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Bain Capital Credit Announces $6 Billion of Financing Investments for 2024

BainCapital

BOSTON – February 13, 2025 – Bain Capital Credit, LP, a leading global credit specialist, today announced that the firm’s Private Credit Group invested $6 billion to support the growth of middle market and private equity-backed companies in 2024.

Bain Capital Credit’s Private Credit Group made 97 investments in 2024, supporting the refinancing, leveraged buyout, and add-on acquisition activity of both new and existing portfolio companies. With over 25 years of middle market private debt experience, the Private Credit Group has invested over $25 billion across 540 portfolio companies since inception.

Additional 2024 highlights include:

  • Closed over $4 billion of new capital for investments
  • Investments across 97 companies, including 63 new platforms
  • New investments spanned senior secured debt, unsecured debt and preferred and common equity, given our flexible capital solutions
  • Served as majority lender on approximately 70% of new commitments, with a weighted average portfolio company EBITDA of $46 million
  • Strong credit performance across our diversified portfolio of more than 200 middle market businesses

“Through our long-standing presence in the core middle market, deep industry expertise, and a highly selective and disciplined approach to credit selection, we remain well-positioned to source and underwrite attractive investment opportunities,” said Michael Ewald, a Partner and Global Head of the Private Credit Group. “As we look further into 2025, we are encouraged by our active investment pipeline across geographies and look forward to continuing to serve as a trusted, long-term partner for middle market companies and private equity sponsors.”

Bain Capital Credit’s dedicated Private Credit Group focuses on providing complete financing solutions to businesses with EBITDA between $10 million and $150 million located in North America, Europe and Asia Pacific. The Private Credit Group, which managed approximately $16 billion of capital as of December 31, 2024, has a dedicated global team that enables Bain Capital Credit to diligence the most complex situations and provide flexible private capital solutions to middle market businesses.

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About Bain Capital Credit, LP
Bain Capital Credit (www.baincapitalcredit.com) is a leading global credit specialist with approximately $51 billion in assets under management. Bain Capital Credit invests across the credit spectrum and in credit-related strategies, including leveraged loans, high-yield bonds, structured products, private middle market loans and bespoke capital solutions. Our team of more than 100 investment professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. In addition to credit, Bain Capital invests across asset classes including private equity, public equity, venture capital, real estate, life sciences, and insurance, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.

 

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Ardian Clean Energy Evergreen Fund (ACEEF) Expands Finnish Battery Energy Storage Portfolio with Second Investment

Ardian

The investment forms part of Ardian Clean Evergreen Fund’s (ACEEF) wind power and battery storage strategy in Finland
• Investment and project execution led by Ardian’s operating platform, eNordic
• Follows investment in Mertaniemi battery storage energy project in February 2024, expected to start operations in Q2 2025

Ardian, a world-leading private investment house, in partnership with its operating platform eNordic, today announces it has taken Final Investment Decision to build its second battery energy storage system (BESS) in Finland. This new 30 MW/30MWh BESS project further strengthens Ardian’s commitment to advancing energy infrastructure in the Nordics.

The investment, made through the Ardian Clean Energy Evergreen Fund, marks the fund’s second investment in the BESS asset class, with the first investment made in February last year. The existing project, located in the city of Riihimäki, is scheduled to be completed by Q2 2026 and takes ACEEF’s total BESS capacity to 68.5 MW.

The battery storage project is developed by Merus Power plc, a Finnish power technology company. Merus is responsible for the EPC of the project and will provide operation and maintenance services to the plant.

The projects will benefit from integration to OPTA, Ardian’s proprietary data analysis platform, designed to optimize the management of renewable energy portfolio and support new investments. Ardian now tracks over 3GW of renewable assets through OPTA.

As Finland’s weather dependent renewable energy share continues to grow, driven largely by wind power, battery storage is crucial for ensuring grid stability. This project is a key step in managing grid stability and strengthening long-term system reliability.

To date, key acquisitions as part of Ardian’s Nordic strategy include: Nevel, the district heating and industrial energy solutions company; Verne, a leading green data center platform; and Míla, Iceland’s largest telecoms infrastructure company.  Ardian plans to continue building its clean energy portfolio in Finland, with plans for ACEEF to continue to acquire and integrate renewables projects to improve grid efficiency and energy security.

Ardian’s Nordic clean energy portfolio now totals over 500 MW, with renewable energy company Nevel active in district heating, industrial utilities and biogas across Finland, Sweden and Estonia.

“Our first investment in Finnish battery storage was a significant milestone, and this second project further demonstrates Ardian’s commitment to clean energy expansion. Our experienced team, combined with deep local market expertise, enables us to successfully navigate the complexities of these projects and deliver long-term sustainable value for our investors. We have identified a significant opportunity in the Nordics for battery storage and have ambitious plans to continue to build out our platform.” Benjamin Kennedy, Managing Director Infrastructure – Renewables, Ardian

“This battery storage project has diversified revenue sources and provides essential grid services to enhance grid stability. Additionally, it can mitigate short-term volatility associated with growing wind and solar power generation. This makes it a highly complementary asset to the ACEEF Nordic portfolio.” Eero Auranne, CEO, eNordic

ACEEF will continue to focus on core renewable assets including solar, wind and hydro, as well as emerging technologies across biogas, biomass, storage and energy efficiency.

Ardian is a pioneer in the energy transition, having started investing in renewable assets in 2007. Across all Infrastructure Funds, the team manages a renewable energy portfolio of more than 8GW of heat and renewable energy capacity in Europe and the Americas, and over $35bn assets under management across the globe.

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $177bn of assets on behalf of more than 1,720 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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Carlyle Builds a Diversified Global Auto Components Platform by Combining Highway and Roop

Carlyle

The deal underscores Carlyle’s commitment to invest in world-class advanced manufacturing enterprises in India and globally

Mumbai and New Delhi, India, February 13, 2025 – Global investment firm Carlyle (NASDAQ: CG) today announced it has completed the acquisition of a controlling stake in Highway Industries Limited (“Highway”) and Roop Automotives Limited (“Roop”) (together “the Platform” or “Platform Entity”) through a proprietary and exclusive transaction. Equity for the investment will come from investment funds affiliated with Carlyle Asia Partners (CAP).

Highway and Roop are among the leading players in manufacturing forged and precision-machined components, steering system assemblies, transmissions and other powertrain applications for electric, hybrid and internal combustion engine (ICE) powered vehicles. Over the last 30 years, the Platform has built a comprehensive product range of over 1,500 products, an extensive global clientele of 55 customers across 17 countries, and an expansive manufacturing footprint of 12 plants and 14 international warehouses. Carlyle intends to deepen its investments in the auto components space and will seek to add synergistic assets to the Platform.

The founders of Highway and Roop will continue to hold stakes in the Platform, underscoring their commitment to the long-term success of the companies. Carlyle will work with Highway and Roop to help them leverage operating synergies and create capabilities and capacities, to deliver enhanced value for their customers.

Amit Jain, Managing Director and Head of Carlyle India Advisors, said: “We believe India offers a tremendous opportunity in the advanced manufacturing sector, particularly in the auto components supply chain for both domestic and export markets. In our view, this provides a large-scale opportunity for the Platform. We believe creating scale with consolidation will enable investments in technology, talent and systems, which will allow the Platform to deliver an enhanced value proposition for its customers. We are excited to partner with Highway and Roop to build this Platform. Carlyle is well-placed to accelerate the growth of the Platform by leveraging our worldwide network and investments in the automotive sector globally.”

Mohit Oswal, Managing Director of Roop, said: “Roop has been an industry pioneer in the manufacturing of steering components and assemblies. For over 30 years, we have built strong expertise in our target applications and established deep relationships with our customers globally. Our partnership with Carlyle and Highway makes us even stronger and allows us to provide holistic solutions to our customers and value-add to all stakeholders.”

“At Highway, we have been at the forefront of driving technology-led growth for our customers globally and in India. With Carlyle’s investment and the partnership with Roop, I am confident that we will deliver on our collective commitment to drive innovation and broaden offerings for our clients,” said Umesh Munjal, Managing Director of Highway.

Mr. Oswal will serve as Non-Executive Chairperson of the Board for the Platform Entity. Additionally, Mark Blaufuss, Operating Executive at Carlyle with over 30 years of leadership experience in the automotive and manufacturing sectors; and Kishore Saletore, former Executive Director and Group CFO at Bharat Forge Limited, with over three decades of diverse industry experience, will join the Platform Entity’s Board of Directors.

KPMG, Trilegal, Kotak and Deloitte acted as advisors to Carlyle for the transaction. Singhi Advisors and KPMG acted as the financial advisors to Highway and Roop shareholders, respectively.

Carlyle’s buyout funds, including Carlyle Asia Partners, have deep experience investing in the Advanced Manufacturing or Industrial sector, and have invested over US$32 billion of equity in over 125 deals globally as of December 31, 2024, with approximately US$1.1 billion of this in Asia.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Global Investment Solutions. With US$441 billion of assets under management as of December 31, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs over 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

 

About Highway

Founded in 1971, Highway is one of India’s fastest growing manufacturers of mission critical powertrain sub-systems and components for global automotive customers across North America, Europe, and Asia. Highway’s focus on engineering excellence, innovation and customer service for more than 50 years has enabled it to establish multi-decade relationships with global automotive clients that are based on quality and trust. Highway has more than 3,000 skilled employees.

 

About Roop

Founded in 1992 and headquartered in Haryana, Roop is an industry leader in the manufacturing of steering sub-systems and assemblies, and the largest manufacturer of steering yokes globally. Roop has developed unique engineering strengths and expertise in manufacturing critical automotive parts through decades of R&D and a team of more than 400 engineers. Roop prides itself as a leading solutions provider for steering system manufacturers globally for over 30 years. Roop exports largely to North America and Europe.

 

Media Contacts:

Carlyle

Lonna Leong

Tel: +852 9023 1157

E-mail: lonna.leong@carlyle.com

 

Adfactors PR 

Manibalan Manoharan

Tel: +91 9833949919

E-mail: manibalan.manoharan@adfactorspr.com

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Molten leads £5 million round in Renew Risk

Molten

Molten is delighted to welcome Renew Risk to its portfolio. Renew Risk is domain leader in risk modelling and analytics for renewable energy assets. It has successfully raised £5 million in a funding round led by Molten Ventures with participation from Lloyd’s, existing investors Insurtech Gateway and angel investors. 

The funding underscores a growing recognition of Renew Risk’s unique ability to bridge the gap between the renewable energy sector and financial markets. By pairing advanced analytics with deep industry expertise, Renew Risk provides unparalleled insights to (re)insurers, insurance brokers, bankers, developers and asset managers into physical risks like hurricanes, earthquakes and severe connective storms affecting renewable energy assets like offshore wind farms and solar farms. These models enable all participants in financial markets to make data-driven decisions, ensuring more resilient and sustainable coverage and investments.

The £5 million investment will be deployed to enhance Renew Risk’s proprietary risk models suite, expanding its team of risk modellers and climate experts, and extend its market reach globally. 

Renew Risk has already established itself as a trusted partner within the insurance industry where number of its clients are currently using the product. With this new funding, the company is poised to scale its impact, delivering innovative solutions at the intersection of renewable energy and risk management.

George Chalmers, Head of Climate at Molten Ventures, commented: “Renewable assets coming online need to be financed and insured. The pace of deployment is being impaired by the lack of appropriate risk modelling for these new assets—leading to risk that isn’t properly quantified and priced. We are delighted to partner with the Renew Risk team as they built out their world leading risk analytics for the renewable energy sector.“

Ashima Gupta, CEO and Co-Founder of Renew Risk, commented on the funding: “We are thrilled to have the support of Molten Ventures and Lloyd’s, two powerhouses in innovation and insurance, respectively. This investment will accelerate our ability to build sophisticated risk models for the renewable energy sector, empowering stakeholders to navigate the complex challenges of disaster risk with confidence.”

Warren Clegg, Head of Private Assets at Lloyd’s added: We are pleased to continue supporting Renew Risk who came through the Lloyd’s Lab, and whose sustainability goals align with ours, as we help our customers to face the challenges of transitioning to lower carbon models. Their solution will help our market and the insurance industry to have greater confidence in underwriting renewable energy projects around the world.

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EQT portfolio company HBX Group, a leading independent B2B travel technology marketplace, goes public on the Spanish Stock Exchange

eqt

EQT is pleased to announce that EQT VII (“EQT Private Equity”) portfolio company HBX Group International plc (“HBX Group” or the “Company”) has successfully completed its initial public offering (“IPO”) and began trading today on the Spanish stock exchange. At an IPO price of EUR 11.50 per share, the listing follows the initial offering of the Company’s shares, comprising an offering of EUR 748 million, including a secondary offering of existing ordinary shares of the Company. Together with the additional overallotment option of up to 15% of the size of the base offering, the total offer size is up to EUR 860 million. The share price closed at EUR 11.00 per share at the end of the first trading day, implying a market capitalization of EUR 2.7 billion.

HBX Group is a leading independent B2B travel technology marketplace, connecting travel product suppliers (including hotels, travel experiences, transfers and car rentals) and travel distributors, totaling more than 635,000 direct connections in the travel ecosystem. Its best-in-class cloud-native and scalable technology platform allows the Group to process up to 6.2 billion searches per day, which provide unique insights for business partners and predict travel trends. HBX Group is also leveraging AI and developing a wide range of TravelTech solutions, including bespoke Fintech and Insurance solutions for the travel industry. HBX Group is present in 170 countries and employs more than 3,600 people around the globe.

EQT Private Equity’s association with HBX Group began with the merger of its previous portfolio company GTA and HBX Group in 2017, which resulted in EQT Private Equity acquiring a minority stake in HBX Group. Previously, GTA was one of the three core businesses of Kuoni Group, which EQT Private Equity acquired in May 2016. The other two core businesses, GTS and VFS Global, were divested by EQT in 2017 and 2022 respectively.

The IPO marks a significant milestone in HBX Group’s journey, providing it with a diversified shareholder base and access to public capital markets to support the Company’s future growth. Dominik Stein, Partner and Head of EQT Growth Advisory Team, commented: “EQT extends its congratulations to HBX Group’s management team and fellow shareholders, including Cinven and the Canada Pension Plan Investment Board, on reaching this milestone.”

Contact

EQT Press Office, press@eqtpartners.com

About EQT

EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), 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

About HBX Group

HBX Group is a leading global B2B TravelTech company that owns and operates Hotelbeds, Bedsonline and Roiback, among other brands. The company offers a network of interconnected travel tech products and services to partners such as Online Marketplaces, Tour Operators, Travel Advisers, Airlines and Loyalty Programmes, destinations and travel suppliers. HBX Group’s vision is to simplify the complex and fragmented travel industry through a combination of cloud-based technology solutions, curated data, and an extensive portfolio of products designed to maximise revenue. HBX Group is present in 170 countries, employs more than 3,600 people around the globe and is committed to making travel a force for good, creating a positive social and environmental impact. More info: www.hbxgroup.com

This press release does not constitute an offering circular or a prospectus as defined by Regulation (EU) No. 2017/1129 of 14 June 2017 and nothing herein shall be construed as an offering of securities. No one should purchase any securities in the Company except on the basis of information in the prospectus published by the Company in connection with the offering and admission of such securities to trading on the Spanish stock exchanges. Copies of the prospectus are available at the Company’s registered office and, subject to certain exceptions, through the website of the Company.

This press release is not an offer to sell or a solicitation of any offer to buy any securities issued by the Company in any jurisdiction where such offer or sale would be unlawful and this announcement and the information contained herein are not for distribution or release, directly or indirectly, in or into such jurisdictions.

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Platinum Equity Completes Acquisition of Héroux-Devtek

Platinum

LOS ANGELES (February 12, 2025) – Platinum Equity announced today that the acquisition of Héroux-Devtek Inc. (TSX: HRX), a leading international manufacturer of aerospace products and the world’s third-largest landing gear manufacturer, has been completed.

 

“We have been investing in Canada for a long time and know the market dynamics and leading sectors very well. We believe there are a lot of opportunities to create value in partnership with Canadian businesses that can benefit from our approach. ”

Louis Samson, Co-President, Platinum Equity

“We have tremendous respect for Héroux-Devtek and are excited to work with Gilles, Martin, Stéphane, and the rest of the company’s talented team,” said Louis Samson, Co-President of Platinum Equity. “We are particularly inspired by the company’s entrepreneurial spirit and its ‘can do’ culture.”

Samson reaffirmed a commitment to maintaining Héroux-Devtek’s headquarters in Longueuil and investing in its R&D center in Saint-Hubert. He also said he was grateful and excited for long-term local investors Caisse de dépôt et placement du Québec (CDPQ) and Fonds de solidarité FTQ (FTQ) to have invested in the debt financing for the transaction.

“Montréal has a rich heritage in aerospace and Héroux-Devtek will remain a cornerstone of the regional economy,” said Samson. “We are also proud to have meaningful investments from CDPQ and FTQ in the company. They will be important strategic partners in the company’s future.”

“We are positive on the sector and very excited to be part of Héroux’s new chapter as a private company,” said Platinum Equity Managing Director Delara Zarrabi. “We like many of the company’s attributes, including its diversified portfolio of long-life programs, attractive mix of defense and commercial aerospace exposure, and meaningful earnings from aftermarket and proprietary designs.”

Zarrabi said Platinum Equity will look to grow Héroux organically and through prospective acquisitions.

“We have already developed and will continue to expand a pipeline of M&A opportunities for Héroux to pursue,” she said. “We will deploy the full range of our financial and operational toolkit to support the company’s continued success.”

Samson said Platinum Equity continues seeking opportunities to expand its portfolio of Canadian investments.

“We have been investing in Canada for a long time and know the market dynamics and leading sectors very well,” explained Samson, who grew up in Québec City. “We believe there are a lot of opportunities to create value in partnership with Canadian businesses that can benefit from our approach.”

Platinum Equity’s current portfolio also includes Husky Technologies, a provider of injection molding equipment and services headquartered in Bolton, Ontario. Platinum Equity recently sold Toronto-based Livingston International, an international trade services firm specializing in customs brokerage, freight forwarding and trade consulting, to Purolator, Inc.

Stikeman Elliott LLP and Latham & Watkins LLP served as legal advisors to Platinum Equity on the acquisition. BMO Capital Markets served as financial advisor to Platinum Equity and as the lead arranger for the financing.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of more than 50 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 29 years Platinum Equity has completed more than 450 acquisitions.

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Eurazeo participates in GERMITEC’S EUR 29 million series B fundraising

Eurazeo

The Nov Santé Actions Non Cotées Fund, managed by Eurazeo1, dedicated to the development of the healthcare sector in Europe and which was launched at the initiative of France Assureurs and the Caisse des Dépôts, is announcing the finalization of its third Growth Equity investment in Germitec. Nov Santé Actions Non Cotées is acting as lead investor in this €29 million Series B fundraising alongside historic shareholders including Kurma Partners (Eurazeo’s Health Venture subsidiary), Financière Arbevel, Turenne Capital and the founding family.

Germitec: an innovative French MedTech specializing in High-Level Disinfection solutions for ultrasound probes

Germitec, whose headquarters are based in Bordeaux, is a leader in the field of ultrasound probe disinfection. Using patented technology, the company designs automatic UV-C High Level Disinfection solutions for external, long and short endocavitary and transesophageal ultrasound probes as well as ENT endoscopes without working channel which are all notably used in gynecology and IVF treatments, cardiology, urology and ENT. Using cycles ranging from 90 seconds to approximately 3 minutes, these chemical-free and single-button automatic devices considerably reduce the risk of cross-contamination. Moreover, the intuitive workflow interface enables data storage, visualization and downloading to guarantee complete traceability of the disinfection process.

Its environmentally friendly technology provides an alternative to existing offers on the market (automated or manual chemical solutions such as wipes or chemical baths) whilst meeting the demands of health professionals.

The demand in the global disinfection market is booming, driven by growing needs in the prevention of healthcare-associated infections (in 2023, 72,000 people in the USA and 4,000 in France died because of an infection caught in a medical environment) and the growth dynamic in the use of ultrasound as a reference-tool in medical imagery. By offering solutions adapted to the needs of healthcare professionals, Germitec is positioning itself as a major player in a key public health sector.

With a presence in over 40 countries, Germitec already benefits from international recognition and is today aiming to establish itself in new markets such as the United States, where the company recently obtained the FDA De Novo certification2 for its flagship Chronos3 product. To meet its goals, the company is raising €29 million with the support of Nov Santé Actions Non Cotées acting as lead investor alongside existing investors who are again participating in this second round.

A symbol of the Eurazeo group’s healthcare expertise

This co-investment between Nov Santé Actions Non Cotées and Kurma Partners, its Health Venture subsidiary, Eurazeo reaffirms its commitment to build its leadership in the strategic healthcare sector. Following on from PanTera in September 2024, this new joint participation illustrates the complementarity of skills within the Group which aims to support innovation and the emergence of industrial European leaders in the healthcare sector.

Following on from Kinvent in December 2023 and PanTera in September 2024, Germitec is the third Growth Equity investment by Nov Santé Actions Non Cotées.

Vincent Gardès, CEO of Germitec, declared:

“The Nov Santé and Kurma Partners teams’ expertise is a major asset that will support Germitec in our new development phase. With the obtention of the FDA accreditation, we have accomplished a decisive move that provides us with an exceptional perspective in the United States where there is a market opportunity of 60,000 units. We are confident in our capacity to capture this market thanks to the quality and distinction of our products, as well as the commitment and expertise of our teams.”

Arnaud Vincent, Managing Director – Healthcare at Eurazeo, added:

“We are very proud that Germitec and its historic shareholders have chosen Eurazeo as lead investor. We have been convinced by the company’s expertise, its innovative position, as demonstrated by its FDA accreditation, and the quality of its management. We are delighted to participate in this new phase for Germitec: the roll-out of its solution in the United States. By supporting Germitec, we are contributing to the advancement of healthcare solutions that respond to major challenges in public healthcare with the prevention of nosocomial infections and are supporting French healthcare sovereignty with products that are fabricated on home soil.”

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1 As part of the Eurazeo Global Investor company.
2 The FDA’s De Novo classification process creates, when the technology is not matched by any other, a new classification validating marketing and distribution of medical devices in the US.
3 September 5th, 2024, Germitec’s press release: Germitec’s Chronos® Achieves First-Ever FDA De Novo: A Breakthrough in Infection Prevention.

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Candid Health Raises $52.5 Million Series C to Enhance GenAI Features, Expand Revenue Cycle Automation Platform to More Providers

Oak HC FT

Candid Health, the autonomous revenue cycle automation platform for healthcare providers, today announced it has raised $52.5 million in Series C funding led by Oak HC/FT with participation from existing investors. This brings the company’s total amount raised to $99.5 million.

Providers spend more than $100 billion annually on revenue cycle management, yet today’s billing requirements outpace available tooling. According to research by McKinsey, streamlining the claims submission process could save up to 18% of administrative costs as submission error rates have continued to increase.

Candid’s platform addresses the root cause of RCM inefficiency through modern data engineering and automation. Unlike traditional RCM companies which aim to make manual clean up work more efficient, Candid improves touchless claim rate, which is the percentage of claims submitted, processed and adjudicated correctly the first time with no manual intervention. Candid’s platform significantly increases the number of claims submitted correctly the first time, thereby eliminating avoidable, manual work for billing teams.

With touchless claim rates and payor net collection rates greater than 95%, the Candid platform drives industry-leading results. Candid clients experience increased overall net collections and faster reimbursement times while reducing costs with a scalable technical infrastructure.

“At Candid, we are reimagining the level of automation that an RCM platform can drive, and with AI, we are positioned to further improve billing performance,” said Nick Perry, CEO & Co-Founder of Candid Health. “We are excited to continue to grow and scale alongside our customers, fully supporting them along their journey, while forging relationships with more providers.”

The company grew revenue nearly 250% YoY in 2024. With this Series C investment, Candid will look to expand its customer relationships with multi-site provider groups nationally.

“The Candid leadership team has an exceptional blend of technical and product expertise, and they have rigorously built a platform with their customers’ needs top of mind,” said Billy Deitch, Partner at Oak HC/FT. “Our team has been investing in the RCM space for more than 25 years, and we think Candid is uniquely positioned to make a meaningful impact in this market. We are humbled at the opportunity to partner with the company as it expands its footprint with healthcare providers nationwide.”

About Candid Health 

Candid was founded by Nick Perry (CEO), Doug Proctor (COO) and Adam Reis. The team is on a mission to simplify medical billing, allowing providers to focus on delivering quality care. Trusted by more than 200 leading healthcare organizations, Candid’s revenue cycle platform leverages advanced automation to decrease the cost to collect and increase net collection rates. The company is backed by Oak HC/FT, 8VC, First Round Capital, Y Combinator, and Boxgroup. Learn more at https://www.joincandidhealth.com/company.

About Oak HC/FT 

Oak HC/FT is a venture and growth equity firm specializing in investments in fintech and healthcare. Using partnership as a foundation, Oak HC/FT guides companies and founders at every stage, from seed to growth, to create businesses that make a measurable and lasting impact. Founded in 2014, Oak HC/FT has invested in over 85 portfolio companies and has over $5.3 billion in assets under management. Oak HC/FT is headquartered in Stamford, CT, with an office in San Francisco, CA. Follow Oak HC/FT on LinkedIn and X and learn more at https://www.oakhcft.com/.

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Torrent Group to acquire majority stake in Gujarat Titans

CVC Capital Partners
  • Acquisition to mark Torrent Group’s foray into India’s rapidly growing sports sector
  • CVC Funds will continue to own a substantial minority stake in Gujarat Titans

Torrent Group (“Torrent”), a diversified conglomerate having interests in Healthcare and Energy sectors, through its holding company Torrent Investments Private Limited (TIPL), has entered into a definitive agreement to acquire majority stake of 67% in the renowned Indian Premier League (IPL) franchise, Gujarat Titans (Irelia Sports India Private Limited) from Irelia Company Pte Ltd (“Irelia”) – currently fully owned by funds managed or advised by CVC. The transaction is subject to customary closing conditions and approvals (including from BCCI).

As part of the deal, Irelia will retain a substantial minority stake of 33% in the franchise. This strategic partnership between one of India’s leading Business Groups and a globally renowned Private Equity firm, is the first of its kind in India’s sports sector and will unlock exciting opportunities for growth and collaboration.

Speaking on the occasion, Jinal Mehta, Director, Torrent Group, said, “It is a matter of great pride for us to welcome Gujarat Titans and millions of its passionate fans into the Torrent Group. As Sports continues to gain prominence in India, Torrent sees great potential in this rapidly growing sector. With the acquisition of a majority stake in the Gujarat Titans, we are excited to have the opportunity to elevate our fan experience and unlock new growth avenues in the years to come. We are committed to nurturing the Gujarat Titans team and creating a lasting legacy for everyone involved – our fanbase, the players and our employees. With a proven track-record of delivering high quality products and services across multiple sectors, Torrent is well-positioned to set new standards of excellence in the Sports industry through the acquisition of Gujarat Titans.”

We are excited to announce this deal, which marks the beginning of a new chapter in India’s most popular sporting event and our team Gujarat Titans

Siddharth PatelManaging Partner at CVC

Siddharth Patel, Managing Partner at CVC, commented: “We are excited to announce this deal, which marks the beginning of a new chapter in India’s most popular sporting event and our team Gujarat Titans. Our participation in Indian Cricket started strongly, securing the Gujarat franchise, winning the IPL title in our first season and emerging as runners up in our second season. Amit Soni, Partner at CVC, added, “We are delighted to be able to partner with Torrent, one of the most respected business groups in India. We are now very pleased to welcome the Torrent Group and look forward to unlocking new avenues for growth and development for Gujarat Titans and for the IPL in the years to come.”

CVC has a long history of investment in sports since our investments in Moto GP and Formula One, and we are extremely proud of how this investment in Gujarat Titans has developed.

Nick ClarryManaging Partner at CVC

Nick Clarry, Managing Partner at CVC, said, “CVC has a long history of investment in sports since our investments in Moto GP and Formula One, and we are extremely proud of how this investment in Gujarat Titans has developed. We particularly want to thank our fans, our management team, our players and the BCCI. Because of them, Gujarat Titans has become a leading franchise on and off the pitch, and together with the support of our wonderful fans, we expect this to accelerate with our new partners, Torrent.”

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Kevel Announces Acquisition of Nexta to Strengthen Its Retail Media Solution and Drive Revenue Growth for Retail Brands

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News release by Kevel

Kevel, the leading provider of API-based retail media ad serving technology, has announced the acquisition of Nexta, an automated advertising self-serve platform. The acquisition illustrates Kevel’s commitment to redefining the retail media landscape with an all-encompassing solution to arm retailers with the right tools to manage multi-channel ad investment, optimize performance and unlock revenue opportunities.

Kevel empowers retailers to build state-of-the-art retail media platforms in house, enabling them to reclaim control and compete within the competitive retail space on a more level playing field. Nexta’s AI-driven ad manager simplifies the advertising experience and enhances efficiency with booking-optimized self-service for retailers, marketplaces and publishers. By integrating Nexta’s powerful technology into The Retail Media CloudTM, Kevel now offers a full-stack solution for high-performing retail media networks, optimizing operations, improving ad personalization, and enabling seamless efficiency with unmatched customization.

“This acquisition reinforces Kevel’s commitment to transforming the retail media landscape by encouraging retailers to launch custom retail media programs that drive marketplace revenue,” said James Avery, CEO, Kevel. “Nexta is an industry leader in AI-driven omni-channel advertising who share our ethos to take back the internet, make advertising accessible for everyone, and support advertisers of all shapes and sizes on a level playing field. We’re extremely excited to bring the team into the Kevel fold, as we continue to advance the industry and keep pace with demand by offering an all-encompassing retail media solution for our customers.”

Kevel specializes in on-site and API-driven ad-serving technology, delivering robust solutions tailored for seamless integration, while Nexta excels in off-site capabilities with a user interface specifically designed to streamline workflows for operations teams. The combined solution brings on-site and off-site retail media under one roof, offering retailers the choice to either use best in breed user interfaces (UIs) for their customers or teams, or to build their own version, tailored to their needs, using APIs.

As Martin Jensen, Founder and Chairman of the Board at Nexta, says, “This merger is more than just a strategic move — it’s a match made in heaven. Kevel brings global market reach, a shared culture of innovation, and a strong, complementary product offering to the table. Together, we’re not just growing, we’re building something extraordinary. By combining forces, Nexta and Kevel are uniquely positioned to create a game-changing solution in the retail media space.”

The global retail media market is growing at unprecedented pace, with investment predicted to increase to nearly $170bn in 2025, according to WARC’s latest forecast. Retailers are increasingly transitioning to media owners and publishers, seeing the potential to unlock new revenue opportunities while also realizing the unique opportunity to leverage robust first-party data and closed-loop attribution, enabling them to engage with customers in a way that hasn’t traditionally been possible.

“At Nexta, our focus has been solely on simplifying and improving the ad experience for retailers, marketplaces and publishers through intelligent self-serve automation and AI-driven insights,” said Jesper Urban, CEO at Nexta. “Our unwavering commitment to making advertising accessible, measurable, and scalable to all advertisers is synonymous with Kevel’s vision and we’re extremely excited to marry our tech with Kevel’s market-leading retail media solution to transform and drive the retail media space forward.”

Puja Rios, COO at Kevel commented, “We work with global retailers and therefore know how important it is for them to have an API-led solution that puts them in full control, with dedicated UIs for their own teams as well as their advertisers, and the ability to execute on-site, off-site and even in-store ad formats all within a single platform. We’re looking forward to extending this to our current customers, as well as retailers considering upgrading their technology.”

Under the terms of the agreement, Kevel will integrate all Nexta product offerings into its existing retail media solution to create a unified, fully customizable, data-driven, automated platform, ensuring retailers can continue to meet the growing demand for high-performing retail media networks. For more information about the acquisition, please visit Kevel.com.

 

About Kevel

Kevel is transforming the retail media space with its cutting-edge, AI-driven ad tech infrastructure APIs that power the Retail Media Cloud™. This groundbreaking solution combines the power of AI insights with API-based technology, allowing multi-brand retailers to build dynamic, customizable ad platforms while maintaining full control of their first-party data. With Kevel, retailers can deliver personalized shopper experiences, optimize ad targeting, and unlock predictive insights to stay ahead in an ever-evolving market.

 

Kevel’s mission is rooted in the belief that every digital retailer should have the tools to create their own tailored ad platform, comparable to industry leaders like Amazon. Harnessing the power of AI for data-driven decision-making, Kevel has helped leading brands such as Chewy, The Home Depot, Edmunds, Lyft, Delivery Hero, Sonae, Slickdeals, and others launch impactful retail media networks—fostering innovation and unlocking new revenue opportunities.Learn more about how Kevel is transforming retail media at www.kevel.com.

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