griffin Global Asset Management

Griffin is a commercial aircraft leasing and alternative asset management business with offices in Dublin, Ireland, Tokyo, Japan, Singapore, Puerto Rico, and Los Angeles, CA.  Griffin’s team of professionals works closely with airlines, manufacturers, maintenance providers, and financiers to deliver innovative capital solutions globally.

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Montagu raises €2 billion continuation vehicle to support Wireless Logic’s next phase of global growth

CVC Capital Partners

Montagu, a leading mid-market private equity firm, today announced the successful close of a €2 billion single-asset continuation vehicle (“SACV”) to extend its partnership with Wireless Logic (“the Company”), a leading global Internet of Things (“IoT”) platform provider.

The fund, the largest SACV completed in Europe this year, will be managed by Montagu, with TPG GP Solutions as lead investor and CVC Secondary Partners and Partners Group as co-leads. The vehicle was heavily oversubscribed, reflecting strong demand from both existing and new institutional investors and underscoring Wireless Logic’s performance, as well as Montagu’s track record of executing landmark transactions and delivering value through active ownership.

Founded in 2000 and headquartered in the UK, Wireless Logic is the global leader in IoT connectivity, bridging the physical and digital worlds with secure, scalable and seamless solutions for enterprises across industries. The Company’s platform enables clients to connect, manage and optimise millions of IoT devices across networks, geographies, and technologies within a single integrated environment.

Since Montagu’s initial investment in 2018, Wireless Logic has delivered exceptional growth, transforming from a UK-centric business into a global leader. Over this period, Wireless Logic has grown its employee count over seven times, increased its revenue more than sixfold and its EBITDA over sevenfold. Under Montagu’s ownership, Wireless Logic has completed 15 strategic acquisitions, supported by Montagu’s network, execution support, and integration expertise. These acquisitions have expanded the Company’s addressable markets, deepened its product portfolio, and strengthened its international footprint.

Benefiting from powerful secular tailwinds – with an ever-increasing number of connected devices driven by technological innovation and automation, including new wireless network technologies and increasing adoption of AI – Wireless Logic is well positioned to capitalise on the growing demand for real-time, secure data connectivity.

This transaction allows Montagu and the Wireless Logic management team to continue their partnership through the next ownership cycle, supported by new capital to drive global expansion, customer diversification, and further enhance the Company’s platform and services.

Ed Shuckburgh, Managing Partner – CEO at Montagu, said: “Wireless Logic is one of very few businesses in Europe to have scaled to this level, and it continues to deliver strong growth year after year. We’re proud to deepen our partnership with a company we know so well and one where we continue to see enormous opportunity ahead. This reinvestment underlines our conviction in Wireless Logic’s exceptional team, technology and market position, and exemplifies Montagu’s approach of backing category leaders through multiple phases of growth. We’re delighted to welcome TPG GP Solutions alongside CVC Secondary Partners as investors in the fund and continuing our successful partnership in the Company with Partners Group.”

Wireless Logic Co-Founder and CEO Oliver Tucker said: “We are proud of what we’ve achieved alongside Montagu and our partners, and we are excited to continue building on this momentum. Together we will further strengthen our global footprint, continue to simplify and automate IoT connectivity for our customers, and deliver long-term value for all stakeholders. I look forward to this next chapter of our growth journey.”

Evercore acted as financial advisor on the continuation fund transaction, Rothschild & Co provided sector and transaction advice, and Paul, Weiss served as legal counsel. The transaction is expected to complete in December 2025.

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Jeppesen ForeFlight Launches as a Standalone Company to Redefine the Future of Aviation Software

Thomabravo

Company completes carve-out from Boeing and sale to Thoma Bravo for $10.55 billion

Fuses Jeppesen’s heritage of precise aeronautical data with ForeFlight’s digital-first aviation technology

DENVER and SAN FRANCISCO—The original innovators of aviation technology are back in a big way. Today, Jeppesen ForeFlight announced its launch as a new digital aviation entity, backed by Thoma Bravo, a leading software investment firm. The company has completed its separation from Boeing and sale to Thoma Bravo in an all-cash transaction valued at $10.55 billion. Brad Surak, who previously led the Digital Aviation Solutions business at Boeing, will lead Jeppesen ForeFlight as Chief Executive Officer.

“Backed by 90 years of Jeppesen’s gold-standard data and ForeFlight’s relentless spirit of exploration, this combination is building the most unified, intuitive platform in aviation,” said Surak. “As we return to independence alongside a leader in software private equity investing, we’re enabled to move faster, think bigger, and innovate.”

With the industry’s most comprehensive aeronautical data and a commitment to quality and safety, the company serves all four key aviation segments: Commercial, Business, Military and General Aviation. Jeppesen ForeFlight’s suite of solutions from flight planning and dispatch to crew tracking, are seamlessly integrated to power digital aviation.

Surak continued, “AI is the north-star for our multi-year roadmap of integrated solutions as we look to build on our proven heritage and move to new horizons. We have an unmatched history of pioneering – from inventing aviation charts to transforming aeronautical data into digitized pilot support systems – and we’ve only just scratched the surface of what’s possible. Jeppesen ForeFlight is bringing AI to aviation, from the flight deck to the operations control center driving increased operational efficiency and bolstering safety.”

As Jeppesen ForeFlight begins its new day one, the company remains steadfast in its mission to redefine the aviation landscape through innovation and a spirit of exploration. Rooted in the company’s legacy of trust and excellence, Jeppesen ForeFlight is committed to solving aviation’s toughest challenges and helping customers navigate an ever-evolving industry. From engineers and geospatial experts to innovators and customer advocates, the team at Jeppesen ForeFlight has a dedication to excellence and customer service.

“We are thrilled to complete this transaction and to support Jeppesen ForeFlight as a standalone company with significant growth opportunities ahead,” said Holden Spaht, a Managing Partner at Thoma Bravo. “The company has been a cornerstone of the aviation industry for more than 90 years, combining deep domain expertise with a culture of innovation. We look forward to helping strengthen that leadership position and leveraging AI to drive the next wave of digital transformation in aviation.”

“The closing of this transaction underscores Thoma Bravo’s continued leadership in software private equity investing,” said Scott Crabill, a Managing Partner at Thoma Bravo. “Jeppesen ForeFlight is a world-class vertical software and data business that plays a critical role in powering the aviation ecosystem. We’re excited to support the company’s talented team, invest in innovation, and help accelerate its next phase of growth and global expansion.”

Brian Jaffee, a Partner at Thoma Bravo, added, “Jeppesen Foreflight is an incredibly special business, and we look forward to working closely with Brad and the entire leadership team to build on the company’s strong foundation and support its growth as we expand the business both organically and through strategic M&A.”

More information on the company and its product offerings can be found at jeppesenforeflight.com.

About Jeppesen ForeFlight
Jeppesen ForeFlight is a leading provider of innovative aviation software solutions, serving the Commercial, Business, Military, and General Aviation sectors globally. Combining Jeppesen’s 90-year legacy of accurate aeronautical data with ForeFlight’s expertise in cutting-edge aviation technology, the company delivers an integrated suite of tools designed to enhance safety, improve operational efficiency, and sharpen decision-making. From the cockpit to the control center, Jeppesen ForeFlight empowers pilots, business fleets, airlines, and militaries with solutions that enable them to plan and execute their missions safely and efficiently. Jeppesen ForeFlight is paving the way for the future of aviation intelligence with a commitment to quality, precision, and forward-thinking innovation. For more information, visit jeppesenforeflight.com or follow Jeppesen ForeFlight on: LinkedIn Jeppesen ForeFlight | X @jeppesenforeflight.

About Thoma Bravo
Thoma Bravo is one of the largest software-focused investors in the world, with over US$181 billion in assets under management as of June 30, 2025. Through its private equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo’s deep sector knowledge and strategic and operational expertise, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20+ years, the firm has acquired or invested in approximately 555 companies representing approximately US$285 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, Dallas, London, Miami, New York and San Francisco. For more information, visit Thoma Bravo’s website at thomabravo.com.

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Ardian provides financing to support IK Partners’ investment in Francks Kylindustri

Ardian

Ardian, a world‑leading private investment firm, has arranged a Private Credit financing package, including Unitranche and Committed Acquisition Facilities, to support IK Partners’ (“IK”) investment in Francks Kylindustri (“Francks”, “the Company”), a leading Nordic provider of installation and aftermarket services for commercial and industrial refrigeration systems.

Founded in 1950 and headquartered in Sweden, Francks has over the past 75 years built a strong reputation as a trusted partner for complex, business‑critical refrigeration and cooling solutions. The Company serves a diversified blue‑chip customer base of more than 1,000 clients and employs over 650 people across 50 sites in Sweden, Norway, Denmark and Finland.

“We are delighted to partner with IK Partners in supporting Francks Kylindustri, as Francks stands out as a leading Nordic specialist in commercial and industrial refrigeration installation and aftermarket services. Francks has delivered strong, profitable growth through organic performance, strategic acquisitions and new site openings, evolving from a regional Swedish business into a pan‑Nordic platform. With a solid foundation for further expansion, we look forward to working with IK to help accelerate Francks’ next phase of growth.” Stuart Hawkins, Head of Private Credit UK, Ardian.

With over two decades of experience, the Private Credit activity at Ardian is among Europe’s most established players, applying a multi‑local approach to partner with private equity sponsors and management teams in advancing the growth of high‑quality companies. This transaction adds to Private Credit’s track record of successful investments in the Nordics and reflects a period of strong investment activity for the team.

List of participants

  • Ardian (Private Credit)

    • Stuart Hawkins, Eric Hensen, Nova Kannegieter, Sana Mehta

  • IK Partners

    • Maria Brunow, Mathias Thorsheim, Mikael Lindholm

About Ardian

Ardian is a world-leading private investment firm, managing or advising $192bn of assets on behalf of more than 1,860 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

Headland

ardian@headlandconsultancy.com

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Apollo Funds Commit $6.5 Billion to Ørsted’s Hornsea 3 in the UK

Apollo logo

Apollo Infrastructure to Become 50-50 Joint Venture Partner in World’s Largest Offshore Wind Farm Project

NEW YORK , Nov. 03, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Apollo-managed funds have agreed to invest $6.5 billion in a 50% stake in Ørsted’s Hornsea 3. The $6.5 billion investment includes the acquisition price for a 50% interest in the joint venture holding Hornsea 3, the world’s largest offshore wind project, and a commitment to fund 50% of the project’s remaining construction costs.

Hornsea 3 is Ørsted’s third gigawatt-scale project in the North Sea’s Hornsea zone and upon completion it will have a capacity of 2.9GW – enough power to generate low-cost, renewable electricity for more than 3 million UK households. As part of the agreement, Ørsted will continue to construct the wind farm under a full-scope EPC contract and will provide long-term operations and maintenance services as well as route-to-market for power generation.

Apollo Infrastructure Partner Adam Petrie said, “Ørsted is a global leader in offshore wind power and Hornsea 3 is its most significant project yet, with capacity to bring reliable, renewable energy to millions of homes across the UK. Through this investment, we are proud to deliver a scaled and comprehensive solution for infrastructure that will promote energy security and the UK’s net zero ambitions.”

Ørsted Group CFO Trond Westlie said, “We’re pleased to welcome Apollo as a partner for Hornsea 3, as they bring infrastructure expertise and scaled capital. We look forward to working with them to deliver this important project that will produce enough electricity to power more than 3 million UK homes once completed and contribute to the renewable transformation of the UK. The divestment represents an important milestone for Ørsted as we continue to deliver on our partnership and divestment program, which is a cornerstone of our business plan.”

Apollo Partner and Co-Head of European Credit Leslie Mapondera said, “At Apollo, we look to serve as a scaled provider of long-term and flexible capital solutions for leading companies and infrastructure. We are pleased to partner with Ørsted on this transaction where Apollo Fund capital can help to power over 3 million UK homes. This is the latest large-scale transaction here in Europe where we are investing behind energy infrastructure, transition assets, AI and other key priorities.”

The Hornsea 3 transaction is subject to regulatory approvals and anticipated to close before year-end 2025. The Apollo Funds are expected to invest approximately $3.25 billion upon close, with the remaining $3.25 billion to be funded as the project reaches certain construction and development milestones in the coming years.

Ørsted chose to partner with Apollo in part for its ability to deliver a long-term, comprehensive equity and financing solution for the large-scale infrastructure project. The transaction’s senior financing is being led by Apollo-managed entities, and the bank facilities have been underwritten by BNP Paribas, ING Bank, Lloyds and RBC Capital Markets. Co-investors include La Caisse, formerly CDPQ, which has committed to the transaction across both equity and debt, and PSP Investments, which has committed to the transaction’s debt financing.

The investment in Hornsea 3 follows a series of recent large-scale capital solutions Apollo Funds have provided for European energy infrastructure, including a €3.2 billion investment to support expansion of the German energy grid, a £4.5 billion financing commitment to EDF for its Hinkley Point C nuclear power plant, and more than $4.5 billion of investments with BP, including non-controlling interests in its TANAP and TAP pipelines.

Linklaters LLP are acting as legal counsel to the Apollo Funds and RBC Capital Markets as financial advisor. Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as lenders counsel in the transaction.

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

Contacts

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

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

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Apollo Funds Complete Acquisition of Stream Data Centers

Apollo logo

SDC Positioned to Accelerate Development Across Multi-Gigawatt Hyperscale Pipeline with Apollo Funds’ Capital and Strategic Support

NEW YORK, Nov. 03, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Apollo-managed funds (the “Apollo Funds”) have completed the previously announced acquisition of a majority interest in Stream Data Centers (“SDC” or the “Company”), a leading developer and operator of hyperscale data center campuses across the United States. As part of the transaction, Principal Asset Management® (“Principal”) is acquiring a minority interest in SDC through a Principal-managed fund. SDC’s management team will retain a minority stake and continue to lead the company.

As a key operating platform within Apollo’s ecosystem, SDC is positioned to scale development across its platform and execute on a 4+ gigawatt pipeline serving the world’s most sophisticated technology and AI infrastructure users. To date, the Company has delivered more than 20 campuses on behalf of large hyperscale and enterprise customers primarily in Tier 1 data center markets. With a well-capitalized land fund that has substantial power allocations coming online over the next 12-24 months, Apollo believes SDC is well positioned to serve the rapidly growing market for data usage and compute capacity.

“SDC is an essential part of Apollo’s strategy to scale our presence in digital infrastructure,” said Joseph Jackson and Trevor Mills, Partners at Apollo. “We are excited to support the company’s continued expansion as a scaled provider of next-generation capacity for hyperscale and AI customers across key U.S. markets.”

“Principal has long recognized the transformative potential of the data center sector, and our well-established partnership with SDC reflects our deep commitment to supporting critical infrastructure,” said John Berg and Devin Chen, Senior Managing Directors at Principal. “We are excited to continue supporting SDC’s expansion alongside Apollo.”

Michael Lahoud and Paul Moser, Co-Managing Partners of Stream Data Centers, said, “With Apollo Funds’ and Principal’s support, SDC is now equipped to scale faster and more strategically than ever before. As demand for AI and hyperscale infrastructure continues to surge, we’re proud to operate from a position of strength and look forward to delivering transformative capacity where it’s needed most.”

Apollo estimates that global data center infrastructure will require several trillion dollars of investment over the next decade, driven by accelerating demand for compute capacity and AI workloads. Since 2022, Apollo-managed funds and affiliates have deployed over $40 billioni into next-generation infrastructure, including renewable energy, digital platforms and compute capacity. The firm plans to significantly scale its investment in these areas in the coming years, both through SDC and as a capital partner to other market participants.

About Apollo

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

About Stream Data Centers

Stream Data Centers is a high-growth developer and operator of data center wholesale colocation capacity and build-to-suit facilities for hyperscale and enterprise users in major markets across the United States. For more than 25 years, SDC has set new standards for innovation, operational excellence and sustainability in the data center industry, acquiring, developing and managing complex data center projects for the world’s most demanding users, with over 90% of its inventory leased to Fortune 100 customers. SDC’s dedicated site development entity, Headwaters, continues to build a dedicated land bank of attractive site locations, and SDC provides energy services with a focus on reducing market risk and supplying cost-effective renewable energy options. SDC is a key operating platform within the Apollo (NYSE: APO) ecosystem and is headquartered in Dallas, Texas, with a presence in major markets including Dallas, Phoenix, Chicago, San Antonio, Atlanta and more. To learn more please visit www.streamdatacenters.com

About Principal Asset Management®

With public and private market capabilities across all asset classes, Principal Asset Management and its investment specialists look at asset management through a different lens, creating solutions to help deliver client investment objectives. By applying local insights with global perspectives, Principal Asset Management identifies distinct and compelling investment opportunities for more than 1,100 institutional clients in over 80 markets.1 Principal Asset Management is the global investment solutions business for Principal Financial Group® (Nasdaq: PFG), managing $601.6 billion in assets1  including $105.2 billion in real estate assets1, and recognized as a “Best Places to Work in Money Management”2 for 12 consecutive years.  To learn more, please visit www.principalam.com

Principal Asset Management and Apollo are not affiliated.

[1] As of September 30, 2025

[2] Pensions & Investments, 2024

Contacts

For Apollo:

Noah Gunn

Global Head of Investor Relations

Apollo Global Management, Inc.

(212) 822-0540

IR@apollo.com

Joanna Rose

Global Head of Corporate Communications

Apollo Global Management, Inc.

(212) 822-0491

Communications@apollo.com

For Stream Data Centers:

Mary Morgan

Vice President of Marketing & Communications

info@stream-dc.com

For Principal Asset Management:

Sara Bonney

Director, Communications

Bonney.sara@principal.com

________________________

i Includes certain transactions that have signed but not yet closed. There can be no assurance that these transactions will close as expected or at all.

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Platinum Equity Completes PlayPower Acquisition

Platinum

Collage of outdoor play structures showing slides, climbing frames, swings, and children using different playground equipment in various park settings. | Platinum Equity

LOS ANGELES (October 31, 2025) – Platinum Equity announced today that the acquisition of PlayPower, one of the world’s leading designers and manufacturers of recreational and outdoor living systems, from Littlejohn & Co, LLC (“Littlejohn”) has been completed.

Headquartered in Huntersville, North Carolina, PlayPower designs and manufactures a wide range of products for outdoor recreation and living, including playground systems, recreational equipment, and related solutions, serving key end markets such as schools, parks and recreation, commercial and industrial facilities, residential communities, marine environments, and hospitality venues. The company maintains an international footprint with manufacturing and distribution facilities across North America and Europe, enabling efficient delivery, reduced transit times, and compliance with regional regulatory and design standards.

“We believe PlayPower is uniquely positioned as a leader in this market and are proud to support the company’s mission to enrich lives and strengthen communities through play and outdoor experiences.”

Jacob Kotzubei, Co-President, Platinum Equity

“Families and communities are prioritizing open-air spaces for health, wellness, and social connection, fueling long-term demand for premium outdoor equipment and playground solutions,” said Jacob Kotzubei, Platinum Equity Co-President. “We believe PlayPower is uniquely positioned as a leader in this market and are proud to support the company’s mission to enrich lives and strengthen communities through play and outdoor experiences.”

“PlayPower represents a platform with significant runway for growth across its core categories and adjacent segments,” said Nathan Eldridge, Managing Director at Platinum Equity. “We are eager to support the company’s growth organically and through new acquisitions that can expand its family of brands into complementary markets.”

Financial terms of the transaction were not disclosed.

Goldman Sachs served as financial advisor to Platinum Equity, and Simpson Thacher & Bartlett LLP served as Platinum Equity’s legal counsel on the transaction. Lincoln International served as financial advisor to Littlejohn, and Gibson, Dunn & Crutcher LLP served as legal counsel to Littlejohn.   Jamieson Financial served as advisor to the company’s executive management team.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $50 billion of assets under management and a portfolio of approximately 60 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 30 years Platinum Equity has completed more than 500 acquisitions.

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