Category Archives: News

Vantage Group Holdings to be acquired by Howard Hughes Holdings

Carlyle

Vantage’s Diversified Specialty Insurance Platform Delivers Lower Risk and Superior Return Potential

HHH to Host a Conference Call and Presentation on Thursday, December 18 at 8:30 a.m. ET, 

With an X Spaces Session to Follow

 

Hamilton, Bermuda December 17, 2025 – Vantage Group Holdings Ltd. (“Vantage”), a privately held leading specialty insurance and reinsurance company backed by Carlyle and Hellman & Friedman today announced that it has entered into a definitive agreement for Howard Hughes Holdings Inc. (NYSE: HHH) (“Howard Hughes,” “HHH,” or the “Company”) to acquire 100% of Vantage for $2.1 billion in cash or approximately 1.5x year-end 2025 book value. The transaction is expected to close in the second quarter of 2026, subject to customary regulatory approvals. Upon closing, Vantage will anchor Howard Hughes’ transformation into a diversified holding company.

Founded in 2020, Vantage has scaled into a next-generation leading specialty insurer and reinsurer, offering a diversified portfolio of global P&C products supported by modern infrastructure and advanced analytics.

“I’m excited about starting Vantage’s next chapter through this acquisition,” said Greg Hendrick, Chief Executive Officer of Vantage. “With Howard Hughes’ permanent capital and long-term vision, we expect to strengthen our balance sheet and expand opportunities in specialty insurance, reinsurance, and partnership capital. After closing, we anticipate enhanced resources to fuel profitable growth, drive innovation, and deliver even greater value to brokers and clients over time. None of this would be possible without the amazing passion and energy of 360 colleagues, the unwavering support of Carlyle and Hellman & Friedman, and the incredible support of our brokers and clients.”

Strategic Benefits of the Transaction:

  • Vantage will continue to operate with the same name, brand, and culture, with our colleagues retaining the same roles, teams, and go-to-market strategy.
  • HHH’s holding-company ownership of Vantage provides long-term capital support which materially strengthens Vantage’s credit profile and underwriting flexibility. An emphasis on underwriting profitability—driven by disciplined risk selection, pricing, and portfolio optimization rather than growth—will allow Vantage to effectively navigate the insurance cycle and optimize asset allocation over time.
  • Pershing Square will manage Vantage’s assets on a fee-free basis, enhancing investment returns and furthering alignment with policyholders and shareholders. Over time, Vantage’s investment portfolio will be directly invested in cash, short-term Treasurys, high-quality fixed-maturity securities, and a portfolio of common stocks subject to rating agency and regulatory considerations.

Jim Burr, Co-Head of Global Financial Services at Carlyle, and Jitij Dwivedi, Partner in the Financial Services team at Carlyle, said: “We are proud to have partnered with Greg Hendrick and the entire Vantage management team over the past five years and support the launch and build-out of the business. Together, we have built a top tier specialty insurance and re-insurance business, differentiated by its culture and tech-enabled underwriting platform, delivered strong earnings growth and diversified Vantage’s business model through innovative insurance-linked strategies. We think Howard Hughes will be a great home and wish Greg and the Vantage team continued success as it enters its next phase of growth.”

“We are so proud of what Greg and the team have built since we launched together in 2020. Today, Vantage is a high-quality insurance and reinsurance franchise with an excellent team and deep underwriting capabilities. We look forward to watching its continued growth and success in its next chapter,” said Adam Halpern-Leistner, Partner at Hellman & Friedman, and Hunter Philbrick, Partner at Hellman & Friedman.

Conference Call and X Spaces Session Information

HHH Executive Chairman Bill Ackman, CIO Ryan Israel, and CEO David O’Reilly will discuss the Vantage acquisition on a conference call tomorrow morning, Thursday, December 18, at 8:30 a.m. ET. The call will be followed by an X Spaces Session, with a town hall format open to the public providing the opportunity for participants to ask questions and engage in dialogue with HHH’s executive leadership.

To listen to the conference call and view the accompanying presentation via a live webcast, please visit the Howard Hughes website. Listeners who wish to participate in the question-and-answer session may do so via telephone by pre-registering on HHH’s event registration webpage.

The X Spaces session will be available at https://x.com/BillAckman

Advisors

J.P. Morgan Securities LLC is acting as exclusive financial advisor to Vantage. Debevoise & Plimpton LLP is acting as legal counsel. Jefferies LLC is acting as financial advisor to Howard Hughes Holdings, and Latham & Watkins are acting as legal counsel. Oliver Wyman is acting as the Company’s actuarial advisor.

About Vantage Group Holdings

Vantage Group Holdings Ltd. (Vantage) was established in late 2020 as a re/insurance partner designed for the future. Driven by relentless curiosity, the Vantage team of trusted experts provides a fresh perspective on clients’ risks and adds creativity to tech-enabled efficiency and robust analytics to address risks others avoid. Vantage operating subsidiaries Vantage Risk Ltd., Vantage Risk Assurance Company and Vantage Risk Specialty Insurance Company are rated “A-” (Stable) by AM Best and “A-” (Stable) by S&P Global Ratings. Founded with support from Carlyle and Hellman & Friedman, global investment firms with deep experience in the re/insurance industry, Vantage has grown into a leading provider of specialty insurance, reinsurance, and partnership capital solutions. Additional information about Vantage can be found at www.vantagerisk.com.

About Howard Hughes Holdings
Howard Hughes Holdings Inc. (HHH) is a holding company focused on growing long-term shareholder value. Through its real estate platform, Howard Hughes Communities, HHH owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S. Its award-winning assets include the country’s preeminent portfolio of master planned communities, as well as operating properties and development opportunities including The Woodlands®, Bridgeland® and The Woodlands Hills® in the Greater Houston, Texas area; Summerlin® in Las Vegas; Teravalis™ in the Greater Phoenix, Arizona area; Ward Village® in Honolulu, Hawaiʻi; and Merriweather District in Columbia, Maryland. Howard Hughes Holdings Inc. is traded on the New York Stock Exchange as HHH. For additional information visit www.howardhughes.com.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and operates through three segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $474 billion of assets under management as of September 30, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,400 people in 27 offices across four continents. Further information is available at carlyle.com. Follow Carlyle on LinkedIn at The Carlyle Group and on X at @OneCarlyle.

About Hellman & Friedman 

Hellman & Friedman is a preeminent global private equity firm with a distinctive investment approach focused on a limited number of large-scale equity investments in high-quality growth businesses. H&F seeks to partner with world-class management teams where its deep sector expertise, long-term orientation, and collaborative partnership approach enable companies to flourish. H&F targets outstanding businesses in select sectors, including technology, financial services, healthcare, consumer services & retail, and information, content & business services. Since its founding in 1984, H&F has invested in over 100 companies and has over $120 billion in assets under management as of September 30, 2025. Learn more about H&F’s defining investment philosophy and approach to sustainable outcomes at www.hf.com.

Safe Harbor Statement

Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize,” “plan,” “intend,” “assume,” “transform” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in Howard Hughes Holdings Inc.’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. Howard Hughes Holdings Inc. cautions you not to place undue reliance on the forward-looking statements contained in this release. Howard Hughes Holdings Inc. does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.

 

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Media Relations:

John Flannery

Vantage Risk

john.flannery@vantagerisk.com

203-918-7151

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Ethos Capital Completes Continuation Vehicle for Identity Digital

CVC Capital Partners

New investment partners join to support company’s next phase of growth

Ethos Capital LP (Ethos) announced today that it has completed a continuation vehicle (CV) transaction for its portfolio company Identity Digital, bringing in institutional investors including TPG GP Solutions, funds managed by Neuberger, Accel-KKR, Coller Capital, and CVC Secondary Partners, British Columbia Investment Management Corporation (BCI), and 10 East, among others. The transaction enables Ethos to support Identity Digital’s next stage of growth, while offering existing investors the opportunity for liquidity.

“This transaction reflects our conviction in Identity Digital’s long-term potential,” said Erik Brooks, Co-Founder and Managing Partner of Ethos Capital. “We’re grateful to our new investment partners for joining us in this next phase and to our existing investors for their continued trust. Identity Digital’s leadership team has built a performant company that sits at the center of the digital-identity ecosystem, and we’re excited to support their next chapter. Ethos is committed to a long-term investment strategy that employs our deep operational experience to drive long-term profitability and growth.”

Identity Digital operates mission-critical internet domain name system infrastructure that powers trusted online identity and helps organizations establish and secure their digital presence. Since Ethos’ initial investment in 2021, the company has expanded its platform, integrated acquisitions and continued to innovate in response to evolving market opportunities.

“This new investment affirms the strength of our business and supports our continued focus on innovation and client success,” said Akram Atallah, CEO of Identity Digital. “We look forward to deepening our partnership with Ethos and welcoming our new investors as we pursue our next stage of growth.”

“We are delighted to partner with Ethos and the Identity Digital management team for the next chapter of the company’s growth,” said Michael Woolhouse, Co-Managing Partner TPG GP Solutions. “Internet and digital infrastructure has been a key thematic focus area for TPG for over a decade, and Identity Digital has established itself as a clear market leader within this highly attractive market.”

“Neuberger Private Markets has a longstanding, successful partnership with Ethos Capital,” said Frank Guglielmo, Managing Director of Neuberger. “We continue to be impressed with Ethos’ thoughtful approach to value creation. As an existing shareholder in Identity Digital, we are excited to continue supporting the company’s strategic growth through the continuation vehicle transaction.”

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Trading Technologies Acquires OpenGamma, Leader in Margin and Capital Optimization Analytics

Thomabravo

CHICAGO and LONDON—Trading Technologies International, Inc. (TT), a global capital markets technology platform services provider, today announced it has acquired OpenGamma, a market leader in derivatives margin analytics for buy-side and sell-side clients. Terms of the transaction were not disclosed.

The integration of OpenGamma’s sophisticated margin optimization and capital efficiency tools directly into the TT platform will allow for automated trading and position transfer workflows that reduce risk and increase efficiency and will significantly enhance TT’s multi-asset platform.

Justin Llewellyn-Jones, CEO of TT, said: “The acquisition of OpenGamma is a transformative step that immediately deepens the value proposition we will offer our combined customer base. Global derivatives markets have undergone profound structural changes in recent years, particularly in the realm of margin requirements, resulting in an acute need to manage margin-driven liquidity risk without weakening safeguards around counterparty risk. OpenGamma’s real-time insights empower firms to maximize leverage and free up precious capital. This is a crucial strategic addition that aligns perfectly with our mission to provide the best multi-asset platform experience across the entire trade life cycle.”

Peter Rippon, CEO of OpenGamma, said: “Joining forces with Trading Technologies provides us with a massive opportunity to accelerate our growth. Leveraging TT’s scaled go-to-market and distribution capabilities will unlock new opportunities for the OpenGamma platform across the Americas, Europe, the Middle East and Asia-Pacific regions. Our team is excited to integrate our leading analytics into the TT platform, bringing new capital efficiencies to a much broader audience. I would like to thank the OpenGamma team and our investors for their unwavering commitment and support over the last 10 years.”

OpenGamma’s platform boasts a significant footprint, with top-tier clients across hedge funds, commodities trading firms and sell-side banks. TT will leverage OpenGamma’s strong client relationships to accelerate its opportunities in the hedge fund and energy sectors, while TT’s extensive network will provide OpenGamma with access to a larger pool of sell-side bank clients.

The TT platform handled more than 2.9 billion derivatives transactions so far in 2025. Through its Execution Management System (EMS), TT provides access to more than 100 global exchanges and venues for cross-asset trading. Through TT’s Order Management System (OMS), firms can accept, manage and execute orders and conduct post-trade confirmations and allocations. The expansion of the platform to deliver multi-asset functionality enables clients to utilize sophisticated order and execution management tools in the E/OMS for high-, low- and no-touch workflows across their global trading operations in each of the asset classes. TT’s open architecture allows users to integrate their systems with TT to access their own market connections, private liquidity or execution algorithms and import data from external sources enterprise-wide.

Houlihan Lokey served as exclusive financial advisor and Gunderson Dettmer as legal advisor to OpenGamma. Goodwin Procter served as legal advisor to Trading Technologies, Thoma Bravo and 7RIDGE.

About Trading Technologies

Trading Technologies is a global capital markets platform services company providing market-leading technology for the end-to-end trading operations of Tier 1 banks, brokerages, money managers, hedge funds, proprietary traders, Commodity Trading Advisors (CTAs), commercial hedgers and risk managers. With its roots in listed derivatives, the Software-as-a-Service (SaaS) company delivers “multi-X” solutions, with “X” representing asset classes, functions, workflows and geographies. This multi-X approach features trade execution services across futures and options, fixed income, foreign exchange (FX) and cryptocurrencies augmented by solutions for data and analytics, including transaction cost analysis (TCA); quantitative trading; compliance and trade surveillance; clearing and post-trade allocation; and infrastructure services. The award-winning TT platform ecosystem also helps exchanges deliver innovative solutions to their market participants, and technology companies to distribute their complementary offerings to Trading Technologies’ clients.

About OpenGamma

OpenGamma is a derivatives analytics firm with unparalleled expertise in over-the-counter (OTC) and exchange-traded derivatives (ETD) and prime broker margin methodologies. Its teams bring together a unique mix of practitioner, quantitative and software engineering expertise. Today, OpenGamma is trusted by the largest and most sophisticated global banks and fund managers, with thousands of users depending on its analytics. OpenGamma has been backed by Accel, CME Ventures, Dawn Capital, Allianz X and Cristóbal Conde.

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Blackstone and Phoenix Financial Announce Partnership

Blackstone

TEL AVIV and NEW YORK – December 17, 2025 – Phoenix Financial (“Phoenix”, TASE: PHOE), a leading Israel-based asset management and insurance company, and Blackstone (NYSE: BX), the world’s largest alternative asset manager, today announced a strategic partnership.

Under the agreement, Phoenix and Blackstone will collaborate across a range of credit strategies, including corporate, real estate and asset-based credit. Phoenix will invest up to $5 billion across these strategies, leveraging Blackstone’s global credit origination capabilities and additional co-investment opportunities for the benefit of its clients.

Jon Gray, Blackstone President & COO, said: “We’re thrilled to further support Phoenix and its clients through this partnership. We continue to see compelling opportunities to invest across the rapidly expanding private credit universe, leveraging Blackstone’s scale, origination capabilities and insights from across the firm.”

Blackstone has over $1.2 trillion in assets under management across a wide range of alternative investment asset classes. Specifically in credit, Blackstone is the largest third-party investment manager globally, with $508 billion in credit assets. This includes investment businesses across private corporate credit, liquid corporate credit, infrastructure and asset based credit, and real estate debt, as well as a team dedicated to serving the firm’s insurance clients.

Phoenix is the largest asset manager in Israel, with more than $180 billion in assets under management, and continues to expand internationally through partnerships with global investment leaders. Today’s announcement aligning Phoenix with Blackstone underscores this long-term strategy, strengthening its investment platform and broadening access for Israelis to differentiated global opportunities.

Eyal Ben Simon, CEO of Phoenix Holdings, said: “We are proud to broaden our global alternatives platform by partnering with Blackstone, a world-class leader in private credit and origination. This collaboration enhances the range of high-quality opportunities we bring to Israeli investors and reflects Phoenix’s strategy of working with the strongest partners globally. Blackstone’s exceptional capabilities represent another important step in delivering diversified, institutional-grade solutions to our clients.”

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.

About Phoenix Financial
Phoenix Financial is a leading Israel-based asset management and insurance company traded on the Tel Aviv Stock Exchange (TASE: PHOE). Phoenix activities have demonstrated strong growth and performance across the cycle, and serve a significant portion of Israeli households and businesses with a broad set of financial solutions. Managing over $180 billion in assets, Phoenix accesses Israel’s vibrant and innovative economic activity through a robust investment portfolio, creating value for both clients and shareholders.

Contact
Thomas Clements
Thomas.clements@blackstone.com
646 482 6088

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Warburg Pincus Signs Agreement to Invest in Acclime, a Leading Tech-Forward Corporate and Business Services Provider in Asia Pacific

Warburg Pincus logo

Singapore / Hong Kong, December 17, 2025 – Warburg Pincus, the pioneer of global growth investing, today announced that it has signed an agreement to invest in Acclime, a leading provider of corporate and business services across Asia Pacific. Through this transaction, Warburg Pincus seeks to leverage its global track record in building leading business services platforms to support Acclime’s next phase of growth, international expansion, and innovation.

Founded in 2019 by industry veteran Martin Crawford, Acclime was established with a clear vision: to build a truly integrated professional services platform capable of supporting businesses operating across Asia’s most complex and fast-growing markets. From its inception, Acclime differentiated itself through a partner-led model that combines deep local expertise with global standards, enabling the firm to scale rapidly while maintaining strong governance, accountability, and client focus.

Since its founding, Acclime has executed an ambitious and disciplined growth strategy, completing more than 50 acquisitions to build a platform spanning 18 markets and employing more than 2,000 professionals. The firm today serves over 17,000 clients—including subsidiaries of multinational corporations expanding into Asia Pacific, regional businesses, family offices, private capital firms, and high-growth companies—with a comprehensive suite of services across accounting, tax, HR and payroll, fund services, corporate secretarial, and risk and advisory.

As part of its evolution into a scaled, multi-market platform, Acclime appointed Izzy Silva as Group Chief Executive Officer in early 2024. Since assuming the role, Mr. Silva has led the next phase of Acclime’s development, sharpening the firm’s strategic focus, strengthening its operating model, and accelerating investment across leadership, systems, and technology to support sustainable long-term growth. Under his leadership, Acclime has advanced its digital transformation agenda, including the development of Aura, the firm’s proprietary AI-enabled automation platform, enhancing service delivery, operational efficiency, and client experience at scale.

Martin Crawford, Founder and Chairman of Acclime, said: “Over the past several years, Acclime has evolved into a pan-regional leader by combining deep local knowledge with a commitment to high-quality service for our clients. What began as a plan on a page has grown into a scaled, multi-market platform that has exceeded our expectations, thanks to the dedication of our 60+ partners, Stem Financial as foundational investors, and our talented team. We are delighted to welcome Warburg Pincus as a partner. Its partnership-oriented culture, global network, and strong track record of supporting growth make it an ideal investor for our next chapter.”

Saurabh Agarwal, Managing Director and Head of Southeast Asia Private Equity at Warburg Pincus, said: “Acclime has built one of Asia Pacific’s most scaled and differentiated corporate and business services platforms, powered by strong leadership, disciplined acquisitions, and a clear commitment to technology-enabled excellence. In a region defined by regulatory complexity and rising cross-border activity, the demand for an integrated, tech-forward business services partner has never been greater. Acclime’s deep local expertise and scalable, technology-driven solutions position it to lead the next generation of corporate and business services across the region. We are excited to partner with Martin, Izzy, and the broader team to accelerate growth, expand capabilities, and create long-term value.”

“Acclime has reached an important inflection point in its journey,” said Izzy Silva, Group CEO of Acclime. “Warburg Pincus shares our conviction in the long-term opportunity to build a global, technology-enabled professional services platform, and brings deep experience in scaling complex, multi-market businesses. Together, we are well positioned to accelerate growth, broaden our capabilities, and create enduring value for our clients and partners.”

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About Acclime

Acclime is a leading professional services firm providing integrated corporate services, fund services, accounting, tax, and advisory solutions across Asia Pacific and the Middle East. Founded in 2019 by Martin Crawford and Debby Davidson, Acclime was built on a partner-led model designed to prioritise client success. With over 2,000 professionals operating as one unified firm across 18 markets, Acclime serves a diverse range of private clients, regional enterprises, multinationals, funds, and family offices. The firm combines deep market knowledge, cross-border expertise and industry leading tech-enablement to help clients navigate complex regulatory environments, scale their operations and achieve their strategic objectives at every stage of success. For more information, please visit: www.acclime.com

About Warburg Pincus

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 its 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.

Media Contacts

Warburg Pincus

Lisa Liang

Senior Vice President, Asia Head of Marketing and Communications

lisa.liang@warburgpincus.com

Acclime

Joshua Konechny

Chief Marketing Officer

pr@acclime.com

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Stonepeak to Acquire Allgas

Stonepeak

NEW YORK & SYDNEY – December 17, 2025 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced that it has entered into a definitive agreement to acquire Allgas, a leading gas distribution network located in Queensland, Australia, from the APA Group (ASX: APA), Marubeni Corporation, and other shareholders.

Allgas is the provider of gas haulage infrastructure in the catchment area spanning Brisbane to the northern tip of New South Wales, and separately, Toowoomba and Oakey. Its extensive network includes approximately 3,900kms of distribution mains that supply approximately 120,000 households and businesses, nine gate stations, and 123,000 metering devices. Through its connection to major Queensland supply hubs and the extensive reserves available in the region, Allgas serves as a reliable source of energy distribution for its customers.

“This transaction underscores Stonepeak’s long-held conviction in natural gas as an essential component of the energy mix supporting global energy transition efforts, especially in Australia where it continues to play an important role for businesses and individuals,” said Darren Keogh, Senior Managing Director at Stonepeak. “Queensland, and South East Queensland in particular, is experiencing significant economic expansion underpinned by population and productivity growth that is supported by the Allgas network. We look forward to working with Allgas to help effectively capitalize on these meaningful tailwinds.”

The transaction is subject to regulatory approvals and is expected to close in the first half of 2026.

Gresham is serving as financial advisor to Stonepeak. Allens is serving as legal counsel to Stonepeak.

About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately US$80 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

Contacts

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

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

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Fortidia announces strategic partnership with BC Partners to accelerate global growth

BC Partners Logo

Fortidia (or the “Company”), a leading global platform providing shipping, fulfilment and marketing services, announced today that it has entered into a definitive agreement for BC Partners, a leading international investment firm, to acquire a majority stake in the Company from the founding Fiorelli family and funds managed by Oaktree Capital Management, L.P. (“Oaktree”).  Fortidia’s Chairman and CEO Paolo Fiorelli will retain a significant stake in the business and continue in his current role, working in partnership with BC Partners to accelerate the Company’s next phase of growth. Terms of the transaction were not disclosed. The transaction is subject to customary regulatory approvals.

Founded in 1993 and headquartered in Milan (Italy), Fortidia is a global leader in providing shipping, fulfilment, print, and marketing solutions, primarily to micro, small and medium-sized enterprises (“MSMEs”). Operating under multiple complementary franchised brands, including – among others – Mail Boxes Etc., AlphaGraphics, World Options and PostNet, Fortidia plays a pivotal role in the high-growth parcel, packing, shipping and fulfilment value chain, as well as providing outstanding marketing solutions. The Company acts as a key player in the end-to-end logistics and complementary business services arenas and is growing rapidly to serve its on-line and off-line customers in a highly fragmented global market.

Paolo Fiorelli, Founder and CEO of Fortidia, said: “This is an exciting new chapter for Fortidia. We take great pride in the global network and trusted brands we have established over the last thirty years. The team at BC Partners is the ideal strategic ally to accelerate our next phase of growth; they have a strong reputation and track record in Italy, and their values, deep knowledge, and operational expertise will be key to unlocking our full potential. We share a clear vision: to expand our global footprint, enhance our services, and deliver exceptional value to our customers through our global network of franchise partners. We would like to extend our sincere gratitude to Mario Adario and the Oaktree team for their partnership over the past years.”

Paolo Notarnicola, Partner, Co-head of Services and member of the Management Committee, BC Partners, said: “We are delighted by the opportunity to partner with Paolo and his team at Fortidia. This investment reflects our continued focus on partnering with exceptional entrepreneurs in the route-based services sub-sector – a space we know incredibly well through investments in companies such as GFL, GardaWorld, and GES, and where we see continued long-term tailwinds. Fortidia’s resilient business model, strong franchise network, and compelling growth trajectory makes it a definitive ‘defensive growth’ business and a natural fit within BC Partners’ portfolio.”

Marco Castelli, Partner, BC Partners, added: “This investment showcases how our differentiated sourcing model – anchored in deep sector expertise and local networks – enables us to source attractive, bilateral opportunities and position ourselves as the partner of choice. Looking ahead, we plan to work in close partnership with the Fortidia team and to apply the proven playbooks we have developed over the years to help grow the business both locally and internationally – enhancing the client offering, expanding Fortidia’s network internationally, and pursuing M&A opportunities in a highly fragmented market.”

Mario Adario, Managing Director, Oaktree, said: “Fortidia is an extraordinary company with still a lot of potential to be realized. We would like to thank Paolo Fiorelli and his team: it was a great honour to work with them to more than triple the profitability of the Company. This outcome is the result of a shared vision, strong alignment and mutual trust. We are confident that Paolo and team will continue this growth trajectory with their new partner”.

Fortidia will continue to operate under its existing management team and brand structure, maintaining its strong focus on serving customers worldwide, primarily through its network of franchise partners.

This transaction marks the first investment in BC Partners Fund XII, which will follow the same sector-led strategy as prior funds, focused on building a diverse portfolio of defensive growth companies in the mid-market. It also marks BC Partners’ fifth investment in 2025, following investments this year in Biogaran, IGS GeboJagema, PetLabCo., and GES, and builds on BC Partners’ extensive track record of investing in Italy, having deployed over €3.3bn across 17 transactions since its founding in 1986.

Jefferies acted as exclusive financial advisor to Fortidia and its shareholders, with a team led by Jefferies’ Head of Italy Investment Banking Mauro Premazzi. Fortidia was also advised by Sidley Austin LLP together with PedersoliGattai and Paolo Ludovici at GPBL. BC Partners was advised by Latham & Watkins, Kirkland & Ellis, Facchini Rossi Michelutti, PwC and Bain and Co.

 

-[ENDS]-

 

About BC Partners

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

About Fortidia

Fortidia is the brand identity of MBE Worldwide S.p.A. – a company headquartered in Italy – and its affiliates. Fortidia is a global commerce enabler for MSMEs and consumers thanks to its platform including brands providing fulfillment, shipping, marketing and print solutions: Mail Boxes Etc. (outside the U.S. and Canada.), World Options, PostNet, PACK & SEND, AlphaGraphics, Multicopy, Kwik Kopy Australia, Print Speak, GEL Proximity and Spedingo. In 2024, its platform – including 3,200+ Business Solutions Centers in 57 countries with over 14,000 associates – served 850k business customers worldwide generating €1.45 bln (US$1.65 bln) of System-wide Gross Revenue.

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Bain Capital and 11North Partners Close $1.6 Billion Capital Raise to Invest Alongside their Co-Owned Open-Air Retail Platform

BainCapital

Raise was anchored by two leading global institutional investors

BOSTON & NEW YORK – December 16, 2025 – Bain Capital Real Estate (“Bain Capital”) and 11North Partners (“11North”) today announced the close of a capital raise of up to $1.6 billion to invest alongside their co-owned, dedicated open air retail-focused operating platform (“the Platform”). The successful raise supports Bain Capital and 11North’s ability to distinctively invest in high-quality open-air retail centers throughout the United States and Canada and across the core plus and value add spectrum. The capital raise was anchored by two leading global institutional investors and includes commitments from existing and new Bain Capital investors. Together with participation from Bain Capital Real Estate Fund III, the Platform has access to more than $2 billion of investable equity.

Bain Capital and 11North formed the Platform in April 2024 to acquire grocery-anchored, open-air retail centers with high concentrations of necessity-based tenants and strong long-term consumer demand characteristics. Since launching, the Platform has acquired a diversified portfolio of assets with resilient and durable cash-flow profiles in markets benefiting from strong population and income growth.

“This Platform is a testament to Bain Capital’s more than 40-year heritage of thematic investing in the consumer sector, which has enabled us to build deep institutional knowledge and differentiated insight into how real estate can capitalize on and adapt to shifts in consumer behavior. It also reflects how we invest across Bain Capital Real Estate – thematically, with advantage, and with discipline in partnership with aligned operators who bring deep domain expertise,” said Ryan Cotton, a Partner and Head of Bain Capital Real Estate.

“From the beginning of 11North Partners, our shared vision with Bain Capital was to build a platform that could thoughtfully invest across both core plus and value add opportunities. This first capital raise delivers on that vision and positions us to scale with discipline,” said Brian Harper, Founder and Managing Partner of 11North. “We are grateful to be partnering with two of the largest and most respected investors in the world, and we will remain focused on acquiring generational grocery-anchored real estate across the United States. The structure of our Platform gives us the flexibility to pursue single assets, large portfolios, or company-level opportunities as we continue to build upon our existing, high-quality collection of assets.”

“We see open-air retail continuing to benefit from durable secular trends, including the growth of omnichannel shopping, healthy sales performance in essential categories, and evolving consumer patterns that keep daily needs closer to where people live. These dynamics create a supportive environment for necessity-based centers in strong, accessible locations, and with the right partnership in place, we believe we are well positioned to continue assembling a best-in-class portfolio that delivers lasting value for our investors,” added Martha Kelley, a Managing Director at Bain Capital Real Estate.

The Platform primarily focuses on investment opportunities in markets experiencing strong demographic tailwinds and exceptional sales productivity among target retailers. Most recently, Bain Capital and 11North completed the acquisition of a $395 million, 10-asset portfolio of Publix-anchored centers in infill markets across Florida and Charleston, South Carolina. That acquisition followed the purchase of three open-air lifestyle retail centers in Oklahoma City, Oklahoma for approximately $212 million. The transactions reflect the Platform’s continued momentum in high-growth, high-conviction markets.

About Bain Capital Real Estate

Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested and committed over $10.7 billion of equity across multiple sectors as of September 30, 2025. Bain Capital Real Estate focuses on assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. Bain Capital is one of the world’s leading private investment firms with approximately $205 billion of assets under management. For more information, visit https://www.baincapitalrealestate.com.

About 11North Partners

11North Partners is a real estate investment firm redefining the modern retail landscape through disciplined execution, strategic partnerships, and data-driven performance. We own a collection of market-leading retail assets diversified across geographies and formats, with a focus on quality, superior risk-adjusted returns and long-term value creation. For more information, visit https://www.11northpartners.com.

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Bain Capital Completes Acquisition of Service Logic

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Strategic partnership will support Service Logic’s continued growth as a national leader in mission-critical commercial HVAC services

CHARLOTTE, N.C. & BOSTON – December 16, 2025 – Service Logic (or the “Company”), a leader in comprehensive commercial HVAC and building automation services, today announced the close of its acquisition by Bain Capital, in partnership with Mubadala Investment Company (“Mubadala”), from Leonard Green & Partners. Bain Capital and Mubadala will continue to support the Company in its next phase of growth.

Headquartered in Charlotte, NC, and operating from over 140 locations across North America, Service Logic specializes in mission-critical commercial HVAC services, including preventative maintenance, emergency service, unit replacement, and retrofit projects. With over 5,000 technicians across the organization, Service Logic combines a high-touch, local service model with the benefits of national scale, making the Company a trusted partner to thousands of customers across industries and geographies. The Company has a long track record of successful strategic acquisitions and continued collaboration with local owner-operators.

“We are excited to announce Bain Capital as our new investment partner to support us during this next phase of growth. Bain Capital’s deep expertise in supporting market leaders as they scale makes them an ideal business partner for Service Logic, but it is their shared vision and commitment to our technicians and local operators that makes them a great choice,” said Jason Richardson, Chief Executive Officer of Service Logic. “With Bain Capital’s support, we will continue delivering excellent service to our customers and meaningfully grow our business through a combination of organic growth and strategic acquisitions. We would also like to thank the Leonard Green team for their strategic partnership over the past five years, which supported us through a significant expansion in our footprint and continued optimization of our business.”

“Service Logic is the leading independent operator in a large and growing HVAC services market. Its durable organic growth, operational excellence, and disciplined approach to strategic acquisitions have created a differentiated platform with national scale,” said Joe Robbins, a Partner at Bain Capital. “We are excited to work alongside the management team to further strengthen the Company’s platform, accelerate M&A, and continue enhancing its capabilities in local markets. We believe Service Logic has significant runway to deepen its presence and serve customers across North America.”

“We are grateful for our partnership with the Service Logic team over several years of outstanding growth,” said Chris McCollum, Senior Partner at LGP. “Service Logic has made significant investments in the business, expanded its geographic reach, and broadened its service capabilities. We’re proud of the team’s achievements and are confident they are well positioned for continued success.”

The investment was led by Bain Capital’s North America Private Equity team, which has a long heritage of partnering with and accelerating growth at market-leading services and distributions businesses. Service Logic joins the firm’s portfolio of scale services platforms including Imperial Dade, US LBM, Frontline Road Safety, Dealer Tire, Guidehouse, and Harrington Process Solutions.

Barclays and Jefferies acted as joint lead financial advisors, Ropes & Gray served as legal advisor to Bain Capital. Harris Williams and Goldman Sachs & Co. LLC served as joint lead financial advisors to Service Logic, and J.P. Morgan and Morgan Stanley & Co. LLC also acted as financial advisors, and Latham and Watkins served as legal advisor to Leonard Green.

About Service Logic
Service Logic is the largest privately held commercial HVAC and mechanical services platform in North America, delivering preventative maintenance, emergency service, equipment replacement and retrofit services, and building-automation and energy solutions. The company supports 1B+ square feet of commercial square footage today, via its network of 140+ locations and 5,000+ technicians. For more information, please visit www.servicelogic.com.

About Bain Capital
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $205 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About Mubadala
Mubadala is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi. Mubadala’s $330 billion portfolio spans six continents with interests in multiple sectors and asset classes. Mubadala leverages its deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates. Mubadala’s investment philosophy is centered around investing in high quality companies operating in attractive markets with strong tailwinds. It seeks to identify and back strong management teams and provide capital to support their organic and inorganic growth strategies. For more information, please visit www.mubadala.com.

About Leonard Green & Partners
Leonard Green & Partners, L.P. is a leading private equity investment firm founded in 1989 and based in Los Angeles. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has invested in over 100 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. LGP primarily focuses on companies providing services, including consumer, business, and healthcare services, as well as retail, distribution, and industrials. For more information, please visit www.leonardgreen.com.

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Ardian announces the sale of its stake in Prosol to Apollo

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Ardian

Ardian, a global private investment firm, announces the sale of its majority stake in Prosol, the specialist in fresh products in France, to Apollo-managed funds (“Apollo”).

Founded in 1992 by Denis Dumont and headquartered in Chaponnay in the Auvergne Rhône Alpes region (France), Prosol has developed a unique model based on complete control of the food value chain – from upstream to retail. Thanks to long-term partnerships with nearly 2,300 French producers, the company selects, enhances, processes, and delivers a variety of products to the stores of its own brands, thereby guaranteeing origin, freshness, taste, and quality.

A renowned specialist in fruit and vegetables, dairy, seafood, and butchery, the company employs nearly 10,000 people and operates across the country through nearly 450 stores in France. Prosol operates the Grand Frais brand (in collaboration with Euro Ethnic Foods and Despi), as well as fresh., La Boulangerie du Marché, Mon Marché, BioFrais, and Banco Fresco and Panfé in Italy. The company generated revenues of more than €4.2 billion last year.

Since its investment in Prosol in 2017, Ardian has supported the company in accelerating its development, combining organic growth with strategic acquisitions. During this partnership, Prosol has more than tripled its revenues and carried out major operations, including the acquisition of Océalliance, France’s leading seafood wholesaler, in 2022, and the Novoviande butcher network in 2024.

Prosol today reaffirms its ambition to continue its growth momentum to establish itself as the leading player in fresh food retail. This momentum is based on its unique expertise in France, the expansion of its store network, the strengthening of its multi-brand model, and the reinforcement of its long-term partnerships with French producers.

The investment by Apollo alongside historical shareholders will enable Prosol to pursue its growth strategy under the leadership of its management team.
It will also strengthen the company’s positioning, values, and mission: to defend and promote the work of artisan producers, making good and healthy products available to as many people as possible – products that embody the pleasure of eating well, a key part of our country’s culture.

“It has been a real pleasure working alongside all the Prosol teams. We are proud to have supported the company in its transformation and acceleration. Prosol now has very solid foundations to pursue its growth trajectory.” Thibault Basquin, Co-Head & CIO of Buyout, Member of the Executive Committee, Ardian

“The partnership with Prosol is fully in line with Ardian’s value creation strategy alongside exceptional entrepreneurs and management teams. We are pleased to have contributed to Prosol’s long-term development and wish Prosol every success in the next stage of its growth.” Nicolas Trani, Managing Director Buyout, Ardian

“We are grateful to Ardian for its support and commitment over the past eight years. As we begin this new chapter of our story, we are delighted to partner with Apollo to continue our growth and further strengthen our commitment to promoting quality food.” Jean-Paul Mochet, CEO Prosol

The completion of the transaction remains subject to the usual regulatory approvals and customary closing conditions.

List of participants

  • Ardian

    • Thibault Basquin, Nicolas Trani, Pierre Casas, Anouk Daoudal, Gregory Buscayret
    • Advisor: JP Morgan (Kyril Courboin, Augustin d’Angerville) and Zaoui & Co (Yoel Zaoui, Serge Mouracade)
    • Legal advisor: Frieh, Brault & Associés (Michel Frieh, Paul Sautier)

  • Seller

    • Commercial, financial, legal, tax and social Due Diligence: BCG (Andrea Gondekova, François-Xavier Sallé), 8 Advisory (Sandrine Vouillon, Guillaume Roque), Deloitte (Antoine Larcena), 8 Advisory (Hubert Christophe), Weastem (Emmanuel Parmentier)
    • Addleshaw Goddard LLP (Anna-Christina Chaves)

ABOUT ARDIAN

In a world of constant evolution, Ardian stands out for its ability to anticipate, adapt, and turn challenges into opportunities. As a global, diversified private markets firm with 22 offices and more than 350 investment professionals worldwide, we provide investment and customized solutions that reflect new economic dynamics and help our clients remain resilient in a changing world.
We deliver multi-local expertise and long-term performance for our investors and partners as well as shared value for the broader society. Since Ardian’s inception in 1996, our pioneering approach to diversification and our ability to offer tailor-made solutions at scale have remained the heart of our strategy.
Through commitment, knowledge and technology, we bring lasting value to our companies and contribute positively to the whole industry.
Ardian currently manages or advises $196bn for more than 1,890 clients worldwide across Private Equity, Real Assets, and Credit.
Ardian. Mastering change for lasting value.

ardian.com

ABOUT PROSOL

A leading player in specialised food retail in France, PROSOL has been developing an integrated, fresh-food-focused model for more than 30 years. By exercising full control over the value chain — from agricultural sourcing to distribution — the company ensures freshness, quality and traceability, in support of better eating for all.
Designed as a true infrastructure dedicated to taste, PROSOL’s model is built on long-term partnerships with carefully selected producers, in-house expertise in product enhancement and maturation, proprietary production facilities, and a dedicated, high-performance logistics network.
With nearly 450 points of sale, PROSOL operates a portfolio of complementary retail brands, including Grand Frais, fresh., La Boulangerie du Marché, mon-marché.fr, BioFrais, and Banco Fresco in Italy. Within Grand Frais stores, the company directly operates the fruit and vegetable, fish, dairy and cheese departments, as well as butchery departments in the Paris region and Eastern France.

Media contacts

ARDIAN

HEADLAND

ardian@headlandconsultancy.com 

PROSOL

AGENCE HISTOIRE 2 Nadya Yazzaoui

n.yazzaoui@histoire2.com06 27 47 41 89

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