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

Advent

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

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

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

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

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

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

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

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

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

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

About Advent

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

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

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

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

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

About Reckitt

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

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

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

Media Contacts

Peter Folland

Senior Communications Manager, Advent

pfolland@adventinternational.co.uk

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A new chapter for Recharge

Prime Ventures
  • Singapore headquartered Coda acquires Recharge, Europe’s leading prepaid payments platform, expanding global reach and deepening direct-to-consumer capabilities.
  • Built on strong partnerships with publishers like Electronic Arts, Activision, and Riot Games, the acquisition accelerates Coda’s move into new categories and consumer segments.
  • Combined business processed over US$1.75B in 2024, reaching 200M+ users across 180+ markets.

SINGAPORE and AMSTERDAM | 17 July 2025 — Coda, a global leader in digital content monetization headquartered in Singapore, today announced it has signed a definitive agreement to acquire Recharge, Europe’s leading prepaid payments platform, headquartered in Amsterdam. The transaction brings together two profitable regional leaders with scaled businesses, complementary strengths and a shared ambition to lead the future of global digital distribution and monetization.

The acquisition accelerates Coda’s expansion beyond gaming and strengthens its ability to serve the broader digital content economy — across categories, customers, and continents — by extending its presence in Europe and building on its direct-to-consumer capabilities. For Recharge, the deal brings B2B expertise, access to deeper partnerships with top-tier digital content publishers, and a proven playbook for growth in high-growth markets, especially across Asia. Based on 2024 figures, the combined business would have processed more than US$1.75 billion in sales, served over 200 million customers, and operated in upwards of 180 markets — marking a scaled global footprint from day one.

“At Recharge, we’ve focused on building the technology platform that connects and scales the prepaid payments ecosystem — enabling seamless transactions between users, products, and brands through smart, data-driven infrastructure,” said Günther Vogelpoel, CEO of Recharge. “That focus, combined with a passionate team that consistently executes with precision, and pace, has allowed us to scale a profitable and trusted business across Europe and beyond.”

“Joining forces with Coda gives us the opportunity to take everything we’ve built — from our platform to our partnerships — and extend it globally to truly become the global leader we set out to be. With complementary strengths and a shared DNA, this unique combination sets us up to create even more value for the brands, publishers, and customers we serve.”

From premium content to prepaid products, this transaction brings together payments expertise, publisher and brand partnerships, and broad consumer reach — opening up real opportunities for cross-sell and deeper market access. With complementary capabilities, wider global coverage, and an expanded catalogue, Coda and Recharge are better positioned to collectively serve the full digital content economy across both B2B and B2C. Together, the combined company will deliver improved value and convenience to partners and consumers worldwide through secure, trusted, and locally relevant monetization and distribution solutions.

‘We’ve long admired what the Recharge team has built — a profitable, consumer-focused business with top global brands and real depth across Europe’

Shane Happach, CEO Coda

“This transaction brings together two regional commerce leaders with distinct but highly complementary strengths. At Coda, we’ve focused on scaling our B2B capabilities alongside, working with the world’s leading digital publishers to maximize their revenue — particularly in high-growth, complex markets across Southeast Asia. Recharge adds a powerful direct-to-consumer engine, deep prepaid expertise, and strong brand equity across Europe. Most importantly, we’re bringing together two teams that share the same values: ambition, collaboration, and commercial sharpness. That gives us a strong foundation to lead the next chapter in global digital content distribution and monetization.”

Coda is a trusted monetization partner to the world’s leading mobile gaming and digital content publishers, including Electronic Arts, Activision, Riot Games, HoYoverse, and Moonton. Coda distributes more than 500 titles from over 300 publisher partners and powers webstores for flagship franchises such as Call of Duty®: Mobile and EA SPORTS FC™ Mobile. With a network of over 400 local payment channels, Coda offers consumers better value and more choice. For publishers, Coda simplifies global growth —managing risk, compliance, and customer support as Merchant of Record.

Recharge — a European leader in prepaid digital storefronts like Recharge.com and Startselect.com — strengthens Coda’s B2C scale and reach across Europe. With over 16,000 products spanning gaming, mobile, gift cards, and lifestyle, Recharge combines a marketing-led, consumer-first approach with established brand equity and a user base of more than 8 million. Trusted by over 1,000 global brands — including Apple, Google, Vodafone, and PlayStation — Recharge brings retail strength, relevance, and regional depth.

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EQT Completes Acquisition of Niwas Housing Finance

eqt
  • Niwas Housing Finance, formerly known as IndoStar Home Finance, is a fast-growing affordable housing finance company with INR 30 billion (USD 359 million) in assets under management that has supported over 47,000 low income homeowners and small businesses across India
  • The transaction reinforces EQT’s strategic focus on financial services in India, a sector benefiting from the secular growth of the country’s expanding middle class and rising demand for accessible financial solutions
  • EQT will invest INR 5 billion (USD 58 million) as growth capital to support geographic expansion and enhance digital capabilities of Niwas  

MUMBAI – 17 July 2025 – EQT is pleased to announce the completion of the acquisition of Niwas Housing Finance Limited (“Niwas or the “Company”), formerly known as Indostar Home Finance, from IndoStar Capital Finance Limited, by the BPEA EQT Mid-Market Growth Partnership (“the MMG fund”). EQT will invest INR 5 billion (USD 58 million)[1] as growth capital to support geographic expansion and enhance digital capabilities of Niwas.

This transaction marks a significant milestone in Niwas’ journey as it expands its presence across India. Founded in 2017, Niwas provides affordable mortgages to retail customers in tier 2 to tier 4 cities in India and has supported over 47,000 low income homeowners and small businesses. Niwas has AUM of over INR 30 billion as of 31 March 2025, comprising granular, retail, and secured loans.

India’s INR 30+ trillion housing finance market presents a compelling long-term opportunity, driven by urbanization, rising middle-income households, and strong government support for affordable housing. The sector has shown resilience across economic cycles and plays a critical role in advancing financial inclusion. This transaction reinforces EQT’s strategic focus on financial services in India, a sector benefiting from the secular growth of the country’s expanding middle class and rising demand for accessible financial solutions. Niwas is well positioned to serve this demand and will benefit from EQT’s in-house digitalization expertise, network of industry advisors, and expertise in go-to-market strategies.

K.R. Kamath, Chairperson of the newly constituted Board of Niwas Housing Finance, added: “Niwas is well-positioned to expand access to home ownership in India. As we embark on this renewed journey of Niwas, I am confident that the new board’s collective experience will provide valuable strategic guidance and oversight to the Company, ensuring Niwas scales responsibly, with customer-centricity and prudence at its core.”

Hemant Sharma, a Partner in the EQT Private Capital Asia advisory team, said: “India’s retail lending sector continues to offer exciting opportunities and is a key investment theme for EQT in India. With the acquisition of Niwas, we are deepening our commitment to the sector following our investment in the education finance space through Credila last year. We look forward to supporting Niwas in scaling operations across India, accelerating digital transformation, and enhancing governance.”

Shreejit Menon, CEO of Niwas Housing Finance, said: “We are thrilled to welcome EQT as our new partner with their strong track record of scaling financial services businesses and active ownership approach. Their focus on performance, digital enablement, sustainability, and governance aligns with our vision of building a differentiated housing finance company. With EQT’s support and global expertise along with the guidance of incoming Board Members, we are confident of accomplishing our mission to help 150,000 families realize their dreams of home ownership by 2029.”

 

[1] Converted at an exchange rate of 86 INR/USD

 

Contact
EQT Press Office, press@eqtpartners.com

 

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About EQT

EQT is a purpose-driven global investment organization with EUR 273 billion in total assets under management (EUR 142 billion in fee-generating assets under management) as of 31 March 2025, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedInXYouTube and Instagram

 

About Niwas Housing Finance

Niwas Housing Finance (formerly known as IndoStar Home Finance) is an affordable housing finance player with an AUM of over INR 30 Bn and a network of 140+ branches. The company was incorporated in October 2017 with the objective of providing low ticket housing loans and loan against property to the middle income and under-served customers in India. Niwas has an experienced management team with a pan-India presence across 9 states in India.

More info: https://www.niwashfc.com/about-us

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BGF-backed TravCorp acquires Specialist Holidays Group

BGF

This strategic acquisition further strengthens the company’s position in the specialist, premium and tailor-made travel markets.

16 July 2025

BGF-backed TravCorp Holdings Ltd, parent company of Destination2, Destination2 Cruise, and Holiday Gems, today announces it has acquired Specialist Holidays Group from Travelopia.

This strategic acquisition brings a highly complementary collection of specialist travel businesses and talented individuals into TravCorp Holdings Ltd’s growing portfolio — adding American Holidays, Citalia, and Sovereign Luxury Travel to its successful brands already specialising in the Middle East, Indian Ocean, and cruise markets, among others.

The acquisition is supported by TravCorp Holdings Ltd’s long-term investment partner, BGF, and aligns with the ambitious growth strategy led by Chair Andrew Botterill.

“We are thrilled to welcome Specialist Holidays Group into the TravCorp family,” said Andrew Botterill, Chair of TravCorp Holdings Ltd. “These are admired and trusted brands. The impressive team brings deep destination knowledge and a clear passion for customer-centred service. This acquisition marks a significant step forward as we continue to invest in specialist, destination-led brands.”

View of Castiglione della Pescaia, old town and sea, in Maremma, Tuscany (Italy)

Led by Managing Director Helen Adamson, Specialist Holidays Group encompasses three well-respected brands — Citalia, American Holidays, and Sovereign Luxury Travel — each with strong reputations for delivering exceptional value, service, and experiences to customers.

Helen Adamson, Managing Director of Specialist Holidays Group, commented: “We are delighted to join a well-established travel and leisure business. TravCorp has a strong reputation for building commercially successful companies centred around customer experience, service, and innovation. Our brands, audiences, and teams complement one another well — we’re excited about what we can achieve together.”

Helen Adamson will remain in her role as Managing Director following the acquisition, reporting to Andy Freeth, newly appointed Group CEO.

“Citalia, American Holidays, and Sovereign Luxury Travel bring substantial scale and valuable specialisms to our group offer. With continued support from our investment partners at BGF, this acquisition marks a key milestone in our plan to become one of the UK’s most trusted and successful collections of specialist travel brands.”
Andy Freeth
Group CEO of TravCorp Holdings Ltd

Spencer Woods, Partner at BGF, added: “We’re proud to support TravCorp in this strategic acquisition, which further reinforces its position as a market leader in specialist travel. This is exactly the kind of bold, growth-oriented move we look to back at BGF – helping ambitious businesses scale with confidence, strengthen their market presence, and unlock long-term value. Congratulations to the entire team on this exciting milestone.”

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CapMan Buyout exits MM Sports to The Feelgood Company

Capman

CapMan Buyout has agreed to sell its holdings in MM Sports, a leading sports nutrition company in the Nordics, to The Feelgood Company AS, a portfolio company of Jordanes AS.

CapMan Buyout acquired MM Sports in 2021. Under CapMan’s ownership, the company’s turnover and profitability have continued to develop favourably, and MM Sports has undergone a successful evolution by strengthening its brand, products, operations, and market position. Notable investments include the acquisition of a production facility, the extension of its store network, and the relocation to a new headquarters and warehouse.

“During our ownership, MM Sports has cemented its position as one of the leading sports nutrition companies in the Nordics. Several important investments have been made in the company that have enabled continued growth and increasing profitability. I would like to thank the MM Sports organisation for the excellent collaboration during our ownership. CapMan is proud to hand over a business that is exceptionally well-equipped and ready to accelerate its development together with its new owner, The Feelgood Company,” says Robin Westberg, Partner at CapMan Buyout.

“We are proud of the journey we have had with CapMan, and I would like to express my warmest gratitude for the support we have received over the past few years. At the same time, we look forward to the future with The Feelgood Company. This partnership gives us the scale and strategic alignment to accelerate our growth and become the leading sports nutrition group in the Nordics,” says Erik Sjöberg, CEO of MM Sports.

Closing of the transaction is expected during Q3 2025 and is subject to regulatory approvals and customary closing conditions.

For further information, please contact:

Robin Westberg, Partner, CapMan Buyout, +46 72 583 81 66

Erik Sjöberg, CEO, MM Sports, +46 73 526 23 27

About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.4 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Read more at www.capman.com.

About MM Sports
MM Sports is a Swedish sports nutrition player operating through an omnichannel D2C model across the Nordic countries, with an e-com platform and 10 physical stores. The company offers a wide range of sports nutrition and fitness products sold mainly under a variety of in-house brands. Read more at www.mmsports.se.

About The Feelgood Company
The Feelgood Company is a Nordic house of brands and e-commerce company with a digital business model delivering products within wellness and beauty. The company consists of brands such as Bodylab and Camilla Pihl Cosmetics, and is a portfolio company of Norwegian-based Jordanes. Read more at www.jordanes.no.

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Apax Global Impact Fund to make strategic investment in Foods Connected – accelerating future growth

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Apax

The Apax Global Impact Fund, advised by Apax Partners LLP (“Apax”), has entered into an agreement to make a strategic investment in Foods Connected, the supplier management platform of Hilton Food Group plc (“Hilton Foods), a leading international multi-protein food business.

As part of the transaction, Hilton Foods will receive cash consideration of £22m for the sale of its shares. Upon completion, Hilton Foods will hold 26% of the business.

This investment builds on Foods Connected’s success to date, bringing in additional capital and Apax’s technology expertise to accelerate its next phase of growth.

The Board of Hilton believes that partnering with an experienced technology investor will accelerate growth in Foods Connected, which serves as an enabler for the Group’s end-to-end supply chain management approach. Foods Connected’s bespoke technology provides real-time data to optimise supply chains and enhance cost efficiency, quality standards, risk visibility and sustainability.

The Apax Global Impact Fund has a strong track record of supporting software and services businesses tackling key social and environmental challenges, and sees Foods Connected as well-positioned to scale globally while advancing safer, more transparent, and sustainable food supply chains.

Edward Donkor, Partner, Apax Global Impact, said: “We’ve been closely following the food safety sector worldwide, and Foods Connected stood out as a strong platform to invest behind. Many food businesses still use outdated tools like spreadsheets and paper, creating a clear opportunity for Foods Connected to modernise operations. We’re excited to partner with Hilton Foods and Roger McCracken, Co-founder and CEO at Foods Connected, to accelerate the business’s expansion. Together, we’ll invest in new markets, strengthen sales and marketing, pursue strategic acquisitions, and increase value for existing customers through expanded capabilities and resources. We look forward to the journey ahead and the impact we can achieve together.”

Roger McCracken, Co-founder and CEO of Foods Connected, said: “We’re thrilled to be partnering with Apax Global Impact on this next phase of growth for Foods Connected. Their expertise in scaling technology businesses will be key to accelerating our global expansion and enhancing what we deliver for customers. We’re also grateful to Hilton Foods for their incredible support over the past eight years, and we’re pleased they’ll remain a key partner on our journey as we continue to scale and strengthen the business with Apax Global Impact’s backing.”

Steve Murrells, CEO of Hilton Foods, added: We’re delighted to be partnering with Apax Global Impact team, who have the right experience, capabilities and infrastructure to help us realise, at pace, the full scale of the opportunities ahead for Foods Connected.

This partnership positions Foods Connected to deliver greater value to customers and remains central to our strategy. This strategic investment strengthens our ability to meet clients’ evolving needs, underscores the platform we’ve built and enables us to sharpen our focus on our core food business.  I look forward to working with the Apax team as we strengthen and grow Foods Connected, for the benefit of Hilton Foods and our international customer base.”

The transaction is subject to customary regulatory approvals.

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EQT to sell WASH Multifamily Laundry Systems

eqt

The EQT Infrastructure II fund has agreed to sell WASH Multifamily Laundry Systems, a leading provider of essential laundry services to multifamily, campus, and on-premise laundry operations, to Northleaf Capital Partners and AVALT.

The transaction is subject to customary conditions and approvals and is expected to be completed in Q3 2025.

Contact

About EQT

EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of developing companies across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT has 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.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in more than 25 countries across Europe, Asia and the Americas and has more than 1,900 employees.

More info: www.eqtgroup.com
Follow EQT on LinkedInXYouTube and Instagram

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Sizzling Platter Partners with Bain Capital to Drive Next Chapter of Growth

BainCapital

The investment will accelerate Sizzling Platter’s growth in partnership with category-leading restaurant brands

SALT LAKE CITY – July 2, 2025 – Sizzling Platter, LLC (“Sizzling Platter” or the “Company”), a premier restaurant franchise growth platform, today announced that it has partnered with Bain Capital to accelerate its expansion. The investment is being made by Bain Capital North American Private Equity, which is acquiring the business from CapitalSpring. Sizzling Platter will continue to be led by Chief Executive Officer Nathan Garn. Financial terms of the private transaction were not disclosed.

Sizzling Platter was founded in 1963 and has since evolved into one of the largest franchise platforms in North America, operating a portfolio of nationally recognized fast-casual and quick-service restaurant brands, including Little Caesars, Wingstop, Jersey Mike’s, Dunkin’, and Jamba, and employing over 13,000 team members across more than 800 locations in the United States and Mexico.

“This is a pivotal milestone for Sizzling Platter as we look to build on more than six decades of delivering unparalleled experiences for our team members, guests, and brand partners,” said Garn.  “Bain Capital’s extensive experience investing in growing restaurant businesses makes it the right value-added partner to help expand our platform. The extraordinary scale we’ve achieved—and this transaction itself—would not have been possible without the strength, relevance, and enduring appeal of the exceptional brands we are fortunate to grow in. Together, we have an aligned vision on how we can continue to innovate and lead in a rapidly evolving industry.”

“With an exceptional portfolio of category defining brands, deep operational expertise, and a proven track record of profitable growth, we believe that Sizzling Platter is uniquely positioned to continue to scale as a global leader in franchising,” said Adam Nebesar, a Partner at Bain Capital. “We are excited to partner with Nate and the team to build on its strengths and long-term brand partnerships to enhance capabilities and accelerate growth,” added Mark Saadine, a Managing Director at Bain Capital.

“Nate and the Sizzling Platter team have been tremendous partners as we navigated the pandemic and executed on a multi-pronged growth strategy to double the company’s footprint,” said Erik Herrmann, Partner, Head of Investment Group at CapitalSpring, which has owned Sizzling Platter since 2019. “The accelerated growth we achieved working with the management team was driven by a focus on organic growth in our existing brands and investments in the Company’s infrastructure to support new unit development, acquisitions, and the addition of new brands to the platform,” added Kaivon Abrishami,  Managing Director at CapitalSpring.

BofA Securities acted as lead financial advisor, and Kirkland & Ellis LLP acted as legal counsel to Bain Capital. UBS Investment Bank acted as lead financial advisor, and Proskauer Rose acted as legal counsel to Sizzling Platter and CapitalSpring.  Deutsche Bank and North Point also served as financial advisors to Sizzling Platter and CapitalSpring.  UBS Investment Bank, Jefferies, Deutsche Bank Securities, HSBC, BNP Paribas, KKR Capital Markets, Mizuho, RBC Capital Markets, Santander, Stifel, and Wells Fargo Securities provided committed debt financing for the transaction and financial advisory services to Bain Capital.

About Sizzling Platter 
Sizzling Platter is one of the world’s largest and most dynamic restaurant franchise growth platforms. We are proud of our longstanding track record as a trusted growth partner to iconic, category-leading brands. As a people-first organization, our mission is to deliver unparalleled experiences for our team members, guests, and brands.  Relentless focus on our mission continues to fuel our growth.  For more information about the Company, visit www.sizzlingplatter.com

About Bain Capital  
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

Bain Capital North American Private Equity has deep experience investing in restaurants including prior historical investments in Bloomin’ Brands, Burger King, Domino’s Pizza, and Dunkin’ Brands, and its current investment in Fogo de Chão.

About CapitalSpring 
CapitalSpring is a leading private equity and debt investment firm with deep expertise in foodservice, multi-location business models and related industries. For over 19 years, CapitalSpring has supported entrepreneurs and management teams with financial, operational, and strategic resources to help accelerate growth and to realize the full potential of their businesses. CapitalSpring offers one-stop solutions for a broad range of investments including private equity, mezzanine capital and senior lending. The firm has offices in Nashville, Los Angeles, Atlanta, and New York.

 Scott Lessne / Charlyn Lusk

 

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Primesource Brands acquires Fortress Railing Products

Clearlake

Acquisition further strengthens PrimeSource Brands’ market position within the outdoor living segment

 

IRVING, TX, SANTA MONICA, CA, and GARLAND, TX, July 2, 2025 – PrimeSource Brands, a North American provider of specialty branded building products backed by Clearlake Capital Group, L.P. (“Clearlake”), announced today that it has acquired Fortress Railing Products (“Fortress Railing”, or the “Company”), a leading provider of railing systems designed for performance and ease-of- installation. The transaction represents PrimeSource Brands’ ninth acquisition since partnering with Clearlake in December 2020. Financial terms were not disclosed.

Based in Garland, TX, Fortress Railing specializes in designing and distributing customizable steel, aluminum, cable, and glass railing systems, including infills, balusters, handrails, lighting, and accessories.

“Fortress Railing has been a leader in the outdoor living segment for over 20 years, recognized for quality, durability, versatility, and ease of installation. The PrimeSource Brands team is eager to collaborate with management to further develop the current outdoor living portfolio,” said Tom Koos, CEO of PrimeSource Brands. “The Fortress Railing team has developed an impressive assortment of products and intellectual property that complement our existing RailFX, Ultra-Tec, CityPost, and Keylink offerings.”

“The acquisition of Fortress Railing Products represents another successful step forward in our strategy to scale PrimeSource Brands through both organic growth and acquisitions,” said José E. Feliciano, Co-Founder and Managing Partner, and Colin Leonard, Partner, of Clearlake. “As our third acquisition in the railing category, the team is excited to utilize our O.P.S.® playbook to further enhance PrimeSource’s offering within the building products industry.”

Massumi + Consoli LLP provided legal counsel to PrimeSource Brands and Clearlake. Stifel, Nicolaus and Company, Inc. served as the exclusive financial advisor to Fortress Railing Products.

About PrimeSource Brands

PrimeSource Brands is a national provider of specialty branded building products. The Company’s product offering spans more than 95,000 SKUs, including construction fasteners, knobs & pulls, fencing & railing, and functional hardware, among others. PrimeSource Brands operates an expansive footprint, serving over 50,000 customer locations through 64 strategically located sites in 26 states and 2 countries. PrimeSource Brands plays a crucial role for customers who rely on its brand value, breadth of offering and logistics capabilities.

For more information, please visit www.psbrands.com.

 

About Fortress Railing Products

Fortress Railing is a leading designer and distributor railing systems in the U.S. The Company has been in business for over 20 years and maintains a valuable portfolio of intellectual property with 50+ current and pending patents and 12 railing product lines. Fortress Railing has a proprietary manufacturing process for pre-welded, panelized infill systems which help to reduce cost and time to install, while maintaining a high-level of corrosion resistance. The Company serves wholesale, retail and e-commerce distribution channels.

For more information, please visit https://fortressbp.com/railing.

About Clearlake

Founded in 2006, Clearlake Capital Group, L.P. is an investment firm operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with experienced management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational approach, O.P.S.® The firm’s core target sectors are industrials, technology and consumer. Clearlake currently has over $90 billion of assets under management and its senior investment principals have led or co-led over 400 investments. The firm is headquartered in Santa Monica, CA with affiliates in Dallas, TX, London, UK, Dublin, Ireland, Luxembourg, Abu Dhabi, UAE, and Singapore. More information is available at clearlake.com and on X @Clearlake.

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Warner Music Group and Bain Capital Announce Launch of Joint Venture to Invest Up To $1.2 Billion in Iconic Music Catalogs

BainCapital

NEW YORK and BOSTON – July 1, 2025 – Warner Music Group (NASDAQ: WMG), the global music entertainment company, and Bain Capital, a leading global private investment firm, are launching a joint venture to allow for the purchase of up to $1.2 billion of legendary music catalogs across both recorded music and music publishing. The partnership was formed through equal equity commitments from WMG and Bain Capital.

This new strategic venture will provide artists and songwriters with opportunities to preserve and expand the reach of their catalogs, ensuring their legacies are well cared for. WMG and Bain Capital will together source and acquire the catalogs, while WMG will manage all aspects of marketing, distribution, and administration. By combining WMG’s worldwide infrastructure and relationships with Bain Capital’s global resources and financial capabilities, the venture is well-positioned to set a new standard as the preferred partner for renowned musical talent.

This deal comes at an opportune time in the music industry, given changing fan behavior, driven by streaming and emerging technologies that introduce classic music to new audiences.

“Iconic artists and songwriters choose WMG to grow their legacies and introduce their art to new generations through impactful and innovative campaigns,” said Robert Kyncl, CEO, Warner Music Group. “Augmenting our deep expertise and global infrastructure with Bain Capital’s financial prowess and belief in music will make us the destination of choice for preeminent catalogs.”

“Timeless music content continues to sit at the center of consumer entertainment,” said Angelo Rufino, a Partner at Bain Capital. “Stewardship of catalogs has never been more important as artists and songwriters deserve support to enhance the value of their work while delivering fans new and exciting collaborations. Warner Music Group, with its deep creative resources and partnership culture, is the ideal partner for Bain Capital to work alongside as we grow and safeguard the world’s iconic music.”

Goldman Sachs and Fifth Third Bank will serve as joint lead arrangers to the joint venture.

About Warner Music Group
Warner Music Group (WMG) brings together artists, songwriters, entrepreneurs, and technology that are moving entertainment culture across the globe. Operating in more than 70 countries through a network of affiliates and licensees, WMG’s Recorded Music division includes renowned labels such as 10K Projects, 300 Entertainment, Asylum, Atlantic, Big Beat, EastWest, Elektra, Erato, First Night, Fueled By Ramen, Nonesuch, Parlophone, Reprise, Rhino, Roadrunner, Sire, Spinnin’, Warner Records, Warner Classics, and Warner Music Nashville. WMG’s music publishing arm, Warner Chappell Music, has a catalog of over one million copyrights spanning every musical genre, from the standards of the Great American Songbook to the biggest hits of the 21st century. Warner Music Group is also home to ADA, which supports the independent community, as well as artist services division WMX. Follow WMG on Instagram, X, TikTok, LinkedIn, and Facebook.

About Bain Capital;

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

 

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