Cegeka acquires cybersecurity specialist 3Point

No Comments
GIMV
Cegeka acquires cybersecurity specialist 3Point to accelerate leadership in defense and public safety environments.

Cegeka today announced that it has acquired 3Point, a Belgium-based cybersecurity and IT consulting company specialized in defense and public safety environments. Financial details of the transaction are not being disclosed.

Hasselt, Belgium – June 23, 2026  This acquisition represents an important next step in Cegeka’s strategy to build a leading position in the defense, intelligence, and critical infrastructure sectors. By combining 3Point’s deep expertise and strong track record in highly classified environments with Cegeka’s scale and execution power, the company is significantly strengthening its ability to support these sectors in addressing increasingly complex, mission-critical challenges.

As geopolitical tensions rise and investments in defense and public safety accelerate across Europe, Cegeka is positioning itself as a long-term partner for governments and critical organizations, capable of designing, securing, and operating the digital backbone of the most sensitive environments.

Advancing Cegeka’s position in defense and high-security environments
Koen Deryckere, CEO of Cegeka, said: “This acquisition marks an important milestone in our strategy. We are building a leading position in defense, intelligence, and highly classified environments. Europe’s security and sovereignty increasingly depend on resilient digital infrastructure, and on partners who are trusted to protect it. With 3Point, we are building Cegeka’s position as a long-term partner for the defense, intelligence and public safety sectors, in the environments where trust and discretion matter most.”  

Headquartered in Antwerp, 3Point provides advisory and project-based services in security architecture, cyber defense operations, and customized IT solutions. The company also developed proprietary threat monitoring solutions, like Pointguard, that support organizations in protecting their critical infrastructure and operations.

3Point’s solution Pointguard will further strengthen Cegeka’s capabilities in pre-emptive threat monitoring. In today’s landscape, where cybersecurity threats are increasingly amplified by the use of AI, having comprehensive and up-to-date intelligence on potential attack vectors is critical. Pointguard enables advanced monitoring, including dark web analysis and threat hunting, allowing organizations to proactively detect and respond to cyber threats at an earlier stage.

Combining expertise and scale to address rising demand  
3Point has built a strong reputation in the Belgian defense and public safety ecosystem, operating in highly sensitive and classified environments and supporting key national initiatives.

With this acquisition, Cegeka gains immediate access to specialized expertise, security-cleared talent, and deep domain knowledge and experience in defense and public safety. At the same time, 3Point will benefit from Cegeka’s scale, operational backbone, and international footprint to further accelerate its growth.

The combination will enable both companies to better respond to the growing demand for large-scale, high-security IT and cybersecurity projects driven by increased investments in defense and critical infrastructure.

Scaling capabilities in defense, intelligence and space
Following the transaction, 3Point will work closely with Cegeka to further expand its Defense, Intelligence, and Space activities. The combined teams will focus on delivering complex, highly classified programs and supporting governments and organizations in safeguarding their most critical operations.

Brandon De Waele, Managing Director Defense, Intelligence & Space at Cegeka, says: “3Point brings exactly the capabilities we need to accelerate in this domain: deep technical expertise, the right security clearances, and strong credibility in highly classified environments. Together, we are uniquely positioned to support large-scale, mission-critical programs and to play a meaningful role in shaping the future of defense and public safety in Belgium and across Europe.” 

Paul Meys, Co-founder of 3Point: “This marks an important step in the next phase of 3Point’s growth. By joining forces with a partner like Cegeka, we gain the scale, reach, and complementary capabilities needed to further develop our expertise and support larger, more complex programs across critical environments. We remain fully committed to the same high standards of quality, independence, and close collaboration that our customers expect from us, while creating new opportunities for our people and our business to grow as part of a broader international platform.”

Stijn Haemhouts, Co-founder of 3Point: “For our clients, this combination strengthens our ability to deliver end-to-end support while preserving the trusted, specialist approach that has always defined 3Point. Our work often takes place in environments where reliability, security, and deep domain expertise are essential, and those principles will remain at the core of how we operate. With Cegeka, we will be able to broaden our offering, access additional expertise, and continue supporting our customers with the same commitment and proximity, now backed by the strength of a larger international group.” 

CVC agrees sale of Fast Logistics Group in the Philippines

CVC Capital Partners

CVC is pleased to announce that it has entered into an agreement to sell CVC Asia IV’s entire stake in Fast Logistics Group (“Fast”), the Philippines’ leading third-party logistics provider, to WLC Holdings Inc., a wholly-owned vehicle of the founding Chiongbian Family. Financial terms of the transaction were not disclosed. The closing of the transaction is subject to customary regulatory approvals.

Founded in 1972, Fast is an integrated logistics provider, offering warehousing, transportation and distribution services to many of the country’s largest consumer and industrial companies. Today, Fast is the Philippines’ leading player operating across 98% of Philippine provinces, with the country’s largest warehousing network comprising approximately 160 dry warehouses and more than 1.9 million square metres of space. The company also operates the Philippines’ largest trucking fleet, with more than 2,500 vehicles, and the country’s largest FMCG distribution platform, serving over 120,000 stores nationwide.

CVC first invested in Fast in 2020, alongside the founding Chiongbian Family. During this successful five-year partnership, CVC supported the company’s expansion and professionalisation across several dimensions: strengthening the business development function and commercial capabilities; optimising procurement and operations across the transport and warehousing divisions; upgrading financial reporting and planning systems to improve visibility and decision-making; and modernising Fast’s technology infrastructure, including its transport and warehouse management systems and the introduction of a real-time Control Tower platform. The team also made a strategic decision to significantly expand Fast’s warehousing footprint, growing the network from approximately 100 to 160 dry warehouses through a mix of own-built sites and long-term leases. Today, the business is well-positioned for continued growth under the full ownership of the Chiongbian Family.

“Fast has built an exceptional platform and established itself as the clear leader in the Philippine logistics market,” said Brice Cu, Senior Managing Director at CVC. “Together with the Chiongbian Family and the management team, we have invested significantly in expanding the business and strengthening its capabilities. We are proud of what has been achieved during our partnership and believe Fast is very well-positioned for its next phase of growth.”

Quotes

We are proud of what has been achieved during our partnership and believe Fast is very well-positioned for its next phase of growth

Brice CuSenior Managing Director at CVC

William Chiongbian, CEO of Fast Logistics, added: “We would like to thank CVC for their partnership and support over the past five years. Together, we have significantly expanded our network, enhanced our service offering and strengthened our leadership position in the market. We are excited about the opportunities ahead as we continue to support our customers and drive the next stage of Fast’s development.”

Categories: News

Tags:

Gaming Laboratories International (GLI®) welcomes CVC Strategic Opportunities as its first external investor

CVC Capital Partners

Gaming Laboratories International (“GLI”) and CVC, a leading global investment firm, together announce that they have entered into a strategic partnership to support GLI’s continued growth and long-term development. CVC, through its long-duration investment platform Strategic Opportunities, has completed an investment into GLI and related entities. The investment by CVC will provide resources and expertise to enhance the capabilities and growth prospects of GLI while upholding the company’s history and culture of providing world-class services to the global gaming industry.

GLI is the global leader in testing, certification and cybersecurity services to the global gaming industry with over 1,500 employees globally servicing over 710 regulated gaming jurisdictions worldwide. Founded in 1989 by James Maida and Paul Magno, GLI is headquartered in Lakewood, New Jersey, USA.

James Maida, Chief Executive Officer of GLI, said, “We are truly excited and honored to welcome CVC as a strategic investment partner. CVC shares our vision, values, and long-term commitment to the global gaming industry. This partnership creates new opportunities for growth and innovation, allowing GLI to invest even more in the success of the future of the global gaming industry as well as investing in related and adjacent sectors. Our leadership, values, and culture focused on customer service remain unchanged. I will continue as CEO and our leadership team remains intact. Together we will stay focused on quality, speed and the customer experience while continuing to drive innovation and outstanding service worldwide.”

Matt Turner, Partner at CVC and GLI Board Member, added, “Within CVC Strategic Opportunities, we seek to partner with exceptional businesses that have histories of consistent success, strong market positions and significant long-term growth potential. GLI fits perfectly with that approach, as over nearly 40 years James and Paul have built GLI into the clear leader in its industry. The company plays a critical role in the global regulated gaming ecosystem and has established itself as a trusted partner to regulators, operators and suppliers around the world. This positions the business extremely well for continued growth, and we are looking forward to working alongside James and the talented team at GLI to support the company’s future success.”

Categories: News

Tags:

Ratos company HL Display has signed to acquire UFO Display Solutions

Ratos

HL Display has signed an agreement to acquire UFO Plastics and Displays Pty Ltd (”UFO Display Solutions”), an Australian full-service provider of multi-material point-of-sale display solutions for brand suppliers and retailers. The acquisition will expand HL’s footprint in Australia, further strengthening its position as a leading supplier for in-store merchandising and communication solutions. Executing value-creating add-on acquisitions in platform companies is a key focus area of Ratos’ 2030 strategy.

“HL Display’s acquisition of UFO Display Solutions is a strong example of how we combine an increased pace of M&A with disciplined capital allocation, focusing on attractive multiples, high earnings quality and value creation in line with the Ratos’ 2030 strategy. This marks the second add-on acquisition by HL Display in 2026,” says Gustaf Salford, CEO of Ratos.

“I am pleased to announce the acquisition of UFO Display Solutions. With its strong customer base and complementary offering, the company is an excellent fit for HL in Australia. UFO’s capabilities in Melbourne will complement our team in Sydney, enabling us to deliver both standard and tailored solutions that enhance in-store execution and support our customers’ growth. I am delighted to welcome the UFO team to HL,” says Jonas Magnusson, CEO of HL Display.

Founded 26 years ago, UFO Display Solutions has established itself as a leading supplier of point-of-sale display solutions, combining custom design and multi-material production capabilities with outstanding service. Located in Melbourne, the team is well-regarded for their high-quality solutions, and trusted relationships with their customer base of brand suppliers and retailers over the years. The company has annual revenues of approximately SEK 100m with profitability margin accretive to HL Display.

The acquisition is anticipated to close on 1 July 2026.

About HL Display
HL Display is a leader in in-store merchandising and communication solutions, helping customers to create a better shopping in-store experience for shoppers and personnel. Founded in 1954 and today present in more than 70 countries and their solutions can be found in 350,000 stores. The company supports its customers to grow sales, inspire shoppers, drive efficiency, reduce waste and improve work in-store. Headquartered in Stockholm, Sweden and sales offices in 24 countries covering 40 markets as well as distribution partners covering the remaining markets globally. HL Display has 1,500 employees and net sales of SEK 3,000m (2025).

Ratos holds a 98 percent ownership stake in HL Display.

For more information, please contact:
Katarina Grönwall, VP Communications & Sustainability
+46 70 300 35 38
katarina.gronwall@ratos.com

Anna Vilogorac, CFO & IR
+46 70 616 50 19
anna.vilogorac@ratos.com

Categories: News

Tags:

The Master Group Expands U.S. Footprint with Acquisition of Distributor Corporation of New England (DCNE)

Novacap

Strengthens Presence in New England and Enhances Residential and Commercial HVAC-R Distribution Capabilities

The Master Group, a Novacap portfolio company and a leading North American distributor of heating, ventilation, air conditioning and refrigeration equipment, parts and supplies, today announced it has completed the acquisition of Distributor Corporation of New England, a well-established Carrier distributor serving the eastern New England region, including Massachusetts, Maine, New Hampshire and Rhode Island for 63 years.

The acquisition supports Master’s continued expansion in the United States and strengthens its presence in the Northeast U.S., an established HVAC market with sustained demand across both residential and commercial segments.

DCNE operates a network of eight locations across their territory and has built a strong and well-respected reputation for customer service, technical expertise and long-standing contractor relationships. Anchored by its alignment with Carrier Corporation, DCNE provides HVAC residential & commercial equipment, replacement parts & supplies, ductless solutions, support services and ongoing training classes to contractors and technicians throughout New England.

DCNE customers will continue to be supported by the experienced long-standing team they know and trust, while gaining the added benefit of Master’s scale, resources and broader distribution capabilities. The acquisition also enhances Master’s ability to serve contractors with an expanded product offering, increased geographic reach and continued focus on service excellence.

“The success of DCNE is first and foremost a reflection of what the Kolligian family and its team have built over the years,” said Louis St-Laurent, CEO of The Master Group. “With a strong reputation grounded in customer trust, technical expertise and service excellence, DCNE represents exactly the type of organization we look to partner with as we continue to grow our presence in the U.S.”

The addition of DCNE is a natural fit with Master’s existing operations and long-term growth strategy. Together, Master and DCNE will be better positioned to support contractors across New England with expanded resources, continued local expertise and a shared commitment to helping customers succeed.

“Joining The Master Group represents an important milestone for DCNE,” said Michele M. Kolligian, President & CEO of DCNE. “Our customers can be reassured that they will continue to receive the same quality of professional partnerships, technical knowledge and service commitment they have come to expect. The legacy of our family-owned and operated business, passed on to us by our late father, Gregory Archie Kolligian, has been the driving force behind our steadfast commitment to growing our business and providing quality service, knowledge and premium HVAC products since 1963. We extend our best wishes to The Master Group and the DCNE organization for continued success, as well as our valued customers and business associates.”

Michele and Nancy Kolligian will continue to manage the business through a smooth transition.

Transaction Terms

Financial terms of the transaction were not disclosed.

About The Master Group

The Master Group (Master) is Canada’s largest HVAC-R distributor and one of North America’s leading players in the industry. For more than 70 years, Master has supported contractors, engineers and industry partners with a broad portfolio of solutions across residential, commercial, institutional and industrial applications.

With now more than 2,000 dynamic and dedicated team members and a network of close to 100 branches, along with 9 distribution facilities across Canada and the United States, Master combines national scale with strong local presence. The company is known for its deep technical expertise, disciplined execution and long-standing partnerships with customers and suppliers.

Master’s approach is grounded in growth, simplicity, teamwork and doing what’s right — focusing on practical innovation, operational excellence and helping its partners succeed in a rapidly evolving industry.

For more information, visit www.master.ca

Improving lives, in every degree.

About DCNE

Distributor Corporation of New England (DCNE) is a leading HVAC distributor serving contractors across Massachusetts, Maine, New Hampshire and Rhode Island.

DCNE provides a full range of HVAC residential and commercial equipment, ductless solutions, parts & supplies and technical support services, with a team of seasoned sales and engineering professionals, and team of customer service associates with technical expertise across all product categories.

For more information, visit www.dcne.com

Categories: News

Tags:

Pollen Street agrees acquisition of Universal Banking, Finastra’s core banking solution division

Pollenstreet

Pollen Street Capital (“Pollen Street”) today announces the acquisition of Universal Banking (“UB”), a leading provider of mission-critical core banking software to over 150 financial institutions worldwide, in a carve-out from Finastra.

UB’s core banking platforms sit at the heart of its customers’ operations, powering transaction processing, account and deposit management, lending and treasury for retail, commercial and corporate banks. UB is an established player in international core banking recognised for its end-to-end offering with rich functionality and a track record of serving diverse customers ranging from global and regional institutions to digital banks, Islamic banks and building societies in over 100 countries.

Essence is UB’s next-gen, cloud-first, open platform with rich functionality, powerful APIs, advanced analytics and agile workflows – primed for GenAI integration and further expansion of offering to clients seeking increased automation. Award-winning and recognised by industry analysts as a leading platform, Essence is positioned well to continue to win in the market and to serve as the go-to future-proof platform for UB’s existing customers.

Demand for core banking modernisation continues to grow as banks look to migrate from legacy systems to improve agility and operational efficiency. UB is at the forefront of this trend, working with banks to modernise legacy systems, accelerate product innovation, reduce cost-to-serve, move workloads to the cloud, and deploy AI capabilities while delivering exceptional customer service. It also supports the needs of fast-growing challenger banks, digital startups, Fintechs, Islamic financial Institutions, and building societies.

Pollen Street’s backing will support UB through its carve-out from Finastra, strengthen its commercial capabilities, and provide the investment needed to accelerate product development and deployment of GenAI to best serve UB’s customers.

Chris Walters, Chief Executive Officer of Finastra, said: “Universal Banking is a strong business with talented people, proven products, and deep customer relationships. Under Pollen Street Capital, it will have the dedicated focus and investment to build on that strength. For Finastra, this sharpens our focus on payments and lending – areas where we see significant opportunity to grow and deliver more value for our customers.”

Anastasia Kovaleva, Partner at Pollen Street, added: “UB is a high-quality business with a strong foundation: mission-critical software, long-standing customer relationships and a clear pathway for growth through modernisation of the existing customer base and acceleration of new wins with a now proven modern platform. We are also excited about working with UB management team to deploy GenAI into banks, which we see as a very significant opportunity. UB is s exactly the type of resilient, differentiated specialist business with multiple value creation levers that we like to back.”

The acquisition reflects Pollen Street’s strategy of backing specialist financial services and technology businesses in attractive markets, with deep customer relationships, leading positions, and clear opportunities for organic and inorganic growth. UB will operate as a standalone entity led by its existing management team. The transaction remains subject to regulatory approvals.

Categories: News

Tags:

Stingray Announces $15.4 Million Share Buyback

LaCaisse

Stingray Group Inc. (“Stingray” or the “Corporation”) (TSX: RAY) today announced that it has entered into a private agreement with CDP Investissements inc., a subsidiary of La Caisse for the repurchase for cancellation of 1,000,000 Subordinate Voting and Variable Subordinate Voting Shares of Stingray held by La Caisse at a price of $15.40 per share, for a total consideration of $15.4 million. The repurchase price represents a discount of 5.1% to the closing price of the shares on the Toronto Stock Exchange (“TSX”) on June 18, 2026, and will be paid using Stingray’s cash on hand.

Concurrently with this share repurchase, La Caisse will sell 2,300,000 Subordinate Voting and Variable Subordinate Voting Shares of Stingray, representing approximately 4.2% of the company’s issued and outstanding Subordinate Voting and Variable Subordinate Voting Shares, through a block trade underwritten by National Bank Financial and Desjardins Capital Markets. Both transactions stem from La Caisse’s periodic portfolio rebalancing. La Caisse will remain a significant shareholder of Stingray, holding close to 10% of the outstanding Subordinate Voting and Variable Subordinate Voting Shares of Stingray.

“This share repurchase aligns perfectly with our ongoing commitment to active capital management and maximizing value for our shareholders,” said Eric Boyko, President, Co-Founder, and CEO of Stingray. “Our healthy balance sheet and strong financial position allow us to fund this transaction from cash on hand while maintaining our debt-reduction targets, preserving the flexibility to pursue strategic acquisitions and invest in our future growth.”

“La Caisse has supported Stingray’s growth and expansion since its initial public offering more than ten years ago. This transaction lets us monetize a portion of our stake while remaining a key partner in this Montréal-based company’s success and future innovations. The capital generated may be invested in Québec companies to accelerate their growth,” said Kim Thomassin, Executive Vice-President and Head of Québec at La Caisse.

An order was obtained from the Autorité des marchés financiers to exempt Stingray from the issuer bid requirements under applicable securities legislation applicable to the repurchase transaction, which will be made at a discount in accordance with the exemption order.

The share repurchase will be made outside of the facilities of the TSX and will not be taken into account in the calculation of the maximum annual global limit imposed under Stingray’s current normal course issuer bid.

Information regarding the share repurchase, including the number of shares repurchased and aggregate repurchase price paid, will be available on SEDAR+ at www.sedarplus.ca following the completion thereof. Stingray will not issue any additional press release announcing the completion of this share repurchase.

About Stingray

Stingray Group Inc. (TSX: RAY), the world’s leading connected streaming media company, delivers the best curated audio and video content to consumers worldwide. As a pioneer in multiplatform streaming and distribution, Stingray’s vast digital content portfolio includes thousands of live audio and radio stations, premium music channels, concerts and music documentaries, karaoke products, as well as ambience and wellness channels. Its offering is distributed via connected TVs, smart speakers, mobile, connected cars and retail. Reaching hundreds of millions of consumers every month, Stingray’s products offer an unparalleled advertising reach, enabling brands to connect with an engaged audience across the world. Home to globally renowned brands such as TuneIn, Singing Machine, Stingray Karaoke and Qello Concerts, Stingray is powered by a worldwide team of more than 1,000 employees. For more information, visit www.stingray.com.


Forward-looking Information

This news release contains forward-looking information within the meaning of applicable Canadian securities law. Such forward-looking information includes, but is not limited to, statements with respect to the closing and the anticipated benefits of the repurchase transaction. Although the Corporation believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties and are based on information currently available to the Corporation. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific. A variety of material factors – many of which are beyond Stingray’s control – affect the operations, performance and results of Stingray and its business, and could cause actual results to differ materially from the expectations expressed in any of this forward-looking information. Forward-looking information is identified by the use of terms and phrases such as “may”, “will”, “would”, “should”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”, and “continue”, or the negative of these terms and similar terminology, including references to assumptions. Please note, however, that not all forward-looking information contains these terms and phrases. Additional information about the risks and uncertainties affecting Stingray’s business can be found under the heading entitled “Risk Factors” in Stingray’s Annual Information Form for the year ended March 31, 2025, which is available on SEDAR+ at www.sedarplus.ca. Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that Stingray anticipates will be realized or, even if substantially realized, that they will have the expected consequences or effects on Stingray’s business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and Stingray does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.

– 30 –

For more information

  • Mathieu Péloquin, CPA
    Senior Vice-President, Marketing and Communications
    Groupe Stingray Inc.
    514-664-1244, poste 2362

Categories: News

Tags:

CapMan Real Estate announces first close of Nordic Real Estate IV

Capman

CapMan Real Estate announces first close of Nordic Real Estate IV

CapMan Nordic Real Estate IV (CMNRE IV) the fourth vehicle in CapMan Real Estate’s value-add fund series, held its first close on 17 June 2026 supported by existing and new international investors. Building on strong momentum, the fund is on track to reach its target size of EUR 750 million in commitments.

The CMNRE IV fund is well-positioned to capitalise on the current repriced Nordic real estate market where the strong fundamentals are driven by population growth, urbanisation and the stable economies. Structured as an SFDR article 8 product the fund will target high growth real estate sectors across the Nordics with a primary focus on residential and public sector assets, alongside selective investments benefiting from other structural megatrends, such as hotels and logistics.

Having secured its first seed deal, a compelling residential project in Copenhagen, the fund is currently advancing several further attractive opportunities across its target sectors, supporting timely deployment of capital. CapMan Real Estate has acquired eight large residential projects in the Nordics over the past 12 months demonstrating the team’s expertise and conviction in this dynamic sector.

“CapMan Nordic Real Estate IV continues our established Nordic Real Estate value-add fund series and is set to be the largest fund to date. We are coming to market at a genuinely attractive moment as we are seeing a depth of opportunities across the Nordics that gives us real conviction in the strategy. We are confident in continuing to deliver strong performance and material sustainability gains for our investor partners,” says Mikael Rihto, Fund Director of the CapMan Nordic Real Estate Value-add Fund Series.

For further information, please contact:

Mikael Rihto, Fund Director, CapMan Nordic Real Estate Value-add Fund Series, +358 40 684 0468

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 7.2 billion euros in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, real asset debt, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London, Luxembourg, and Düsseldorf. We are listed on Nasdaq Helsinki since 2001. www.capman.com.

Categories: News

Tags:

Platinum Equity to Sell Heat Controller to Lennox

Sale positions Heat Controller for continued growth

 Divestiture represents final exit of the firm’s investment in HVAC/R distributor Motors & Armatures

LOS ANGELES (June 18, 2026) – Platinum Equity today announced that it has signed a definitive agreement to sell Heat Controller, a leading HVAC equipment supplier, to Lennox (NYSE: LII). Financial terms of the transaction were not disclosed.

Headquartered in Jackson, Michigan, Heat Controller serves distributors across North America through its established Comfort-Aire and Century brands. Heat Controller was acquired by Platinum Equity in 2024 as part of its investment in Motors & Armatures, Inc. (“MARS”), a leading distributor of HVAC/R parts, supplies and equipment.

“The sale of Heat Controller represents the culmination of our MARS investment and delivers a successful outcome…we partnered with the company’s management team to create value through new product introductions, strategic M&A, synergy realization, investments in leadership talent, and an exit strategy that maximized value ”

Jacob Kotzubei, Co-President, Platinum Equity

“The sale of Heat Controller represents the culmination of our MARS investment and delivers a successful outcome driven by focused execution on our original investment thesis,” said Platinum Equity Co-President Jacob Kotzubei. “During our stewardship, we partnered with the company’s management team to create value through new product introductions, strategic M&A, synergy realization, investments in leadership talent, and an exit strategy that maximized value while divesting separate divisions to their most natural strategic buyers.”

“We are grateful for our partnership with the entire MARS and Heat Controller team and are proud of what we accomplished during our ownership,” said Platinum Equity Managing Director Dan Krasner. “We believe Lennox is an ideal strategic home for the Heat Controller business and are confident the company is well positioned to continue building on its momentum in this next chapter as part of the Lennox platform.”

“We appreciate Platinum Equity’s support and partnership during an important chapter in our company’s evolution,” said Philip Windham, Chief Executive Officer of Heat Controller. “Their operational resources, strategic guidance and commitment to investing in the business helped strengthen our platform and create new opportunities for growth. We are excited to begin our next chapter with Lennox and continue delivering the service, flexibility and value our customers depend on.”

After investing in MARS in July 2024, Platinum Equity led a comprehensive transformation of the company, which included:

  • Completing the strategic acquisition of Global, the Source, bringing US-based in-house manufacturing capabilities to MARS and enhancing the combined company’s financial profile
  • Expanding into new product categories such as pads, pans, equipment hangers, float switches, chemicals, and other accessories
  • Driving significant cost savings across procurement, freight, and damage reduction
  • Recruiting a world-class management team from a leading HVAC OEM, led by Philip Windham as CEO
  • Divesting the MARS parts division in 2025 to CSW Industrials, Inc. (NYSE: CSW) for $650 million
  • Now divesting Heat Controller to Lennox

The Heat Controller transaction is expected to close later this year, subject to customary closing conditions and regulatory approvals.

O’Melveny & Myers LLP is serving as legal advisor to Platinum Equity on the sale of Heat Controller.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $48 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 550 acquisitions.

About Lennox

Lennox (NYSE: LII) is a leader in energy-efficient building solutions and is committed to creating healthier and more comfortable environments. Serving residential and commercial customers, the company delivers innovative heating, cooling, indoor air quality, refrigeration, and water heating systems. Through trusted products, parts, and services, and advanced technology, Lennox delivers connected solutions that support the full lifecycle of customer needs. Additional information is available at www.lennox.com. Media inquiries may be directed to PR@lennox.com.

Categories: News

Tags:

EQT exits remaining stake in Beijer Ref

eqt

EQT

  • EQT completes final selldown of shares in Beijer Ref, a globally leading wholesaler and distributor of refrigeration, heating, ventilation, and air conditioning (HVAC) technology
  • Under EQT’s ownership, Beijer Ref has more than doubled revenues and tripled EBITDA, supported by accelerated organic growth, disciplined M&A, and continued margin development
  • The sale resulted in aggregate gross proceeds of c. EUR 370 million to the Main Shareholder, of which EQT IX received c. EUR 275 million

Breeze TopCo S.à r.l (the “Main Shareholder”), an affiliate of the EQT IX fund (“EQT IX”) is pleased to announce the completion of the placing (the “Placing”) of its remaining stake in Beijer Ref AB  (“Beijer Ref”), comprising c. 30.7 million class B-shares (the “Shares”) in Beijer Ref (STO: BEIJ-B), for aggregate proceeds of c. EUR 370 million. As part of the Placing, EQT IX will receive gross proceeds of c. EUR 275 million. 

The settlement of the Shares was completed on 18 June 2026. Citigroup Global Markets Europe AG, DNB Carnegie Investment Bank AB (publ), Jefferies GmbH and Mizuho Bank Europe N.V., acted as joint global coordinators for the Placing.

Headquartered in Malmö, Sweden, Beijer Ref serves installers through a network of 500+ branches across 45 countries, combining broad product availability with technical expertise and local customer support.

EQT had been the lead shareholder in Beijer Ref since its initial investment in December 2020. During this period, Beijer Ref has strengthened its position as a leading global wholesaler of refrigeration and HVAC expanding its sustainable OEM and private-label offering, investing in digital capabilities, executing a disciplined M&A strategy, and further realizing cost benefits of scale.

Since EQT’s investment, revenues have more than doubled, from SEK 14.1bn in 2020 to SEK 37.1bn in 2025, EBITDA more than tripled, from SEK 1.5bn to SEK 4.8bn, and environmentally-friendly products increased from 32% to 56% of OEM sales. The company has also successfully established a presence in the US market, where Beijer Ref is well-positioned to capture significant growth in the years ahead. 

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 Beijer Ref or any of its affiliates and it does not constitute a prospectus within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 or (ii) an offer for sale of, or a solicitation of an offer to purchase, securities in the United States or elsewhere. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration 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.

 

Downloads

About EQT
EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 142 billion in fee-generating assets under management) as of 31 March 2026, 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 LinkedInXYouTube and Instagram 

About Beijer Ref 
Beijer Ref is a globally leading wholesaler and distributor of refrigeration, air conditioning and heating technology, servicing +200,000 customers through +500 branches across 45 countries.

Categories: News

Tags: