Tag Archives: Consumer brands

Celebrating BlueStone’s IPO: A decade of design, trust, and quiet endurance

Accel

Celebrating BlueStone’s IPO: A decade of design, trust, and quiet endurance

Today, as BlueStone rings the bell, we feel immense gratitude. From our first conversations with Gaurav over a decade ago to seeing the company list today, it has been our privilege to be their first partners on day zero.

Why we leaned in so early
Back then, we were mapping India’s e-commerce landscape with a prepared mind. Jewelry stood out as a category where brand, design, and supply would define success more than marketplace placement. It was during that time we first met Gaurav, an operator who thought from first principles, carried the curiosity to master a new category, and the humility to keep challenging assumptions. That conviction gave us the confidence to back him early.

A hyperlocal and customer-obsessed thesis for India
Global playbooks suggested solitaires. Gaurav believed India would lead with gold and with design. Jewelry here would be defined by everyday wear, not just wedding trunks. It would not be a logistics or price game, but a brand and taste game. That thesis has shaped BlueStone’s trajectory and proven right.

Trust by design
BlueStone pioneered high-fidelity 3D rendering so customers could see the sparkle, not imagine it. They introduced home try-ons with alloy replicas and transparent exchange policies that reflected real buying behavior. These were deliberate choices to build confidence first, conversion next.

Building full-stack, before it was fashionable
Gaurav was arguably the first startup entrepreneur in India to think full-stack in a consumer category. He understood that disrupting an industry like jewelry needed a rethink at multiple levels, not just the front-end tech stack. From design and visualization to supply chain and retail, he built capabilities end-to-end. This included setting up multiple manufacturing centers, with Jaipur today being one of the largest in the country. This approach gave BlueStone control over quality, speed, and innovation that few competitors could match.

Omnichannel, with tech at the core
Long before it was consensus, BlueStone treated online and offline not as a trade-off but a continuum. Stores followed, thoughtfully. Inventory followed, scientifically. What sets them apart is how a design-first brand embedded a tech-first backbone. An ML-driven engine allocates designs across hundreds of stores, driving faster turns and sharper insights. Few companies in this space have blended taste and technology so seamlessly.

Weathering the middle
Building a consumer brand is a long game. In the mid-2010s, India lacked true mid-stage capital for vertical commerce. BlueStone stayed frugal and focused, steadily broadening its catalog, deepening manufacturing capabilities, and sharpening unit economics. The company moved through challenges with consistency, learning and building in every cycle. That discipline made today possible.

What this milestone signals
Today’s listing is not the end of the journey. It is still Day 1 in making millions of customers happy, and the best is yet to come. The opportunity ahead is vast: AI-assisted design, new material fusions, deeper manufacturing innovation, and global customers already drawn to BlueStone’s aesthetic. The IPO marks trust earned at scale and opens a new chapter as a public company.

To Gaurav and the BlueStone team, thank you for letting us walk alongside you from “no website yet” to this milestone. To early employees who bet careers on a thesis, to customers who chose design over habit, and to co-investors who backed resilience over fashion, this outcome carries your fingerprints.

At Accel, we are privileged to be first partners to founders who elevate the everyday. BlueStone did not just change how India buys jewelry, it made great design feel personal, frequent, and joyfully attainable.

Here is to the next chapter, and to keeping the bar high on what is possible when taste, technology, and tenacity meet.

— Prashanth Prakash, Partner, Accel

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Montefiore Investment, Ceres Industries Capital and CFJ (Compagnie Financière Jousset) enter into exclusive negotiations with Equistone for the acquisition of Karavel Groupe

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Equistone

Ceres Industries Capital, CFJ (Compagnie Financière Jousset) and Montefiore Investment today announce their entry into exclusive negotiations with Equistone Partners Europe (“Equistone”) for the acquisition of Karavel Groupe (“Karavel”), one of the largest tourism groups in France.

The transaction will involve Karavel’s management team, led by Cyrille Fradin, President, and Folco Aloisi, CEO, retaining a significant stake in the business. This investment aims to consolidate Karavel’s market position while supporting the Group’s sustained growth over time. The transaction remains subject to regulatory approval.

Launched in 2001, Karavel is a pioneering e-tourism travel agency that assists nearly one million customers annually. Through its three brand platforms — FRAM, Promovacances, and ABcroisières — and a network of 170 physical agencies across the country, the Group offers discounted travel deals at 250 clubs and resorts, along with over 500 tour packages worldwide. With c. 1,000 employees, Karavel now generates over €1 billion in revenue annually.

“Alongside Ceres and CFJ, we aim to support Karavel in accelerating its development, especially by expanding its international customer base and strengthening its key assets. We found immediate alignment in values with the management team, and we are confident that together we can sustain and grow the competitive advantages of each brand in its market.”

— Eric Bismuth, Chairman of Montefiore Investment

“Karavel benefits from high-quality management, experienced teams committed to the Group’s success, a strong market position and numerous development opportunities. Ceres has built a shareholder base that combines CFJ’s entrepreneurial spirit and Montefiore’s tourism sector expertise to provide tailored, pragmatic operational and strategic support to Karavel.”

— Renaud Besançon, Chairman of Ceres Industries Capital

“CFJ seeks to invest in companies with strong entrepreneurial cultures, led by committed, talented and innovative management teams. Karavel and its leadership embody all these qualities. We share an ambitious and responsible vision and will actively contribute to the Group’s development, its brands and its international reach, in close collaboration with Ceres and Montefiore.”

— Frédéric Jousset, Managing Partner of CFJ and Chairman of the Investment Committee

“We are proud to open a new chapter with Montefiore Investment, Compagnie Financière Jousset and Ceres Industries Capital. This trio of investors share our vision and ambitions. Together, we will accelerate Karavel-FRAM’s growth in France and abroad, and pursue an active investment, innovation and M&A strategy, while reinforcing our commitment to sustainable and responsible performance. Each brings a complementary strength: Montefiore’s sector expertise, Frédéric Jousset’s entrepreneurial and societal vision and Ceres’ industrial DNA. This partnership is a powerful lever to consolidate our strengths, open new opportunities and continue to make a difference for our clients and teams.”

— Cyrille Fradin, President of Karavel and FRAM

“25 years after its creation, Karavel is entering a new strategic phase with the arrival of three top-tier partners — Montefiore, CFJ and Ceres Industries Capital — which are now in exclusive discussions to support the Group’s transition. This new chapter aims to strengthen our development, accelerate innovation and pursue ambitious projects in France and internationally. With their support, we are reinforcing a high-performing, responsible and sustainable business model that serves our clients and our ecosystem of partners at home and abroad.”

— Folco Aloisi, Co-founder and CEO of Karavel and FRAM

“Since we invested in the business in 2018, Karavel has doubled its revenue to exceed €1 billion. We are especially proud to have supported its leadership and management during the COVID-19 pandemic — a particularly challenging time for the tourism industry — by injecting further equity into the business to ensure stability and accelerate its digitalisation strategy. This support enabled Karavel to emerge as a stronger player in the post-COVID market and to fully benefit from the sector’s rebound. This divestment comes at a strategic time for Equistone France, which has now generated over €1 billion of proceeds to its investors since last year through five exits.”

— Julie Lorin, Partner at Equistone

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CVC Joins PAG to Partner with Australian Venue Co in New Era of Growth

CVC Capital Partners

Australian Venue Co, one of the country’s biggest owners of pubs, bars and hotels, has attracted a new private equity partner to support its next phase of growth.

CVC Capital Partners Asia VI, a private equity fund managed by CVC Capital Partners, the private equity strategy of leading global private markets manager CVC, has acquired a 45% stake in AVC from majority owner PAG, a leading Asia Pacific-focused alternative investment firm. Going forward PAG and CVC Capital Partners Asia VI will have an equal stake of 45% each in AVC with the remainder of the equity held by management.

The deal will fuel the next round of growth for AVC, which currently operates 243 licensed venues, primarily pubs, as well as some bars and licensed restaurants across Australia and New Zealand.

AVC Chief Executive Paul Waterson said the deal would allow the company to access additional funding needed to support the company in its ambitious growth plans.

“The combination of CVC and PAG as owners will allow the company to meet its growth strategies to revamp existing premises and deliver better customer experience while also funding new opportunities in major population centres,” he said.

Quotes

We’re excited to be partnering with a truly exceptional management team and with PAG to support the next phase of growth for AVC.

Richard BlackburnHead of CVC Australia

Head of CVC Australia Richard Blackburn said: “We have long admired AVC and viewed it as best in class both in terms of its customer offering and operations. We’re excited to be partnering with a truly exceptional management team and with PAG to support the next phase of growth for AVC.”

PAG Managing Director Sid Khotkar said the new partnership was a great result for both private equity firms and the AVC business.

“We work to invest in strong businesses in Australia and help make them even stronger. This agreement is a testament to that approach and to AVC’s great success. We are happy to partner with CVC on this next exciting phase for Paul and the team.”

AVC’s highly regarded management team will continue to drive the business forward.

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Harley-Davidson Announces Strategic Partnership with KKR and PIMCO

KKR

Unlocks ~$1.25 billion of discretionary cash for Harley-Davidson and transforms Harley-Davidson Financial Services (HDFS) into a capital-light and derisked business that will continue to originate and service both new and existing retail loans

Transaction monetizes HDFS through sale of 4.9% common equity interests to each partner and includes the sale of more than $5 billion of retail loan receivables at a premium to par

HDFS has agreed to sell approximately two-thirds of retail loans originated by HDFS annually for a minimum period of five years

Values HDFS at ~1.75x price to post-transaction book value and reinforces strategic and financial value of HDFS to Harley-Davidson customers, dealers and shareholders

MILWAUKEE, July 30, 2025 /PRNewswire/ — Harley-Davidson, Inc. (the “Company” or “Harley-Davidson”) (NYSE: HOG) today announced that HDFS has entered into a long-term strategic partnership with KKR, a leading global investment firm, and PIMCO, a global leader in active fixed income with expertise across public and private markets. This partnership transforms HDFS into a capital-light financing business through the sale of existing and future retail loans while maintaining its strategic value to Harley-Davidson, its dealers, customers and investors. The sale of more than $5 billion of existing retail loan receivables is valued at a premium to par.

Under the terms of the agreement, HDFS will also sell 4.9% common equity interests to investment vehicles managed by KKR and PIMCO at an implied valuation of ~1.75x price to post-transaction book value. Harley-Davidson will retain control of HDFS, which will continue to originate and service existing and new consumer loans. The Company expects HDFS operating income to grow back toward pre-transaction levels over time.

The Company plans to use the approximately $1.25 billion of cash unlocked through the transaction to reinvest to support demand-driven investments, reduce $450 million of HDI debt and return approximately $500 million to shareholders.

KKR’s investment comes from KKR-managed credit funds and accounts via the firm’s Asset-Based Finance strategy. PIMCO’s investment comes from funds and accounts focused on PIMCO’s private strategies.

Management Commentary
“This transaction delivers benefits to all of Harley-Davidson’s stakeholders and marks the beginning of an exciting new chapter for HDFS,” said Harley-Davidson Chairman, President, and CEO Jochen Zeitz. “From the outset of this process, we set out to demonstrate the class-leading returns of HDFS, create a long-term stable funding mechanism, and maintain the strong financial profile of HDFS, all without impacting service to dealers and customers. Our strategic partnership with KKR and PIMCO achieves each of these core objectives, valuing the HDFS business at a premium multiple and transforming it into a more capital-efficient business with an expected significantly higher return on equity. Importantly, the approximately $1.25 billion of cash this transaction unlocks allows us to strengthen Harley-Davidson by supporting additional investment into the business, further reducing debt, and accelerating cash returns to shareholders. For our customers and dealers, HDFS will continue to originate and service new and existing loans and provide dealers with service, benefits and flexibility commensurate with what HDFS currently provides, while we also invest in the future of Harley-Davidson for years to come. We are pleased we were able to deliver such a successful strategic partnership for all of our stakeholders.”

Strategic Partner Commentary
“This transaction highlights the strength and scale of our Asset-Based Finance (ABF) business, which has grown significantly alongside the rapid expansion of this market,” said Daniel Pietrzak, Partner and Global Head of Private Credit at KKR. “We are proud to have become the strategic partner of choice for blue-chip consumer finance businesses like Harley-Davidson Financial Services.”

“HDFS’ high-quality portfolio and significant asset generation capabilities exemplify the dynamic opportunities we are seeing in the ABF space as businesses continue to transition from capital heavy to capital light to optimize their balance sheets. We look forward to supporting the HDFS team in this long-term strategic partnership,” said Steve Sun, Director at KKR.

“PIMCO, a leading investor in asset-based finance globally, is excited to partner with Harley-Davidson on this transformative deal which builds on our partnership with the iconic motorcycle brand over many years, to bring compelling value to our clients via H-D’s high-quality financing arm,” said Harin de Silva, Managing Director and Portfolio Manager who chairs PIMCO’s Private Strategies Leadership team. “PIMCO has been a long-standing investor in asset-based finance with deep expertise and decades of experience, and this transaction demonstrates our commitment to identifying attractive risk-adjusted returns for our clients within the rapidly evolving private credit landscape.”

Strategic Rationale

  • Asset-Light Growth: HDFS expects to more efficiently grow its balance sheet and operating income over time following a benefit related to the sale of existing retail loan receivables and release of loan loss reserve in 2025 and subsequent rebasing to reduced operating income reflecting the new asset-light model in 2026. Under the terms of the five-year Forward Flow Agreement, HDFS will retain approximately one-third of annual retail loan originations on its balance sheet and generate new revenue streams through a fixed servicing fee on loans purchased by KKR and PIMCO. The agreement also provides for future retail loan sales to occur at a premium to par.
  • Strengthened Offering: Harley-Davidson to retain full control of HDFS while creating a long-term, stable funding mechanism through the support of KKR and PIMCO. Dealers and customers will continue to receive the strong service levels to which they are accustomed without any impact to wholesale loans, consumer credit cards or other offerings.
  • Enhanced Capital Allocation Flexibility: Transaction unlocks approximately $1.25 billion of cash for Harley-Davidson after the expected repayment of HDFS debt associated with retail loan receivables. The planned reduction of an additional $450 million of Harley-Davidson debt is expected to strengthen the Company’s balance sheet and create strategic optionality to help navigate the current environment, return capital to shareholders and support future demand driving investments.
  • Long-Term Value Creation: Transaction values the post-transaction HDFS business at a premium multiple and is expected to reduce Harley-Davidson’s overall leverage and perceived risk, which is expected to lower Harley-Davidson’s cost of capital on a go-forward basis. This transaction is also expected to significantly increase the future ROE of HDFS while simultaneously maintaining HDFS as a well-capitalized business and reducing credit risk on the Company’s balance sheet related to its existing portfolio of receivables.

Transaction Highlights

  • HDFS has agreed to sell a 4.9% common equity interest to investment vehicles managed by KKR and PIMCO at approximately 1.75x post-transaction book value.
  • HDFS has agreed to sell over $5 billion of existing gross consumer retail loan receivables and residual interests in securitized consumer loan receivables at a premium.
  • HDFS expects to use a portion of the proceeds to reduce indebtedness to optimize the post transaction capital structure.
  • HDFS’ new strategic partners have entered into a 5-year agreement, whereby the partners purchase approximately two-thirds of annual HDFS future retail loan originations at a premium. Under the terms of agreement, HDFS will continue to originate and service retail loans and receive fixed fees for servicing loans sold to strategic partners.

Harley-Davidson and Harley-Davidson Financial Services Advisors
Barclays acted as exclusive financial advisor and Latham & Watkins and Sidley Austin acted as legal advisors for Harley-Davidson.

Harley-Davidson Second Quarter 2025 Earnings Call Information
Harley-Davidson is releasing its second quarter 2025 financial results before market hours today July 30, 2025 and is hosting its previously scheduled earnings audio webcast at 8 a.m. CT, during which the Company will discuss its financial results, this announcement and its outlook on the business. The webcast login and supporting slides can be accessed at http://investor.harley-davidson.com/news-and-events/events-and-presentations.

About Harley-Davidson
Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services. Our vision: Building our legend and leading our industry through innovation, evolution and emotion. Our mission: More than building machines, we stand for the timeless pursuit of adventure. Freedom for the soul. Our ambition is to maintain our place as the most desirable motorcycle brand in the world. Since 1903, Harley-Davidson has defined motorcycle culture by delivering a motorcycle lifestyle with distinctive and customizable motorcycles, experiences, motorcycle accessories, riding gear and apparel. Harley-Davidson Financial Services provides financing, insurance and other programs to help get riders on the road. Harley-Davidson also has a controlling interest in LiveWire Group, Inc., the first publicly traded all-electric motorcycle company in the United States. LiveWire is the future in the making for the pursuit of urban adventure and beyond. Drawing on its DNA as an agile disruptor from the lineage of Harley-Davidson and capitalizing on a decade of learnings in the EV sector, LiveWire’s ambition is to be the most desirable electric motorcycle brand in the world. Learn more at harley-davidson.com and livewire.com.

Cautionary Note Regarding Forward-Looking Statements
The Company intends that certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by reference to this footnote or because the context of the statement will include words such as the Company “believes,” “anticipates,” “expects,” “plans,” “projects,” “may,” “will,” “estimates,” “targets,” “intends,” “forecasts,” “seeks,” “sees,” “should,” “feels,” “commits,” “assumes,” “envisions,” or words of similar meaning. Similarly, statements that describe or refer to future expectations, future plans, strategies, objectives, outlooks, targets, guidance, commitments or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially, unfavorably or favorably, from those anticipated as of the date of this press release. Certain of such risks and uncertainties are described below. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this press release are only made as of the date of this press release, and the Company disclaims any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Important factors that could affect future results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, the Company’s ability to: (a) execute its business plans and strategies, including without limitation the Hardwire strategic plan, each of the pillars, and the evolution of LiveWire as a standalone brand; (b) manage supply chain and logistics issues, including without limitation quality issues, unexpected interruptions or price increases caused by supplier volatility, raw material shortages, inflation, war or other hostilities, including the conflict in Ukraine, or natural disasters and longer shipping times and increased logistics costs; (c) manage and predict the impact that new, reinstated or adjusted tariffs may have on the Company’s ability to sell products domestically and internationally, and the cost of raw materials and components, including tariffs recently imposed or that may be imposed by the U.S. on foreign goods or rebalancing or other tariffs recently imposed or that may be imposed by foreign countries on U.S. goods; (d) accurately analyze, predict and react to changing market conditions, interest rates, and geopolitical environments, and successfully adjust to shifting global consumer needs and interests; (e) accurately predict the margins of its segments in light of, among other things, tariffs, rebalancing trade measures, inflation, foreign currency exchange rates, the cost associated with product development initiatives and the Company’s complex global supply chain; (f) maintain and enhance the value of the Harley-Davidson brand, including detecting and mitigating or remediating the impact of activist collective actions, such as calls for boycotts and other brand-damaging behaviors that could harm the Company’s brand or business; (g) manage through changes in general economic and business conditions, including changing capital, credit and retail markets, and the changing domestic and international political environments, including as a result of the conflict in Ukraine; (h) successfully access the capital and/or credit markets on terms that are acceptable to the Company and within its expectations; (i) successfully carry out its global manufacturing and assembly operations; (j) develop and introduce products, services and experiences on a timely basis that the market accepts, that enable the Company to generate desired sales levels and that provide the desired financial returns, including successfully implementing and executing plans to strengthen and grow its leadership position in Grand American Touring, large Cruiser and Trike, and grow its complementary businesses; (k) perform in a manner that enables the Company to benefit from market opportunities while competing against existing and new competitors; (l) manage the impact that prices for and supply of used motorcycles may have on its business, including on retail sales of new motorcycles; (m) prevent, detect and remediate any issues with its motorcycles, or any issues associated with the manufacturing processes to avoid delays in new model launches, recall campaigns, regulatory agency investigations, increased warranty costs or litigation and adverse effects on its reputation and brand strength, and carry out any product programs or recalls within expected costs and timing; (n) successfully manage and reduce costs throughout the business; (o) continue to develop the capabilities of its distributors and dealers, effectively implement changes relating to its dealers and distribution methods, including the Company’s dealer footprint, and manage the risks that its dealers may have difficulty obtaining capital and managing through changing economic conditions and consumer demand; (p) realize the expected business benefits from LiveWire operating as a separate public company, which may be affected by, among other things: (i) the ability of LiveWire to execute its plans to develop, produce, market and sell its electric vehicles; (ii) the demand for and consumer willingness to adopt two- and three-wheeled electric vehicles; and (iii) other risks and uncertainties indicated in documents filed with the SEC by the Company or LiveWire Group, Inc., including those risks and uncertainties noted in Risk Factors under Item 1.A of LiveWire Group Inc.’s most recent Annual Report on Form 10-K; (q) manage the quality and regulatory non-compliance issues relating to the brake hose assemblies provided to the Company by Proterial Cable America, Inc. in a manner that avoids future quality or non-compliance issues and additional costs or recall expenses that are material; (r) maintain a productive relationship with Hero MotoCorp as a distributor and licensee of the Harley-Davidson brand name; (s) successfully maintain or achieve a manner in which to sell motorcycles in Europe, China, and the Company’s Association of Southeast Asian Nations (ASEAN) countries that does not subject its motorcycles to incremental tariffs; (t) manage its Thailand corporate and manufacturing operation in a manner that allows the Company to avail itself of preferential free trade agreements and duty rates, and sufficiently lower prices of its motorcycles in certain markets; (u) retain and attract talented employees and leadership and qualified and experienced independent directors for its Board of Directors, eliminate personnel duplication, inefficiencies and complexity throughout the organization, and successfully complete transitions of executives, including the Company’s upcoming CEO transition; (v) accurately estimate and adjust to fluctuations in foreign currency exchange rates, interest rates and commodity prices; (w) manage the credit quality, the loan servicing and collection activities, and the recovery rates of Harley-Davidson Financial Services’ loan portfolio; (x) prevent a ransomware attack or cybersecurity incidents and data privacy breaches and respond to related evolving regulatory requirements; (y) adjust to tax reform, healthcare inflation and reform and pension reform, and successfully estimate the impact of any such reform on the Company’s business; (z) manage through the effects inconsistent and unpredictable weather patterns may have on retail sales of motorcycles; (aa) implement and manage enterprise-wide information technology systems, including systems at its manufacturing facilities; (bb) manage changes, prepare for, and respond to evolving requirements in legislative and regulatory environments related to its products, services and operations, including increased environmental, safety, emissions or other regulations; (cc) manage its exposure to product liability claims in a manner that avoids or successfully mitigates the impact of substantial jury verdicts and manage exposure in commercial or contractual disputes; (dd) continue to manage the relationships and agreements that the Company has with its labor unions to help drive long-term competitiveness; (ee) enter into and close third-party investment(s) in HDFS in a manner consistent with the Company’s objectives and that does not adversely affect its business; (ff) manage risks related to outsourced functions and use of artificial intelligence; (gg) achieve anticipated results with respect to the Company’s preowned motorcycle program, Harley-Davidson Certified, the Company’s H-D1 Marketplace, and Apparel and Licensing; (hh) optimize capital allocation in light of the Company’s capital allocation priorities; (ii) manage the Company’s share repurchase strategy; and (jj) manage issues related to climate change and related regulations.

The Company’s ability to sell its motorcycles and related products and services and to meet its financial expectations also depends on the ability of the Company’s dealers to sell its motorcycles and related products and services to retail customers. The Company depends on the capability and financial capacity of its dealers to develop and implement effective retail sales plans to create demand for the motorcycles and related products and services they purchase from the Company. In addition, the Company’s dealers and distributors may experience difficulties in operating their businesses and selling Harley-Davidson motorcycles and related products and services as a result of weather, economic conditions, or other factors.

HDFS’ retail credit losses have normalized in recent quarters to higher levels after a period of historically low levels of credit losses. Further, the Company believes that HDFS’s retail credit losses will continue to change over time due to changing consumer credit behavior, macroeconomic conditions, including the impact of inflation and HDFS’s efforts to increase prudently structured loan approvals to sub-prime borrowers. In addition, HDFS’s efforts to adjust underwriting criteria based on market and economic conditions and the actions that the Company has taken and could take that impact motorcycle values may impact HDFS’s retail credit losses.

The Company’s operations, demand for its products, and its liquidity could be adversely impacted by changes in tariffs, inflation, work stoppages, facility closures, strikes, natural causes, widespread infectious disease, terrorism, war or other hostilities, including the conflict in Ukraine, or other factors. Refer to Risk Factors under Item 1.A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 26, 2025 and applicable updates under Item 1.A of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 filed with the SEC on May 6, 2025 for a discussion of additional risk factors and a more complete discussion of some of the cautionary statements noted above.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About PIMCO 
PIMCO is a global leader in active fixed income with deep expertise across public and private markets. We invest our clients’ capital across a range of fixed income and credit opportunities, drawing upon our decades of experience navigating complex debt markets. Our flexible capital base and deep relationships with issuers have helped us become one of the world’s largest providers of traditional and nontraditional solutions for companies that need financing and investors who seek strong risk-adjusted returns.

### (HOG-OTHER)

SOURCE Harley-Davidson, Inc.

 

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Gimv reinvests in the Bugaboo-Joolz combination after companies joining forces to accelerate growth in the worldwide stroller market

GIMV

Gimv is reinvesting in the Bugaboo–Joolz combination following the companies’ recent decision to join forces. The partnership aims to accelerate international growth and innovation in the highly fragmented global stroller market. Gimv will hold a minority stake alongside majority shareholder Mubadala Capital, Bain Capital, and management.

Both Joolz and Bugaboo are pioneers in the market for high-quality baby strollers and innovative juvenile consumer durables with leading performances in quality, sustainability and design. Founded by Dutch entrepreneurs, both companies have excelled at realizing international growth with Bugaboo being one of the leading brands, while Joolz has quickly scaled and holds a strong position in Europe and other international markets. Their combined portfolios will span everything from award-winning strollers to innovative parenting accessories, providing a unique platform for accelerated international growth in the highly fragmented stroller market.

Gimv originally invested in Joolz (www.joolz.com) in 2016, alongside founding partner Emile Kuenen and his business partner Stan Vermeulen, to support its further geographical expansion in Europe and beyond. Since then, Joolz has developed into a truly recognized high-quality stroller brand. The Joolz brand believes in helping parents, so they are best prepared for raising their children, by designing smart solutions to support them during the crazy ride called parenthood. Joolz is committed to beautiful design, comfort, ease of use and solutions that minimize impact on the environment. Today Joolz sells high-quality strollers in more than 60 countries with well-established presence across Europe, APAC and the United States.

Bugaboo (www.bugaboo.com) designs award-winning strollers and parenting solutions, helping families to create endless moments of fun and discovery every step of the way. After kickstarting a stroller revolution 25 years ago, Bugaboo continues to innovate across its range of products including strollers, car seats, travel cots and accessories. Bugaboo is B Corp certified having demonstrated the high standards of social and environmental performance, accountability, and transparency, set by B Lab™. Every product is designed to meet the highest standards of comfort, durability and ease of use, so parents and children can enjoy endless moments of discovery, no matter where their adventures take them. Mubadala Capital has been the majority shareholder of Bugaboo since it bought the company in October 2024 from Bain Capital, which still holds a minority share.

The brands Bugaboo and Joolz will continue to operate separately in the market, as both will further benefit from existing and new market opportunities in the global stroller market. The combined company will have a total of 1,200 employees, with its headquarters located in Amsterdam, the Netherlands.

Patrick Franken and Jelle Assink, Partner and Principal at Gimv Consumer, declare: “At Gimv Consumer, we are very pleased to reinvest in the recently announced partnership between Bugaboo and Joolz. We firmly believe in the strength of these two exceptional and highly complementary brands. Together, Bugaboo and Joolz will form a unique platform in the juvenile category, enabling both companies to accelerate their growth and fully realize their potential. We look forward to supporting management on their journey, driving growth and innovation in the fragmented global stroller market.”

Antoun Ghanem and Kelly Yu, Partner and Principal at Mubadala Capital, declare: “We are proud to continue supporting Bugaboo and to welcome Joolz into the Mubadala Capital family. Welcoming Joolz marks an important milestone in Bugaboo’s evolution into a true house of brands. Both Bugaboo and Joolz are deeply rooted in design, quality, and purpose—and together, they create a strong foundation for long-term category leadership. We’re proud to support Bugaboo’s ambition to build a multi-brand platform that delivers innovative, meaningful products for parents around the world.”

Adriaan Thierry, CEO Bugaboo, declares: “This partnership is a powerful milestone in our journey. With their re-investment I appreciate the trust Gimv and the Joolz founders place in the future of Bugaboo Group.Bugaboo and Joolz not only share a common heritage, but also strong values and an ambition to redefine mobility for modern parents. By bringing together two iconic brands, we will strengthen our innovation pipeline, broaden our reach, and continue to deliver meaningful, design-forward products that support families around the world”

At the occasion of the closing of the acquisition of Joolz by Bugaboo, Gimv seized the opportunity to reinvest part of its proceeds from the Joolz exit in the new and unique Bugaboo-Joolz combination. Joolz founder Emile Kuenen and his business partner Stan Vermeulen will together with Gimv also reinvest part of their proceeds. The parties have agreed not to disclose further financial details of the transaction.

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Concord Closes $1.765 Billion ABS to Fuel Continued Growth

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Transaction Features First of its Kind 10-Year Tranche, Demonstrating Continued Innovation in Music Securitization

NASHVILLE AND NEW YORK – July 22, 2025 – Concord, the world’s leading independent music company, has successfully issued $1.765 billion in a series of new five-year, seven-year, and ten-year senior notes. The ten-year tranche was privately placed and represents the longest duration ABS issuance at scale in the music sector. The notes are secured by Concord’s catalog of over 1.3 million music copyrights, featuring the songs and recordings of marquee artists such as The Beatles, Beyonce, Bruno Mars, Carrie Underwood, Creedence Clearwater Revival, Daddy Yankee, Ed Sheeran, Genesis, Imagine Dragons, John Fogerty, Kiss, Michael Jackson, Otis Redding, Phil Collins, Pink Floyd, R.E.M., Rihanna, Rodgers & Hammerstein, Taylor Swift, and The Rolling Stones. The latest issuance represents Concord’s fourth securitization offering and the largest and longest tenured asset-backed term securitization of music rights to date.

Concord’s securitization catalog is valued at more than $5.1 billion and the notes were rated A+ by KBRA and A2 by Moody’s. Apollo (NYSE: APO), through its Capital Solutions business and affiliates ATLAS SP Partners and Redding Ridge Asset Management, structured the ABS transaction and formed an investor syndicate led by Apollo-managed funds and affiliates. Proceeds from the issuance will be used to repay the company’s $1.65 billion 2022-1 note series and refinance and extend its $100 million variable funding note. The transaction was more than three times oversubscribed, reflecting robust investor demand underpinning Concord’s ABS strategy.

“As Concord continues to grow both our catalog and frontline roster, ensuring long-term access to institutional capital and continuing to build upon our strong financial foundation are crucial. ABS transactions like the one we just closed will remain a vital part of our growth strategy, allowing us to continue to lower our cost of capital while expanding our global capabilities in support of the artists and songwriters we serve,” said Bob Valentine, CEO of Concord. “I am incredibly grateful to the Apollo team, who continue to provide customized solutions so that Concord can live out its mission to elevate the voices of artists around the world.”

“We are pleased to structure and lead this landmark ABS transaction for Concord, which represents a continuation of our long-term financing partnership and demonstrates Concord’s innovative approach to music securitization through the issuance of the industry’s first 10-year tranche,” said Apollo Partner Michael Paniwozik. “We continue to be impressed by the quality and breadth of the actively managed catalog that Concord has built and look forward to supporting its journey for years to come.”

“It has been immensely rewarding to support Concord’s continued evolution leveraging the ABS structure that we established in 2022,” said Apollo Managing Director Paul Sipio. “Since that time, Bob and team have made tremendous progress advancing the company’s growth strategy through several additive acquisitions. We believe the four transactions that we’ve executed with Concord to date reflect the differentiated nature of Apollo’s integrated platform, bringing together combined capabilities of Apollo, ATLAS SP, and Redding Ridge to provide tailored structured solutions.”

Apollo Global Securities, LLC and ATLAS SP Securities acted as joint bookrunners for the transaction, Redding Ridge Asset Management served as structuring agent, with the Bank of New York Mellon acting as trustee. Virtu Global Advisors, LLC provided valuation services, while DLA Piper provided legal counsel for Concord and Milbank LLP for Apollo affiliates.

CONCORD is the world’s leading independent music company. The Company supports more than 125,000 artists and songwriters whose works are licensed, marketed, and performed globally. Concord’s growing catalog of 1.3 million songs, compositions, sound recordings, films, plays, and musicals is one of the most impactful and culturally relevant collections of creative rights in history. Concord is headquartered in Nashville with offices in Los Angeles, New York, London, Berlin, Melbourne, and Miami.

Supporting Concord and its predecessor companies since 2006, GREAT MOUNTAIN PARTNERS (“GMP”) is a New Haven, CT based asset manager with more than $10BN AUM, founded by Alex Thomson and Jon Rotolo. GMP’s team are longtime investors in the media and entertainment industry with experience across music, film and TV, live events and other IP based assets. GMP brings a long-term and solutions-oriented mindset to partnering with institutional investors and portfolio company leadership.

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Bridgepoint exits Vermaat, a leading European premium caterer

Bridgepoint
  • Expanded the Dutch model into new markets, notably in France and Germany, which was a key value driver, with over 25% of revenue now generated outside of the Netherlands
  • Revenues more than doubled to c. €700 million under Bridgepoint’s ownership, driven by strong organic growth and strategic acquisitions
  • Launched Join Program, a digital and innovative delivery platform, expanding the addressable market and helping clients meet sustainability goals
  • New owner Compass is exceptionally well placed to scale this strategy further, leveraging its industry scale and global footprint

 

Bridgepoint, one of the world’s leading quoted private asset growth investors, today announced the sale of its majority stake in Vermaat Groep B.V. (“Vermaat” or the “Company”), the Netherlands-based premium catering and hospitality services provider, to Compass Group PLC, a global leader in food services, in a transaction that values the company at c. €1.5bn. The sale is subject to consultation of the Dutch Works Council, approval from relevant regulatory authorities and completion.

Bridgepoint will fully exit its holding, alongside Partners Group (acting on behalf of its clients), which first acquired Vermaat in 2015 and remained a minority shareholder after Bridgepoint’s investment in 2019.

Established in 1978 as a delicatessen shop, Vermaat first partnered with Bridgepoint in 2019, having grown into a clear leader in the Dutch market known for its high-quality, bespoke catering concepts across corporate, leisure, and healthcare locations. Since Bridgepoint’s investment, and despite the significant challenge brought to the industry through Covid, Vermaat has transformed into a clear European leader, doubling its revenue to c.€700 million by year end and serving 700+ locations across multiple sectors.

International expansion has been a core driver of Vermaat’s transformation. Under Bridgepoint’s ownership, the Company brought its proven Dutch model into France and Germany, building scale through selective acquisitions and operational improvements. In France, Vermaat acquired Paris-based premium caterer Serenest and worked with new leadership to strengthen the division’s performance and extend its reach. In Germany, it acquired L&D, giving Vermaat meaningful scale in the market with over €100 million in revenue by 2024. Reflecting this strong growth trajectory and proof of concept under Bridgepoint’s ownership, more than 25% of Vermaat’s revenues are now generated outside its home market.

Vermaat has built an innovative delivery proposition, ‘Join Program’, combining chef-quality food with delivery capabilities. It has fully digitised the offering to provide the next generation of premium catering for customers providing a more flexible solution easily tailored to historically underserved customers such as smaller office sites and SME businesses. Join Program has been commercially successful and reinforces its strategic importance as a scalable, digital revenue stream. Today, Join Program is used by major clients and is being rolled out in France and Germany.

In parallel, Vermaat has professionalised its operations, strengthened its leadership, and invested significantly in digital capabilities. Under Bridgepoint’s ownership, the Company implemented a clear ESG roadmap through its Food Vision 2027 programme, focused on reducing food waste, offering more plant-based options, and using local sourcing and responsible packaging to meet the demands of its pan-European client base.

Olivier van Riet Paap, Partner at Bridgepoint and Head of Benelux, said:

“Vermaat represents everything we look for in a partner – an ambitious team, a strong and distinctive culture, and a relentless focus on quality. This is a world-class business that not only weathered the pandemic but came out stronger – growing internationally into France and Germany, innovating with Join Program, and leading the way in sustainable hospitality. We’re proud of what we’ve built together and look forward to seeing Vermaat continue its journey with Compass.”

Rick Zeelen, CEO of Vermaat, said:

“Bridgepoint has supported us through one of the most challenging and defining periods in Vermaat’s history during Covid. From navigating lockdowns to accelerating our international ambitions, they have been true partners. As we begin our next chapter with Compass, we remain committed to our purpose: creating places where people feel at home and where hospitality is personal.”

Nicolas Petitjean, Managing Director, Co-Head Private Equity Partnership Investments, Partners Group, said:

“Vermaat is a strong example of our transformational investing approach. Since 2015, we’ve supported the Company in scaling operations, driving digital innovation, and advancing sustainability, all while preserving its unique culture. We’re proud to have been part of this journey and thank Rick and the team for their partnership. We wish them continued success with Compass.”

Bridgepoint was advised by Goldman Sachs Bank Europe SE (“Goldman Sachs”) (M&A Advisor), Rothschild & Co (M&A Advisor), Clifford Chance (Legal Advisor) and KPMG (Financial & Tax Advisor). The refinancing completed in parallel was advised by Goldman Sachs, Rabobank and SMBC (joint global coordinators).

Partners Group was advised by Ropes & Gray (Legal Advisor).

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Concord Closes $1.765 Billion ABS to Fuel Continued Growth

Apollo logo
Transaction Features First of its Kind 10-Year Tranche, Demonstrating Continued Innovation in Music Securitization

NASHVILLE AND NEW YORK – July 22, 2025 – Concord, the world’s leading independent music company, has successfully issued $1.765 billion in a series of new five-year, seven-year, and ten-year senior notes. The ten-year tranche was privately placed and represents the longest duration ABS issuance at scale in the music sector. The notes are secured by Concord’s catalog of over 1.3 million music copyrights, featuring the songs and recordings of marquee artists such as The Beatles, Beyonce, Bruno Mars, Carrie Underwood, Creedence Clearwater Revival, Daddy Yankee, Ed Sheeran, Genesis, Imagine Dragons, John Fogerty, Kiss, Michael Jackson, Otis Redding, Phil Collins, Pink Floyd, R.E.M., Rihanna, Rodgers & Hammerstein, Taylor Swift, and The Rolling Stones. The latest issuance represents Concord’s fourth securitization offering and the largest and longest tenured asset-backed term securitization of music rights to date.

Concord’s securitization catalog is valued at more than $5.1 billion and the notes were rated A+ by KBRA and A2 by Moody’s. Apollo (NYSE: APO), through its Capital Solutions business and affiliates ATLAS SP Partners and Redding Ridge Asset Management, structured the ABS transaction and formed an investor syndicate led by Apollo-managed funds and affiliates. Proceeds from the issuance will be used to repay the company’s $1.65 billion 2022-1 note series and refinance and extend its $100 million variable funding note. The transaction was more than three times oversubscribed, reflecting robust investor demand underpinning Concord’s ABS strategy.

“As Concord continues to grow both our catalog and frontline roster, ensuring long-term access to institutional capital and continuing to build upon our strong financial foundation are crucial. ABS transactions like the one we just closed will remain a vital part of our growth strategy, allowing us to continue to lower our cost of capital while expanding our global capabilities in support of the artists and songwriters we serve,” said Bob Valentine, CEO of Concord. “I am incredibly grateful to the Apollo team, who continue to provide customized solutions so that Concord can live out its mission to elevate the voices of artists around the world.”

“We are pleased to structure and lead this landmark ABS transaction for Concord, which represents a continuation of our long-term financing partnership and demonstrates Concord’s innovative approach to music securitization through the issuance of the industry’s first 10-year tranche,” said Apollo Partner Michael Paniwozik. “We continue to be impressed by the quality and breadth of the actively managed catalog that Concord has built and look forward to supporting its journey for years to come.”

“It has been immensely rewarding to support Concord’s continued evolution leveraging the ABS structure that we established in 2022,” said Apollo Managing Director Paul Sipio. “Since that time, Bob and team have made tremendous progress advancing the company’s growth strategy through several additive acquisitions. We believe the four transactions that we’ve executed with Concord to date reflect the differentiated nature of Apollo’s integrated platform, bringing together combined capabilities of Apollo, ATLAS SP, and Redding Ridge to provide tailored structured solutions.”

Apollo Global Securities, LLC and ATLAS SP Securities acted as joint bookrunners for the transaction, Redding Ridge Asset Management served as structuring agent, with the Bank of New York Mellon acting as trustee. Virtu Global Advisors, LLC provided valuation services, while DLA Piper provided legal counsel for Concord and Milbank LLP for Apollo affiliates.

CONCORD is the world’s leading independent music company. The Company supports more than 125,000 artists and songwriters whose works are licensed, marketed, and performed globally. Concord’s growing catalog of 1.3 million songs, compositions, sound recordings, films, plays, and musicals is one of the most impactful and culturally relevant collections of creative rights in history. Concord is headquartered in Nashville with offices in Los Angeles, New York, London, Berlin, Melbourne, and Miami.

Supporting Concord and its predecessor companies since 2006, GREAT MOUNTAIN PARTNERS (“GMP”) is a New Haven, CT based asset manager with more than $10BN AUM, founded by Alex Thomson and Jon Rotolo. GMP’s team are longtime investors in the media and entertainment industry with experience across music, film and TV, live events and other IP based assets. GMP brings a long-term and solutions-oriented mindset to partnering with institutional investors and portfolio company leadership.

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CVC welcomes strategic minority partnership investment from KKR into Etraveli Group

CVC Capital Partners

CVC Capital Partners (“CVC”) today announced that KKR has agreed to acquire a significant minority stake in global travel technology company Etraveli Group. The strategic partnership between CVC and KKR positions Etraveli Group for an exciting next chapter of growth and reinforces its position as the world’s largest flight intermediary and fulfilment company outside of China. Financial details of the transaction have not been disclosed.

Headquartered in Stockholm, Sweden, Etraveli Group operates a sophisticated Flight Tech Platform that delivers airline tickets to nearly 50 million travellers annually across 75 markets. With a mission to offer the broadest range of high-quality air content – easy to book and competitively priced – the company leverages AI-driven technology, deep industry expertise and strong strategic partnerships. Its services are delivered through its own consumer-facing brands such as Gotogate, Mytrip and Flightnetwork, as well as through its booking and fulfilment solutions for global partners like Booking.com, Radisson Hotel Group and TUI.

“We are excited to welcome KKR as a new investment partner, given their strong track record in the global travel and technology markets,” said Mathias Hedlund, Etraveli Group’s Chief Executive Officer. “This is another landmark moment for Etraveli Group that strengthens our global position and marks the next chapter in our effort to bring innovation and expertise to facilitate flight purchases for customers around the world. Together with CVC and KKR, we look forward to accelerating the expansion of our global B2B Flight Tech Platform and continuing to deliver smart, seamless travel solutions together with our partners.”

CVC’s Technology and Nordic teams led the acquisition of Etraveli Group from media company ProSiebenSat.1 in 2017, partnering with management to accelerate the company’s transformation into the global market leader. Today, Etraveli Group facilitates over €15 billion of flight sales annually, having consistently delivered strong double-digit growth, with earnings today approximately 4x higher than at the time of the CVC fund’s original investment. Etraveli Group is well-positioned for sustained growth, underpinned by its strategic partnership with Booking.com, a robust pipeline of B2B opportunities and a promising fintech offering.

Quotes

Mathias and his team have built a world-leading e-commerce platform for flights and it has been an absolute pleasure to have supported them over the past eight years, delivering significant growth for Etraveli Group.

Lorne Somerville and Gustaf Martin-LöfCVC

“Mathias and his team have built a world-leading e-commerce platform for flights and it has been an absolute pleasure to have supported them over the past eight years, delivering significant growth for Etraveli Group. We look forward to continuing our involvement with the business as a joint shareholder with our new partners at KKR and we’re excited to embark on the next phase of the journey with the company,” said Lorne Somerville, Chairman of Etraveli Group and a Managing Partner of CVC, and Gustaf Martin-Löf, Partner of CVC.

Blaine MacDougald, Partner and Co-Head of the Strategic Investments Group at KKR, said: “Etraveli Group has established itself as a clear global leader in flight technology with a unique platform, deep industry integration and a strong track record. We are pleased to partner with the Etraveli Group’s leadership team and CVC to deliver a tailored capital solution that will help support Etraveli Group’s continued expansion and innovation. This investment builds on KKR’s commitment to backing European champions and contributing to the growth of high-quality, tech-enabled businesses.”

KKR is investing in Etraveli Group primarily through funds and accounts managed by its Strategic Investments Group, which provides structured partnership capital solutions, alongside the full breadth of KKR’s value-added resources to market leading businesses.
J.P. Morgan Securities Plc acted as Exclusive Financial Adviser to CVC, in connection with KKR’s minority partnership investment into Etraveli Group.

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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
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