Category Archives: News

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.

Categories: News

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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Bencis announces the closing of Bencis VII

Bencis

AMSTERDAM, BRUSSELS, DÜSSELDORF, 31 October 2025

Bencis Capital Partners B.V. (“Bencis”) is pleased to announce the first and final closing of Bencis VII at its hard cap of €625 million.

The fund received strong commitments from existing investors as well as from many founders and managers of Bencis portfolio companies, enabling a swift and successful fundraising process completed within six months. Bencis welcomes a number of new limited partners who have joined to support the firm’s continued growth journey.

Bencis VII will enable Bencis to continue investing alongside entrepreneurs and management teams in the Benelux and DACH regions, supporting them in building stronger and more sustainable businesses.

Over the past 18 months, Bencis has realized eight exits across Bencis IV Continuation Fund, Bencis V and Bencis VI, achieving an average MOIC of 7.0x. These realizations underscore the firm’s proven ability to deliver strong returns through active ownership and close collaboration with portfolio company management teams. Bencis expects further successful exits across all active funds in 2026.

This closing also marks a special milestone in Bencis’ history: exactly 25 years after the launch of its first fund in 2000. Over this period, Bencis has grown into a leading independent investment firm, recognized for its partnership approach and focus on long-term value creation.

“We are grateful for the trust of our investors, founders, and managers who have supported us throughout this fundraising,” said Zoran van Gessel, Managing Partner at Bencis. “The strong demand for Bencis VII is a testament to the enduring relationships we have built over the past 25 years and to our shared belief in partnership and sustainable value creation.

The fund will be managed by the same experienced team that has successfully led previous Bencis funds. Bencis VII will continue to target investments in mid-market companies, supporting them with strategic guidance, operational expertise, and capital for growth.

Bencis was advised by Proskauer Rose LLP and Loyens & Loeff NV.

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Emerald Announces €60 Million First Close of Global Water Fund II

Emerald

Zürich, Switzerland – Emerald Technology Ventures, a globally recognized venture capital firm with two decades of water-sector leadership, announced the first close of its Global Water Fund II at €60 million, marking a significant milestone in the fund’s mission to advance water innovation worldwide. The fund’s anchor investors are Veralto Corporation (NYSE: VLTO) – a newly independent global leader in water analytics and treatment – and Ecolab (NYSE: ECL) – a global leader in water, hygiene, and infection prevention solutions and services. SKion Water and Oxy Technology Ventures rounded out the first closing, underscoring a broad coalition of industry leaders backing the venture. This diverse investor base – spanning water technology, specialty chemicals, and energy – highlights the urgent, cross-sector commitment to solving global water challenges.

Global Water Fund II is targeting a total size of €150–180 million. The fund will accelerate innovation across the entire water value chain by investing in early to growth stage companies worldwide that are developing solutions in infrastructure and business resilience, advanced treatment, reuse, digitally enhanced monitoring, prediction, decision making and automation as well as technologies to address emerging contaminants.

“As climate and infrastructure shocks intensify, resilience in our water systems is essential. From smarter monitoring to advanced treatment, digital and AI-driven technologies are unlocking new efficiencies and insights. Yet, they also remind us of water’s critical role in enabling innovation itself, from cooling the very data centers that power these tools to sustaining life and industry alike,” said Dr. Helge Daebel, Partner at Emerald and longstanding head of its water practice. “The strong backing from industry leaders in this first close will help us supercharge startups and scaleups that both safeguard and optimize this precious resource.”

“At Veralto, we believe that safeguarding one of the world’s most vital resources—water—requires bold collaboration and innovation that is sustainable. Our anchor investment in Emerald’s Global Water Fund II reflects our deep commitment to accelerating breakthrough technologies that address the urgent realities of water scarcity, treatment, and reuse. By partnering across sectors, we’re not only investing in solutions—we’re helping build a future where water sustains people, communities, and the planet we share,”  said Melissa Aquino, SVP and Chief Segment Officer, Water Quality at Veralto.

“As a global leader in water, hygiene, and infection prevention, Ecolab has delivered innovation and business growth for more than a century,” said Dan LeCloux, executive vice president Research, Development & Engineering and Chief Technology Officer, Ecolab. “As an investor in the inaugural Global Water Fund, we are excited to continue our important work with Emerald Technology Ventures supporting innovation in the global water sector.”

The new fund builds on the success of Emerald’s inaugural Global Water Fund, which closed in 2020 with $100 million in commitments from top-tier investors including Temasek, Microsoft, Ecolab and SKion Water. Emerald’s first water fund has catalyzed multiple water-tech success stories, leveraging the firm’s unique track record in the sector – which includes successful exits of portfolio companies to industry giants such as SUEZ, Xylem and BASF. Another measure of its success has been the fund’s facilitation of key collaborations between corporations and start-ups/scale-ups, such as the work that Microsoft has accomplished with Kilimo and FIDO. This proven platform and expertise give the new fund a running start in identifying high-impact water innovations.

With its first close secured, Emerald is poised to deploy capital into innovative companies that help safeguard the world’s most vital resource. The firm notes that interest in the fund has been strong. “We are thrilled to see such a strong response from market leaders,” said Daebel. “It’s a clear signal that water innovation is not only a pressing global need, but also an attractive investment opportunity. Together with our partners, we are committed to scaling the solutions that will shape a more sustainable water future.”

More on water at Emerald:

Water & Wastewater

The water risk is real – with Eliza Roberts, Microsoft

Emerald Leads SGD 8 Million Investment in SG Enviro, Driving Advanced Industrial Wastewater Treatment in SE Asia

About Emerald Technology Ventures

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

This is Emerald.

Bold Ideas. Bright Future.  www.emerald.vc

CONTACT FOR EMERALD:

info@emerald.vc

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EQT completes sale of shares in Galderma Group AG

eqt
  • The sale resulted in aggregate gross proceeds of c. CHF 2.6 billion, of which EQT received c. CHF 690 million

Further to previous announcements, an affiliate of the funds known as EQT VIII (“EQT”) is pleased to announce the completion of the placement of 20 million shares in Galderma Group AG (SIX: GALD) (the “Company”) (the “Shares”) for aggregate gross proceeds of c. CHF 2.6 billion via an accelerated bookbuilding process (the “Placement”).

As part of the Placement, EQT received gross proceeds of c. CHF 690 million. The Placement was completed on 30 October 2025. Citigroup Global Markets, Goldman Sachs International, Jefferies, Merrill Lynch International, Morgan Stanley and UBS acted as joint global coordinators and joint bookrunners for the Placement.

Contact

EQT Press Office, press@eqtpartners.com

 

Important notice

This press release does not constitute (i) an offer to sell or a solicitation of an offer to buy any securities of Galderma Group AG or any of its affiliates and it does not constitute a prospectus within the meaning of the Swiss Financial Services Act or (ii) an offer of securities for sale in the United States or elsewhere. Securities may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration. There will be no public offering of any of the securities mentioned in this press release in the United States.

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About EQT

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

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

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