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EQT to Acquire Adevinta’s Spanish Online Classifieds Businesses

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  • The EQT X fund has agreed to acquire Adevinta’s Spanish operations (“Adevinta Spain”), including leading Spanish online classifieds platforms such as Coches.net, InfoJobs, Milanuncios, Fotocasa, and Habitaclia
  • Adevinta Spain’s underlying markets are supported by favourable secular megatrends in their respective verticals, such as an increasing shift from offline to online marketing, as well as significant value to customers driven by the platforms’ strong brand recognition
  • EQT will support the continued growth momentum of the various platforms, capitalizing on EQT’s strong digital expertise, “local with locals” approach, and extensive global track record in the online classifieds sector

EQT is pleased to announce that the EQT X fund (or “EQT”) has agreed to acquire Adevinta’s Spanish operations from Aurelia Netherlands TargetCo B.V.

Adevinta Spain encompasses some of Spain’s most well-established online classifieds platforms, including Coches.net, InfoJobs, Milanuncios, Fotocasa, and Habitaclia:

  • Coches.net, Spain’s leading digital automotive classifieds platform, supports approximately 7,000 dealers and 20 million monthly visitors by providing an online vehicles marketplace for car owners and buyers.
  • InfoJobs is Spain’s leading online job marketplace, connecting a broad base of candidates with an extensive network of employers.
  • Fotocasa and Habitaclia support real estate agents as well as home buyers and sellers in Spain by providing an online real estate classifieds marketplace.
  • Milanuncios is one of Spain’s largest general classifieds platforms, allowing users to buy and sell goods and services across various categories including consumer goods, vehicles, and other categories

EQT will support Adevinta Spain’s growth as it transforms into a fully independent company by accelerating product innovation, improving customer experience, and expanding AI and technology infrastructure. EQT will work closely with the leadership teams of the various platforms to support their long-term strategy.

This acquisition builds on EQT’s track record in the online classifieds sector globally and its long-standing presence in Spain. Recent transactions in the region include the acquisition of Universidad Europea, a leading private higher education platform in Spain and Portugal, and a growth investment in TravelPerk, a leading global travel and expense management platform based in Barcelona. 

Bert Janssens, Co-Head of Private Capital Europe & North America at EQT, said: “Adevinta Spain represents a highly thematic investment within one of EQT’s core sub-sectors, consumer internet. This investment reflects our strategy of backing high-growth platforms and partnering with world-class Management teams. We’re impressed by the businesses and look forward to supporting Adevinta Spain and its leadership team as they enter this next phase of growth.”

“Adevinta Spain’s platforms are leaders in their respective verticals in Spain, which gives them a promising base from which to further grow,” said Carlos Santana, Partner and Head of Spain & Italy Private Capital at EQT. “We’re excited to partner with the Management teams to help them scale, modernize and continue delivering value to Spanish customers and businesses.”

The transaction is subject to customary conditions and approvals. It is expected to close during Q1 2026. With this transaction, EQT X is expected to be 60 – 65 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication).

Clifford Chance served as legal counsel to EQT and Ernst & Young as financial, tax and carve-out advisor.

Contact
EQT Press Office, press@eqtpartners.com

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About EQT
EQT is a purpose-driven global investment organization with €‌​​266​‌ billion in total assets under management (€141 billion in fee-generating assets under management) as of 30 June 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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Sdui Group Secures Strategic Investment to Accelerate its Mission to Become the Operating System for European Schools

BainCapital

Koblenz, Germany and London – July 21, 2025 – Sdui Group, a leading European provider of cloud-based administrative software for K-12 schools, today announced a new growth investment led by Bain Capital’s Tech Opportunities fund, with participation from existing investors HV Capital and High-Tech Gründerfonds (HTGF). The funding will be used to strengthen Sdui Group’s product suite, deepen its support for educational institutions, and further its ambition to become the unified digital platform for education in Europe.

Founded in 2018 in Germany, Sdui Group provides a fully integrated suite that supports schools across administrative needs from communication, attendance, scheduling, grading, and more. Today, Sdui Group serves thousands of institutions across Germany, Austria, Switzerland, and Spain, and is continuing to expand into new regions. Its modern, modular software is trusted by individual schools, districts, and governments to streamline operations. Sdui Group’s suite improves the experience for all stakeholders – teachers, students, administrators, and parents – and gives back valuable time to focus on teaching and learning.

As European school systems face rising complexity, increased digital expectations, and expanding public support and funding for education technology, institutions are looking for modern, reliable platforms that simplify their daily workflows. With a user-first approach and scalable, compliant cloud architecture, Sdui Group is well-positioned to lead this shift.

“This is a moment of transformation for education in Europe,” said James Stevens, a Partner in Bain Capital’s Tech Opportunities business. “Sdui Group is emerging as a trusted and capable partner to help schools navigate that change. Daniel and his team have built a modern, intuitive platform that directly addresses the daily challenges of school administration. We’re excited to support their continued growth and impact across the region.”

Sdui Group has already built strong momentum through both organic growth and acquisitions. The company has successfully integrated several regional software players, expanded its capabilities, and continues to invest in innovation, reliability, and user experience.

“Bain Capital’s approach is unique – they combine strategic vision with real operational support,” said Daniel Zacharias, Founder and CEO of Sdui Group. “They’ve taken the time to truly understand our mission and the realities schools face every day. With their support – and the continued backing of HV and HTGF – we’re accelerating our work to build the digital backbone of European schools.”

“We’ve been proud to back Daniel and Sdui Group since the early days and are thrilled to continue supporting this next phase of growth,” said Felix Klühr, Partner at HV Capital. “Bain Capital’s experience scaling software companies globally makes them a valuable addition to the partnership.”

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About Sdui Group

Founded in Germany in 2018, the Sdui Group has developed into a leading provider of cloud-based software that enables digital communication and administration for schools and educational institutions across Europe. As a reliable partner, Sdui Group supports individual institutions, governments and ministries in their digitalization effort, and develops innovative cloud-based solutions for schools and preschools.

Sdui Group’s suite of tools supports messaging, attendance, scheduling, grading, and more—making everyday school workflows simpler, more secure, and more effective. The company is based in Koblenz, Germany and currently employs around 230 people based in several European countries.

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 $185 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

Bain Capital’s Tech Opportunities business (baincapitaltechopportunities.com) aims to help growing technology companies reach their full potential. We focus on companies in large, growing end markets with innovative or disruptive technology where we believe we can support transformational growth. Our dedicated, tenured team has deep experience supporting growing technology businesses—bringing together differentiated backgrounds in private and public equity investing as well as technology operating roles. We invest behind fundamental long-term tailwinds as technology penetrates across industries, creating a large and growing number of investment opportunities.

About HV Capital

HV Capital is one of the leading early-stage and growth investors in Europe. With nine fund generations in 25 years and €2.8 bn in managed assets, HV Capital is one of the continent’s most active investors. The investment team has many years of experience in identifying European startups with great potential for success. In addition to international success stories like Flix, Zalando, Delivery Hero, Sumup, and Depop, innovation leaders such as Quantum Systems, Marvel Fusion, Sennder, Neura Robotics, Enpal, and Isar Aerospace are also part of the portfolio. HV Capital has invested in more than 250 internet and technology companies, supporting startups with ticket sizes ranging from €0.5m to €60m. It is one of Europe’s few venture capital firms that can finance startups through all growth phases. HV Capital has a team of more than 60+ investment and operations professionals who provide a variety of perspectives and expertise across the venture capital landscape (hvcapital.com).

About High-Tech Gründerfonds (HTGF)

HTGF is one of the leading and most active early-stage investors in Germany and Europe, financing startups in the fields of Deep Tech, Industrial Tech, Climate Tech, Digital Tech, Life Sciences and Chemistry. With its experienced investment team, HTGF supports startups in all phases of their development into international market leaders. HTGF invests in the pre-seed and seed phase and can participate significantly in further financing rounds, since 2024 with the HTGF Opportunity growth fund. HTGF has a fund volume of over 2 billion euros. Since its inception in 2005, HTGF has financed more than 780 startups and successfully sold shares in almost 200 companies.

The Federal Ministry for Economic Affairs and Energy, KfW Capital and numerous companies are invested in the HTGF seed funds. Investors in the HTGF Opportunity growth fund include the ERP Special Fund and KfW with the resources of the Zukunftsfonds (“Future Fund”). Further information can be found at HTGF.de or on LinkedIn and on the Zukunftsfonds page.

Media Contacts

 Europe

 Jason Lobo

 Camarco

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Ardian finalizes the lease of office property at Via Vespucci 2 in Milan

Ardian

Acquired in December 2022, the property, located in the strategic Porta Nuova district, is being extensively redeveloped into a modern, forward-looking workspace, meeting the highest international ESG standards.
• Ardian reaffirms its role as a key player in the green office sector in prime locations, a market characterized by steadily growing demand and a very limited supply.

Ardian, a world-leading private investment firm, and Investire SGR, a leading asset & investment management company in the real estate sector in Italy, announce that they have leased the entire property at Via Amerigo Vespucci 2 in Milan.

The 10-storey standalone property, spanning approximately 10,000 sqm, is undergoing extensive redevelopment as part of a major investment plan to create a cutting-edge structure focused on sustainability and innovation, qualifying it as a Net Zero Energy Building. The project is designed to minimize energy consumption and CO₂ emissions by integrating renewable energy sources, such as geothermal systems and rooftop solar panels. The building aims to keep emissions below 65 kWh/sqm and will achieve LEED Platinum, BREEAM Very Good, WELL Gold, Wired Score, and EPC A certifications.

The project has been designed by Stefano Belingardi Architetti – an Italian firm with a proven international track record. It features over 1,300 sqm of terraces offering unique views of Milan’s skyline, a rooftop with a 360-degree panoramic view of the city, a hidden 200-sqm inner garden, and an agora enhanced by a system of striking stepped platforms that create dynamic communal spaces for users.

The intervention has completely repositioned the property, addressing the growing demand for green office spaces in prime locations across Milan and Europe, amid an increasingly limited supply. This structural shortage is driving up rental values and reshaping the market, which is now more focused on assets in key urban areas that align with the evolving needs of tenants. In addition, the project has revitalized an iconic building in one of Milan’s most dynamic districts, widely recognized as a hub for urban innovation.

“This important lease is further recognition of the project’s quality and Ardian’s vision in promoting work environments that are sustainable, innovative, and focused on well-being. It has attracted top-tier international tenants thanks to a real estate development strategy focused on both energy performance and sensitivity to the surrounding urban context. The initiative forms part of a broader strategy aimed at creating new and lasting value through modern, efficient assets that are seamlessly aligned with the dynamics of today’s market.” Rodolfo Petrosino, Head of Real Estate Southern Europe and Senior Managing Director, Ardian

“Vespucci 2 is the demonstration that offices are far from dead; on the contrary, they continue to attract growing demand from multinational companies, particularly when located in prime areas and equipped with high environmental sustainability performance. We are observing this trend across major European cities, and it’s even more noticeable in Milan due to a lack of quality stock and a limited pipeline of future operations. We are particularly proud of this lease, confirming the strength of our investment strategy in this asset class and our team’s ability to deliver high-impact value-enhancement initiatives.” Matteo Minardi, Head of Real Estate Italy and Managing Director, Ardian

“We are proud to have supported Ardian in this transaction, aimed at enhancing a strategic asset in one of the most dynamic areas of Milan. Through an approach based on environmental sustainability, energy efficiency, and innovative design, we contribute to bringing back to the market a building capable of meeting the new demand for high-quality workspaces. When reimagined through an ESG lens, the office asset class continues to offer concrete opportunities to attract international tenants and generate value for investors.” Alessandro Polenta, Managing Director, Investire SGR

Dils and JLL advised Ardian on the transaction.

ABOUT ARDIAN

Ardian is a world-leading private investment firm, managing or advising $180bn of assets on behalf of more than 1,850 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 19 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

ABOUT INVESTIRE SGR

Investire SGR SpA is a leading asset and investment management company in the Italian real estate market, with approximately €7 billion in assets under management, over 60 real estate funds and SICAFs, and a specialized team of 140 professionals with deep expertise across the real estate sector (offices, residential, retail, healthcare, hospitality, and logistics). Investire SGR provides fund management, asset management, advisory, acquisition and development services, and acts as a trusted partner to both Italian and international investors.

investiresgr.it

Media Contacts

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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Cottonwood Technology Fund’s first investment from our new Fund IV

We are proud to announce Cottonwood Technology Fund‘s first investment from our new Fund IV: inPhocal. A real deep tech impact investment. This Dutch deep tech startup has developed a revolutionary laser-based marking technology that eliminates ink and enables high-speed, high-precision marking on curved and complex surfaces. inPhocal’s sustainable and scalable approach is poised to transform industrial marking across sectors such as food & beverage, semiconductors, and beyond. We look forward to supporting inPhocal’s growth as they expand their impact globally.

▶️ Ink‑free laser marking: Replaces traditional inkjet printing (such as expiry dates, QR codes) with a patented laser-based method—eliminating toxic ink, reducing maintenance, and avoiding messy consumables High-Tech Systems

▶️ Curved‑surface capability: Can print on complex shapes—eg bottles, cans, fruits & eggs—with precision comparable to flat surfaces, thanks to extended focal depth

▶️ High throughput & speed: Achieves marking speeds up to ~3000 unique QR codes/minute; roughly 3× faster than conventional inkjet and up to 10× faster than typical laser systems

▶️ Extended focus range: Optical innovation extends laser’s effective focal depth by up to ~400×, enabling high-quality marking despite surface irregularities

▶️ Seamless integration: Plug‑and‑play design fits into existing production lines without causing downtime or requiring major retrofits .

▶️ Energy & environmental benefits: Consumes up to 50× less energy than inkjet printers, prevents plastic sticker waste, reduces food recalls through more durable codes, and lowers CO₂ emissions.

For more info visit  the website of inPhocal

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York Space Systems Parent Company to Acquire ATLAS Space Operations to Expand Mission Delivery and Space-to-Ground Capabilities

Ae Industrial Partners

Acquisition will strengthen York’s position as a fully integrated space solutions provider for national security and commercial missions

DENVER, July 18, 2025 /PRNewswire/ — York Space Systems (York), a defense technology company transforming how the United States builds and operates space-based capabilities, today announced that its parent company has agreed to acquire ATLAS Space Operations (ATLAS), a pioneer in Ground Software as a Service (GSaaS) for satellite communications. The move brings York a powerful, software-led ground architecture that simplifies operations, removes integration barriers, and enhances space-to-ground resilience—accelerating York’s ability to deliver secure, mission-ready space systems at unmatched speed and value.

ATLAS will play a key role in York’s Golden Dome architecture, a next-generation defense solution that unifies spacecraft, software, and ground operations to deliver full-spectrum capabilities across contested environments. ATLAS will continue to operate independently under its existing brand, serving its diverse portfolio of customers across the space industry.

Founded in 2015, ATLAS delivers secure, cloud-native connectivity through its Freedom® software platform, which provides a single API access point to a global network of more than 50 antennas in 20+ countries and is the only GSaaS provider based in the United States. By shifting the complexity of satellite communications from hardware to software, ATLAS has built a federated network-of-networks that enables real-time tasking, automated scheduling, and seamless cloud delivery of mission data. The result is a flexible, scalable solution that reduces cost, risk, and time to orbit for a growing roster of government and commercial customers.

“ATLAS has built one of the most sophisticated and secure ground communications platforms in the industry,” said Dirk Wallinger, CEO of York. “This acquisition will enhance York’s ability to deliver mission-ready systems on the timelines our customers demand while continuing to support the broader space ecosystem with best-in-class ground solutions.”

The Freedom® platform simplifies ground operations through a single API that abstracts away the complexities of legacy ground station networks. Whether operating a single satellite or a proliferated constellation, customers can onboard faster, stream data directly to the cloud, and flexibly access global infrastructure without building it themselves.

“York shares our vision for a future where space systems are faster, smarter, and seamlessly integrated,” said Corey Geer, CEO of ATLAS. “Together, we are building the infrastructure to meet that future head-on, reducing risk, increasing resilience, and enabling critical data delivery on demand.”

This acquisition will strengthen York’s ability to deliver integrated, mission-ready systems by pairing its high-performance spacecraft and software-defined operations with ATLAS’s proven ground communications platform. Thereby enhancing end-to-end mission delivery, and accelerating deployment timelines, improving data flow from space to ground, and enabling more resilient, autonomous operations across both commercial and national security missions.

The acquisition of ATLAS is pending FCC approval and other customary closing conditions.

About York Space Systems

York Space Systems is a defense technology company transforming how the United States builds and operates space-based capabilities. As the leading provider of proliferated warfighter space solutions, York delivers fully integrated, mission-ready systems, combining high-performance spacecraft, software-defined operations, and ground-based autonomy, at unmatched speed and value.

With a foundation in high-rate manufacturing and systems-level integration, York is driving the convergence of hardware, software, and mission autonomy to redefine how the U.S. executes national defense from space. By enabling real-time intelligence and resilient, scalable infrastructure, York empowers a smarter, faster, and more adaptive defense posture. Learn more at http://www.YorkSpaceSystems.com

About ATLAS Space Operations, Inc.

ATLAS Space Operations is the leading provider of Ground Software as a Service™ in the space communications industry. Recognized repeatedly for technological innovation and industry leadership, ATLAS’s Freedom® software platform provides cloud-native connectivity, global antenna access, real-time tasking, and streamlined data handling. Learn more at atlasspace.com

SOURCE York Space Systems

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Advent to acquire majority stake in Reckitt’s Essential Home portfolio

Advent

London, UK, 18 July, 2025 – Advent, a leading global private equity investor, today announced that it has reached an agreement to invest in Reckitt’s Essential Home portfolio (“Essential Home”), whereby Advent will acquire a 70% stake to facilitate the company’s accelerated growth and innovation over the years to come as a standalone business.

The carve-out of Essential Home will create a dedicated global home care platform with an iconic portfolio of leading brands – including Air Wick, Calgon, Woolite, Cillit Bang, and SBP – that are widely known and trusted by consumers worldwide. Essential Home’s brands generate ~US$2.6bn net revenue across more than 70 markets, and fulfil consumer needs in key areas of everyday life.

The transaction values Essential Home at an enterprise value of up to US$4.8 billion (including up to US$1.3 billion of contingent and deferred consideration). As part of the transaction, Reckitt will continue to support Essential Home by retaining a significant minority interest of 30%, thereby affirming the company’s strong value creation prospects. Advent and Reckitt are aligned in their strategic vision and demonstrate a shared commitment to enhancing the company’s long-term performance.

Under Advent’s ownership, Essential Home will operate as a standalone business, building on the strong foundations established by Reckitt over the last decade. Advent will prioritise increased investment in brand equity, new product development and marketing, aimed at elevating the consumer experience and strengthening partnerships with retailers.

Nicolas Chavanne, Managing Director, Advent, commented, “As a global private equity firm with a strong track record both in executing carve-outs and in backing iconic consumer brands, Advent is well positioned to support Essential Home in the next phase of its journey. We intend to accelerate investment across the brand portfolio to drive growth and innovation, and create value for both Essential Home’s consumers and trade partners.”

Paolo D’Orso, CEO, Essential Home added: “Our portfolio of market-leading brands has strong foundations and significant value creation potential. Advent is the ideal partner for Essential Home’s next chapter, given their strong expertise in consumer and successful track record in executing complex carve-outs. We are excited about the future of the business as a leading standalone home care platform, and are committed to fostering long-term, sustainable growth by investing in the brand and product portfolio.”

Ranjan Sen, Managing Partner, Advent, said, “We are delighted to partner with Reckitt and the Essential Home management team. The carve-out represents a unique opportunity to create a focused, scaled platform of globally recognised home care brands that operate in attractive categories with structural growth tailwinds. We are confident we can build on the portfolio’s strong foundations to drive operational excellence and unlock the brands’ full potential. We look forward to working closely with Reckitt and the Essential Home leadership team on this exciting journey.”

Advent brings significant expertise in executing complex carve-outs and transforming businesses. A proven track record of more than 10 corporate carve-outs in Europe over the past decade includes Envalior (2023), MangoPay (2022), Evri (2020), Aareon (2020), TK Elevator (2020), Röhm (2019), INNIO (2018), and Zentiva (2018).

Additionally, Advent is a leading growth-focused investor in the consumer sector, including recent examples such as Parfums de Marly (2023), Zimmermann (2023) led by the European team, and Sauer Brands (2025), Orveon (2021) in the United States.

The transaction remains subject to customary closing conditions and regulatory approvals.

About Advent

Advent is a leading global private equity investor committed to working in partnership with management teams, entrepreneurs, and founders to help transform businesses. With 16 offices across five continents, we oversee more than USD $94 billion in assets under management* and have made over 430 investments across 44 countries.

Since our founding in 1984, we have developed specialist market expertise across our five core sectors: business & financial services, consumer, healthcare, industrial, and technology. This approach is bolstered by our deep sub-sector knowledge, which informs every aspect of our investment strategy, from sourcing opportunities to working in partnership with management to execute value creation plans. We bring hands-on operational expertise to enhance and accelerate businesses.

As one of the largest privately-owned partnerships, our 660+ colleagues leverage the full ecosystem of Advent’s global resources, including our Portfolio Support Group, insights provided by industry expert Operating Partners and Operations Advisors, as well as bespoke tools to support and guide our portfolio companies as they seek to achieve their strategic goals.

To learn more, visit our website or connect with us on LinkedIn.

*Assets under management (AUM) as of March 31, 2025. AUM includes assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.

About Reckitt

Reckitt makes the products people trust to care for the ones they love. It is home to some of the world’s best-loved consumer health and hygiene brands, including Dettol, Durex, Finish, Gaviscon, Harpic, Lysol, Mucinex, Nurofen, Strepsils, Vanish and Veet. Consumers are at the heart of everything Reckitt does. By creating innovative, science-backed solutions, the business supports people every day to live healthier lives.

Reckitt exists to protect, heal and nurture in the pursuit of a cleaner, healthier world. This commitment goes beyond the products it makes. Through its actions, Reckitt expands access to healthcare, education and economic opportunities. It supports the planet by reducing waste, conserving resources and driving sustainable innovation.

Reckitt believes good health starts at home. With every action it takes, Reckitt strives to make its consumers’ lives easier, cleaner and healthier, to strengthen communities and to create a more sustainable future. Find out more, or get in touch at www.Reckitt.com

Media Contacts

Peter Folland

Senior Communications Manager, Advent

pfolland@adventinternational.co.uk

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EQT to acquire Adalvo, a leading B2B dossier developer

eqt

Adalvo

  • EQT X to acquire Adalvo, a rapidly growing, asset-light B2B dossier developer providing market-approval-ready generic drug dossiers to pharmaceutical companies
  • EQT will support Adalvo’s next phase of growth, further investing in R&D and innovation, and advancing the operational scale-up of the business 
  • Adalvo is uniquely positioned as a one-stop partner, combining strong business development capabilities with a flexible, customer-centric model to meet the bespoke needs of pharmaceutical companies worldwide
  • Adalvo plays an important role in increasing access to affordable healthcare by developing and distributing generic drugs at affordable prices across a wide range of markets. The transaction highlights EQT’s commitment to partnering with companies that deliver critical services to society

EQT X (“EQT”) has agreed to acquire a majority stake in Adalvo (the “Company”), a leading asset-light B2B dossier developer. Existing shareholders, including Aztiq, the holding company of Adalvo’s current Chairman Róbert Wessman, will reinvest part of their existing holdings and remain minority shareholders.

Since its founding in 2018, Adalvo has grown rapidly and become a partner to over 170 generic companies in more than 140 countries worldwide. Headquartered in Malta, with more than 280 employees and offices in 15 countries across Europe and India, the Company offers a specialty portfolio, driving affordable health outcomes for patients globally. With increasing demand for effective treatments across indications and therapeutic areas, Adalvo is well-positioned for continued expansion.

EQT will invest in the next phase of Adalvo’s growth journey through targeted investments in R&D, supply chain, and operational excellence. This will help expand its product portfolio with a steady cadence of new launches, expand the robust supply chain to cover a wide range of partners and jurisdictions, and enhance business development opportunities for its partners through greater flexibility, reach, and speed to market.

Matteo Thun, Partner within EQT Private Capital’s Advisory Team, said: “EQT is deeply impressed by Adalvo’s competitive position in dossier development, with an agile and scalable model for development and partnerships with leading pharmaceutical companies globally. We look forward to joining forces with the entrepreneurial and highly respected management team, led by CEO Anil Okay, and to investing in the next chapter of continued growth. Looking ahead, we are committed to supporting Adalvo and its employees in its pivotal role to provide access to affordable healthcare to patients around the world. We are impressed by what Adalvo has achieved under Róbert Wessman’s ownership, and are delighted that he will also be part of the next phase of the journey as a minority shareholder.”

Anil Okay, CEO of Adalvo, added: “Over the past seven years, we’ve built a dynamic and innovative platform that supports our partners globally and delivers better healthcare outcomes. We’re excited to welcome EQT as a strategic partner, whose long-term vision, cultural alignment, and demonstrated track record in healthcare make them an ideal match to support Adalvo’s continued expansion. We remain committed to advancing Adalvo’s intrinsic purpose of making affordable medicines accessible to patients around the world.”

Róbert Wessmann, Founder & Chairman of Aztiq, commented: “Like all other companies we have founded, Adalvo has been focused on meeting the growing demand globally for better access to high-quality, yet affordable medications. When we founded Adalvo together in 2018 our vision was to revolutionize the important business-to-business segment of the pharmaceutical industry and enable our partners world-wide to meet this growing demand.  I am immensely proud of what Adalvo, and its leadership team have achieved in such a short period of time. I would like to congratulate EQT on the acquisition of this amazing company, and am confident that under their stewardship, Adalvo will continue to flourish and achieve even greater success. I look forward to working with EQT on advancing Adalvo’s mission, as a minority shareholder”

The transaction is subject to customary conditions and approvals. It is expected to close during H2 2025.

With this transaction, EQT X is expected to be 55 – 60 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication).

Contact
EQT Press Office, press@eqtpartners.com

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About EQT
EQT is a purpose-driven global investment organization with €‌​​266​‌ billion in total assets under management (€141 billion in fee-generating assets under management) as of 30 June 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, YouTube and Instagram 

About Adalvo
Adalvo is a global pharmaceutical company, and one of the leading B2B pharmaceutical companies in Europe, with commercial partnerships in more than 140 countries and over 170+ commercial partners globally. The company’s declared purpose is to make a difference for patients all over the world, driven by its smart collaboration network and commitment to delivering the highest quality differentiated products and services. 

Adalvo’s brand promise is to be “Always on Target” for its partners and patients.

More info: www.adalvo.com

About Aztiq
Aztiq is a visionary healthcare-focused private equity company dedicated to fostering innovation and driving positive changes within the industry. Led by Robert Wessman and a team of veteran entrepreneurs, Aztiq is committed to identifying, investing in, and nurturing ground-breaking healthcare solutions in pharma and biotech to address global healthcare challenges. By leveraging the cumulative experience of the team, Aztiq aims to improve patient outcomes, increase access to quality healthcare, and create a more efficient and sustainable healthcare ecosystem. With a proven track record of success, Aztiq continues to make a lasting impact on the health and well-being of people around the world.

More info: www.aztiq.com

Follow Aztiq on LinkedIn

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CVC Credit provides debt facilities to smartTrade through its European Direct Lending strategy

CVC Capital Partners

CVC Credit is pleased to announce that it has provided debt facilities to support the acquisition and growth strategy of smartTrade Technologies (“smartTrade”), a global SaaS platform providing multi-asset trading and payment software, owned by TA Associates.

Headquartered in Southern France, with subsidiaries in London, Paris, Geneva, New York, Toronto, Tokyo and Singapore, smartTrade provides essential FX trading software used for order management, trade execution and post-trade support. It boasts a global blue chip client base of large, regional and local banks, brokerages and corporations.

This investment has been made through CVC Credit’s European Direct Lending strategy, which focuses on lending to established European medium and large companies, with a focus on the senior secured piece of the capital structure.

Eva Boutillier, Managing Director at CVC Credit, said: “We are delighted to announce this latest transaction for our European Direct Lending strategy, leveraging the broader CVC Network’s expertise in the software sector to diligence smartTrade and gain comfort around the business’s strong fundamentals, attractive market and ambitious growth strategy.

Quotes

smartTrade is exactly the type of business we like to invest in through this strategy, with strong existing market positioning but also a large addressable market to allow for further future growth.

Andrew DaviesManaging Partner and Head of CVC Private Credit

Andrew Davies, Managing Partner and Head of CVC Private Credit, added: “smartTrade is exactly the type of business we like to invest in through this strategy, with strong existing market positioning but also a large addressable market to allow for further future growth. We are also pleased to strengthen our relationship with TA Associates, a high-quality sponsor that has experience investing in this sector.”

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York Space Systems Parent Company to Acquire ATLAS Space Operations to Expand Mission Delivery and Space-to-Ground Capabilities

Ae Industrial Partners

Acquisition will strengthen York’s position as a fully integrated space solutions provider for national security and commercial missions

DENVER, July 18, 2025 /PRNewswire/ — York Space Systems (York), a defense technology company transforming how the United States builds and operates space-based capabilities, today announced that its parent company has agreed to acquire ATLAS Space Operations (ATLAS), a pioneer in Ground Software as a Service (GSaaS) for satellite communications. The move brings York a powerful, software-led ground architecture that simplifies operations, removes integration barriers, and enhances space-to-ground resilience—accelerating York’s ability to deliver secure, mission-ready space systems at unmatched speed and value.

ATLAS will play a key role in York’s Golden Dome architecture, a next-generation defense solution that unifies spacecraft, software, and ground operations to deliver full-spectrum capabilities across contested environments. ATLAS will continue to operate independently under its existing brand, serving its diverse portfolio of customers across the space industry.

Founded in 2015, ATLAS delivers secure, cloud-native connectivity through its Freedom® software platform, which provides a single API access point to a global network of more than 50 antennas in 20+ countries and is the only GSaaS provider based in the United States. By shifting the complexity of satellite communications from hardware to software, ATLAS has built a federated network-of-networks that enables real-time tasking, automated scheduling, and seamless cloud delivery of mission data. The result is a flexible, scalable solution that reduces cost, risk, and time to orbit for a growing roster of government and commercial customers.

“ATLAS has built one of the most sophisticated and secure ground communications platforms in the industry,” said Dirk Wallinger, CEO of York. “This acquisition will enhance York’s ability to deliver mission-ready systems on the timelines our customers demand while continuing to support the broader space ecosystem with best-in-class ground solutions.”

The Freedom® platform simplifies ground operations through a single API that abstracts away the complexities of legacy ground station networks. Whether operating a single satellite or a proliferated constellation, customers can onboard faster, stream data directly to the cloud, and flexibly access global infrastructure without building it themselves.

“York shares our vision for a future where space systems are faster, smarter, and seamlessly integrated,” said Corey Geer, CEO of ATLAS. “Together, we are building the infrastructure to meet that future head-on, reducing risk, increasing resilience, and enabling critical data delivery on demand.”

This acquisition will strengthen York’s ability to deliver integrated, mission-ready systems by pairing its high-performance spacecraft and software-defined operations with ATLAS’s proven ground communications platform. Thereby enhancing end-to-end mission delivery, and accelerating deployment timelines, improving data flow from space to ground, and enabling more resilient, autonomous operations across both commercial and national security missions.

The acquisition of ATLAS is pending FCC approval and other customary closing conditions.

About York Space Systems

York Space Systems is a defense technology company transforming how the United States builds and operates space-based capabilities. As the leading provider of proliferated warfighter space solutions, York delivers fully integrated, mission-ready systems, combining high-performance spacecraft, software-defined operations, and ground-based autonomy, at unmatched speed and value.

With a foundation in high-rate manufacturing and systems-level integration, York is driving the convergence of hardware, software, and mission autonomy to redefine how the U.S. executes national defense from space. By enabling real-time intelligence and resilient, scalable infrastructure, York empowers a smarter, faster, and more adaptive defense posture. Learn more at http://www.YorkSpaceSystems.com

About ATLAS Space Operations, Inc.

ATLAS Space Operations is the leading provider of Ground Software as a Service™ in the space communications industry. Recognized repeatedly for technological innovation and industry leadership, ATLAS’s Freedom® software platform provides cloud-native connectivity, global antenna access, real-time tasking, and streamlined data handling. Learn more at atlasspace.com

SOURCE York Space Systems

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Stonepeak to Invest USD 1.3 Billion in Princeton Digital Group

Stonepeak

With USD 2.5 billion raised this year, PDG positions itself to accelerate scale by organic growth and M&A

Singapore – 17 July 2025 – Princeton Digital Group (PDG), Asia Pacific’s leading data center operator, today announced the signing of a definitive agreement with Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets. The firm will make a preferred equity investment of USD 1.3 billion in PDG to support its continued expansion across Asia Pacific.

This investment follows PDG’s recently announced USD 1.2 billion debt financing. Together, Stonepeak’s investment and the recent debt financing bring the total capital raised by PDG in 2025 to USD 2.5 billion across equity and debt, reinforcing the company’s position as a leading provider of hyperscale infrastructure in Asia.

With a current portfolio of over 1.1 gigawatts across six countries, PDG is one of the region’s largest and fastest-growing data center platforms. With marquee global investors—Warburg Pincus, Ontario Teachers’ Pension Plan, Mubadala, and now Stonepeak—PDG is uniquely positioned with long-term backing from some of the world’s most respected capital partners.

Stonepeak’s long-term capital will support the company’s next phase of growth, including both greenfield development and M&A, across both established and emerging Asia Pacific markets. Warburg Pincus will continue to be PDG’s largest shareholder.

“This milestone investment from Stonepeak is a strong endorsement of PDG’s strategy, execution, and sustained value creation,” said Rangu Salgame, Chairman, CEO and Co-founder of PDG. “Stonepeak shares our deep conviction in the unprecedented growth of AI and cloud across Asia Pacific. With this partnership, PDG is uniquely positioned to scale with speed, continue being the trusted provider to the world’s most demanding hyperscalers, and further consolidate its position as a market leader in the region.”

“PDG has established itself as one of the clear leaders among digital infrastructure platforms in the Asia Pacific region. The company’s track record of execution, top-tier management team, and significant power bank in critical hub markets in APAC positions it well to serve the continued demand from hyperscalers and AI-driven platforms in the region,” said Andrew Thomas, Senior Managing Director at Stonepeak. “This investment is a quality fit for our Asia infrastructure strategy, and we look forward to partnering with PDG’s management team, Warburg Pincus and existing shareholders to propel the company’s next phase of growth.”

Ellen Ng, Co-Head of Asia Real Estate at Warburg Pincus, said, “As a founding investor of PDG we’ve always believed in the founders’ vision and exceptional execution capabilities and supported the company’s evolution into Asia’s preeminent data center platform. This latest investment by Stonepeak is a strong validation of PDG’s market leadership and long-term strategy. As PDG’s largest shareholder, we are excited to welcome a like-minded partner to help propel the company into its next phase of growth, supporting the surging demand for AI and cloud infrastructure across the region.”

PDG is being advised by Goldman Sachs, J.P. Morgan, and Latham & Watkins as legal counsel. Barclays is serving as financial advisor and Sidley Austin LLP is serving as legal counsel to Stonepeak.

About Princeton Digital Group
Princeton Digital Group (PDG) is a leading developer and operator of Internet infrastructure. Headquartered in Singapore with presence and operations in Singapore, Japan, India, Indonesia, China, and Malaysia, its portfolio of data centers powers the expansion of hyperscalers and enterprises in the fastest-growing digital economies across Asia. For more information, visit www.princetondg.com or follow us on LinkedIn.

About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $73 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 transport and logistics, digital infrastructure, energy and energy transition, 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.

For more information please contact:

Princeton Digital Group
Selena Sheikh
Selena.sheikh@princetondg.com

Finn Partners for Princeton Digital Group
PDG.ASIA@finnpartners.com

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

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